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Killexams : Proactive Services Market Opportunities Keep the Bullish Growth Alive

Latest added Proactive Services Market research study by AMA Research offers detailed outlook and elaborates market review till 2027. The market Study is segmented by key regions that are accelerating the marketization. At present, the market players are strategizing and overcoming challenges of current scenario; some of the key players in the study are Cisco (United States), Hewlett Packard Enterprise (United States), Microsoft (Uited States), IBM (United States), Ericsson (Sweden), Juniper Networks (United States), Huawei (China), Nokia Networks (Finland), Avaya (United States), Fortinet (United States), Symantec (United States) etc.

The study explored is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.

Free sample Report + All Related Graphs & Charts @: https://www.advancemarketanalytics.com/sample-report/1564-global-proactive-services-market

Proactive Services Market Definition:
Proactive services are an approach to customer support in which businesses make the first move to help customers. These businesses go out of their way to first find potential problems and then resolve them before customers need to ask for help. Proactive service is to recommend additional accessories or products to a customer that has led to significant growth in the market over the forecast period.

The latest edition of this report you will be entitled to receive additional chapter / commentary on latest scenario, economic slowdown and COVID-19 impact on overall industry. Further it will also provide qualitative information about when industry could come back on track and what possible measures industry players are taking to deal with current situation. Each of the segment analysis table for forecast period also high % impact on growth.

This research is categorized differently considering the various aspects of this market. It also evaluates the upcoming situation by considering project pipelines of company, long term agreements to derive growth estimates. The forecast is analyzed based on the volume and revenue of this market. The tools used for analyzing the Global Proactive Services Market research report include SWOT analysis.

Influencing Trend:

  • Rising Demand for Ai-Based Proactive Services

Challenges:

  • Lack of Skilled Professionals

Opportunities:

  • Affective Ecosystems and Partnerships among the End-User Industry

Market Growth Drivers:

  • Rising Focus on Delivering Enhanced Customer Experience
  • Increasing Number of Cyber Threats

The Global Proactive Services segments and Market Data Break Down are illuminated below:
by Type (Managed Services, Technical Support, Design and Consulting), Application (Application Management, Network Management, Data Center Management, Customer Experience Management, Cloud Management, Device / Endpoint Management), Enterprise Size (Small and Medium-sized Enterprises (SMEs), Large enterprises), Technology Type (Big Data Analytics, Business Intelligence, Machine Intelligence), End Use Industry (Banking, Financial Services, and Insurance (BFSI), Telecommunication, Retail, Healthcare, Government and Defense, Education, Media and Entertainment, Transportation & Logistics, Others)

….

….

Get Up to 10-25% Discount on Various License type of this Premium Version of the Report: https://www.advancemarketanalytics.com/request-discount/1564-global-proactive-services-market

The regional analysis of Global Proactive Services Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world. Whereas, owing to rising no. of research activities in countries such as China, India, and Japan, Asia Pacific region is also expected to exhibit higher growth rate the forecast period 2021-2027.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of latest industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market

Strategic Points Covered in Table of Content of Global Proactive Services Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Proactive Services market

Chapter 2: Exclusive Summary – the basic information of the Proactive Services Market.

Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Proactive Services

Chapter 4: Presenting the Proactive Services Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.

Chapter 5: Displaying the by Type, End User and Region/Country 2015-2020

Chapter 6: Evaluating the leading manufacturers of the Proactive Services market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile

Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2021-2027)

Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

Finally, Proactive Services Market is a valuable source of guidance for individuals and companies.

Get More Information: https://www.advancemarketanalytics.com/reports/1564-global-proactive-services-market

Key questions answered

  • Who are the Leading key players and what are their Key Business plans in the Global Proactive Services market?
  • What are the key concerns of the five forces analysis of the Global Proactive Services market?
  • What are different prospects and threats faced by the dealers in the Global Proactive Services market?
  • What are the strengths and weaknesses of the key vendors?

Definitively, this report will give you an unmistakable perspective on every single reality of the market without a need to allude to some other research report or an information source. Our report will give all of you the realities about the past, present, and eventual fate of the concerned Market.

Thanks for practicing this article, we can also provide customized report as per company’s specific needs. You can also get separate chapter wise or region wise report versions including North America, Europe or Asia.

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Killexams : TelcoSwitch: Now is the time for UCaaS

Customers looking for greater collaboration and hybrid working is fuelling rising interest in unified communications (UC), which should put the technology at the top of the channel agenda.

TelcoSwitch is urging more partners to join the dots and recognise that there is strong demand for unified comms as a service (UCaaS).

Now is the time for the channel to get a firm grip on UCaaS and position themselves to be seen by customers as the source of expertise on the technology and hybrid working strategy.

Sam Giggle, head of sales at TelcoSwitch, said the channel needed to take advantage of current market conditions.

“The channel is experiencing a unique period and the opportunities for growth are immense. The demand for UCaaS solutions is clear to see, with TrustRadius research reporting that 67% of companies increased spending on communications in 2021 to ensure video conferencing was included,” he said.

“The UK collaboration software market is expected to grow from £691m to almost £1bn over the next five years. This growth represents a significant opportunity to join a UCaaS marketplace where cloud-based collaboration solutions continue to gain popularity,” he added.

Giggle said those with the right knowledge could develop a customer relationship that would last through the sales cycle.

“The ability to act as consultants from pre-sales through to implementation and in-life service management is priceless, especially when combined with other managed services. We have seen over 30% growth in our partner base for back-to-back years since the start of 2020, so clearly this fact is not lost on UK channel businesses,” he said.

