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Wall Street expects a year-over-year increase in earnings on higher revenues when Idexx Laboratories (IDXX - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on November 2, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis Animal diagnostic and health care company is expected to post quarterly earnings of $3.71 per share in its upcoming report, which represents a year-over-year change of +9.1%.

Revenues are expected to be $1.19 billion, up 7.5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.17% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Idexx?For Idexx, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.59%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination indicates that Idexx will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Idexx would post earnings of $3.95 per share when it actually produced earnings of $4.27, delivering a surprise of +8.10%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Idexx appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAnother stock from the Zacks Medical - Instruments industry, ClearPoint Neuro, Inc. (CLPT - Free Report) , is soon expected to post loss of $0.32 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of -52.4%. Revenues for the quarter are expected to be $12.5 million, up 41.1% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for ClearPoint Neuro has remained unchanged. Nevertheless, the company now has an Earnings ESP of -14.29%, reflecting a lower Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that ClearPoint Neuro will beat the consensus EPS estimate. The company could not beat consensus EPS estimates in any of the last four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Diversify Advisory Services LLC lifted its stake in shares of IDEXX Laboratories, Inc. (NASDAQ: IDXX) by 39.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,346 shares of the company's stock after acquiring an additional 1,234 shares during the

Idexx Laboratories (IDXX - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.

Therefore, the Zacks rating upgrade for Idexx basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Idexx, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for IdexxFor the fiscal year ending December 2026, this Animal diagnostic and health care company is expected to earn $14.81 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Idexx. Over the past three months, the Zacks Consensus Estimate for the company has increased 0.8%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Idexx to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

WESTBROOK, Maine--(BUSINESS WIRE)--IDEXX Laboratories, Inc. (Nasdaq: IDXX), a global leader in pet healthcare innovation, has scheduled the release of its 2026 third quarter financial results for Monday, November 2, 2026, before the market opens. The Company will conduct an analyst conference call beginning at 8:30 a.m. ET on that day. Individuals can access a live webcast of the conference call, transcript of prepared remarks, and the Q3 2026 Earnings Snapshot through a link on the IDEXX websi.

Key Takeaways IDXX's CAG Diagnostics recurring revenues rose 10.3% organically in Q2 2026 on volume and pricing gains.IDXX's software revenues grew about 12% organically, while recurring software revenues increased about 10%.IDXX faces weaker U.S. vet visits and a $15 million cut to its full-year revenue outlook from FX. IDEXX Laboratories, Inc. (IDXX - Free Report) is strengthening its Companion Animal Group (“CAG”) business through recurring revenue growth, wider customer adoption and expanding diagnostic offerings. Software adoption continues to expand, with recurring revenues, cloud-native PIMS and Vello active users all posting double-digit growth. The company's international CAG business continues to perform well, driven by customer additions, instrument placements and higher utilization. Yet foreign exchange headwinds and continued weakness in U.S. veterinary clinical visits could restrict IDEXX’s full-growth potential.

Over the past year, this Zacks Rank #3 (Hold) stock has fallen 16.8% against the industry’s 2.7% growth and the S&P 500 composite’s 18.1% return.

The renowned medical device company has a market capitalization of $40.60 billion. IDEXX’s earnings surpassed estimates in each of the trailing four quarters, delivering an average surprise of 5.7%.

Let’s delve deeper.

IDXX’s TailwindsCAG Continues to Perform Well: IDEXX continues to demonstrate strong global execution in the CAG business. Worldwide CAG Diagnostics’ recurring revenues increased 10.3% organically in the second quarter of 2026, led by expanded volumes and approximately 4% average global net price improvement. IDEXX VetLab consumable revenue growth was supported by net new customers, utilization gains and menu expansion. Global Reference Lab revenues increased more than 10% organically, as customer additions and broader testing utilization offset the effect of weaker U.S. wellness visits. The inVue Dx installed base exceeded 9,000 instruments after 1,602 placements in the second quarter.

Fine Needle Aspirate remains in controlled rollout with broader availability planned by year-end. Cancer Dx has surpassed 10,000 ordering clinics globally and is being expanded to include mast cell tumor detection. These trends broaden IDEXX's recurring revenue opportunity and support its 2026 organic CAG Diagnostics recurring revenue growth outlook of 9.5-10.7%.

Image Source: Zacks Investment Research

Cloud-Based Software in Trend: IDEXX's software ecosystem continues to complement its diagnostics franchise by improving practice workflows and creating additional opportunities to integrate testing into clinical protocols. Veterinary software and diagnostic imaging revenues increased approximately 12% organically in the second quarter of 2026, while recurring software revenues grew about 10%. The cloud-native PIMS installed base continued to expand at a double-digit rate.

Vello also recorded double-digit sequential growth in active users, extending IDEXX's reach into appointment generation, personalized client outreach and forward booking. The company noted that practices using ezyVet with Vello show higher wellness bloodwork inclusion rates than those using competitive on-premise PIMS, linking software adoption with diagnostic utilization. Diagnostic imaging has also contributed to the platform. The second quarter of 2026 marked IDEXX's sixth consecutive record quarter for digital radiography system placements, supported by demand for the DR50 Plus platform.

Strong Global Performance: International markets remain an important component of IDEXX's long-term CAG growth strategy. International CAG Diagnostics recurring revenues advanced nearly 12% organically in the second quarter of 2026, sustaining double-digit growth and benefiting primarily from volume expansion. The growth can be attributed to net new customer additions, expansion of the premium instrument installed base and higher same-store utilization.

IDEXX is set to expand its commercial footprint in four international countries during the remainder of 2026, alongside targeted additions in the United States. The company expects these investments to increase customer engagement and support adoption of newer diagnostic products. Cancer Dx is now available in North America, Europe and Australia, while inVue Dx placements continue to ramp up outside the United States.

What Ails IDEXX?Foreign Exchange Exposure: IDEXX's global operations create continuing exposure to changes in foreign currency exchange rates. Currency changes benefited second-quarter 2026 operating profit by approximately $6 million and EPS by $0.06, but updated exchange-rate assumptions reduced the company's full-year revenue outlook by $15 million relative to its prior estimates. The company also expects currency movements to create an approximately 70-basis-point drag on reported revenue growth in the third quarter.

Clinical Visit Weakness Remains a Constraint: U.S. veterinary visit trends continue to limit one component of IDEXX's underlying market growth. U.S. same-store clinical visits declined an estimated 1.3% in the second quarter of 2026. Wellness visits remained the primary source of weakness and fell 3.4%, while non-wellness visits posted modest growth. Reference laboratory testing carries greater exposure to wellness activity, making prolonged weakness relevant even as IDEXX gains customers and expands diagnostic utilization. Management assumes approximately a 1.5% decline in U.S. clinical visits during the second half of 2026, broadly consistent with recent trends.

IDXX Stock Estimate TrendThe Zacks Consensus Estimate for IDEXX’s 2026 earnings per share (EPS) has risen 0.9% to $14.81 in the past 60 days. 

The Zacks Consensus Estimate for the 2026 revenues is pegged at $4.72 billion. This suggests a 9.7% jump from the year-ago reported number.

Key PicksSome better-ranked stocks in the broader medical space are Veracyte (VCYT - Free Report) , Globus Medical (GMED - Free Report) and Teleflex (TFX - Free Report) .

Veracyte has an earnings yield of 4.7% against the industry’s negative 1.4% yield. Shares of the company have risen 32.7% compared with the industry’s 2.7% growth. VCYT’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 41.8%. 

VCYT sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Globus Medical, sporting a Zacks Rank #1, has an earnings yield of 6.7% against the industry’s negative 1.4% yield. Its earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 27.9%. GMED shares have rallied 36% compared with the industry’s 2.7% growth over the past year.

Teleflex, carrying a Zacks Rank #2, has an estimated long-term earnings growth rate of 20.7% compared with the industry’s 14.5% growth. Its earnings beat estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 3.2%. TFX shares have gained 1.3% compared with the industry’s 2.7% growth over the past year.

IDEXX Laboratories (NASDAQ:IDXX) executives highlighted the company’s diagnostic innovation pipeline, recurring-revenue growth and commercial investments during the Morgan Stanley Global Healthcare Conference, while reaffirming confidence in its long-term growth framework despite continued pressure on veterinary office visits.

Chief Executive Officer Mike Erickson said the company had an “exceptional” second quarter and a strong start to the year, supported by double-digit growth in reference laboratory recurring revenue and VetLab recurring revenue. IDEXX raised its full-year outlook following the quarter, he said, citing momentum from innovation across point-of-care diagnostics, reference laboratories and software.

The company continues to target more than 10% organic revenue growth and more than 15% earnings-per-share growth over the long term. Erickson said IDEXX sees a $45 billion global diagnostics total addressable market and believes testing remains underpenetrated relative to the value it creates for veterinary practices. “Pets can’t speak. It’s diagnostics that give them a voice in the healthcare equation,” Erickson said, adding that diagnostics drive 80% of activity within a veterinary practice.

Visit pressure and diagnostic utilization IDEXX’s guidance incorporates a decline in clinical veterinary visits, with Chief Financial Officer Andrew Emerson saying the company expects approximately a 1.5% decline in visits during the second half at the midpoint of its outlook. The company had previously anticipated declining visits in 2026, although results in the first half were somewhat better than expected, he said.

Erickson said weakness in visits has been concentrated more heavily in wellness care, which may be viewed as more discretionary than non-wellness visits. However, he pointed to a larger pet population, more medicalized pets and higher total visit volumes than before the pandemic.

He said the number of pets in the system has increased by 22 million since before the pandemic, while the number of medicalized pets has increased by roughly 8 million to 9 million. IDEXX also sees positive visit growth for pets older than five years, reflecting the aging of pets adopted during the pandemic.

Beyond visit counts, Erickson emphasized the quality and intensity of care delivered during appointments. The company said bloodwork inclusion in wellness visits has increased by about 50 basis points annually across the sector. Bloodwork is included in about one in five overall visits and approximately 13% of U.S. wellness visits, according to Erickson, with lower inclusion internationally.

Dogs and cats are also living roughly 1.5 years longer than they did a decade ago, representing about a 12% increase in lifespan, Erickson said. Because older pets require more care, he said this has translated into a diagnostic lifetime-value increase of at least 16%.

New diagnostic platforms and menu expansion IDEXX executives highlighted continued adoption of the IDEXX inVue Dx cytology platform. Erickson said the company is already within its targeted range of $3,500 to $5,500 in annual recurring revenue per instrument, even as fine-needle aspirate, or FNA, testing remains in a controlled launch ahead of broader availability expected by year-end.

