Innovex International Reports 88% Revenue Growth to $240.4 Million in Latest Quarter

Innovex International, Inc. reported significant financial growth in its latest quarterly filing, with total revenues reaching $240.4 million for the three months ended March 31, 2025, an increase of 88% compared to $128.0 million in the same period last year. The company's net income for the quarter was $14.8 million, down from $16.4 million in the prior year, reflecting a decrease in profitability despite the substantial revenue increase. The earnings per share were reported at $0.21, compared to $0.53 in the previous year, attributed to a higher share count following the merger with Dril-Quip, Inc.

The financial performance was bolstered by a notable rise in product revenues, which surged to $167.4 million from $107.0 million year-over-year. Service revenues also saw a significant increase, climbing to $35.1 million from $14.0 million, while rental revenues rose to $38.0 million from $7.1 million. The increase in revenues was primarily driven by the company's strategic acquisitions, including the purchase of Downhole Well Solutions, LLC and SCF Machining Corporation, which expanded its operational capabilities and market reach.

Operationally, Innovex reported a total of 68,978,731 shares of common stock outstanding as of May 1, 2025. The company has been actively expanding its geographic footprint, with a balanced revenue distribution between North America and international markets, each contributing approximately 50% to total revenues. The company’s workforce has also grown, with increased headcount reflecting the integration of acquired businesses and the expansion of operations.

The filing highlighted several strategic developments, including the completion of a new revolving credit facility of up to $200 million, which enhances the company's liquidity and financial flexibility. Additionally, Innovex initiated a share repurchase program authorizing up to $100 million in stock buybacks, signaling confidence in its long-term value. The company also reported a cash balance of $68.1 million and availability under its credit facility of $103.3 million, positioning it well for future investments and operational needs.

Looking ahead, Innovex anticipates continued growth driven by its strategic acquisitions and an expanding product portfolio. The company remains focused on enhancing its market share in both domestic and international markets, particularly in regions with long-cycle investment horizons. However, management cautioned that future results may be influenced by market conditions, including fluctuations in oil and gas prices, which could impact drilling activity and overall demand for its products and services.