Those in the channel looking for a good return on investment in skills and UCaaS should note the analyst numbers around the market. The expectations are that demand will only grow further, with Global Market Insights reporting that the video conferencing market will break through the $50bn mark by 2026.

“Understanding your customers is critical to choosing your solutions and how you approach the market. Simple questions such as, ‘Does your business have a single site or do you have offices in multiple locations across the UK, or even internationally?’ can be a great way to start building a comprehensive picture of the complexities of that customer’s operations, including their existing technology investments and day-to-day service expectations. This helps foster that relationship by building confidence in your understanding of their needs,” said Giggle.

“Collaboration tools and video conferencing software are very much front of mind for business leaders looking to enhance efficiency. Now is a great time for channel organisations to embrace UCaaS and see the benefits in the months and years to come,” he added.

Most also expect hybrid working to remain a permanent feature, with firms and staff unlikely to go back to a Monday to Friday, nine to five operation.

Speaking at the latest launch of its partnership with RingCentral to boost video meeting experiences, Alcatel-Lucent Enterprises’ head of the Rainbow Office business unit, Laure Timperman, stated: “It’s clear that remote and hybrid working is here to stay.”

Sahil Rekhi, vice-president of global srategic partnerships at RingCentral, said: “Our focus is on helping organisations to support their people working from anywhere.”

Wed, 03 Aug 2022 14:12:00 -0500 en text/html https://www.computerweekly.com/microscope/news/252523422/TelcoSwitch-Now-is-the-time-for-UCaaS
Killexams : Microsoft launches the Microsoft Digital Contact Center Platform

Microsoft is introducing the Microsoft Digital Contact Center Platform, an open, extensible, and collaborative contact center solution designed to deliver seamless customer journeys.

With the Microsoft Digital Contact Center Platform, contact centers are equipped with modern digital tools to engage customers across voice, video, and other digital engagement channels—powered by Microsoft Dynamics 365, Microsoft Teams, Microsoft Power Platform, and the existing member of the Microsoft family, Nuance.

The platform brings together a comprehensive yet flexible solution for contact centers, delivering best-in-class AI that powers self-service experiences, live customer engagements, collaborative agent experiences, business process automation, advanced telephony, and fraud prevention capabilities, according to the company. 

The addition of Nuance brings a new level of conversational AI, security, and automation to the contact center. This gives both customers and agents tools to resolve issues faster and with more personalized service, thus reducing resolution times while improving customer satisfaction. It also enables contact centers to offer targeted incentives to build brand loyalty and upsell opportunities to boost revenue.

The open nature of this platform enables companies to build on what they already have and easily add any combination of capabilities they need to take their contact center to the next level.

It integrates with a variety of contact center infrastructures and customer relationship management (CRM) systems. Companies can start small or go big, on their terms, and add capabilities at the right time.

Microsoft is partnering with leaders in contact center infrastructure—including Accenture–Avanade, Avaya, Genesys, HCL, NICE, and TTEC—to ensure interoperability and compatibility with contact center systems and components companies use or plan to implement now and in the future.

The Microsoft Digital Contact Center Platform makes it easy to meet consumers in the channels they use every day—from voice to digital messaging—with secure and protected interactions. With the platform, companies can:

  • Resolve customer needs quickly and easily with customer self-service and automation, enabling scale through automation of repeatable tasks as well as sophisticated transactions.
  • Intelligently connect customers to virtual and live agents with the best-suited skills, experience, capacity, and availability, and provide agents with AI-powered recommendations.
  • Deliver hyper-personalized omnichannel service across voice and digital engagement channels, including support for major social messaging platforms. Provide richer service engagement with Teams voice and video embedded within Dynamics 365 Customer Service.

The Microsoft Digital Contact Center Platform uses AI and deep analytics to anticipate customer requests, predict intent, and provide rapid resolution, which streamlines service and increases satisfaction. Customer experiences are protected with integrated biometric identification, authentication, and fraud prevention to build and maintain brand trust. The platform:

  • Uses biometric authentication to authenticate customers in seconds based on inherent biometrics and other factors.
  • Secures every customer and employee interaction, and prevents fraud while uncovering fraud patterns and attack vectors.
  • Provides insights on how consumers interact with the brand throughout their journey with customer journey analytics to Boost customer acquisition and tailor personalized offers.
  • Understands why customers are calling and customizes the experience to anticipate their needs with AI intent prediction.

The Microsoft Digital Contact Center Platform empowers agents to better serve customers by bringing the right information, people, and insights directly into the flow of work with Context IQ. It provides intelligent next-best response recommendations and sentiment analysis to enable fast resolutions. What’s more, this creates a learning loop so automated solutions continually evolve and become smarter. The platform:

  • Provides agents with a 360-degree view of the customer and their journey. Agents can manage customer requests seamlessly from any channel, even while handling multiple sessions at the same time.
  • Empowers agents with personalized conversational intelligence, including sentiment analysis, to truly understand customer emotions and needs. Next-best response and offer recommendations help create valuable upsell and cross-sell opportunities.
  • Assists the agent in identifying the resolution with AI-recommended knowledge articles.
  • Automates how agents quickly and efficiently bring together experts to resolve an open case through intelligent case swarming. With a single click, agents can collaborate with experts matched based on skillset and expertise.

The platform is also cloud-scale and elastic to accommodate seasonal or surging demand. It automatically adjusts to changes in contact volume, agent counts, wait times, and service levels without performance impact.

