IDEX Reports First Quarter Results and Confirms Full Year Guidance

News Release
April 23, 2024

First Quarter 2024 Highlights
(All comparisons are against the first quarter of 2023 unless otherwise noted)

  • Sales of $801 million, down 5% overall and 6% organically, in line with expectations
  • Reported diluted EPS of $1.60, down 13%, and adjusted diluted EPS of $1.88, down 10%,
    exceeding first quarter expectations
  • Strong operating cash flow of $157 million, up 6%; free cash flow of $137 million, up 13%

Full Year and Second Quarter 2024 Outlook

  • Full year organic sales growth is projected to be 0% to 2% over the prior year
  • Full year GAAP diluted EPS of $7.13 – $7.43 (adjusted diluted EPS of $8.15 – $8.45)
  • Second quarter organic sales are projected to decline 2% to 3% over the prior year period
  • Second quarter GAAP diluted EPS of $1.75 – $1.80 (adjusted diluted EPS of $2.00 – $2.05)

NORTHBROOK, IL, April 23, 2024 – IDEX Corporation (NYSE: IEX) today announced its financial
results for the three-month period ended March 31, 2024.

“Our IDEX teams delivered solid results in the first quarter, expanding margins within our Fluid & Metering Technologies and Fire & Safety / Diversified Products segments while driving strong cash flow across the company,” said Eric D. Ashleman, IDEX Corporation Chief Executive Officer and President.


“We experienced an encouraging lift in sequential orders from our core industrial and municipal markets
after an extended period of destocking. The Health & Science Technologies segment performed to
expectations, but there are differing rates of recovery within its targeted markets. We will deploy
resources accordingly to build momentum in these advantaged markets through the remainder of the
year.”


“We remain committed to creating superior long-term value by aggressively deploying resources to drive
growth both in our current businesses and acquiring new businesses in advantaged markets.

View Full Press Release

IDEX Fire & Safety Reveals New Solutions at Major North American Trade Show

Company News
April 19, 2024

IDEX Fire & Safety revealed new products this week aimed at helping firefighters more quickly knock down flames, whether the blaze is in a building or a wildfire in the brush.

New Monitor for Structure Fires

The Akron Brass team released the next generation of its Akron Apollo monitors.

The new TerraStream line is designed to be lighter and easier to carry – with a single point handle – so

they can be moved into position quickly when every second counts. They also feature quick connects and a new leg design for faster deployment.

Also known as water cannons, firefighting monitors are designed to put a high volume of water on a fire from a fixed position. While some are placed on the ground, others are affixed to fire trucks.

Touch Screen Controls for Brush Fire Trucks

The Hale Products team unveiled Wildcat, its all-in-one control solution designed to simplify and enhance the essential operations of quick-attack brush trucks.

Generally smaller than a standard fire truck, brush trucks are usually four-wheel-drive and designed to go offroad, delivering water, equipment, and firefighters to wildland fires.

WildCAT allows firefighters to attack the most challenging fire scenarios with complete control of critical functions through an intuitive multi-station touchscreen interface.

The solution is designed to be easy to use, so water can flow as soon as its needed. WildCAT puts instant control features at a firefighters’ fingertips when responding to fast-paced wildland firegrounds. Designed to be in the cab and at the pump, the system lets firefighters take control of essential functions from one of two display screens to gain every advantage on the fireground while stationary or when maneuvering through rugged wildland terrain.

Our team unveiled and demonstrated their products inside and outside Lucas Oil Stadium in Indianapolis at the annual FDIC International convention, the leading North American trade show for fire and rescue professionals.

Learn more about their innovations

New MP350 Microlyser™ Processor from Microfluidics Wins Biotech Innovation Award

Company News
April 19, 2024

The new biopharma grade MP350 Microlyser™ processor from Microfluidics, a unit of IDEX Material Processing Technology (MPT), won the Biotech Innovation Award at the Interphex global pharmaceutical and biotechnology conference in New York City this week. 

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The MP350 Microlyser™ processor is designed for production scale cell disruption, which is used in the manufacturing of many biological products such as antigens for vaccines, and viral vectors that deliver genes for next-generation gene therapy. Cell disruption is the process of breaking open (lysing) cells to obtain the intracellular fluid (lysate) and valuable intracellular components. 

Microfluidics’ newest processor was launched in India at the PMEC show in November 2023 and its appearance at the Interphex show was its first outing in the United States. 

According to Interphex, “The Biotech Innovation Award acknowledges an exhibitor’s innovative application to a given product or service that not only addresses an industry need but does so in such a way as to exceed previous standards or applications—thereby making the given process simpler, smoother, or easier to navigate.” 

This new technology was jointly developed by the IDEX MPT teams in both India and Westwood, Massachusetts (USA). The launch is the result of two years of dedication across Microfluidics’ engineering, manufacturing, application, and marketing teams. 

“I’m very proud of the collaboration between our teams,” Microfluidics’ Director of Machines Steve Mesite said. “The final product is extremely well-designed and functions exactly as desired. This innovation offers a great opportunity for Microfluidics because it enables growth into biotech scale up opportunities that we didn’t have in the past.” 

How is Microfluidics’ Solution Different? 

Microfluidics’ Microlyser™ technology is a new hybrid approach to cell disruption, pairing Microfluidics’ proprietary Interaction Chamber™ with a unique sanitary electric pumping system to create an unprecedented production scale solution. 

Their engineering and application experts worked tirelessly for two years to create this revolutionary biopharma technology, which achieves maximum yields, improves product quality, and delivers optimum yields in production scale cell disruption for a wide range of cells.  

“The Microlyser™ project was a great experience as the team from India & U.S. collaborated to develop a technology which fills in a critical customer need. The way the team worked together is a great example of the IDEX Difference in action,” Dhiraj Pandit, Managing Director, MPT Asia, said. 

“I am so proud of this team for their phenomenal work in successfully developing the Microlyser™ technology,” Daljit Singh, Sales Director- Microfluidics said. “The team displayed amazing collaboration and partnership approach in handling project’s complexities with a positive mindset, which was key to success. It was an honor to be part of this great team.” 

Learn more about their innovative solutions at www.microfluidics-mpt.com.

GAST Shares Vision and Builds Bonds at 2024 Distributor Partner Forum

Company News
April 1, 2024

During a three-day gathering, GAST employees from all over the U.S., Europe, and Asia unite to share strategy, marketing, and new products hoping to garner excitement about the brand and its trajectory.

Distributors are best described as the eyes and ears of the market. They are important because they help them access local markets through their unique relationships with end-users and customers in unique communities.

While discussing strategy is always important, it’s no secret that networking and team building are essential to any team’s success. The GAST Forum embraces that outlook and intentionally includes opportunities for all attendees – including the extended distributor network – to interact and learn how to best support one another.

GAST Distribution Partners are deeply engaged in meeting the daily needs of their customers, brimming with enthusiasm, unwavering commitment, and a steadfast expectation of excellence for themselves and GAST.

An air-moving business unit of IDEX, GAST continues to develop and manufacture product offerings with a variety of medical, dental, and food service applications, including powerful compressed air riser mount systems, ventilators and oxygen concentrators that align with our mission – Trusted Solutions Improving Lives™ 

IDEX India Uplifts Underprivileged Girls by Celebrating the Power of Dreams

Company News
April 1, 2024

As part of their ongoing commitment to positively impact young girls, IDEX India partnered with the IDEX Foundation and a local non-governmental organization (Vatsalya Trust) to host an event for Balikashram girls (underprivileged girls) celebrating the power of dreams.

The two-hour session attended by over 130 people focused on one main goal – to help young girls realize their full potential. The group discussed pursuing passions, personal growth, and overcoming challenges. Students were deeply engaged throughout the event and asked questions about mentorship and career paths.

Accomplished speaker and community role model Dr. Namita Pandey joined as the keynote speaker sharing inspiring words.

Finally, there was a small award ceremony supported by the IDEX Foundation, which celebrated the achievements of current Balikashram girls and Balikashram alumni who have gone on to realize their dreams.

This event was organized by the IDEX Foundation Trustees, the Mumbai Corporate Social Responsibility Committee, and the dedicated volunteers. Their unwavering support was pivotal in making “Project Lakshya” a transformative experience.

Here’s a glimpse into the event:

IDEX Health & Science Releases BioTight™ Fittings

Company News
April 1, 2024

IDEX Health & Science has introduced BioTight™, a new ferrule and lock ring combination fitting that is ideal for low-pressure fluidic applications.

Industry Problem: It can be hard to source easy-to-use fittings suitable for low-pressure applications in confined spaces.

IH&S Solution: The BioTight from IDEX Health & Science— a tiny and low-profile design that’s metal-free and easy to use.

For customers navigating the world of low-pressure applications, compact fittings and connection products are critical. The tiny, but mighty BioTight has a low-profile design that allows it to navigate tight spaces that other fittings can’t reach.

“It’s exciting to see the introduction of our new BioTight fitting series,” said Scott Anderson, Business Line Leader for Connections products.  “BioTight fittings are specifically designed for current and next-generation life science instrumentation flow paths. This new fitting technology will enable our customers to engineer new analytical instruments leading to breakthroughs in life science applications.”
 

BioTight is ideal for bio markets including genomics, next-generation DNA sequencing, spatial biology, IVD Bio, and Chromatography. BioTight is easy to use, compact, versatile, and metal-free. Finally, it’s made with all PEEK (polyetheretherketone) high-performance plastic components to ensure chemical and biological compatibility.


IDEX Health & Science, LLC is the global leader in life science fluidics, microfluidics, and optics, offering a three-fold advantage to customers by bringing optofluidic paths to life with strategic partnerships, solutions, and expertise.

ADS Helps Disabled Adults Prepare for Spring Planting Season

Company News
April 1, 2024

Employees at ADS got their hands dirty at Next Step Farms (NSFs) in Alabama, USA, transforming a garden used by intellectually and developmentally disabled adults. By placing 30 raised bed planter boxes, filling them with topsoil and mixing in soil amendments that they provided, the team was able to prepare this community for the spring planting season. 

Learning to grow and prepare farm-fresh proteins, produce, and products is one example of the many skills taught by Next Step Farms. 

The non-profit organization conducts programs focused on teaching life skills to disabled adults who are students of their programs. Skills include cleaning, cooking, organization, home/auto maintenance, basic finance, computer skills, and personal hygiene. Instructing the students on these skills helps them gain some independence, seek employment and eases the demand on their caregivers.

The NSFs staff and students were so pleased and thankful for the hard work completed by ADS. In addition to uplifting a great charitable organization, this event also provided a platform for fellowship and team-building for the ADS group. Read the ADS blog post:  https://lnkd.in/envWtyME

ADS is a unit of IDEX that provides flow monitoring systems that help water and sewer system operators detect and address blockages and other concerns before they damage property or the environment.

IDEX Celebrates International Women’s Day Celebrations Around the World

Company News
April 1, 2024

At IDEX, we are proud to support and promote the inclusion of women in all parts of what we do. Business units across the globe participated in events that led to dialogue on International Women’s Day.

Many teams posted their updates to LinkedIn. Scroll through, like and comment.

IDEX China

Employees at IDEX China organized a handmade mosaic vase activity, women empowerment movie recommendations, and prepared an exquisite tea break with surprise gifts for all women employees.

Watch their IWD Video here: https://share.vidyard.com/watch/GheAn921r9uLq3FyxsemV1?

Wonderful moments from their celebrations

IDEX India

Female colleagues gathered for a group picture to promote their new diversity development program.

GAST honors all the amazing women at on their teams. Their unparalleled dedication and innovation power our success and Inspires Inclusion!

Matcon Limited

International Women’s Day at Matcon was filled with enlightening activities and discussions that highlighted the importance of women and their contributions to the organization.

The event included a 30-minute walk by male employees in high-heels, providing them with a lighthearted but insightful perspective.


This was followed by a thought-provoking lunch session where we reflected on the progress made by women in the industry, while also acknowledging the roadblocks that remain.


The celebration concluded with an empowering webinar titled ‘Women on the Frontline,’ hosted by the InBalance Europe Employee Resource Group. This webinar provided a platform for female colleagues to share their experiences and insights.

IDEX Optical Technologies celebrated all female employees by posting them to their website! Get to know each of the valued women on their team and learn about their roles.
From dedicated engineers to visionary leaders, each woman on the Fast & Fluid team brings unique perspectives and strengths to our company.
The team at Fluid Management pledges to continue to break more barriers and move forward together towards a more inclusive and diverse future.
Godiva Limited hosted a workshop with break out sessions focused on specific topics that challenge societal expectations.

Employees at Precision Polymer Engineering Limited are working towards a world which is diverse, equitable, and inclusive for everyone. 

Watch their IWD video on LinkedIn!

New ADS Ultrasonic Monitoring System Alerts Authorities to Rising Floodwaters

Company News
April 1, 2024

After years in the sewers, ADS is bringing its game above ground. 
 
A unit of IDEX that provides flow monitoring systems that help water and sewer system operators detect underground blockages early, ADS has a new solution for monitoring flooding on the surface. Based on similar technology to the sewer applications, the ForeSITE™-UL (Ultrasonic Level) monitoring technology system includes a smart device that continuously measures the surface level of water.  

The devices can be positioned over waterways, streets, underpasses, storm water outfalls, or any other area prone to flooding. The system can also monitor surface water levels in lakes, reservoirs, lagoons, rivers, streams, irrigation canals and tidal gates. 

If water levels rise, ForeSITE-UL sends messages and sounds alarms that a flood event is eminent. Alerted early, authorities can act to help prevent loss of property and life in the community. Early detection of rising flood waters can also reduce safety hazards to municipal workers and the public. 

An Increasing Concern 

Many stormwater management systems in urban areas are outdated and in need of repair or replacement. Surface water infrastructure such as dams, levees and water treatment plants are also aging. Upgrading old infrastructure is a significant challenge due to high costs and the challenge of disrupting existing systems. 

Until costly infrastructure improvements are made, local authorities can benefit greatly from early detection of emerging issues. 

As with all ADS solutions, ForeSITE-UL offers a range of different support options, from self-installation to full turnkey installation, monitoring, and data analytics services. This gives system operators optimal flexibility for managing their collection infrastructure in a manner that best fits their goals, budget, and staffing situations. 

With a battery life of four years, the system provides measurements at user-prescribed intervals with high accuracy. Data is logged and communicated via cellular infrastructure.

The ForeSITE-UL employs ADS PRISM™ suite of cloud-based, end-to-end software for aggregation, data storage, visualization, and analysis. PRISM provides virtual real-time information to system operators facilitating data-driven decision making.

Vetter Solutions Reduces Fire Risk from Burned E-Vehicles

Company News
February 7, 2024

When electric vehicles catch fire, the aftermath can pose a significant risk for firefighters and towing services. After it appears the fire is extinguished, lithium-ion batteries can reignite. When safely removing a vehicle, it is important to first cool the batteries. But how?

Recognizing this risk and the need for a solution, our colleagues at Vetter in Zulpich, Germany, developed the Vetter E-Vehicle Isolation System (EIS).

Here’s how it works…

Packing Up the Vehicle

After extinguishing the fire, the electric vehicle is raised with lift pads, supporting materials or a crane, and the EIS is positioned under the vehicle. The electric vehicle is lowered and the lifting straps, which will be required for lifting it later, are fitted.

Various lashing straps are now used to attach the EIS to the vehicle. The straps ensure that the tarpaulin is fitted securely and is adjusted to the contours of the vehicle. This reduces the water consumption to a minimum.

Flooding & Cooling the Battery

The water supply is then connected to the upper hose connection and the water level gauge to the lower connection. Then the EIS is flooded until the vehicle’s battery unit is under water. The water level gauge provides information about the water level in the EIS. After the car has been filled sufficiently, the water supply is turned off.

Transporting & Storing the Vehicle

After reaching the storage site, the electric vehicle, wrapped up in the EIS system, can be stored in the open air or in a hall with an appropriate ventilation system. The EIS filled with water should be stored for at least 72 hours to prevent the lithium-ion batteries from self-igniting. With the help of the intelligent water level gauge, it is possible to check the current water level at any time and top up the water if necessary.

Storing & Reusing the EIS

The EIS can be used multiple times. After it has been checked and cleaned, it can simply be folded up and stowed away in the emergency vehicle. When the fire brigade or towing services are once more called out to a fire, the E-Vehicle Isolation System is ready for use again.

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