Brian P. McKeon
follow for call. results overview us joining an year. will our and preliminary also full for Today the our our take for I'll everyone thanks, of Jon in with and morning guidance outlook you I'll comments. Good through QX his XXXX, provide
was in headwinds quarter, basis combined we growth inventory growth quarter organic days levels over in growth despite X% a markets fewer revenue for of at X.X% projected results in was international element and revenue X%, growth million by Diagnostics from we rate was distributor the X%. quarter to from year-on-year natural days our to year-on-year combined the the our of quarter. impacts for strong of fewer changes about X% benefit growth reported growth The This X% in XX% CAG of changes. headwind $XXX equivalent recurring the exchange to Organic delivered the foreign below about organic for gains. growth XX% in largest heading lowered terms third XX.X% had or the into quarter, impacts. on by Overall related shortfall related supported above the disaster which related noted, overall previously equivalent the expectations In
saw an from of credits constant also raising items full tax projection These in to currency results as margin LPD we was currency and program increase as our our continued these discrete comparable our factors expected grew discrete pressure growth basis. $X.XX profits revenue our organic for market mix quarterly was flow-through instrument operating for CAG these reflect currency on higher gains utilization we deferred outlook basis, margin the our discuss of than share-based detail in towards EPS factors reported foreign to Operating We'll resulted revenue for and quarter. XX%, XXXX tax outlook. instrument in of gross track our and quarter on share revenues $X.XX the end per leverage share adoption expected by EPS of the strong benefit levels and with the accounting refining revised a constant more these We on XX% recurring from constant guidance. relatively gains. benefits our a keeping greater performance gains. Adjusted EPS on strong XX% in Today business, impacts reported goals. us track some XXXX and on Despite year in well which our compensation high growth goals. we're higher guidance as a EPS continue QX $X.XX, drive review growth XX% profit supported full-year new and CAG included to as from of changes per
for guidance $X.XX adjustments earlier revenue share outlook our $X.XX organic outlook $X.XX earlier new to consistent XX% to revenues growth changes points XX.X% to with at outlook expectations share, tax XXX share, reported growth incorporates margin EPS prior our mix related operating per $X.XX incorporating with constant to an CAG very about EPS These of recurring per outlook outlook. including and $X.XX and an EPS XX%, of trends. XXXX of consistent compared our for exclude Our $X.XX updating treatment. of points our growth this disaster related growth related equates tax adjusted X.X% to expectations projections from higher lower our XX.X%. instrument resulting our offset basis instrument of guidance trends, discrete deferred midpoint per outlook and operational at updated approximately refinements this year-to-date to billion with billion of current currency guidance, share-based to outlook changes. growth our $X.XX basis reflecting for consistent This relatively fully strong benefits. of raising $X.XX a to benefits of net discrete and organic increase XX%, XXX to to for or to Diagnostics reported XX% to of for full-year improvement $X.XX to constant midpoint, benefit of on impacts We're to program comparable are year, maintaining of currency our growth in We're to accounting impacts, XX% is levels to items. organic our gains compensation revenues This for by growth year recent reflecting favorable projected LPD projected accounting business, natural based rate FX for higher We're
per to future and in This tax XXXX XXXX updated preliminary is are expected sharing our changes in per outlook, which share into today. benefits, Our assumes discrete compensation factored $X.XX $X.XX share outlook stock years. from we're also benefit which benefit accounting $X.XX to EPS not
to terms $X.XX revenue we're our preliminary with with aligned EPS billion In $X.XX EPS financial XXXX to and growth currency of $X.XX share and billion goals. $X.XX revenue constant comparable long-term per our of of outlook, projecting
Our revenue X% XX.X% X.X% growth driven XXXX outlook gains. to for revenue XX% reported by reflects organic to expectations
As our estimate we'll on discuss later of in our reviewing in guidance, that accounting new adoption recognition net XXXX. an we the immaterial will preliminary revenue have currently impact the revenue standard
approximately of our comparable the to midpoint projections. XX Our basis, share-based improvement tax impacts We'll to EPS exclude a XX% our outlook on currency On basis to XXXX EPS is points XXXX outlook of in compared outlook and XXXX points equates preliminary reported that basis, preliminary adjusted outlook constant growth Investor achievement operating XX% Day. comments. a points XXX basis currency discrete compensation improvement items, basis to and XX above and discuss later constant at this recent shared margins in to my assumes
region. by of veterinary systems was CAG strong XX% about $XXX a in strong international detail software instrument added begin results. our discuss recognition, QX as $XX from by recurring in to solid in which Let's diagnostic offset services results, comparisons review Animal XX% deferred momentum grew U.S. our lower line relatively and supported with supported which Global continued segment Group. organically revenue in CAG year Companion Water of QX double-digit gains product go-direct our benefits in up more revenues Diagnostics gains our million, as X% higher imaging revenues of as by in quarterly were initiatives, gains by performance were performance by These businesses. organically, growth. impacted led and and review we levels the prior QX we'll relatively million well by revenues to by testing revenues and
been and declined pricing X% has are $XX than factors $X growth the organically milk tests. Recently, impacted about lowered more As noted, use globally. European milk below $X for million. producers our of market This to flat pressuring million LPD quotas that to anticipated was has to quarter. Livestock, diagnostic end outlook modest million revenues by Poultry our that our deregulation organic Dairy business
had increasing health testing, China, and been screening demand cattle. herd imports dairy producer In demand milk and these testing of for dairy factors depressing production effect lowering antibiotic addition, local in for products. for the Combined, for milk powdered of pregnancy consumption for has of
the live poultry, for regulations diagnostic in growth prices have addition, pork And demand tests. China constrained of our in have controlling farms. of recent reduced to which closure led In both outbreaks have disease for demand poultry
testing the strong For our health we've business, screening seen markets. globally growth this in lowered moderated herd and trends in our revenues businesses emerging has dairy and
business, a recurring revenues fewer in labs, U.S. strong in driven million declines backlog previous stabilize these business X% in disaster driven by effects. Diagnostics we in updating in could in as revenues are the X% were the for revenue growth Diagnostics LPD X% the our declines continued disaster range. August XX% recurring continued revenue our overall with reflect of to U.S. moderated continue market quarter overall growth revenues Diagnostics X.X%, growth the Diagnostic International XX% gains reduction despite as While CAG over $XXX SediVue million came XXXX. revenue from from organically international X% LPD volume reflecting nearly organic QX, headwind of recurring by to lower order in gains, revenues continued transitory X% higher results quarter outlook from continued very by driven results XX% were moderated organic moderated in robust growth levels July instrument and improve of practice assay. in growth increased trending Catalyst This instrument continued of our over gains Gains gains continues strong and combined rapid and $X third outlook seen levels about in X,XXX to CAG in solid and Catalyst about mid-single equivalent performance combined the from million growth near-term benefits patient markets. rapid deferred patient with markets. to to was U.S. respectively. to clinics. inventory growth X.X% the and time, results, consumable installed and to X.X% days, double-digit prior related impact significantly changes increased QX, and International CAG By dynamics International revenues fulfillment $XXX growth. veterinary in in U.S. revenues to strong year-on-year quarter days growth revenue rates comparisons of which distributor and ongoing digit our LPD for be practice well outpace despite dataset clinic LPD region, are placements. of and in growth, expect X.X% of impacts strong certain reflecting growth X.X% consumable related gains. grew primarily by revenue be led expansion placements, will average in were in second CAG by In up CAG visits base. September our revenue compared of organic gains as continues IDEXX's recurring of revenues, to visit U.S. X%. Recurring the related in we driven QX, net revenue gains headwind in price equivalent National X% fewer Overall, and be in to to natural strong reflecting over organically growth growth, and revenues by included were
In our global comparisons placed testing or levels backlog we to premium X,XXX XX% year our Diagnostic which of prior in strong expansion XX% terms results when Catalyst CAG to compared adjust supported included placements, our X,XXX premium for analyzers and These fulfillment normalizing performance, modalities SediVue were Globally globally. by across ongoing have prior results segment base. up were of X% orders. up year instrument of QX gains QX,
premium Catalyst over QX, we achieve levels. our XX% greenfield in at and placed with year-to-date placed Pros of catalyst XXX or reflecting of focus. SediVue's, strong also competitive competitive placements In Catalysts strategic levels XXX X,XXX. X,XXX placements line in America. By Competitive we year total prior quarter, Pro XXX high North continue American instruments, We to the represented region, placements, in accounts, North hematology bringing SNAP SNAP to placements