For more information about this news, visit https://dynamics.microsoft.com.

Companies and Suppliers Mentioned

Thu, 21 Jul 2022 07:26:00 -0500 en text/html https://www.kmworld.com/Articles/ReadArticle.aspx?ArticleID=154054
Killexams : Soar like an eagle? 34 UK vendor leaders reveal their spirit animals

Three swoop like eagles, two float like butterflies and four are loyal and hard-working like dogs.

We are of course referring to the beasts picked by the 34 top UK channel leaders featured in the latest CRN Vendor Power list when we asked them to nominate their spirit animal.

Of the 32 who were game enough to answer the question, the highest number - four - picked the faithful dog, closely followed by the lion and eagle with three picks each.

Juniper's Dale Smith was among the channel leaders and who felt they are the human embodiment of the latter, pointing to the networking vendors channel programme for evidence.

"Interestingly from a Juniper point of view, our Champions programme has four animals that illustrate the four types of partner roles: the Lion is the technical champion; the wolf is the sales hunter, the fox is the marketing champion, and the eagle is the channel champion. With that in mind, I would put myself as an eagle," he said.

Avaya's Ali Hastings (pictured above) made one of the quirkier choices, likening herself to the chameleon.

"Somebody once told me I can change my persona to mirror the moment/individual etc…not sure if this a compliment," she confessed.

Fujitsu's Paul McLean was one of three spiritual lions, meanwhile

"The lion represents courage in the face of difficulties and strength in overcoming challenges," he explained.

Adding in the choices of their EMEA counterparts featured in the Channel Partner Insight Vendor Power list, horse came out on top with seven picks, with lion (six), dolphin (four) and dog (four) rounding out the top four.

See which 34 leaders made the CRN Vendor Power list here.

Tue, 02 Aug 2022 21:27:00 -0500 en text/html https://www.channelweb.co.uk/news/4052246/soar-eagle-34-uk-vendor-leaders-reveal-spirit-animals
Killexams : Nolan gets the chance to run Westcon-Comstor UK&I

Westcon-Comstor is shuffling its senior UK management team, ushering in a fresh managing director as part of the changes.

The distributor’s existing UK boss Anthony Byford is moving into a role as vice-president in a newly formed clouded collaboration business division, leaving a UK and Ireland managing director vacancy that is being filled by John Nolan.

Nolan is a veteran at the distie, with a career that spans more than 17 years (see box), with spells in various parts of the business.

“I’ve witnessed major shifts in technology adoption and the impacts on the channel during my 17-year tenure at Westcon-Comstor. The single constant throughout this time has been the difference an experienced distributor like Westcon can make when helping partners navigate those market shifts while maintaining high service levels,” he said.

“Today, the role of a distributor is even more critical, as we help our partners identify growth opportunities, expand their skills, and ultimately build revenues for success. The beauty of distribution is when you build close relationships with your partners and get to watch our enablement make real, positive impact in that partner’s business.

“We have a unique view of the market, and I look forward to utilising that to help our UK and Ireland partner community. I’m certain that the next five years is set to bring about even more success,” he added.

Nolan was seen as an ideal choice given his extensive experience with the company, its vendors and partners. His promotion was also seen as evidence that the business rewarded those that worked hard to develop their skills.

“John has been part of our UK&I team since 2005, working his way up the ladder in impressive fashion,” said David Grant, CEO of Westcon-Comstor. “He’s been a great support to Antony and they’ve worked brilliantly together, growing the Westcon UK&I business over 50% in the past four years.

“I have complete confidence in John, his understanding of the market and ability to act accordingly is second to none. I’m very optimistic about the outlook for the UK&I in his hands. It’s a very competitive and demanding market, but John is absolutely the right leader to continue to drive our success,” he added.

Wed, 03 Aug 2022 14:12:00 -0500 en text/html https://www.computerweekly.com/microscope/news/252523267/Nolan-gets-the-chance-to-run-Westcon-Comstor-UKI
Killexams : Evans Consulting Acquires Global Dynamics International, a Market Leader in Intercultural Competence and Global Leadership Development

Press release content from Globe Newswire. The AP news staff was not involved in its creation.

FALLS CHURCH, Va., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Evans Consulting, an award-winning management consulting and government contracting firm, has finalized its acquisition of Global Dynamics International Inc. (GDI) ( global-dynamics.com ). 

Global Dynamics International Inc. is a leading provider of cross-cultural competence, global mindset, diversity and inclusion, unconscious bias, global leadership, team building, virtual workforce effectiveness training and coaching and research designed to meet the ever-changing needs of today’s global and multi-cultural organizations. Evans co-owners, Bob Etris and Jack Moore, worked closely with GDI’s Founder and President, Neal Goodman, in finalizing the deal. 

“We couldn’t be more pleased to add GDI as a division of Evans Consulting,” said Moore. “Our shared values of people, service, and integrity create a foundation for continuing to build on GDI’s history of success in the commercial markets. Expanding our portfolio of human-centered consulting services that equip leaders and teams, at any level of an organization, to work effectively together is critical to our continued growth and success.  GDI’s unique capabilities and value proposition help us do just that.” 

For over 34 years, GDI has empowered the world’s finest organizations (including the majority of the Fortune Global 1000) in more than 60 countries to overcome the challenges of globalization and virtual environments and to leverage the power of diversity and inclusion.

“Our mission at Evans Consulting is to develop healthy organizations and communities that enable people to thrive. GDI’s core services complement our mission. It couldn’t be a more seamless fit to our organization,” said Etris. 