The FNA application is designed to help veterinarians evaluate lumps and bumps, including whether they may be cancerous. Erickson said customers using FNA through IDEXX inVue Dx are conducting twice as many lump-and-bump assessments while operating at an 85% lower cost than existing approaches.

There are about 12 million FNAs performed worldwide, but that represents 10% or less of lumps and bumps entering veterinary practices, according to Erickson. He said the low level reflects the manual and time-intensive nature of traditional cytology workflows.

Emerson said the inVue Dx platform has additional expansion potential through future applications. Erickson compared that opportunity with the Catalyst platform, whose economic value to customers and IDEXX expanded by two-and-a-half times over a decade through menu additions and utilization support.

IDEXX also plans to discuss its MultiQ Dx platform at a special event during VMX in Orlando in January. Erickson said the product addresses an important point-of-care diagnostic category, is complementary to IDEXX’s existing VetLab suite and is expected to be “paradigm changing,” though he did not provide additional details.

Meanwhile, Emerson said IDEXX has nearly 80,000 Catalyst instruments installed globally and has added about five menu innovations to the platform over the past three years. The company expects to introduce proBNP testing on Catalyst in October, following additions including cortisol and pancreatic lipase testing.

Cancer Dx supports reference lab growth Executives also pointed to the rollout of IDEXX Cancer Dx as a driver of reference laboratory growth and new customer acquisition. The test initially addressed lymphoma and is being expanded into a multi-cancer panel covering lymphoma, mast cell tumors and hemangiosarcoma. Erickson said those cancers represent 40% of cancers in dogs.

IDEXX Cancer Dx is priced at $15 when paired with a bloodwork panel at IDEXX reference laboratories. Erickson said the lymphoma test can detect the disease as much as eight months before clinical signs emerge, with more than 99% specificity and 79% sensitivity.

Approximately 20% of Cancer Dx customers had been using another company as their primary reference laboratory, Erickson said. In addition, 70% of Cancer Dx runs are being conducted with IDEXX bloodwork, which he said supports the company’s strategy of increasing bloodwork adoption.

Two large corporate veterinary groups—one in Australia and another in Europe—have incorporated Cancer Dx into senior-dog wellness programs at no additional charge to clients, according to Erickson. He said the programs have supported higher enrollment and utilization.

Commercial investment, margins and capital deployment IDEXX is advancing commercial investments in the second half, including expansions in Spain, France, South Korea and Canada, along with targeted additions in the United States. Erickson said the company has completed roughly 16 commercial expansions over the past five years and has seen reliable returns from investing in field-based teams that help practices adopt new diagnostic workflows and protocols.

Emerson said the company’s full-year outlook calls for more than 32% operating margin on a comparable basis. IDEXX continues to target average annual operating-margin expansion of 50 to 100 basis points over time while investing in research and development and commercial capabilities.

For the second half, Emerson said the company expects revenue at the midpoint of its guidance range and comparable operating-margin expansion of 20 to 50 basis points. He said IDEXX evaluates external technology assets that fit its strategy, but its capital deployment approach begins with organic growth investments, with excess capital generally returned to shareholders through share repurchases.

About IDEXX Laboratories (NASDAQ:IDXX) IDEXX Laboratories, Inc develops and provides diagnostic, information technology and veterinary practice-management products and services. The company primarily serves the companion animal, livestock and poultry, and water testing markets, helping customers detect, monitor and manage disease.

Its companion animal business includes in-house laboratory analyzers and consumables, reference laboratory services, diagnostic tests, veterinary software, digital imaging and related practice-management solutions.

These 3 Water ETFs Could be Quiet Winners From Infrastructure SpendingIDEXX Laboratories NASDAQ: IDXX executives highlighted the company’s diagnostic innovation pipeline, recurring-revenue growth and commercial investments during the Morgan Stanley Global Healthcare Conference, while reaffirming confidence in its long-term growth framework despite continued pressure on veterinary office visits.

Chief Executive Officer Mike Erickson said the company had an “exceptional” second quarter and a strong start to the year, supported by double-digit growth in reference laboratory recurring revenue and VetLab recurring revenue. IDEXX raised its full-year outlook following the quarter, he said, citing momentum from innovation across point-of-care diagnostics, reference laboratories and software.

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Bullish or Bearish? Vetting Animal Health Care StocksThe company continues to target more than 10% organic revenue growth and more than 15% earnings-per-share growth over the long term. Erickson said IDEXX sees a $45 billion global diagnostics total addressable market and believes testing remains underpenetrated relative to the value it creates for veterinary practices.

“Pets can’t speak. It’s diagnostics that give them a voice in the healthcare equation,” Erickson said, adding that diagnostics drive 80% of activity within a veterinary practice.

Visit pressure and diagnostic utilization IDEXX’s guidance incorporates a decline in clinical veterinary visits, with Chief Financial Officer Andrew Emerson saying the company expects approximately a 1.5% decline in visits during the second half at the midpoint of its outlook. The company had previously anticipated declining visits in 2026, although results in the first half were somewhat better than expected, he said.

Erickson said weakness in visits has been concentrated more heavily in wellness care, which may be viewed as more discretionary than non-wellness visits. However, he pointed to a larger pet population, more medicalized pets and higher total visit volumes than before the pandemic.

He said the number of pets in the system has increased by 22 million since before the pandemic, while the number of medicalized pets has increased by roughly 8 million to 9 million. IDEXX also sees positive visit growth for pets older than five years, reflecting the aging of pets adopted during the pandemic.

Beyond visit counts, Erickson emphasized the quality and intensity of care delivered during appointments. The company said bloodwork inclusion in wellness visits has increased by about 50 basis points annually across the sector. Bloodwork is included in about one in five overall visits and approximately 13% of U.S. wellness visits, according to Erickson, with lower inclusion internationally.

Dogs and cats are also living roughly 1.5 years longer than they did a decade ago, representing about a 12% increase in lifespan, Erickson said. Because older pets require more care, he said this has translated into a diagnostic lifetime-value increase of at least 16%.

New diagnostic platforms and menu expansion IDEXX executives highlighted continued adoption of the IDEXX inVue Dx cytology platform. Erickson said the company is already within its targeted range of $3,500 to $5,500 in annual recurring revenue per instrument, even as fine-needle aspirate, or FNA, testing remains in a controlled launch ahead of broader availability expected by year-end.

The FNA application is designed to help veterinarians evaluate lumps and bumps, including whether they may be cancerous. Erickson said customers using FNA through IDEXX inVue Dx are conducting twice as many lump-and-bump assessments while operating at an 85% lower cost than existing approaches.

There are about 12 million FNAs performed worldwide, but that represents 10% or less of lumps and bumps entering veterinary practices, according to Erickson. He said the low level reflects the manual and time-intensive nature of traditional cytology workflows.

Emerson said the inVue Dx platform has additional expansion potential through future applications. Erickson compared that opportunity with the Catalyst platform, whose economic value to customers and IDEXX expanded by two-and-a-half times over a decade through menu additions and utilization support.

IDEXX also plans to discuss its MultiQ Dx platform at a special event during VMX in Orlando in January. Erickson said the product addresses an important point-of-care diagnostic category, is complementary to IDEXX’s existing VetLab suite and is expected to be “paradigm changing,” though he did not provide additional details.

Meanwhile, Emerson said IDEXX has nearly 80,000 Catalyst instruments installed globally and has added about five menu innovations to the platform over the past three years. The company expects to introduce proBNP testing on Catalyst in October, following additions including cortisol and pancreatic lipase testing.

Cancer Dx supports reference lab growth Executives also pointed to the rollout of IDEXX Cancer Dx as a driver of reference laboratory growth and new customer acquisition. The test initially addressed lymphoma and is being expanded into a multi-cancer panel covering lymphoma, mast cell tumors and hemangiosarcoma. Erickson said those cancers represent 40% of cancers in dogs.

IDEXX Cancer Dx is priced at $15 when paired with a bloodwork panel at IDEXX reference laboratories. Erickson said the lymphoma test can detect the disease as much as eight months before clinical signs emerge, with more than 99% specificity and 79% sensitivity.

Approximately 20% of Cancer Dx customers had been using another company as their primary reference laboratory, Erickson said. In addition, 70% of Cancer Dx runs are being conducted with IDEXX bloodwork, which he said supports the company’s strategy of increasing bloodwork adoption.

Two large corporate veterinary groups—one in Australia and another in Europe—have incorporated Cancer Dx into senior-dog wellness programs at no additional charge to clients, according to Erickson. He said the programs have supported higher enrollment and utilization.

Commercial investment, margins and capital deployment IDEXX is advancing commercial investments in the second half, including expansions in Spain, France, South Korea and Canada, along with targeted additions in the United States. Erickson said the company has completed roughly 16 commercial expansions over the past five years and has seen reliable returns from investing in field-based teams that help practices adopt new diagnostic workflows and protocols.

Emerson said the company’s full-year outlook calls for more than 32% operating margin on a comparable basis. IDEXX continues to target average annual operating-margin expansion of 50 to 100 basis points over time while investing in research and development and commercial capabilities.

For the second half, Emerson said the company expects revenue at the midpoint of its guidance range and comparable operating-margin expansion of 20 to 50 basis points. He said IDEXX evaluates external technology assets that fit its strategy, but its capital deployment approach begins with organic growth investments, with excess capital generally returned to shareholders through share repurchases.

About IDEXX Laboratories (NASDAQ:IDXX)IDEXX Laboratories, Inc develops and provides diagnostic, information technology and veterinary practice-management products and services. The company primarily serves the companion animal, livestock and poultry, and water testing markets, helping customers detect, monitor and manage disease.

Its companion animal business includes in-house laboratory analyzers and consumables, reference laboratory services, diagnostic tests, veterinary software, digital imaging and related practice-management solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in IDEXX Laboratories Right Now?Before you consider IDEXX Laboratories, you'll want to hear this.

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IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced the expansion of its Faecal Dx™antigen testing platform

WESTBROOK, Maine--(BUSINESS WIRE)--IDEXX announces acquisition of CoVetAI to advance veterinary workflow intelligence.

InMode (NASDAQ:INMD – Get Free Report) and IDEXX Laboratories (NASDAQ:IDXX – Get Free Report) are both healthcare companies, but which is the superior investment? We will contrast the two companies based on the strength of their dividends, valuation, analyst recommendations, risk, institutional ownership, profitability and earnings.

Risk & Volatility InMode has a beta of 1.86, suggesting that its stock price is 86% more volatile than the S&P 500. Comparatively, IDEXX Laboratories has a beta of 1.54, suggesting that its stock price is 54% more volatile than the S&P 500.

Analyst Recommendations This is a breakdown of current recommendations and price targets for InMode and IDEXX Laboratories, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score InMode 1 6 1 0 2.00 IDEXX Laboratories 0 4 6 0 2.60 InMode presently has a consensus target price of $16.00, suggesting a potential upside of 8.33%. IDEXX Laboratories has a consensus target price of $747.00, suggesting a potential upside of 47.47%. Given IDEXX Laboratories’ stronger consensus rating and higher possible upside, analysts plainly believe IDEXX Laboratories is more favorable than InMode. Valuation & Earnings This table compares InMode and IDEXX Laboratories”s top-line revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio InMode $370.49 million 2.29 $93.83 million $1.23 12.01 IDEXX Laboratories $4.30 billion 9.27 $1.06 billion $14.22 35.62 IDEXX Laboratories has higher revenue and earnings than InMode. InMode is trading at a lower price-to-earnings ratio than IDEXX Laboratories, indicating that it is currently the more affordable of the two stocks.

Profitability This table compares InMode and IDEXX Laboratories’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets InMode 20.69% 11.99% 10.60% IDEXX Laboratories 25.03% 71.96% 33.60% Insider and Institutional Ownership 68.0% of InMode shares are owned by institutional investors. Comparatively, 87.8% of IDEXX Laboratories shares are owned by institutional investors. 6.9% of InMode shares are owned by insiders. Comparatively, 0.8% of IDEXX Laboratories shares are owned by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a company will outperform the market over the long term.

Summary IDEXX Laboratories beats InMode on 12 of the 14 factors compared between the two stocks.

About InMode (Get Free Report)

InMode Ltd. designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radiofrequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States and internationally. The company offers minimally invasive aesthetic medical products for various procedures, such as liposuction with simultaneous skin tightening, body and face contouring, and ablative skin rejuvenation treatments, as well as for use in women's health conditions and procedures. It also designs, develops, manufactures, and markets non-invasive medical aesthetic products that target an array of procedures, including permanent hair reduction, facial skin rejuvenation, wrinkle reduction, cellulite treatment, skin appearance and texture, and superficial benign vascular and pigmented lesions, as well as hands-free medical aesthetic products that target a range of procedures, such as skin tightening, fat reduction, and muscle stimulation. The company was formerly known as Invasix Ltd. and changed its name to InMode Ltd. in November 2017. InMode Ltd. was incorporated in 2008 and is headquartered in Yokneam, Israel.

(Get Free Report)

IDEXX Laboratories, Inc. develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy. It also provides point-of-care veterinary diagnostic products, including instruments, consumables, and rapid assay test kits; veterinary reference laboratory diagnostic and consulting services; practice management and diagnostic imaging systems and services for veterinarians; and health monitoring, biological materials testing, and laboratory diagnostic instruments, and services for biomedical research community. In addition, the company offers diagnostic and health-monitoring products for livestock, poultry, and dairy; products that test water for various microbiological contaminants; point-of-care electrolytes and blood gas analyzers; in-clinic chemistry, blood and urine chemistry, hematology, immunoassay, urinalysis, and coagulation analyzers; and SNAP rapid assays test kits. Further, it provides Colilert, Colilert-18, and Colisure tests, which detect the presence of total coliforms and E. coli in water; Enterolert, Pseudalert, Filta-Max and Filta-Max xpress, Legiolert, and Quanti-Tray products; and veterinary software and services for independent veterinary clinics and corporate groups. Additionally, the company offers human medical point-of-care products and laboratory diagnostics services. The company markets its products through marketing, customer service, sales, and technical service groups, as well as through independent distributors and other resellers. IDEXX Laboratories, Inc. was incorporated in 1983 and is headquartered in Westbrook, Maine.

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Director Lawrence D. Kingsley sold 2,203 shares of IDEXX Laboratories, Inc. (IDXX -0.97%) on Sept. 4, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$1.2 millionShares sold (Directly held)2,203Post-transaction shares (Directly held)9,568Post-transaction value$5.12 millionTransaction value based on SEC Form 4 weighted average sale price ($532.08); post-transaction value based on Sept. 04, 2026, market close ($535.38).

Key questionsWhat was the structure of the transaction?
Lawrence D. Kingsley executed an exercise-and-sell transaction, converting 2,203 options into common stock at $114.17 per share before immediately disposing of them at a weighted average price of $532.08.How does this disposal impact the director's total equity position?
The director's direct ownership of 9,568 shares of common stock remains unchanged from the pre-transaction level, as the shares sold were newly issued through the exercise of the option.What is the scale of the company's operations?
Headquartered in Westbrook, IDEXX Laboratories operates as a global enterprise with 11,000 employees and reported a trailing-twelve-month net income of $1.1 billion.Does the insider retain further equity exposure?
The director continues to hold 9,568 shares directly, representing a 0.0121% ownership stake with a market value of $5.12 million as of the Sept. 4, 2026, valuation.Company OverviewMetricValueShare Price (as of market close 2026-09-09)$515.15Market Capitalization$41.0 billionRevenue (TTM)$4.6 billionNet Income (TTM)$1.1 billionCompany SnapshotIDEXX Laboratories develops, manufactures, and distributes a comprehensive portfolio of diagnostic products, software solutions, and services, primarily serving companion animal veterinary practices, with additional revenue streams from livestock, poultry, and dairy operations, as well as the water quality testing sector.The company generates revenue through the sale of diagnostic instruments, consumables, software platforms, and related services, leveraging its proprietary technology and established distribution networks to capture recurring revenue from its installed customer base.IDEXX's primary customers include veterinary clinics and animal health practitioners globally, agricultural producers in the livestock and dairy sectors, and water quality testing laboratories, with a strategic focus on companion animal diagnostics as its largest revenue contributor.IDEXX Laboratories is a global leader in animal diagnostics and software solutions, with a market capitalization of $41.0 billion and TTM revenue of $4.6 billion. The company maintains a diversified business model spanning companion animal, livestock, poultry, dairy, and water quality segments, generating substantial recurring revenue through diagnostic consumables and software subscriptions. IDEXX's competitive advantages include its proprietary diagnostic technology platform, extensive installed base of veterinary clinics, and integrated software ecosystem that creates switching costs and enhances customer retention.

What this transaction means for investorsDirector Kingsley's transaction is a pretty standard exercise-and-sell event, fairly typical among insiders, so investors shouldn't be running for the exits on this news. While the $1.2 million sale looks sizable, Kingsley still holds over $5 million in shares afterward, as well, so they still have plenty of "skin in the game" with IDXX stock.

As for IDEXX Labs' operations, the company continues to fire on all cylinders with sales and EPS growing by 10% and 18% in the last quarter. This stable, double-digit growth is nothing new for the company, which is part of what makes it one of my favorite stocks to own and a core holding for my daughter as well. Now building a suite of cancer diagnostics solutions, IDEXX remains well-positioned to continue this growth for years (if not decades) to come. With a large installed base of equipment worldwide supporting a razor-and-blade model, IDEXX Labs has a wide moat.

However, despite the company's rosy outlook, in my opinion, IDXX shares have struggled over the last few years as it couldn't live up to a perilously high valuation. Now following a 30% drop from its 52-week high, IDEXX trades at 33 times FCF -- which is its lowest mark of the last decade -- and half of its 10-year average of 66. This combination of a much more reasonable valuation and continuously steady, double-digit sales and EPS growth makes IDEXX an excellent buy at today's price, and I look forward to buying more shares for my daughter as well.

California State Teachers Retirement System raised its holdings in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report) by 50,115.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,590,848 shares of the company’s stock after purchasing an additional 61,468,194 shares during the period. California State Teachers Retirement System owned about 78.18% of IDEXX Laboratories worth $32,423,886,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Empowered Funds LLC grew its holdings in shares of IDEXX Laboratories by 6.6% during the first quarter. Empowered Funds LLC now owns 1,538 shares of the company’s stock valued at $646,000 after purchasing an additional 95 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of IDEXX Laboratories in the 2nd quarter worth approximately $265,000. Jump Financial LLC lifted its holdings in shares of IDEXX Laboratories by 1,006.4% in the 2nd quarter. Jump Financial LLC now owns 5,532 shares of the company’s stock worth $2,967,000 after purchasing an additional 5,032 shares during the last quarter. Cary Street Partners Financial LLC acquired a new position in IDEXX Laboratories during the 2nd quarter valued at approximately $164,000. Finally, Sei Investments Co. boosted its position in IDEXX Laboratories by 218.7% during the 2nd quarter. Sei Investments Co. now owns 120,587 shares of the company’s stock valued at $64,678,000 after purchasing an additional 82,755 shares during the period. 87.84% of the stock is owned by institutional investors and hedge funds.

IDEXX Laboratories Stock Performance Shares of IDXX opened at $535.38 on Tuesday. The stock has a market capitalization of $42.18 billion, a P/E ratio of 37.65, a P/E/G ratio of 2.86 and a beta of 1.54. IDEXX Laboratories, Inc. has a 12-month low of $518.55 and a 12-month high of $769.98. The firm’s 50 day moving average is $558.25 and its 200-day moving average is $569.41. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.17 and a quick ratio of 0.87.

IDEXX Laboratories (NASDAQ:IDXX – Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $4.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.94 by $0.33. IDEXX Laboratories had a return on equity of 71.96% and a net margin of 25.03%.The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. During the same period in the previous year, the firm posted $3.50 EPS. The company’s quarterly revenue was up 9.7% on a year-over-year basis. IDEXX Laboratories has set its FY 2026 guidance at 14.690-14.940 EPS. Equities research analysts anticipate that IDEXX Laboratories, Inc. will post 14.81 EPS for the current fiscal year. Wall Street Analysts Forecast Growth Several brokerages have weighed in on IDXX. Barclays dropped their target price on IDEXX Laboratories from $800.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 11th. Citigroup boosted their price target on shares of IDEXX Laboratories from $650.00 to $670.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. UBS Group upped their price target on shares of IDEXX Laboratories from $620.00 to $670.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Wall Street Zen cut shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Weiss Ratings downgraded shares of IDEXX Laboratories from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 27th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $747.00.

Check Out Our Latest Stock Analysis on IDXX

IDEXX Laboratories Profile (Free Report)

IDEXX Laboratories, Inc (NASDAQ: IDXX) is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide.

IDEXX’s product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions.

See Also Five stocks we like better than IDEXX Laboratories 3 Under-the-Radar Defense Stocks With Record Backlogs This Korea ETF Has Soared, But the Rally May Not Be Over Why Guidewire’s Post-Earnings Plunge May Not Last Ride-Share Reckoning: Tesla Drives Into Uber’s Lane Want to see what other hedge funds are holding IDXX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report).

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IDEXX Laboratories to Participate in Morgan Stanley 24th Annual Global Healthcare Conference IDEXX Laboratories, Inc. (Nasdaq: IDXX), a global leader in pet healthcare innovation, today announced that Mike Erickson, President and Chief Executive Officer, and Andrew Emerson, Executive Vice President and Chief Financial Officer, will participate in a fireside chat at the Morgan Stanley 24th Annual Global Healthcare Conference on Monday, September 14, 2026, from 10:45 am – 11:20 am (ET).

A live audio webcast of the fireside chat will be available through a link on the IDEXX website, www.idexx.com/investors. An archived edition of the fireside chat will be available via the same link.

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, improve efficiency, and build thriving practices. Our innovations also help measure 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 approximately 11,000 people and offers solutions and products to customers in more than 175 countries and territories. For more information about IDEXX, visit: www.idexx.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260831970236/en/

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

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Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Idexx Laboratories (IDXX - Free Report) Headquartered in Westbrook, ME, IDEXX Laboratories, Inc. is a developer, manufacturer and distributor of products and services primarily for the companion animal veterinary, livestock and poultry, water testing and dairy markets. The company also sells a series of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market.

IDXX is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. IDXX has a Growth Style Score of A, forecasting year-over-year earnings growth of 13.2% for the current fiscal year.

For fiscal 2026, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.13 to $14.81 per share. IDXX boasts an average earnings surprise of +5.7%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, IDXX should be on investors' short list.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

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Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Idexx Laboratories (IDXX - Free Report) Headquartered in Westbrook, ME, IDEXX Laboratories, Inc. is a developer, manufacturer and distributor of products and services primarily for the companion animal veterinary, livestock and poultry, water testing and dairy markets. The company also sells a series of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market.

IDXX is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Medical stock. IDXX has a Momentum Style Score of B, and shares are up 2.3% over the past four weeks.

Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.13 to $14.81 per share. IDXX also boasts an average earnings surprise of +5.7%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, IDXX should be on investors' short list.

Key Takeaways IDEXX raised 2026 EPS guidance to $14.69-$14.94 after Q2 earnings rose 18% to $4.27 per share. Recurring diagnostics sales up 10% organically as utilization, volumes and newer-product adoption increased. Margins expanded 140 bps, while softer U.S. veterinary visits and FX remain key operating headwinds. IDEXX Laboratories, Inc. (IDXX - Free Report) paired a second-quarter earnings beat with faster recurring diagnostics growth, wider margins and a higher 2026 earnings outlook. The results show operating momentum holding up even as U.S. veterinary traffic remains soft.

The updated guidance also separates underlying demand from currency pressure. Higher diagnostic utilization, product adoption and international expansion are supporting growth, while weaker wellness visits remain the main operating risk.

IDXX Q2 Beat Reflects Recurring Diagnostics StrengthSecond-quarter earnings reached $4.27 per share, up 18% year over year and 8.1% above the Zacks Consensus Estimate. Revenues rose 10% to $1.22 billion and exceeded the consensus mark by 1.3%.

Companion Animal Group Diagnostics recurring revenues increased 10% organically. Higher volumes, greater testing utilization and adoption of newer offerings helped sustain growth despite softer U.S. veterinary visits.

IDXX Raises EPS View After Stronger Quarterly ProfitIDEXX raised its 2026 earnings outlook to $14.69-$14.94 per share from $14.45-$14.90. The revision followed a quarter in which operating profit increased 14% to $425.6 million.

Per the Zacks Consensus Estimate, IDXX’s earnings for 2026 is pegged at $14.81. 

Image Source: Zacks Investment Research

Operating margin expanded 140 basis points to 35%, while gross margin also improved 140 basis points to 64%. Recurring revenue volume gains, operational productivity and net price realization helped convert revenue growth into stronger profitability.

IDXX Guidance Balances Growth With Currency PressureThe company updated 2026 revenue guidance to $4.70-$4.75 billion from $4.68-$4.76 billion. It now expects reported revenue growth of 9.1-10.3% and organic growth of 8.5-9.7%.

The midpoint rose $5 million despite a projected $15-million headwind from updated foreign-exchange assumptions. Currency can therefore weigh on reported growth without changing the underlying demand picture, and management expects about a 70-basis-point currency drag on third-quarter reported revenue growth.

IDXX Innovation Supports the Updated OutlookVetLab consumables revenues increased 13.6% organically, supported by higher utilization, recent launches, net new customers and an 11% increase in the global premium instrument installed base. The inVue Dx installed base topped 9,000 instruments after 1,602 second-quarter placements, while Cancer Dx surpassed 10,000 ordering clinics globally.

International Companion Animal Group Diagnostics recurring revenues advanced nearly 12% organically. IDEXX plans to expand its commercial footprint in four international countries during the remainder of 2026, adding another avenue for customer and product adoption.

Abbott Laboratories (ABT - Free Report) provides a relevant diagnostics comparison through its core laboratory, molecular and point-of-care platforms. Labcorp Holdings Inc. (LH - Free Report) offers another benchmark through its broad laboratory-services and diagnostics capabilities.

IDXX Still Contends With Softer Veterinary TrafficU.S. same-store clinical visits declined an estimated 1.3% in the second quarter, while wellness visits fell 3.4%. Management assumes an approximately 1.5% decline in U.S. clinical visits during the second half of 2026.

Higher diagnostic intensity, broader testing menus and growth among pets aged five years and older are helping offset weaker traffic. Still, prolonged wellness softness could pressure reference laboratory demand because that testing carries greater exposure to wellness activity.

Based on short-term price targets offered by 13 analysts, the average price target for IDEXX comes to $728.31. The average price target represents an increase of 29.55% from the last closing price. 

Image Source: Zacks Investment Research

IDXX Ratings Keep the Earnings Momentum in CheckThe raised outlook and margin expansion support the case for durable operating momentum, but softer veterinary traffic, currency volatility and valuation keep the setup balanced. IDXX trades at 34.7X forward 12-month earnings, above the Zacks sub-industry's 26.1X multiple.

The stock currently carries a Zacks Rank #3 (Hold). Its Growth Score of A and Momentum Score of B are favorable, while the Value Score of D points to valuation as a constraint. The VGM Score of B reflects a generally positive blend of growth, momentum and value characteristics, but the #3 Rank supports a measured rather than aggressive stance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

IDEXX Laboratories, Inc. (IDXX) Analyst/Investor Day August 13, 2026 8:00 AM EDT

Company Participants

Michael Erickson - CEO, President & Director
Julie Godon - Senior VP & Global Marketing Officer
George Fennell - Executive Vice President of Global CAG Commercial
Michael Lane - Executive VP and GM Global Reference Laboratories, Diagnostic Solutions & Information Technology
Pooja Pathak
Tracy Byers
Michael Schreck - Executive VP & GM of Veterinary Software and Services, Corporate Accounts and Customer Experience
Andrew Emerson - Executive VP, CFO & Treasurer

Conference Call Participants

Joanna Malone - VetPartners UK Holdings Ltd.
Jonathan Block - Stifel, Nicolaus & Company, Incorporated, Research Division
Erin Wilson Wright - Morgan Stanley, Research Division
Michael Ryskin - BofA Securities, Research Division
Navann Ty Dietschi - BNP Paribas, Research Division

Presentation

Michael Erickson
CEO, President & Director

Good morning. Good morning, everybody, and welcome to the 2026 IDEXX Investor Day. A very warm welcome to all of you who are here in the room with me at our global headquarters in Westbrook, Maine, and also to all of you who have joined virtually on the webcast. I'm Mike Erickson, President and CEO of IDEXX, and I'm delighted to be with you here along with members of the IDEXX management team. And we have a very full agenda for you today, and so let me just walk through what we have planned.

I'm going to get us started with an overview of our innovation-driven growth strategy and the very compelling opportunity that we see ahead of us. And then following me, Julie Godon will come on stage and she'll share an update on veterinary sector trends and some of our latest insights across pets, practices and owners. After Julie, George Fennell will come on stage and George will bring to life how our commercial team partners with customers and how we're executing on our global commercial expansion playbook. We'll then

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Idexx Laboratories (IDXX - Free Report) Headquartered in Westbrook, ME, IDEXX Laboratories, Inc. is a developer, manufacturer and distributor of products and services primarily for the companion animal veterinary, livestock and poultry, water testing and dairy markets. The company also sells a series of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market.

IDXX is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. IDXX has a Growth Style Score of A, forecasting year-over-year earnings growth of 13.2% for the current fiscal year.

Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.13 to $14.81 per share. IDXX also boasts an average earnings surprise of +5.7%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, IDXX should be on investors' short list.

Posted by Defense World Staff on Aug 8th, 2026

Aurora Investment Managers LLC. bought a new stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,638 shares of the company’s stock, valued at approximately $2,442,000. IDEXX Laboratories comprises approximately 1.5% of Aurora Investment Managers LLC.’s investment portfolio, making the stock its 21st largest position.

A number of other large investors also recently made changes to their positions in IDXX. SHP Wealth Management bought a new stake in IDEXX Laboratories during the fourth quarter worth $26,000. Elevation Wealth Partners LLC increased its position in shares of IDEXX Laboratories by 188.2% during the 2nd quarter. Elevation Wealth Partners LLC now owns 49 shares of the company’s stock valued at $26,000 after purchasing an additional 32 shares during the last quarter. Virtus Advisers LLC purchased a new stake in shares of IDEXX Laboratories during the 3rd quarter valued at $26,000. WealthCollab LLC bought a new stake in shares of IDEXX Laboratories during the 2nd quarter worth $30,000. Finally, Arlington Trust Co LLC raised its stake in shares of IDEXX Laboratories by 46.3% during the 2nd quarter. Arlington Trust Co LLC now owns 60 shares of the company’s stock worth $32,000 after purchasing an additional 19 shares during the period. 87.84% of the stock is owned by institutional investors.

Analyst Ratings Changes IDXX has been the subject of several research reports. Wall Street Zen lowered shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Citigroup lifted their price objective on shares of IDEXX Laboratories from $650.00 to $670.00 and gave the stock a “neutral” rating in a research report on Wednesday. Weiss Ratings upgraded shares of IDEXX Laboratories from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Finally, UBS Group increased their target price on shares of IDEXX Laboratories from $620.00 to $670.00 and gave the company a “neutral” rating in a research report on Wednesday. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $756.00.

Read Our Latest Stock Report on IDXX

IDEXX Laboratories Stock Performance NASDAQ:IDXX opened at $586.67 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.82 and a current ratio of 1.17. IDEXX Laboratories, Inc. has a fifty-two week low of $518.55 and a fifty-two week high of $769.98. The firm has a market cap of $46.22 billion, a PE ratio of 41.26, a price-to-earnings-growth ratio of 3.20 and a beta of 1.54. The business has a 50 day moving average price of $559.73 and a 200-day moving average price of $585.79.

IDEXX Laboratories (NASDAQ:IDXX – Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $4.27 earnings per share for the quarter, topping analysts’ consensus estimates of $3.94 by $0.33. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. IDEXX Laboratories had a net margin of 25.03% and a return on equity of 71.96%. IDEXX Laboratories’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the business posted $3.50 earnings per share. IDEXX Laboratories has set its FY 2026 guidance at 14.690-14.940 EPS. Equities research analysts predict that IDEXX Laboratories, Inc. will post 14.82 earnings per share for the current year.

IDEXX Laboratories Profile (Free Report)

IDEXX Laboratories, Inc (NASDAQ: IDXX) is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide.

IDEXX’s product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions.

Read More Five stocks we like better than IDEXX Laboratories Datadog’s Drop Says More About Expectations Than Earnings D-Wave’s Quantum Breakthrough Couldn’t Save QBTS From a Sell-Off Cloudflare’s Beat-and-Raise Quarter Puts Its AI Edge Story in Focus Solventum Nears Inflection Point As It Begins to Unlock Value Want to see what other hedge funds are holding IDXX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report).

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Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.

By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Idexx Laboratories (IDXX - Free Report) is on the list of such stocks currently recommended by our proprietary system. In addition to a favorable Growth Score, it carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

Here are three of the most important factors that make the stock of this Animal diagnostic and health care company a great growth pick right now.

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Idexx is 11.3%, investors should actually focus on the projected growth. The company's EPS is expected to grow 12.6% this year, crushing the industry average, which calls for EPS growth of 10.8%.

Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.

Right now, year-over-year cash flow growth for Idexx is 18.4%, which is higher than many of its peers. In fact, the rate compares to the industry average of 0.9%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 12.2% over the past 3-5 years versus the industry average of 8%.

Promising Earnings Estimate RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for Idexx have been revising upward. The Zacks Consensus Estimate for the current year has surged 0.8% over the past month.

Bottom LineIdexx has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination positions Idexx well for outperformance, so growth investors may want to bet on it.

IDEXX Laboratories (NASDAQ:IDXX) reported second-quarter 2026 revenue growth of approximately 10% on a reported basis and 9% organically, driven by companion animal diagnostics, water and livestock, poultry and dairy businesses. The company raised its full-year revenue and earnings outlook, citing strong recurring diagnostics revenue, product-cost benefits and continued momentum from new product introductions.

Chief Financial Officer Andrew Emerson said second-quarter revenue growth was supported by more than 10% organic growth in companion animal group, or CAG, Diagnostics recurring revenue. The company generated earnings per share of $4.27, up 18% as reported and 15% on a comparable basis.

Diagnostics Growth Outpaces Clinical Visits CAG Diagnostics recurring revenue rose 10.3% organically in the second quarter, including roughly 4% global net price improvement and a 50-basis-point negative impact from equivalent days. U.S. CAG Diagnostics recurring revenue increased nearly 10%, while international recurring revenue grew nearly 12% organically.

The growth came despite an estimated 1.3% decline in U.S. same-store clinical visits. Emerson said IDEXX achieved an approximately 1,100-basis-point growth premium in U.S. CAG Diagnostics recurring revenue relative to clinical visits.

The company said pressure on wellness visits remained the primary factor constraining overall clinical visits, while non-wellness visits posted modest growth. CEO Mike Erickson said pets ages five and older continued to contribute positive growth in both wellness and non-wellness visits, a trend the company has observed for multiple quarters.

IDEXX emphasized that diagnostic utilization per visit remains a key opportunity. Erickson said only about one in 10 U.S. wellness visits includes blood work, while wellness-testing penetration is lower in most markets outside the U.S.

IDEXX VetLab consumable revenue increased 14% organically. Global Reference Laboratory revenue rose more than 10% organically, led by volume growth, net customer gains and broader test-menu adoption. Rapid Assay revenue increased about 1% organically, returning to growth as the impact of customers shifting pancreatic lipase testing to Catalyst instruments eased. Veterinary software and diagnostic imaging revenue rose about 12% organically. inVue Dx and Product Pipeline IDEXX placed 5,265 premium diagnostic instruments during the quarter, including 1,602 inVue Dx analyzers. The company placed 2,700 inVue Dx instruments during the first half and said it remains on track to meet its full-year target of 5,500 placements. Its premium instrument installed base grew 11% year over year, according to Erickson.

The company said inVue Dx consumable revenue remains within its previously discussed range of approximately $3,500 to $5,500 per instrument. Erickson said the controlled launch of fine needle aspirate, or FNA, testing is progressing as expected, with a broader customer rollout underway in the third quarter and planned broad availability by year-end.

FNA testing on inVue Dx is intended to help veterinarians evaluate masses, including for mast cell tumors, during a patient visit. Erickson said IDEXX is seeing early indications that the platform’s slide-free workflow, real-time results and pricing are associated with more masses being evaluated.

IDEXX Cancer Dx surpassed 10,000 global clinics ordering the test since launch and is now available in North America, Europe and Australia. About 70% of Cancer Dx tests are run as part of broader blood-work panels, while more than 20% of orders globally come from practices using a competing laboratory, the company said.

In late September, IDEXX plans to expand Cancer Dx into a panel with mast cell tumor detection at no increase in customer pricing. The company said the expanded panel will remain approximately $15 when performed as part of a laboratory profile.

Other additions included the integration of IDEXX SDMA into common Catalyst chemistry profiles for North American customers and the addition of Taeniid tapeworm detection to the Fecal Dx antigen platform for U.S. and Canadian customers.

Margins, Cash Flow and Capital Allocation Reported operating margin was 35% in the second quarter. Comparable operating profit increased 12%, while comparable operating margin expanded 110 basis points. Gross margin was 64%, up approximately 120 basis points on a comparable basis, supported by recurring-revenue growth, operational productivity, business mix and favorable product costs.

Emerson said pricing benefits offset inflationary pressures, which eased more than the company expected during the quarter. IDEXX plans to continue increasing operating expenses through the rest of the year to support commercial expansion, research and development, information technology and other growth initiatives.

Free cash flow totaled $323 million in the quarter and $557 million for the first half. IDEXX repurchased $332 million of shares during the quarter and $693 million year to date, contributing to an approximately 2% year-over-year reduction in diluted shares outstanding during the second quarter.

Raised 2026 Outlook IDEXX raised its 2026 revenue outlook to $4.70 billion to $4.745 billion. The midpoint reflects a $20 million operational improvement from its prior outlook, partly offset by a $15 million foreign-exchange headwind.

The company now expects overall organic revenue growth of 8.5% to 9.7% and CAG Diagnostics recurring revenue growth of 9.5% to 10.7%. It expects global net price realization to contribute approximately 4% to CAG Diagnostics recurring revenue growth for the year and anticipates U.S. clinical visits will decline about 1.5% in the second half.

IDEXX increased its full-year EPS outlook to $14.69 to $14.94, representing comparable EPS growth of 13% to 15%. It also raised its free-cash-flow conversion expectation to 90% to 100% of net income, with capital spending expected to remain around $180 million.

For the third quarter, the company expects organic revenue growth in line with its implied second-half range, reported operating margin of 32.5% to 32.8%, and comparable operating-margin expansion of 20 to 50 basis points.

About IDEXX Laboratories (NASDAQ:IDXX) IDEXX Laboratories, Inc (NASDAQ: IDXX) is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide.

IDEXX’s product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions.

Idexx Laboratories (IDXX - Free Report) reported $1.22 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 9.7%. EPS of $4.27 for the same period compares to $3.63 a year ago.

The reported revenue represents a surprise of +1.28% over the Zacks Consensus Estimate of $1.2 billion. With the consensus EPS estimate being $3.95, the EPS surprise was +8.1%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Idexx performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Percent of Revenue- Gross Profit - CAG: 64% versus the two-analyst average estimate of 63.2%.Percent of Revenue- Gross Profit - LPD: 53% versus 48% estimated by two analysts on average.Percent of Revenue- Gross Profit - Water: 74.4% versus the two-analyst average estimate of 69.5%.Revenue- Companion Animal Group (CAG)- United States: $734.89 million versus $735.21 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +7.4% change.Revenue- Companion Animal Group (CAG)- International: $383.34 million versus $377.49 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +13.4% change.Revenue- LPD- International: $28.57 million versus $27.47 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +9.9% change.Revenue- Water- International: $28.94 million versus the two-analyst average estimate of $27.06 million. The reported number represents a year-over-year change of +16.2%.Revenue- Companion Animal Group (CAG): $1.12 billion compared to the $1.11 billion average estimate based on four analysts. The reported number represents a change of +9.4% year over year.Revenue- Other: $4.6 million versus $4.26 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +8.3% change.Revenue- Livestock and poultry diagnostics (LPD): $35.18 million compared to the $33.57 million average estimate based on four analysts. The reported number represents a change of +10.8% year over year.Revenue- Water: $58.56 million compared to the $54.33 million average estimate based on four analysts. The reported number represents a change of +14.8% year over year.Revenue- CAG Diagnostics capital- instruments: $47.17 million versus $48.64 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -19.5% change.View all Key Company Metrics for Idexx here>>>

Shares of Idexx have returned +0.5% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

These 3 Water ETFs Could be Quiet Winners From Infrastructure SpendingIDEXX Laboratories NASDAQ: IDXX reported second-quarter 2026 revenue growth of approximately 10% on a reported basis and 9% organically, driven by companion animal diagnostics, water and livestock, poultry and dairy businesses. The company raised its full-year revenue and earnings outlook, citing strong recurring diagnostics revenue, product-cost benefits and continued momentum from new product introductions.

Chief Financial Officer Andrew Emerson said second-quarter revenue growth was supported by more than 10% organic growth in companion animal group, or CAG, Diagnostics recurring revenue. The company generated earnings per share of $4.27, up 18% as reported and 15% on a comparable basis.

Get IDEXX Laboratories alerts:

Diagnostics Growth Outpaces Clinical Visits Bullish or Bearish? Vetting Animal Health Care StocksCAG Diagnostics recurring revenue rose 10.3% organically in the second quarter, including roughly 4% global net price improvement and a 50-basis-point negative impact from equivalent days. U.S. CAG Diagnostics recurring revenue increased nearly 10%, while international recurring revenue grew nearly 12% organically.

The growth came despite an estimated 1.3% decline in U.S. same-store clinical visits. Emerson said IDEXX achieved an approximately 1,100-basis-point growth premium in U.S. CAG Diagnostics recurring revenue relative to clinical visits.

The company said pressure on wellness visits remained the primary factor constraining overall clinical visits, while non-wellness visits posted modest growth. CEO Mike Erickson said pets ages five and older continued to contribute positive growth in both wellness and non-wellness visits, a trend the company has observed for multiple quarters.

IDEXX emphasized that diagnostic utilization per visit remains a key opportunity. Erickson said only about one in 10 U.S. wellness visits includes blood work, while wellness-testing penetration is lower in most markets outside the U.S.

IDEXX VetLab consumable revenue increased 14% organically. Global Reference Laboratory revenue rose more than 10% organically, led by volume growth, net customer gains and broader test-menu adoption. Rapid Assay revenue increased about 1% organically, returning to growth as the impact of customers shifting pancreatic lipase testing to Catalyst instruments eased. Veterinary software and diagnostic imaging revenue rose about 12% organically. inVue Dx and Product Pipeline IDEXX placed 5,265 premium diagnostic instruments during the quarter, including 1,602 inVue Dx analyzers. The company placed 2,700 inVue Dx instruments during the first half and said it remains on track to meet its full-year target of 5,500 placements. Its premium instrument installed base grew 11% year over year, according to Erickson.

The company said inVue Dx consumable revenue remains within its previously discussed range of approximately $3,500 to $5,500 per instrument. Erickson said the controlled launch of fine needle aspirate, or FNA, testing is progressing as expected, with a broader customer rollout underway in the third quarter and planned broad availability by year-end.

FNA testing on inVue Dx is intended to help veterinarians evaluate masses, including for mast cell tumors, during a patient visit. Erickson said IDEXX is seeing early indications that the platform’s slide-free workflow, real-time results and pricing are associated with more masses being evaluated.

IDEXX Cancer Dx surpassed 10,000 global clinics ordering the test since launch and is now available in North America, Europe and Australia. About 70% of Cancer Dx tests are run as part of broader blood-work panels, while more than 20% of orders globally come from practices using a competing laboratory, the company said.

In late September, IDEXX plans to expand Cancer Dx into a panel with mast cell tumor detection at no increase in customer pricing. The company said the expanded panel will remain approximately $15 when performed as part of a laboratory profile.

Other additions included the integration of IDEXX SDMA into common Catalyst chemistry profiles for North American customers and the addition of Taeniid tapeworm detection to the Fecal Dx antigen platform for U.S. and Canadian customers.

Margins, Cash Flow and Capital Allocation Reported operating margin was 35% in the second quarter. Comparable operating profit increased 12%, while comparable operating margin expanded 110 basis points. Gross margin was 64%, up approximately 120 basis points on a comparable basis, supported by recurring-revenue growth, operational productivity, business mix and favorable product costs.

Emerson said pricing benefits offset inflationary pressures, which eased more than the company expected during the quarter. IDEXX plans to continue increasing operating expenses through the rest of the year to support commercial expansion, research and development, information technology and other growth initiatives.

Free cash flow totaled $323 million in the quarter and $557 million for the first half. IDEXX repurchased $332 million of shares during the quarter and $693 million year to date, contributing to an approximately 2% year-over-year reduction in diluted shares outstanding during the second quarter.

Raised 2026 Outlook IDEXX raised its 2026 revenue outlook to $4.70 billion to $4.745 billion. The midpoint reflects a $20 million operational improvement from its prior outlook, partly offset by a $15 million foreign-exchange headwind.

The company now expects overall organic revenue growth of 8.5% to 9.7% and CAG Diagnostics recurring revenue growth of 9.5% to 10.7%. It expects global net price realization to contribute approximately 4% to CAG Diagnostics recurring revenue growth for the year and anticipates U.S. clinical visits will decline about 1.5% in the second half.

IDEXX increased its full-year EPS outlook to $14.69 to $14.94, representing comparable EPS growth of 13% to 15%. It also raised its free-cash-flow conversion expectation to 90% to 100% of net income, with capital spending expected to remain around $180 million.

For the third quarter, the company expects organic revenue growth in line with its implied second-half range, reported operating margin of 32.5% to 32.8%, and comparable operating-margin expansion of 20 to 50 basis points.

About IDEXX Laboratories (NASDAQ:IDXX)IDEXX Laboratories, Inc NASDAQ: IDXX is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide.

IDEXX's product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Key Takeaways IDEXX Laboratories posted Q2 EPS of $4.27 and revenues of $1.22 billion, both above estimates. IDXX's CAG recurring sales rose 11% as testing utilization, product launches and customer gains drove growth. IDXX lifted 2026 EPS guidance to $14.69-$14.94 as gross and operating margins each expanded 140 bps. IDEXX Laboratories, Inc. (IDXX - Free Report) reported second-quarter 2026 earnings of $4.27 per share, up 18% year over year. The figure surpassed the Zacks Consensus Estimate by 8.1%. 

Comparable constant-currency EPS of $4.07 improved 15% year over year.

IDXX’s Q2 Revenues Revenues rose 10% to $1.22 billion and topped the Zacks Consensus Estimate by 1.3%. Results benefited from volume-driven Companion Animal Group (“CAG”) Diagnostics recurring revenues, increased diagnostic utilization and continued adoption of IDEXX’s innovations. CAG Diagnostics recurring revenues advanced 11% as reported and 10% organically. 

Following the earnings announcement, IDXX shares gained 3.5% in the pre-market trading today.

IDXX's CAG Arm Drives GrowthCAG revenues increased 9.4% year over year to $1.12 billion. Organic growth was 8.7%. International CAG revenues climbed 13.4% as reported and 11.5% organically, while U.S. revenues advanced 7.4%.

IDEXX VetLab consumables revenues increased 14.7% to $430.3 million, with organic growth of 13.6%. Performance was supported by higher testing utilization, recent product launches, net new customer gains and an 11% expansion of the global premium instrument installed base.

Reference laboratory diagnostic and consulting services revenues rose 10.6% to $406.7 million. Organic growth was 10.3%, driven by higher testing volumes and customer additions. Rapid assay product revenues increased 1.3% to $101.6 million.

IDEXX's Water and LPD Segments Post GainsWater revenues advanced 15% year over year to $58.6 million and increased 13% organically. This growth reflected solid performances in the United States and Europe. 

Livestock, Poultry and Dairy revenues increased 11% to $35.2 million, with organic growth of 9%. Strength in the Americas supported the improvement. 

IDXX's Margins Expand on Recurring Volume GrowthGross profit increased 12% to $779.1 million. Gross margin expanded 140 basis points to 64%, supported by recurring revenue volume gains, operational productivity initiatives and net price realization.

Operating expenses rose 10% to $353.5 million as IDEXX invested in commercial capabilities, innovation and information technology. Operating profit climbed 14% to $425.6 million, while operating margin expanded 140 basis points to 35%. 

IDEXX’s Financial PositionIDEXX exited the second quarter of 2026 with cash and cash equivalents of $196.9 million compared with $200.5 million at the end of first quarter. 

Cumulative net cash provided by operating activities was $613.4 million compared with $423.7 million in the prior-year period.

IDEXX Updates Its 2026 Financial OutlookIDEXX has updated its 2026 revenue guidance to $4.70-$4.75 billion from $4.68-$4.76 billion. The midpoint increased by $5 million despite a projected $15-million headwind from updated foreign exchange assumptions.

The company now expects reported revenue growth of 9.1-10.3% and organic growth of 8.5-9.7%. The Zacks Consensus Estimate is currently pegged at $4.72 billion, indicating 9.6% year-over-year growth.

IDEXX raised its 2026 earnings outlook to $14.69-$14.94 per share from $14.45-$14.90. The Zacks Consensus Estimate is currently pegged at $14.68.

Our View on IDEXXIDEXX exited the second quarter of 2026 with both revenues and earnings beating estimates. The second-quarter results reflect the strength of the company’s Technology for Life strategy, with continued innovation across its Catalyst, Fecal Dx and IDEXX inVue Dx platforms supporting deeper customer adoption and higher diagnostic utilization. Given the encouraging results, the company raised its 2026 EPS guidance. 

Also, the expansion of both margins in the quarter is encouraging.

IDEXX’s Zacks Rank & Key PicksIDXX currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are Intuitive Surgical (ISRG - Free Report) , Quest Diagnostics (DGX - Free Report) and Medpace (MEDP - Free Report) .

Intuitive Surgical, carrying a Zacks Rank #2 (Buy) at present, reported second-quarter 2026 adjusted EPS of $2.80, which surpassed the Zacks Consensus Estimate by 12.9%. Revenues of $2.89 billion beat the Zacks Consensus Estimate by 3.1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

ISRG has an earnings yield of 3.1% compared to the industry’s negative 3% yield. The company beat earnings estimates in each of the trailing four quarters, the average surprise being 16.53%.

Quest Diagnostics, carrying a Zacks Rank #2 at present, posted second-quarter 2026 adjusted EPS of $3.12, exceeding the Zacks Consensus Estimate by 11%. Revenues of $3.04 billion topped the Zacks Consensus Estimate by 2.1%.

DGX has an earnings yield of 4.7%, almost in line with the industry’s yield. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 5.77%.

Medpace, carrying a Zacks Rank #2 at present, posted second-quarter 2026 adjusted EPS of $4.25, exceeding the Zacks Consensus Estimate by 4.17%. Revenues of $707.3 million outperformed the consensus mark by 1.12%.

MEDP has a historical five-year earnings growth rate of 30.5% compared with the industry’s 5.6% growth. In the trailing four quarters, the company delivered an average earnings beat of 10.16%.

WESTBROOK, Maine--(BUSINESS WIRE)--IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced second quarter results.

Second Quarter Results

The Company reports revenues of $1,217 million for the second quarter of 2026, an increase of 10% as reported and 9% organic, driven by Companion Animal Group ("CAG") growth of 9% as reported and organic, Water revenue growth of 15% as reported and 13% organic, and LPD revenue growth of 11% as reported and 9% organic.

Second quarter earnings per diluted share (“EPS”) were $4.27, an increase of 18% as reported and 15% on a comparable basis. Second quarter EPS included $0.14 per share in tax benefits from share-based compensation and $0.06 per share benefit from year-over-year currency changes.

“Our second quarter results reflect the strength of our Technology for Life strategy, with continued innovation across our Catalyst, Fecal Dx, and IDEXX inVue Dx platforms supporting deeper customer adoption and higher diagnostic utilization,” said Mike Erickson, President and Chief Executive Officer. “This is the kind of durable, compounding growth we're building for the long term, helping veterinarians see more and do more for their patients while creating lasting value for our shareholders.”

Second Quarter Performance Highlights

Companion Animal Group (“CAG”)

CAG revenue growth was led by CAG Diagnostics recurring revenue growth of 11% as reported and 10% organic, including 14% reported and 12% organic gains in International regions, and 10% reported and organic growth in the U.S., outpacing sector growth levels.

Additional U.S. companion animal practice key metrics are available in the Q2 2026 Earnings Snapshot accessible on the IDEXX website, www.idexx.com/investors.

Exceptional commercial execution - including strong volume gains, net customer expansion, benefits from IDEXX innovation, and growth of the premium instrument installed base - drove double-digit CAG Diagnostics recurring revenue growth.

IDEXX VetLab™ consumables generated 15% reported and 14% organic revenue growth, supported by testing utilization gains, including benefits from recent product launches and net new customer growth with 11% expansion of the IDEXX global premium instrument installed base and net price gains. Reference laboratory diagnostic and consulting services generated 11% reported and 10% organic revenue growth, driven by higher testing volumes and net new customer gains. Rapid assay products revenues increased 1% as reported and on an organic basis, driven by net price benefits and an easing of the volume impacts from adoption of the Catalyst™ Pancreatic Lipase Test, which has shifted some testing across modalities. CAG Diagnostics capital instrument revenues decreased 19% as reported and 20% on an organic basis, lapping the Q2 2025 broad availability of IDEXX inVue Dx, with current-year period revenue benefiting from over 1,600 IDEXX inVue Dx placements.

Veterinary software, services and diagnostic imaging systems revenues grew 12% on a reported and organic basis for the quarter, with benefits from cloud-native software growth and installed base expansion. Diagnostic imaging systems delivered another record quarter of installations, led by ImageVue™ DR50 Plus.

Water

Water revenues grew 15% as reported and 13% organic for the quarter, reflecting solid organic growth in the U.S. and Europe.

Livestock, Poultry and Dairy (“LPD”)

LPD revenues increased 11% as reported and 9% organic for the quarter, led by strong growth in the Americas.

Gross Profit and Operating Profit

Gross profit increased 12% as reported and 11% on a comparable basis. Gross margin of 64.0% increased 140 basis points as reported and 120 basis points on a comparable basis, supported by strong recurring revenue volume gains, operational productivity initiatives, and net price realization.

Operating margin was 35.0% for the quarter, higher than the prior year period by 140 basis points as reported and by 110 basis points on a comparable basis. Operating margin results reflect a 10% operating expense increase as reported and 9% growth on a comparable basis. Operating expense growth supported expansion of commercial capabilities, advancement of the Company's innovation agenda, and enabling information technology investments.

2026 Growth and Financial Performance Outlook

The Company is updating its full year revenue growth guidance range to $4,700 million - $4,745 million, or reported growth of 9.1% - 10.3%, an increase of $5 million at midpoint, net of a $15 million reduction to projected revenues from a stronger U.S. dollar. The Company is increasing its outlook for organic revenue growth to 8.5% - 9.7%, an increase of 0.4% at midpoint, reflecting operational performance.

The Company increased its full year reported operating margin outlook to 32.3% - 32.5%, bringing the projected full year operating profit margin expansion to 70 - 90 basis points as reported and on a comparable basis. This outlook benefits from strong second quarter operating performance, while advancing strategic investment priorities.

The Company updated its EPS outlook range to $14.69 - $14.94, reflecting increased reported growth of 12% - 14% and 13% - 15% comparable growth. At midpoint this reflects benefits of $0.14 per share from operational performance; $0.05 from higher share-based compensation benefits and a $0.05 headwind from updated estimates for foreign exchange impacts.

The following table provides the Company's updated outlook for annual key financial metrics in 2026 with a comparison to the prior outlook:

Amounts in millions except per share data and percentages

2026 Growth and Financial Performance Outlook

Updated

Prior

Revenue

$4,700

-

$4,745

$4,675

-

$4,760

Reported growth

9.1%

-

10.3%

8.6%

-

10.6%

Organic growth

8.5%

-

9.7%

7.7%

-

9.7%

CAG Diagnostics Recurring Revenue Growth

Reported growth

10.1%

-

11.3%

9.6%

-

11.6%

Organic growth

9.5%

-

10.7%

8.7%

-

10.7%

Operating Margin

32.3%

-

32.5%

32.1%

-

32.5%

Operating margin expansion

70 bps

-

90 bps

50 bps

-

90 bps

Comparable margin expansion

70 bps

-

90 bps

50 bps

-

90 bps

EPS

$14.69

-

$14.94

$14.45

-

$14.90

Reported growth

12%

-

14%

11%

-

14%

Comparable growth

13%

-

15%

11%

-

15%

Other Key Metrics

Net interest expense

~ $35

~ $34

Share-based compensation tax benefit

~ $19

~ $15

Share-based compensation tax rate benefit

~ 1.3%

~ 1.0%

Effective tax rate

~ 21.1%

~ 21.4%

Share-based compensation EPS impact

~ $0.24

~ $0.19

Reduction in average shares outstanding

1.5%

-

2%

1%

-

2%

Operating Cash Flow (% of Net Income)

110%

-

120%

105%

-

115%

Free Cash Flow (% of Net Income)

90%

-

100%

85%

-

95%

Capital Expenditures

~ $180

~ $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 2026.

Estimated Foreign Currency Exchange Rate Impacts

2026

Revenue growth rate impact

~0.6%

CAG Diagnostics recurring revenue growth rate impact

~0.6%

Operating margin growth impact

~ 30 bps

EPS impact

~ $0.22

EPS growth impact

~ 2%

Go-Forward Foreign Currency Exchange Rate Assumptions

2026

In U.S. dollars

euro

$1.14

British pound

$1.32

Canadian dollar

$0.70

Australian dollar

$0.69

Relative to the U.S. dollar

Japanese yen

¥162

Chinese renminbi

¥6.80

Brazilian real

R$5.20

Conference Call and Webcast Information

IDEXX Laboratories, Inc. will host a conference call today at 8:30 a.m. (ET) to discuss its second quarter 2026 results and management’s outlook. 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. (ET) via the same link and will remain available for one year. The live call also will be accessible by telephone. To listen to the live conference call, please dial 1-800-330-6730 or 1-213-279-1575 and reference passcode 922025.

2026 Investor Day

IDEXX Laboratories, Inc. will host its 2026 Investor Day on Thursday, August 13, 2026 from 8:00 am to approximately 12:00 pm (ET). A live 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 [email protected].

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, improve efficiency, and build thriving practices. Our innovations also help measure 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 approximately 11,000 people and offers solutions and products to customers in more than 175 countries and territories. For more information about IDEXX, visit www.idexx.com.

Note Regarding Forward-Looking Statements

This earnings release and the statements to be made in the accompanying earnings conference call contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the Company’s business prospects and estimates of the Company’s financial results for future periods. Forward-looking statements are included above under "2026 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 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, including anticipated investments in global commercial capabilities and innovation; projected tax, tax rate and EPS benefits from share-based compensation arrangements; projected effective tax rates, reduction of average shares outstanding and net interest expense; trends and other factors impacting the pet healthcare industry, including pet population demographics and U.S. clinical visits, and their anticipated effects on the Company; IDEXX inVue Dx analyzer placements; IDEXX Cancer Dx testing panel expansion; rollout of Fine Needle Aspiration to the IDEXX inVue Dx analyzer; and future commercial expansions. These statements are intended to provide management's expectations or forecasts 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 adverse impact, and the duration, of macroeconomic events, conditions, and uncertainties, such as geopolitical instability (including wars, terrorist attacks, and armed conflicts), general economic uncertainty, changes in U.S. and other countries’ tariff and trade policies, severe weather and other natural conditions, and supply chain challenges on our business, results of operations, liquidity, financial condition, and stock price, as well as 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, 2025 and in the corresponding sections of the Company's Quarterly Report on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, 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 estimate 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 2026 results as follows: increased gross profit growth by 1.1%, increased gross margin expansion 20 basis points, increased operating expense growth by 0.5%, increased operating profit growth by 1.6%, increased operating profit margin growth by 30 basis points, and increased EPS growth by 1.7%. 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 and six months ended June 30, 2026 and refer to the 2026 Growth and Financial Performance Outlook section of this earnings release for estimated foreign currency exchange rate impacts on 2026 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 represents the percentage change in revenue, as compared to the same period for the prior year, net of the effect 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 and six months ended June 30, 2026. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. Please refer to the 2026 Growth and Financial Performance Outlook section of this earnings release for estimated full year 2026 organic revenue growth for the Company and CAG Diagnostics recurring revenue growth. 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 have an immaterial impact on projected full year 2026 revenue growth and no impact on CAG Diagnostics recurring revenue growth.

We exclude from organic revenue growth the effect of changes in foreign currency exchange rates because changes in foreign currency exchange rates are not under management’s control, are subject to volatility, and can obscure underlying business trends. We calculate the impact on revenue resulting from changes in foreign currency exchange rates by applying the difference between the weighted average exchange rates during the current year period and the comparable prior year period to foreign currency denominated revenues for the prior year period.

We also exclude from organic revenue growth the effect of certain business acquisitions and divestitures because the nature, size, and number of these transactions can vary dramatically from period to period, and because they either require or generate cash as an inherent consequence of the transaction, and therefore can also obscure underlying business and operating trends. We consider acquisitions to be a business when all three elements of inputs, processes, and outputs are present, consistent with ASU 2017-01, “Business Combinations: (Topic 805) Clarifying the Definition of a Business.” We do not consider acquired assets to be a business if substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. A typical acquisition that we do not consider a business is a customer relationship asset acquisition, which does not have all elements necessary to operate a business, such as employees or infrastructure. Revenue from these customers acquired is included in organic revenue growth because we believe the efforts required to convert and retain these acquired customers are similar in nature to our efforts to obtain and retain our existing customer base.

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

2026

2025

2026

2025

Gross profit and growth (as reported)

$

779,087

$

694,732

12

%

$

1,501,826

$

1,318,111

14

%

Gross margin and margin gain

64.0

%

62.6

%

140 bps

63.7

%

62.5

%

120 bps

Less: comparability adjustments

Change from currency

7,511

—

27,982

—

Comparable gross profit and growth

$

771,576

$

694,732

11

%

$

1,473,844

$

1,318,111

12

%

Comparable gross margin and margin gain

63.9

%

62.6

%

120 bps

63.6

%

62.5

%

110 bps

Operating expenses and growth (as reported)

$

353,521

$

321,686

10

%

$

713,674

$

628,531

14

%

Less: comparability adjustments

Change from currency

1,458

—

7,728

—

Loss on equity investment

—

—

5,000

—

Now-concluded litigation matter —

—

—

(8,600)

Comparable operating expense and growth

$

352,063

$

321,686

9

%

$

700,946

$

637,131

10

%

Operating profit and growth (as reported)

$

425,566

$

373,046

14

%

$

788,152

$

689,580

14

%

Operating margin and margin gain

35.0

%

33.6

%

140 bps

33.4

%

32.7

%

70 bps

Less: comparability adjustments

Change from currency

6,053

—

20,254

—

Loss on equity investment

—

—

(5,000

)

—

Now-concluded litigation matter

—

—

—

8,600

Comparable operating profit and growth

$

419,513

$

373,046

12

%

$

772,898

$

680,980

13

%

Comparable operating margin and margin gain

34.7

%

33.6

%

110 bps

33.3

%

32.3

%

100 bps

Amounts presented may not recalculate due to rounding.