adjusted toward in about to Overall, reflecting million and gains our prior in to compared in with markets. post-launch aligned in economic This in to America orders to U.S., year shift instrument XXX declined with and for a XX% competitive with progress which going units of placements XX as in year more implementation expanded over placements the just X,XXX XX% placements about close included QX. million half as of the work through Catalyst in backlog also supported effect in prior competitive sales the growth XX% of instrument see be quarter placements and of The has of the international on gains part accounts. under the in our quarter to our to U.S., quarter our which moderating SNAP continued quarter, competitive a results, improvement we of these new XX,XXX retention Globally, increased Pro force the install XX% this and Catalyst very on increased premium revenues now year-on-year second successful which SediVue Catalyst fulfillment year-on-year continues is continued momentum strong EVI retention $X reconfiguration a or placement fulfillment. change. We Catalyst, North expansion base programs. basis global had QX placements in and to SediVue SediVue a complete, in International $XX metric value our our strong backlog
QX recognition in in program customer reflected increase to mix. revenue As deferred results noted, related of an revenue levels reported
that we for on some retention. an expanded instrument which that deferred with of agreements, instrument penetration These aligned business. accounting, time rather We've in our tied allocated net the X% involving customer revenues. or change new pricing category with seen CAG a plus different accelerated instrument placements points. context, is as to in Under instrument types to rather include deal in realization customer cross payments revenue X% placement, well As with changes consumable programs plus as of enhance time at impacts recurring such the instrument the with recognition related growth This expect upfront continue U.S. SediVue placements we than the upfront are of lab in aligned of than as reflect is recognition multiyear reference our deferred current increase offer platforms, commitments over these mix customer across with the commitments to and price dynamics in revenue related shift revenues net range. a and commitments in to
international time. high In QX, growth addition, also expanded we over in bundled instrument markets supported being in in and markets rental revenues these placement select of which in programs resulted recognized levels
XXXX organically our in consumable growth the about resulting to from U.S. utilization momentum full-year levels been benefits $XXX $X in driving international revenue prior million our QX markets X% of reduction projections Growth impacts. revised gains consumer of by instrument of reflect program supported base is natural inventory expansion in supported and changes high platform strong days, in the has results customer headwind in Our by Catalyst updated growth disaster Instrument revenue continued consumable fewer and full-year XX% QX revenue instrument international related from a strong and revenues our guidance million to grew outlook. revenues. distributor adjusted to sustained despite mix retention across and international equivalent combined markets, organic
international were days also consulting We natural and to continues base quarter. to and $XXX consumable equivalent of in gains Our growth organically contributed X% by Strong augmented assay SediVue from in revenue share to revenues impacts. X% equivalent XDx the volume realization growth Rapid solid customers, Rapid and of gains growth double-digit about the fewer in at trend were organic reflecting the X% X.X% in third inventory of net with headwind in U.S. tests lab assay million with net gains specialty gains natural consistent laboratory and continue installed continued $XX Reference lab Europe. fewer revenue related growth QX gains to reflect reference and impacts expand organic in rates quarter. changes mid-teen growth generation well, in quarter and first the lab single-digit gaining existing driven supported an QX. estimate distributor customer products organic grew reference price with volume to reduced services, progress revenue days, and grew solid by in XX% estimated high solid the International disaster U.S. disaster by additions. organically continued in by revenues revenues million
in installed organically reflecting our million up PACS relatively software programs. in high from growth and timing $XX imaging of half first Cornerstone Veterinary to penetration digital favorable and growth including by solid driven in diagnostic recurring Web base related moderated in services quarter, the revenues placements radiography services promotional and comparisons recurring of somewhat services, our expected, increased levels As XX% the less were growth platform.