Through the planning and design of the eventual sale of GDI, Goodman was drawn to Evans’ collaborative culture and relentless focus on addressing the human and technical sides of organizational change. This, in conjunction with Evans’ human-centered approach, offered GDI an environment where Neal’s legacy and commitment to client success will continue to thrive. 

“GDI represents my life’s work, and I am thrilled it has a home with a shared sense of purpose, culture, and commitment like Evans,” said Goodman. “With the kind of talented leaders and organization Evans has, I’m excited about the possibilities of what Evans can do to take GDI to even greater heights!”

With the acquisition of GDI, Evans has enhanced its portfolio of global services that includes world-class executive coaching and leadership development services through its Global Coaches Network (GCN -  globalcoaches.com ), as well as the intercultural competence and diversity and inclusion development offered through GDI. Neal will continue to work in partnership with Evans as an advisor and trainer while publishing articles for  Training Magazine and periodically speaking at conferences and tradeshows.

About Evans Consulting: 

Evans Consulting is an industry-leading management consulting and government contracting firm. Our solutions and products are designed to assist with specific challenges related to organizational change and transformation, leadership development, technology integration, and strategic growth, with a unique, human-centered approach. For more information, visit  evansconsulting.com.

Media Contact

Bob Etris, betris@evansconsulting.com, (703) 927-6568

Related Images

Image 1: Evans Consulting

This content was issued through the press release distribution service at Newswire.com.

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Tue, 09 Aug 2022 05:03:00 -0500 en text/html https://apnews.com/press-release/globe-newswire/government-contracts-8a2626c1017df3538d6f60b216c3f013
Killexams : Sangoma Ranks Number One in Unified Communications Satisfaction Report

Eastern Management Group Survey recognizes Sangoma as Number One in Customer Satisfaction for the third year.

MARKHAM, ON, July 5, 2022 /PRNewswire/ -- Sangoma Technologies Corporation ("Sangoma") (TSXV: STC), Sangoma Technologies Corporation (TSX: STC) (Nasdaq: SANG), a trusted leader in delivering cloud-based Communications as a Service solutions for companies of all sizes today announced that they have been ranked number one in Customer Satisfaction by the Eastern Management Group for the 3rd straight year.

The Eastern Management Group surveyed more than 5,000 IT managers who are currently using UC systems for the report. IT managers reported on a range of experiences, which included evaluations of 44 Premises and Hosted UC companies, including 3CX, 8x8, RingCentral, Avaya, and Cisco.

The Eastern Management survey categories are Product, Vendor Experience, and Customer Delight.

  • Product
    Measurements: Technology & Product, Reliability and Management Tools
  • Vendor Experience
    Measurements: Purchase Experience, Installation, Support, and Contact Center Experience
  • Customer Delight
    Measurements: Value, Overall Satisfaction, and Recommend to a Friend

"We are thrilled to be ranked number one in Customer Satisfaction by the Eastern Management Group," said Jim Machi, Chief Product & Marketing Officer of Sangoma. "Sangoma has experienced rapid growth in the industry and is now among the top tier of Unified Communications companies, so it's exciting to be recognized in this manner. Our customers appreciate the industry's complete set of cloud communications services, cloud-based and on-premise deployment options, and exceptional customer service, so we believe this award will reassure our customers and prospects alike."

About Sangoma

Sangoma Technologies is a trusted leader in delivering value-based Communications as a Service (CaaS) solutions for businesses of all sizes. Sangoma's cloud-based Services include Unified Communication (UCaaS) business communications, Meetings as a Service (MaaS), Communications Platform as a Service (CPaaS), Trunking as a Service (TaaS), Fax as a Service (FaaS), Device as a Service (DaaS), and Access Control as a Service (ACaaS), Managed Internet Access, Managed Security, Managed SD-WAN. In addition, Sangoma offers a complete line of communications Products, including premise-based UC systems, a full line of desk phones and headsets, and a complete connectivity suite (gateways/SBCs/telephony cards). Sangoma's products and services are used worldwide in leading UC, PBX, IVR, contact centers, carrier networks, office productivity, and data communication applications. Sangoma is also the primary developer and sponsor of Asterisk and FreePBX, the world's two most widely used open-source communication software projects.


About Eastern Management

The Eastern Management Group is an American technology company. We are one of the top communications research and consulting businesses in the world. Since our founding in 1979, we have maintained a concentration on global markets and vertical industries. And because we know products, services, applications, markets, suppliers, and customers, we can conduct research and consulting assignments that meet our client's needs.

The Eastern Management Group investigates and advises clients on market behavior and best practices. Our expertise, contacts, database, and analytical skills help thousands of clients manage effectively in an ever-changing technology world.

With a database of market information built and managed over decades, the information we collect, retain, and have available to our analysts and clients, is unparalleled.

