IDEXX Laboratories, Inc. (NASDAQ:IDXX) Q2 2023 Earnings Call Transcript

Brian McKeon: [So, a] question.

Jay Mazelsky: Anything that drove the, it was a question, anything that drove the two-year stack CAG diagnostics recurring revenue growth?

Unidentified Analyst: Yes.

Jay Mazelsky: Okay, yes, I mean, as we had a very strong quarter in terms of CAG diagnostics, recurrent revenue as indicated. Yes, it was really in part driven by pricing as well as volume growth and just really good execution. So, attention of customers was very good. We saw adoption and utilization of diagnostics really across our broad spectrum. Obviously, consumables in our in-clinic business was very, very strong, and we saw nice performance in international, but that’s really more of a cumulative impact of placements that we’ve, I think achieved over the last, [4-6] quarters.

Brian McKeon: Yes, I’d highlight the two-year, I’m just looking at the numbers on a two-year basis. We were relatively consistent performance. He won in Q2, so I think we had similar trends, similar benefits, and as Jay highlighted, I think we’ve had very good execution, including some benefits from the higher pricing this year.

Jay Mazelsky: Okay, so with that, we’ll conclude the Q&A portion of the call this morning. Thanks for everyone on the phone for your participation. This morning, it’s an honor to share another quarter of solid financial and strategic results as we continue to address this significant long-term opportunity to enhance standards of care for companion animals who are on wavering focus on diagnostic insights. And so with that, we’ll conclude the call. Hope to see you all at investor day, and thank you.