IDEXX Laboratories, Inc. (NASDAQ:IDXX) Q3 2024 Earnings Conference Call October 31, 2024 8:30 AM ET
Company Participants
Brian McKeon - CFO
Jay Mazelsky - President and CEO
Conference Call Participants
Michael Ryskin - Bank of America
Jonathan Block - Stifel
Erin Wright - Morgan Stanley
Brandon Vasquez - William Blair
David Westenberg - Piper Sandler
Operator
Good morning, and welcome to the IDEXX Laboratories Third Quarter 2024 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 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 second quarter 2024 results and updated 2024 guidance, please note all references to growth, organic growth and comparable growth refer to growth compared to the equivalent prior-year period, unless otherwise noted. To allow broad participation in the Q&A, we ask that each participant limit their questions to one with one follow-up as necessary.
We appreciate you may have additional questions, please feel free to get back into the queue. And if time permits, we'll take your additional questions. Today's prepared remarks will be posted to the Investor Relations section of our website 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 2024.
IDEXX delivered solid organic revenue growth and strong comparable profit gains in the third quarter. In terms of highlights, overall revenues increased 6% organically supported by 7% organic growth in CAG diagnostic recurring revenues and 13% organic growth in our water business. Organic revenue gains were supported by benefits from IDEXX execution drivers reflected in consistent solid new business gains, sustained high customer retention rates and double-digit growth in our premium instrument install base.