Cision View original content:https://www.prnewswire.com/news-releases/sangoma-ranks-number-one-in-unified-communications-satisfaction-report-301580484.html

SOURCE Sangoma Technologies Corporation


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Tue, 05 Jul 2022 03:29:00 -0500 text/html https://news.tmcnet.com/usubmit/2022/07/05/9633395.htm
Killexams : Five Indian startups ensuring last mile connectivity for the healthcare ecosystem No result found, try new keyword!The pandemic has massively disrupted and exacerbated the healthcare system around the world. However, it has also served as a catalyst for needed transformation, pushing many healthcare providers ... Wed, 27 Jul 2022 21:18:00 -0500 text/html https://www.ciol.com/five-indian-startups-ensuring-last-mile-connectivity-healthcare-ecosystem/ Killexams : IDEXX Laboratories Announces Second Quarter Results
  • Achieves second quarter revenue growth of 4% reported and 6.5% organic, driven by CAG Diagnostics recurring revenue growth of 4% reported and 7% organic, building on high prior year growth

  • Solid demand for diagnostic services and strong IDEXX execution support record second quarter premium instrument placements, driving 15% growth in global premium installed base

  • Delivers EPS of $1.56, representing declines of 33% as reported and 30% on a comparable basis, including $0.72 per share impact from discrete R&D investments

  • Adjusts 2022 revenue guidance to 3% - 5.5% growth as reported and 5.5% - 8% organic. At midpoint, updated outlook reflects expectations for solid second half growth for CAG Diagnostics recurring revenues, similar to latest trends, adjusted for incremental benefits from higher pricing. The low end of the updated outlook incorporates a 2.5% second half organic growth risk estimate related to potential additional impacts from macroeconomic conditions

  • Updated EPS outlook of $7.77 - $8.05 reflects updated revenue outlook, a 50 basis point adjustment to the full year comparable operating margin outlook and $0.08 combined per share impact from updated foreign exchange and interest rate projections

WESTBROOK, Maine, Aug. 2, 2022 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced second quarter results, as well as an update on U.S. companion animal diagnostics trends.

Second Quarter Results

The Company reports revenues of $861 million for the second quarter of 2022, a 4% increase as reported and 6.5% organically, driven by Companion Animal Group ("CAG") Diagnostics recurring revenue growth of 4% reported and 7% organic compared to strong prior year performance. Continued solid companion animal sector demand and benefits from IDEXX execution drove premium instrument placements 18% higher than the prior year period, supporting CAG Diagnostics capital instrument revenue growth of 3% as reported and 8% organic. Continued strong momentum in cloud-based software placements supported veterinary software, services and diagnostic imaging systems revenue growth of 27% as reported and 14% organically. Overall revenue gains in the quarter were also supported by Water revenue growth of 5% reported and 9% organic.

Second quarter earnings per diluted share ("EPS") were $1.56, decreasing 33% as reported and 30% on a comparable basis compared to strong prior year profit levels, reflecting impacts from $80 million of discrete R&D investment in the quarter and operating expense growth related to investments in commercial capabilities. EPS results included $0.06 per share negative impact from currency changes and $0.03 per share in tax benefits from share-based compensation.

"Building on strong prior year gains, IDEXX drove continued solid organic growth in the second quarter," said Jay Mazelsky, President and Chief Executive Officer. "I am especially pleased with the strong execution of our global teams resulting in record premium instrument placements and cloud- based practice management software adoption. IDEXX innovations have never been more important in helping veterinary clinics manage through capacity challenges and to achieve outstanding care for their patients."

Companion Animal Diagnostics Trends Update

Continued growth in demand for companion animal healthcare supported solid gains in CAG diagnostic products and services, compared to strong prior year demand levels. Average diagnostics revenues grew 6% at U.S. veterinary practices on a same-store basis in the second quarter, ahead of 3% growth in overall clinic revenues, reflecting continued expansion of demand for pet healthcare services. U.S. same-store clinical visits at veterinary practices declined 3% in the second quarter compared to prior year period clinical visit growth of 13%, which included benefits from increases in new pet ownership during the COVID-19 pandemic. Growth for pet healthcare including diagnostics has increased significantly from pre-pandemic levels reflecting compound annual growth of 2% in clinical visits and 10% in same-store diagnostics revenues for the U.S. compared to the second quarter of 2019.

Additional U.S. companion animal practice key metrics are available in the Q2 2022 Earnings Snapshot accessible on the IDEXX website, www.idexx.com/investors.

Second Quarter Performance Highlights

Companion Animal Group

The Companion Animal Group generated revenue growth of 5% reported and 7% organically for the quarter, supported by CAG Diagnostics recurring revenue growth of 4% on a reported basis and 7% organically. Solid growth was achieved across IDEXX's major modalities, building off high gains in the prior year period. Overall CAG revenue growth included CAG Diagnostics capital instrument revenue growth of 3% reported and 8% organic, reflecting record second quarter premium instrument placements.

  • IDEXX VetLab® consumables generated 4% reported and 8% organic revenue growth, with gains across U.S. and international regions supported by expansion of our global premium instrument installed base, benefits from net price gains and high customer retention levels.

  • Reference laboratory diagnostic and consulting services generated 4% reported and 6% organic revenue growth driven by strong gains in the U.S., offset by flat organic revenue growth in international regions compared to strong prior year levels. Revenue growth reflects benefits from strong customer retention, new business gains and net price improvement.

  • Rapid assay products revenues grew 4% as reported and 6% organically, supported by continued solid volume growth in the U.S. and net price gains.

Veterinary software, services and diagnostic imaging systems revenues grew 27% as reported and 14% organically, supported by double-digit organic gains in recurring software and digital imaging revenues. Reported growth includes benefits from ezyVet®, acquired during the second quarter of 2021, which continues to show strong momentum in customer gains.

Water

Water revenues grew 5% on a reported basis and 9% on an organic basis for the quarter, reflecting solid volume growth across U.S. and international regions and benefits from net price gains.

Livestock, Poultry and Dairy ("LPD")

LPD revenues declined 11% as reported and 5% on an organic basis for the quarter, reflecting comparisons to high prior year revenue levels of African Swine Fever and core Swine testing in China. This impact was partially offset by moderate overall organic revenue gains in other areas of the LPD business. Comparisons to high revenue levels for African Swine Fever testing are expected to Boost in the second half of 2022.

Gross Profit and Operating Profit

Gross profits increased 5% as reported and 7% on a comparable basis. Gross margin of 59.7% increased 50 basis points as reported and was flat on a comparable basis. Benefits from net price gains, lab productivity initiatives and improvement in software service gross margins offset select inflationary effects and impacts from lower LPD revenues.

Operating margin was 20.8% in the quarter, 1,060 basis points lower than the prior year as reported and 1,050 basis points lower on a comparable basis, driven by year-over-year operating expense growth of 46% as reported and 48% on a comparable basis. Operating expense includes a 35% growth impact and a 900 basis point operating margin impact related to $80 million in discrete R&D investments and reflects increased investments supporting global commercial capabilities, higher travel costs and inflationary impacts.

2022 Growth and Financial Performance Outlook

The Company is updating its full year revenue growth outlook to 3% - 5.5% as reported and 5.5% - 8% organically, a reduction in the projected full year revenue growth range of 250 basis points and 200 basis points, respectively. This outlook range includes projected full year CAG Diagnostics recurring revenue growth of 4% - 6% as reported and 6.5% - 9% organic, supported by continued benefits from strong IDEXX execution including additional second half price gains. The updated outlook also incorporates expectations for continued near-term pressure on veterinary clinical visits from factors including constraints on vet clinic capacity, lapping of new patient step-up benefits, as well as additional potential growth impacts related to macroeconomic risk.

The Company now projects full year operating margins of 26.4% - 26.9%, reflecting ~50 basis points of net operating margin impact related to updated revenue growth estimates.

The Company's EPS outlook of $7.77 - $8.05 reflects an adjustment of $0.32 at midpoint, including $0.05 of negative impact from higher projected interest rates and $0.03 of negative impact related to the strengthening U.S. dollar.

The following table provides the Company's updated outlook for annual key financial metrics in 2022:

Amounts in millions except per share data and percentages  

Growth and Financial Performance Outlook

2022

Revenue

$3,305

-

$3,385

Reported growth

3 %

-

5.5 %

Organic growth

5.5 %

-

8 %

CAG Diagnostics Recurring Revenue Growth

Reported growth

4 %

-

6 %

Organic growth

6.5 %

-

9 %

Operating Margin

26.4 %

-

26.9 %

Operating margin expansion

  (260 bps)

-

(210 bps)

Impact of foreign exchange

~ 20 bps

Comparable margin expansion

  (280 bps)

-

(230 bps)

Impact of discrete in-license of technology

(230 bps)

EPS

$7.77

-

$8.05

Reported growth

(10 %)

-

(6 %)

Comparable growth

(4 %)

-

(1 %)

Other Key Metrics

Net interest expense

$38

-

$39

Share-based compensation tax benefit

~ $10

Share-based compensation tax rate benefit

~ 1%

Effective tax rate

21.5 %

-

22 %

Share-based compensation EPS impact

~ $0.12

Reduction in average shares outstanding

~ 2.0%

Operating Cash Flow

90% - 95% of net income

Free Cash Flow

65% - 70% of net income

Capital Expenditures

~ $180

The following table outlines estimates of foreign currency exchange rate impacts, net of foreign currency hedging transactions, and foreign currency exchange rate assumptions reflected in the above financial performance outlook for 2022.

Estimated Foreign Currency Exchange Rates and Impacts

2022

Revenue growth rate impact

(3.0 %)

-

(3.5 %)

CAG Diagnostics recurring revenue growth rate impact

~ (3.5)%

Operating margin growth impact

~ 20 bps

EPS impact

(~ $0.21)

EPS growth impact

(~ 2.0%)

Foreign Currency Exchange Rate Assumptions

In U.S. dollars

euro

$1.00

British pound

$1.18

Canadian dollar

$0.76

Australian dollar

$0.67

Relative to the U.S. dollar

Japanese yen

¥139

Chinese renminbi

¥6.79

Brazilian real

R$5.40

Conference Call and Webcast Information

IDEXX Laboratories, Inc. will be hosting a conference call today at 8:30 a.m. (EDT) to discuss its second quarter 2022 results and management's outlook. To participate in the conference call, dial 1-866-374-5140 or 1-404-400-0571 and reference pin 28182746. Individuals can access a live webcast of the conference call through a link on the IDEXX website, www.idexx.com/investors. An archived edition of the webcast will be available after 1:00 p.m. (EDT) on that day via the same link and will remain available for one year.

2022 Investor Day

IDEXX Laboratories, Inc. will host its 2022 Investor Day on Thursday, August 11, 2022 from 8:00 am to approximately 12:00 pm (EDT). A live audio webcast and accompanying slide presentations will be available at www.idexx.com/investors. An archived webcast replay of the event will be available approximately one hour following the event at www.idexx.com/investors. For additional information contact investorrelations@idexx.com.

IDEXX Laboratories, Inc. logo. (PRNewsFoto/IDEXX Laboratories, Inc.)

About IDEXX Laboratories, Inc.

IDEXX is a global leader in pet healthcare innovation. Our diagnostic and software products and services create clarity in the complex, constantly evolving world of veterinary medicine. We support longer, fuller lives for pets by delivering insights and solutions that help the veterinary community around the world make confident decisions—to advance medical care, Boost efficiency, and build thriving practices. Our innovations also help ensure the safety of milk and water across the world and maintain the health and well-being of people and livestock. IDEXX Laboratories, Inc. is a member of the S&P 500® Index. Headquartered in Maine, IDEXX employs more than 10,000 people and offers solutions and products to customers in more than 175 countries. For more information about IDEXX, visit www.idexx.com.