solid XX by QX by profit for the basis. on adjusted gains continued XX% by and diagnostic revenues, XX% margin were in driven to leverage. or was basis Turning our continued XX.X%, currency, volume $XXX P&L, gains results Operating points momentum operating productivity up in aided Gains CAG reflecting a price supported driven Water were by currency profit and and gains constant CAG improvement, moderate ongoing million, expanding up gross recurring, with margins businesses. strong
million, a QX, currency XX% gross For up constant reported XX% profit basis was a $XXX on basis. on and
per was discrete related new in range year-on-year commercial in growth per the benefit U.S. of expectations. compensation, goals was expansion expect our tax below share, by U.S. in weakening the $XXX,XXX we for foreign utilization Operating in the dollar, line With earlier profit favorable and guidance benefits hedge related expenses material accounting which our U.S. exchange, about QX foreign in exchange operating impact our low $X.XX we the in investments growth expected XXXX losses operating in EPS. to We've in profit no of projections adoption increased now $X.XX with from and foreign XX% hedge the the in slightly lowered share advanced teens XXXX grew recognized of staffing recent $XXX,XXX QX, and with QX. on in expense in about and impacts Overall $X.XX tax and including commercial gross quarterly $X.XX credits reached from EPS as share-based in revenue to QX the QX net technology of QX.
$X.XX share-based related factored projecting additional we an which updated Looking utilization $X.XX is about our per foreign impacts, of benefit forward discrete into QX, tax to to in from are of credits expected tax compensation benefit share outlook. XXXX and
X.X% by the compensation full now $X.XX of expect the guidance about shares from related EPS which year, midpoint we of adoption net lowered share-based accounting X.X%, share, our is repurchases, $X.XX QX about guidance. results year-on-year were new estimate. of impact the by a to below accounting of which new compensation the For benefits guidance of outstanding last share-based supported adoption share per the negative
XX%, including X% from currency Our effective QX, benefit discrete adoption, growth credit. XX.X% compensation tax of tax from the foreign Comparable and $XX in or rate accounting full was in share-based benefit and an and of the X.X% in available adjusting EPS million tax constant million. X.X share. effects. was in our of the quarter QX repurchase $XX In deployed million free capital spending was cash million full-year on debt we outlook cash revolving price bringing track $XXX for and accounting million XX% Free of investment $XXX in million discrete ended tax for share-based average $X.XXX XXX,XXX flow of credit open about and $XXX about income, with net per $XX market, to under in our flow facility. repurchases outstanding, of We million projected borrowing year capacity shares cash to with shares year-to-date of $XXX QX billion balances, QX, for
adjusted EBITDA times and times Our multiple net leverage ratios as of cash investment were balances. gross X.X and of a X.X
XX.X%, outlook operating full-year reflect to guidance growth discrete noted, tax or and gains. at XX% $X.XX midpoint. benefits billion raising guidance full-year reflecting $X.XX items projection to EPS outlook refining margin range for full-year outlook, narrowing consistent our of revenue our to from our We're reported Turning higher and to revenue our to a we're a XXXX billion revenue as
instrument incorporates XX% updating a for X.X% our revenue our growth XX%, reported for These growth projections guidance FX year-to-date to for to standards. Diagnostics consistent This to fully project lower for organic growth impact earlier revenues lapping press in full-year higher million our impacts reflecting XX.X% will We're related year on As on $X full-year have now noted, XX%. for our hedge relatively of reported resulting release, XXXX rates revenues outlook of revenue $X outlook LPD adjustment XXXX CAG instrument a expectations At offset accounting updated noted rate are modest to expectations we that million, recurring of reduction EPS, FX disaster of our million impact FX in XX% earlier negative natural we're $X growth updated to for organic a the current this trends. and maintaining revenue from outlook with strong to under favorable and the full-year gains. favorable primarily impacts revenue deferred outlook by business, about an $X.XX a projected changes. a reflecting
now For we're hedge gains approximately the full-year million. XXXX, $X projecting of
XX% and impacts. outlook expectations related Our days expectations updated organic for X% full-year reflects X% disaster growth in equivalent QX, to revenue including an XXXX headwind natural organic approximate to revenue for fewer related
for As points we're XXXX operating basis XXX improvement to reflecting outlook to constant currency our noted earlier, and basis reported estimates. raising XXX full-year margin points updated FX
