Call Start: 8:30 January 1, 0000 9:27 AM ET
IDEXX Laboratories, Inc. (NASDAQ:IDXX)
Q3 2023 Earnings Conference Call
November 1, 2023 8:30 AM ET
Company Participants
Jay Mazelsky - President and Chief Executive Officer
Brian McKeon - Chief Financial Officer
John Ravis - Vice President, Investor Relations
Conference Call Participants
Michael Ryskin - Bank of America
Nathan Rich - Goldman Sachs
Erin Wright - Morgan Stanley
Chris Schott - JP Morgan
John Block - Stifel
Brandon Vasquez - William Blair
Operator
Good morning, and welcome to the IDEXX Laboratories Third Quarter 2023 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 a 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 noticed 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, 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 measures are provided in our earnings release, which may also be found by visiting the Investor Relations section of our website. In reviewing our third quarter 2023 results, please note all references to growth, organic growth, and comparable growth refer to growth compared to the equivalent period in 2022, unless otherwise noted. [Operator Instructions].
Today's prepared remarks will be posted to the Investor Relations section of idexx.com after the earnings conference call concludes.
I would now like to turn the call over to Brian McKeon.
Brian McKeon
Good morning and welcome to our third quarter earnings call. Today I'll take you through our Q3 results and review our updated financial outlook for 2023. In terms of highlights, IDEXX achieved solid revenue growth and strong profit gains in the third quarter. Overall revenues increased 8% organically, supported by 9% organic growth in CAG diagnostic recurring revenues net of approximately 50 basis points of negative impact from fewer equivalent selling days.