Note Regarding Forward-Looking Statements

This earnings release contains statements about the Company's business prospects and estimates of the Company's financial results for future periods that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are included above under "Livestock, Poultry and Dairy ("LPD")", "2022 Growth and Financial Performance Outlook", and elsewhere and can be identified by the use of words such as "expects", "may", "anticipates", "intends", "would", "will", "plans", "believes", "estimates", "projected", "should", and similar words and expressions. Our forward-looking statements include statements relating to our expectations regarding LPD financial performance; revenue growth and EPS outlooks; operating and free cash flow forecast; projected impact of foreign currency exchange rates and interest rates; projected operating margins and expenses and capital expenditures; projected tax, tax rate and EPS benefits from share-based compensation arrangements; and projected effective tax rates, reduction of average shares outstanding and net interest expense. These statements are intended to provide management's expectation of future events as of the date of this earnings release; are based on management's estimates, projections, beliefs and assumptions as of the date of this earnings release; and are not guarantees of future performance. These forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, among other things, the matters described under the headings "Business," "Risk Factors," "Legal Proceedings," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and in the corresponding sections of the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, as well as those described from time to time in the Company's other filings with the U.S. Securities and Exchange Commission available at www.sec.gov. The Company specifically disclaims any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Statement Regarding Non-GAAP Financial Measures

The following defines terms and conventions and provides reconciliations regarding certain measures used in this earnings release and/or the accompanying earnings conference call that are not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"), otherwise referred to as non-GAAP financial measures. To supplement the Company's consolidated results presented in accordance with GAAP, the Company has disclosed non-GAAP financial measures that exclude or adjust certain items. Management believes these non-GAAP financial measures provide useful supplemental information for its and investors' evaluation of the Company's business performance and liquidity and are useful for period-over-period comparisons of the performance of the Company's business and its liquidity and to the performance and liquidity of our peers. While management believes that these non-GAAP financial measures are useful in evaluating the Company's business, this information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.

Constant currency - Constant currency references are non-GAAP financial measures which exclude the impact of changes in foreign currency exchange rates and are consistent with how management evaluates our performance and comparisons with prior and future periods. We estimated the net impacts of currency on our revenue, gross profit, operating profit, and EPS results by restating results to the average exchange rates or exchange rate assumptions for the comparative period, which includes adjusting for the estimated impacts of foreign currency hedging transactions and certain impacts on our effective tax rates. These estimated currency changes impacted second quarter 2022 results as follows: decreased gross profit growth by 2%, increased gross margin growth by 50 basis points, decreased operating expense growth by 2%, decreased operating profit growth by 2%, decreased operating profit margin growth by 10 basis points, and decreased EPS growth by 2%. Constant currency revenue growth represents the percentage change in revenue during the applicable period, as compared to the prior year period, excluding the impact of changes in foreign currency exchange rates. See the supplementary analysis of results below for revenue percentage change from currency for the three months and six months ended June 30, 2022 and refer to the 2022 Growth and Financial Performance Outlook section of this earnings release for estimated foreign currency exchange rate impacts on 2022 projections and estimates.

Growth and organic revenue growth - All references to growth and organic growth refer to growth compared to the equivalent prior year period unless specifically noted. Organic revenue growth is a non-GAAP financial measure that excludes the impact of changes in foreign currency exchange rates, certain business acquisitions, and divestitures. Management believes that reporting organic revenue growth provides useful information to investors by facilitating easier comparisons of our revenue performance with prior and future periods and to the performance of our peers. Organic revenue growth should be considered in addition to, and not as a replacement of or a superior measure to, revenue growth reported in accordance with GAAP. See the supplementary analysis of results below for a reconciliation of reported revenue growth to organic revenue growth for the three months and six months ended June 30, 2022. Please refer to the 2022 Growth and Financial Performance Outlook section of this earnings release for estimated full year 2022 organic revenue growth for the Company and CAG Diagnostics recurring revenue. The percentage change in revenue resulting from acquisitions represents revenues during the current year period, limited to the initial 12 months from the date of the acquisition, that are directly attributable to business acquisitions. Revenue from acquisitions is expected to increase projected full year 2022 revenue growth by 50 basis points and to have no impact to projected full year 2022 CAG Diagnostics recurring revenue growth.

Comparable growth metrics - Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) are non-GAAP financial measures and exclude the impact of changes in foreign currency exchange rates and non-recurring or unusual items (if any). Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. Management believes that reporting comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) provides useful information to investors because it enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding key metrics used by management. Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) should be considered in addition to, and not as replacements of or superior measures to, gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain reported in accordance with GAAP.

The reconciliation of these non-GAAP financial measures is as follows:

Three Months Ended

Year-over-Year

Six Months Ended

Year-over-Year

June 30

June 30

Change

June 30

June 30

Change

Dollar amounts in thousands

2022

2021

2022

2021

Gross Profit (as reported)

$    514,032

$    489,308

5 %

$ 1,012,785

$    960,090

5 %

Gross margin

59.7 %

59.2 %

             50 bps

59.7 %

59.9 %

             (20) bps

Less: comparability adjustments

Change from currency

(11,768)

(18,615)

Comparable gross profit growth

$    525,800

$    489,308

7 %

$ 1,031,400

$    960,090

7 %

Comparable gross margin and gross margin gain (or growth)

59.2 %

59.2 %

0 bps

59.3 %

59.9 %

             (60) bps

Operating expenses (as reported)

$    334,966

$    230,055

46 %

$    585,375

$    453,215

29 %

Less: comparability adjustments

Change from currency

$        5,517

$        8,386

Comparable operating expense growth

$    340,483

$    230,055

48 %

$    593,761

$    453,215

31 %

Income from operations (as reported)

$    179,066

$    259,253

(31) %

$    427,410

$    506,875

(16) %

Operating margin

20.8 %

31.4 %

       (1,060) bps

25.2 %

31.6 %

           (640) bps

Less: comparability adjustments

Change from currency

(6,251)

(10,229)

Comparable operating profit growth

$    185,317

$    259,253

(29) %

$    437,639

$    506,875

(14) %

Comparable operating margin and operating margin gain (or growth)

20.9 %

31.4 %

       (1,050) bps

25.2 %

31.6 %

           (640) bps

Amounts presented may not recalculate due to rounding.

Projected 2022 comparable operating margin expansion outlined in the 2022 Growth and Financial Performance Outlook section of this earnings release reflects projected full year 2022 reported operating margin adjusted for estimated positive year-over-year foreign currency exchange rate change impact of approximately 20 basis points.

This impact and those described in the constant currency note above reconcile reported gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain (including projected 2022 operating margin expansion) to comparable gross profit growth, comparable gross margin gain, comparable operating expense growth, comparable operating profit growth and comparable operating margin gain for the Company.

Comparable EPS growth -  Comparable EPS growth is a non-GAAP financial measure that represents the percentage change in earnings per share (diluted) ("EPS") for a measurement period, as compared to the prior base period, net of the impact of changes in foreign currency exchange rates from the prior base period and excluding the tax benefits of share-based compensation activity under ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, and non-recurring or unusual items (if any). Management believes comparable EPS growth is a more useful way to measure the Company's business performance than EPS growth because it enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding a key metric used by management. Comparable EPS growth should be considered in addition to, and not as a replacement of or a superior measure to, EPS growth reported in accordance with GAAP. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts.

The reconciliation of this non-GAAP financial measure is as follows:

Three Months Ended

Year-over-Year

Six Months Ended

Year-over-Year

June 30

June 30

Growth

June 30

June 30

Growth

2022

2021

2022

2021

Earnings per share (diluted)

$             1.56

$             2.34

(33) %

$             3.82

$             4.69

(19) %

Less: comparability adjustments

Share-based compensation activity

0.03

0.07

0.09

0.24

Change from currency

(0.06)

(0.09)

Comparable EPS growth

1.58

2.27

(30) %

3.83

4.45

(14) %

Amounts presented may not recalculate due to rounding.

Projected 2022 comparable EPS growth outlined in the 2022 Growth and Financial Performance Outlook section of this earnings release reflects adjustments including estimated positive share-based compensation activity of $0.12 and estimated negative year-over-year foreign currency exchange rate change impact of $0.21.

These impacts and those described in the constant currency note above reconcile reported EPS growth (including projected 2022 reported EPS growth) to comparable EPS growth for the Company.

Free cash flow - Free cash flow is a non-GAAP financial measure and means, with respect to a measurement period, the cash generated from operations during that period, reduced by the Company's investments in property and equipment. Management believes free cash flow is a useful measure because it indicates the cash the operations of the business are generating after appropriate reinvestment for recurring investments in property and equipment that are required to operate the business. Free cash flow should be considered in addition to, and not as a replacement of or a superior measure to, net cash provided by operating activities. See the supplementary analysis of results below for our calculation of free cash flow for the six months ended June 30, 2022 and 2021. To estimate projected 2022 free cash flow, we have deducted projected purchases of property and equipment (also referred to as capital expenditures) of approximately $180 million. To calculate trailing twelve-month net income to free cash flow ratio for the twelve months ended June 30, 2022, we have deducted purchases of property and equipment of approximately $139 million from net cash provided from operating activities of approximately $578 million, divided by net income of approximately $664 million.

Debt to Adjusted EBITDA (Leverage Ratios) - Adjusted EBITDA, gross debt, and net debt are non-GAAP financial measures. Adjusted EBITDA is a non-GAAP financial measure of earnings before interest, taxes, depreciation, amortization, non-recurring transaction expenses incurred in connection with acquisitions, share-based compensation expense, and certain other non-cash losses and charges.  Management believes that reporting Adjusted EBITDA, gross debt and net debt in the Debt to Adjusted EBITDA ratios provides supplemental analysis to help investors further evaluate the Company's business performance and available borrowing capacity under the Company's credit facility. Adjusted EBITDA, gross debt, and net debt should be considered in addition to, and not as replacements of or superior measures to, net income or total debt reported in accordance with GAAP. For further information on how Adjusted EBITDA and the Debt to Adjusted EBITDA Ratios are calculated, see the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.

IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations

Amounts in thousands except per share data (Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2022

2021

2022

2021

Revenue:

Revenue

$860,546

$826,142

$1,697,095

$1,603,849

Expenses and Income:

Cost of revenue

346,514

336,834

684,310

643,759

Gross profit

514,032

489,308

1,012,785

960,090

Sales and marketing

130,257

119,032

262,549

233,843

General and administrative

81,488

73,326

159,437

144,096

Research and development

123,221

37,697

163,389

75,276

Income from operations

...

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