The company disclaims any obligation to update or revise any forward-looking statements in the future even if its estimates or expectations change. Also during this call, we will be discussing certain financial measures not prepared in accordance with Generally Accepted Accounting Principles or GAAP. A definition of these non-GAAP financial measures is provided in our earnings release which can be found on our website idexx.com.
Finally, we plan to end today’s call by 10 am Eastern. In order to allow, broad participation in the Q&A. We ask that each participant limit his or her questions to one with one follow-up as necessary. We do appreciate you may have additional questions, so please free to back into the queue and if time permits we will be more than happy to take your additional questions.
I’d now like to turn the conference over to Merilee Raines. Please go ahead.
Merilee RainesGood morning and thanks very much for joining our call today. As reported in our earnings release this morning, our first quarter revenues were $322.7 million, yielding organic growth of 10%. And diluted earnings per share were $0.72, a year-to-year increase of 16%.Overall, this was in line quarter for us with financial results generally on par with our thinking at the time of our January earnings call. While actual currency rates for the quarter versus our forecasted rates in January contributed about $3.5 million to reported revenues. The impact to earnings per share was immaterial.Taking a quick look at the economic backdrop, the economic environment is a backdrop for our Companion Animal first quarter performance. First, starting with the U.S. Q1 patient visit growth from a subset of nearly 500 practices using our Cornerstone Practice Management System, was roughly 5%. Practice revenues grew by roughly 7%. Both of these metrics show a meaningful increase over the fourth quarter growth in patient visits of 1% and practice revenues of about 3.5%.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV