IDEXX Laboratories Inc
NASDAQ:IDXX
IDEXX Laboratories Inc
IDEXX Laboratories Inc. stands as a pillar of innovation in the realm of veterinary diagnostics, transforming the landscape of animal healthcare. Founded in 1983, the company has strategically positioned itself at the intersection of science and care, delivering a broad range of products and services that cater primarily to veterinarians. By offering state-of-the-art diagnostic tests and in-house laboratory equipment, IDEXX empowers veterinarians to make precise and timely decisions. These tools not only enhance animal health but also streamline veterinary practices, allowing them to offer clients rapid, reliable results. By investing heavily in research and development, IDEXX continuously enhances its product portfolio, maintaining a competitive edge in a market that demands constant innovation.
In addition to its core veterinary diagnostic services, IDEXX extends its expertise into water testing and livestock and poultry diagnostics, though these segments are smaller. The company crafts its revenue model on providing recurring, subscription-based services for its diagnostic machines, which require regular updating with new test kits and consumables. This model ensures a durable revenue stream, fostering long-term relationships with veterinary clinics worldwide. As digital transformation sweeps through every industry, IDEXX has also embraced the digital age, crafting sophisticated software that aids veterinarians in managing their practices more efficiently, thus augmenting its revenue through IT solutions. This diversified yet synergistic approach has allowed IDEXX to remain resilient and grow steadily, delivering consistent value to both its clients and shareholders.
IDEXX Laboratories Inc. stands as a pillar of innovation in the realm of veterinary diagnostics, transforming the landscape of animal healthcare. Founded in 1983, the company has strategically positioned itself at the intersection of science and care, delivering a broad range of products and services that cater primarily to veterinarians. By offering state-of-the-art diagnostic tests and in-house laboratory equipment, IDEXX empowers veterinarians to make precise and timely decisions. These tools not only enhance animal health but also streamline veterinary practices, allowing them to offer clients rapid, reliable results. By investing heavily in research and development, IDEXX continuously enhances its product portfolio, maintaining a competitive edge in a market that demands constant innovation.
In addition to its core veterinary diagnostic services, IDEXX extends its expertise into water testing and livestock and poultry diagnostics, though these segments are smaller. The company crafts its revenue model on providing recurring, subscription-based services for its diagnostic machines, which require regular updating with new test kits and consumables. This model ensures a durable revenue stream, fostering long-term relationships with veterinary clinics worldwide. As digital transformation sweeps through every industry, IDEXX has also embraced the digital age, crafting sophisticated software that aids veterinarians in managing their practices more efficiently, thus augmenting its revenue through IT solutions. This diversified yet synergistic approach has allowed IDEXX to remain resilient and grow steadily, delivering consistent value to both its clients and shareholders.
Revenue Growth: IDEXX reported Q4 revenue up 14% as reported and 12% organically, with double-digit gains across major business segments.
Record Instrument Placements: Achieved record premium instrument placements in Q4, including over 1,900 inVue Dx placements and 6,567 total premium instruments, fueling 69% organic growth in CAG Diagnostic instrument revenues.
Profitability: Q4 EPS reached $3.08, up 17% year-over-year, and full-year EPS was $13.08, up 14%. Operating margin for 2025 was 31.6%, up 90 basis points.
2026 Outlook: Management guided for 7.6% to 9.6% reported revenue growth in 2026, with CAG Diagnostics recurring revenue expected to grow 8% to 10% organically and EPS outlook of $14.29 to $14.80.
Innovation Momentum: Strong adoption of new platforms like inVue Dx and Cancer Dx, with inVue Dx contributing over $75 million in 2025 and driving a transformed workflow for clinicians.
Consumables & Software: Mid-teens organic growth in consumables due to installed base expansion and innovation; double-digit growth in veterinary software and strong traction for Vello.
Sector Headwinds: U.S. clinical visits declined about 2%, with wellness visits more pressured than sick patient visits, but diagnostic frequency per visit continues to rise.
