Idexx Laboratories
Q1 2022 Earnings Call
May 04, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and welcome to the IDEXX Laboratories' first quarter 2022 earnings conference call. As a reminder, today's conference is being recorded. Participating in the call this morning are Jay Mazelsky, president and chief executive officer; Brian McKeon, chief financial officer; and John Ravis, vice president, investor relations. IDEXX would like to preface the discussion today with caution regarding forward-looking statements.
Listeners are reminded that our discussion during the call will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. Additional information regarding these risks and uncertainties is available under the forward-looking statements notice in our press release issued this morning. As well as in our periodic filings with the Securities and Exchange Commission, which can be obtained from the SEC or by visiting the investor relations section of our website at idexx.com. During this call, we will be discussing certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP.
A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is provided in our earnings release, which may also be found by visiting the investor relations section of our website. In reviewing our first quarter 2022 results, please note all references to growth, organic growth and comparable growth refer to growth compared to the equivalent period in 2021 unless otherwise noted. [Operator instructions] I would now like to turn the call over to Brian McKeon.
Brian McKeon -- Chief Financial Officer
Good morning, and welcome to our first quarter earnings call. Today, I'll take you through our first quarter results and review our recalibrated financial outlook for 2022. IDEXX delivered a solid financial performance in Q1 compared to very strong prior-year results. In terms of highlights, revenue increased 8% as reported in organically driven by organic gains of 10% in our CAG business and 8% in our water business.
CAG Diagnostic recurring revenues increased 9% organically compared to high priority levels, which included benefits from a significant expansion in new pet patients during the pandemic. Our commercial execution was excellent, reflected in 22% organic growth in CAG instrument revenues and continued strong momentum in expanding cloud-based software solutions. EPS was $2.27 per share of 3% on a comparable basis. As expected in comparison to high prior-year gross margin levels and increased commercial investments, constrained year-on-year operating profit gains in the quarter.