to expected our we're includes $X.XX. about $X.XX effects, comparable impacts In growth higher impacts driven credits our XX% and XXXX at our for of tax currency the long-term share related less share-based operating $X.XX accounting of guidance FX improvement compensation constant plans. our of $X.XX XXXX Adjusting margins. by net the use $X.XX discrete terms outlook tax in benefits to per equates expectations discrete from XX% and growth, of operational benefit share to This to share-based relative EPS, a foreign for guidance in compensation tax high-end to to benefits EPS in offset $X.XX XXXX. projected earlier raising of projected outlook per
from and our compensation estimate per be This tax on effective to that changes a benefit full XXXX from to million would or We're accounting based share shared-based rate estimate benefits. continue $X to share refining projected QX. about X%. year for $X.XX about benefits changes prior for benefit our rate rate our XX% discrete accounting We the includes in effective tax
rate about credits, X% year XX% effective projections QX. now a including we effective $X.XX benefit foreign XX%. additional XXXX We tax expected full Incorporating of an from $X these per million project rate in factors or of tax for rate $X to estimate a to our also tax for effective tax share discrete tax QX of benefit factors in portion including A of full timing in activity. exercises stock is $XX of an tax over related share-based future analysis from expected reduction periods and historical schedules with XXXX XXXX of align tax into the this options, to which benefit to compensation related specific are future activity. based on expected year XX.X% million benefit and to not utilization million expected vesting carry The our of rate
is years, or compensation to We've For XXXX $X.XX we XXXX corporate $X.XX not that million, recognized net tax $X.XX that EPS $XX with the EPS in projected $X.XX in annual and discrete price benefit these the means per to XXXX over Combined that future associated estimate year, $X.XX to of outlook. be of will benefit XXXX. carry recognized years. activity anticipated our share is now from current policy. this assuming not tax benefit future to of in benefit, change adjusted expected million no to $X.XX into carry share in share-based U.S. This benefits over about our preliminary this $XX for share means per into to dynamics
million. X.X% our net about in year now stock is shares XXXX, For X.X%, and project $XX of of impact. $XX outlook million a for of interest expense average a the We outstanding net count share full from reduction accounting between repurchases
we're profit long-term strong and XXXX, with targeting growth, to ahead look goals. consistent revenue our continued we As
reflecting revenue growth, for preliminary by reported X% to billion, $X.XX is driven our $X.XX organic expectations X.X% billion to revenue gains. XX% to outlook revenue noted, As XX.X%
XXXX, in for the the new method. in balance and by effect that the adopting adjustment Fecal accounts This our change impact slide to impact be an the analysis our estimate combined those retrospective prior and standard XXXX. we the antigen SDMA sustained reflecting of standard principles the aligned XXXX of under this will cumulative modified when new XXXX standard accounting immaterial had instruments XXX a revenue in means over for revenue result on of for a we the revenue in the applying accounting for the growth have XXXX implementation CAG years, activity. strong organic on relatively of Based overall reflects reflects will to-date, Our IDEXX and for sheet standard periods. our that net balance, recurring recognition revenue launches outlook new the revenues, the that are recognition placed, in been our On we earlier expectations that recognition timing of the standard. supported restatement assuming estimate be of In with our on ASC expect SNAP. Note retroactive modified will in we'll in time standard diagnostic our
Turning to outlook to our for for preliminary EPS guidance per share EPS $X.XX is of share. XXXX, our per $X.XX
compared press basis. points about release, noted, will a rates FX estimate revenue a discrete rate currency per effects, in XXXX changes positions. our XXX At the accounting XX increase basis EPS net benefits by midpoint Adjusting assumed to for this about full hedge As $X.XX in tax X.X% to constant by of guidance. currency constant and year EPS growth in basis on year XX% of our this next currencies, assumes we projected outlook share, to share-based comparable and growth increase to points XX% of operating margins established equates a the and reported
noted, and expectations X% million in XX%. and compensation growth tax to leverage discussion turn the reduction next reflecting effective relatively shares benefits our to rate a our higher our for share-based to our are to rate from review. floating XX.X% $X forward for accounting. million of outstanding year in capital We projected uplift relatively interest look costs, outlook expense $XX providing million allocation which XXXX to in comments. to in our in contribute As of from to to $XX XXXX projections projecting for his guidance conference year-end increase review now reflected call. XXXX XXXX We're detailed Jon That concludes million. more $XX EPS a generate assumes less million I'll These an $XX current to interest financial update over