  Projected 2026 comparable operating margin expansion outlined in the 2026 Growth and Financial Performance Outlook section of this earnings release reflects the following adjustments: (i) full year 2026 reported operating margin adjusted for a $5 million unfavorable impact of loss on an equity investment; (ii) adjustment to projected 2026 operating margin for a positive impact from year-over-year foreign currency exchange rate changes at noted exchange rates; and (iii) adjustment to 2025 operating margin for the positive impact of the approximately $9 million discrete litigation expense accrual adjustment in the second quarter of 2025.

These impacts described above reconcile reported gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain (including projected 2026) 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

2026

2025

2026

2025

Earnings per share (diluted) and growth

$

4.27

$

3.63

18

%

$

7.74

$

6.59

17

%

Less: comparability adjustments

Share-based compensation activity

0.14

0.10

0.23

0.11

Loss on equity investment

—

—

(0.05

)

—

Now-concluded litigation matter

—

—

—

0.08

Change from currency

0.06

—

0.20

—

Comparable EPS and growth

$

4.07

$

3.53

15

%

$

7.36

$

6.40

15

%

Amounts presented may not recalculate due to rounding.

  Projected 2026 comparable EPS growth outlined in the 2026 Growth and Financial Performance Outlook section of this earnings release reflects the following adjustments: (i) adjustment to projected full year 2026 reported EPS for estimated positive year-over-year foreign currency exchange rate change impact of $0.22 at noted exchange rates; (ii) adjustment to projected full year 2026 reported EPS for estimated positive impact of share-based compensation activity of $0.24; (iii) adjustment to projected full year 2026 EPS of $0.05 for unfavorable impact of a loss on an equity investment; (iv) adjustment to full year 2025 reported EPS for a positive $0.08 impact from the discrete litigation expense accrual adjustment in the second quarter of 2025; and (v) adjustment to full year 2025 reported EPS for positive impact of share-based compensation activity of $0.35.

These impacts and those described in the constant currency note above reconcile reported EPS growth (including projected 2026 reported EPS growth) to comparable EPS growth for the Company.

Segment and Other Income from Operations - We report segment income from operations in our Segment Information table below. Segment income from operations is a non-GAAP financial measure that adjusts for the impact of foreign currency transaction gains and losses and should be considered in addition to, and not as a replacement for, or superior measure to, income from operations. We exclude foreign currency transaction gains and losses for each reportable segment (CAG, Water, and LPD) from segment income from operations and report the full amount of foreign currency transaction gains and losses in Other. We believe that reporting segment income from operations provides supplemental analysis to help investors further evaluate each reportable segment’s business performance by excluding foreign currency transaction gains and losses, which are centrally managed by our corporate treasury function and which we do not consider relevant for assessing the results of each reportable segment’s operations. In addition, we believe that reporting segment income from operations provides information to investors regarding key metrics that are used by management, including our chief operating decision-maker, in evaluating the performance of each reportable segment.

The reconciliation of this non-GAAP financial measure is as follows for the three and six months ended June 30, 2026 and 2025:

Amounts in thousands

Three Months Ended June 30,

2026

2025

Income from Operations

Impact from Foreign Currency

Segment and Other Income from Operations

Income from Operations

Impact from Foreign Currency

Segment and Other Income from Operations

CAG

$

393,069

$

214

$

393,283

$

347,983

$

494

$

348,477

Water

30,258

16

30,274

24,606

36

24,642

LPD

2,395

16

2,411

(543

)

38

(505

)

Other

(156

)

(246

)

(402

)

1,000

(568

)

432

Total

$

425,566

$

—

$

425,566

$

373,046

$

—

$

373,046

  Amounts in thousands

Six Months Ended June 30,

2026

2025

Income from Operations

Impact from Foreign Currency

Segment and Other Income from Operations

Income from Operations

Impact from Foreign Currency

Segment and Other Income from Operations

CAG

$

730,234

$

604

$

730,838

$

642,554

$

1,078

$

643,632

Water

53,901

42

53,943

45,380

79

45,459

LPD

3,657

44

3,701

(462

)

82

(380

)

Other

360

(690

)

(330

)

2,108

(1,239

)

869

Total

$

788,152

$

—

$

788,152

$

689,580

$

—

$

689,580

  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 three and six months ended June 30, 2026 and 2025. To estimate projected 2026 free cash flow, we have deducted projected purchases of property and equipment (also referred to as capital expenditures) of approximately $180 million. Free cash flow conversion, or the net income to free cash flow ratio, is a non-GAAP financial measure that is defined as free cash flow, with respect to a measurement period, divided by net income for the same period. To calculate trailing twelve-month net income to free cash flow ratio for the twelve months ended June 30, 2026, we have deducted purchases of property and equipment of approximately $117 million from net cash provided from operating activities of approximately $1,372 million, divided by net income of approximately $1,140 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, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Notes and Definitions

Discrete litigation expense accrual - During the first quarter of 2025, the Company reduced its previously established $89.0 million accrual related to a concluded litigation matter by approximately $9 million, which represented our best estimate at that time of the amount of the loss.

Concluded litigation matter - The Company was a defendant in a litigation matter involving an alleged breach of contract for underpayment of royalty payments made from 2004 through 2017 under an expired patent license agreement, and the trial court ruled in favor of the plaintiff in 2020. Following appeals and in light of the appellate court's April 3, 2025 decision, on April 17, 2025, the Company paid the judgment of approximately $80 million, and the plaintiff executed a satisfaction and release of judgment, which was filed with the trial court on the same date, concluding this matter. For further information, see the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

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,

2026

2025

2026

2025

Revenue:

Revenue

$

1,216,585

$

1,109,457

$

2,357,405

$

2,107,884

Expenses and Income:

Cost of revenue

437,498

414,725

855,579

789,773

Gross profit

779,087

694,732

1,501,826

1,318,111

Sales and marketing

171,277

161,107

346,527

317,330

General and administrative

116,815

98,681

235,930

190,242

Research and development

65,429

61,898

131,217

120,959

Total operating expense

353,521

321,686

713,674

628,531

Income from operations

425,566

373,046

788,152

689,580

Non-operating income (expense), net

(8,342

)

(10,694

)

(15,486

)

(17,144

)

Income before provision for income taxes

417,224

362,352

772,666

672,436

Provision for income taxes

78,812

68,363

155,808

135,770

Net Income:

Net income attributable to stockholders

$

338,412

$

293,989

$

616,858

$

536,666

Earnings per share: Basic

$

4.29

$

3.66

$

7.78

$

6.64

Earnings per share: Diluted

$

4.27

$

3.63

$

7.74

$

6.59

Shares outstanding: Basic

78,954

80,413

79,299

80,864

Shares outstanding: Diluted

79,312

80,994

79,742

81,465

  IDEXX Laboratories, Inc. and Subsidiaries

Selected Operating Information (Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

  Operating Ratios

Gross profit

64.0

%

62.6

%

63.7

%

62.5

%

(as a percentage of revenue):

Sales, marketing, general and administrative expense

23.7

%

23.4

%

24.7

%

24.1

%

Research and development expense

5.4

%

5.6

%

5.6

%

5.7

%

Income from operations1

35.0

%

33.6

%

33.4

%

32.7

%

1Amounts presented may not recalculate due to rounding.

  IDEXX Laboratories, Inc. and Subsidiaries

Segment and Other Information

Amounts in thousands (Unaudited)

Three Months Ended

June 30, 2026

Percent of Revenue

June 30, 2025

Percent of Revenue

Revenue:

CAG

$

1,118,236

$

1,022,443

Water

58,564

51,001

LPD

35,181

31,762

Other

4,604

4,251

Total

$

1,216,585

$

1,109,457

Gross Profit:

CAG

$

715,787

64.0

%

$

642,102

62.8

%

Water

43,598

74.4

%

35,511

69.6

%

LPD

18,651

53.0

%

14,929

47.0

%

Other

1,051

22.8

%

2,190

51.5

%

Total

$

779,087

64.0

%

$

694,732

62.6

%

Income from Operations:

CAG

$

393,283

35.2

%

$

348,477

34.1

%

Water

30,274

51.7

%

24,642

48.3

%

LPD

2,411

6.9

%

(505

)

(1.6

%)

Other

(402

)

(8.7

%)

432

10.2

%

Total

$

425,566

35.0

%

$

373,046

33.6

%

  Six Months Ended

June 30, 2026

Percent of Revenue

June 30, 2025

Percent of Revenue

Revenue:

CAG

$

2,172,288

$

1,942,279

Water

108,829

96,322

LPD

67,664

60,358

Other

8,624

8,925

Total

$

2,357,405

$

2,107,884

Gross Profit:

CAG

$

1,383,296

63.7

%

$

1,216,925

62.7

%

Water

80,135

73.6

%

67,584

70.2

%

LPD

35,561

52.6

%

29,294

48.5

%

Other

2,834

32.9

%

4,308

48.3

%

Total

$

1,501,826

63.7

%

$

1,318,111

62.5

%

Income from Operations:

CAG

$

730,838

33.6

%

$

643,632

33.1

%

Water

53,943

49.6

%

45,459

47.2

%

LPD

3,701

5.5

%

(380

)

(0.6

%)

Other

(330

)

(3.8

%)

869

9.7

%

Total

$

788,152

33.4

%

$

689,580

32.7

%

  IDEXX Laboratories, Inc. and Subsidiaries

Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets

Amounts in thousands (Unaudited)

Three Months Ended

June 30, 2026

June 30, 2025

Dollar Change

Reported Revenue Growth1

Percentage Change from
Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

Net Revenue

CAG

$

1,118,236

$

1,022,443

$

95,793

9.4

%

0.6

%

—

8.7

%

United States

734,892

684,497

50,395

7.4

%

—

—

7.4

%

International

383,344

337,946

45,398

13.4

%

1.9

%

—

11.5

%

Water

$

58,564

$

51,001

$

7,563

14.8

%

1.9

%

—

13.0

%

United States

29,621

26,090

3,531

13.5

%

—

—

13.5

%

International

28,943

24,911

4,032

16.2

%

3.8

%

—

12.4

%

LPD

$

35,181

$

31,762

$

3,419

10.8

%

1.8

%

—

9.0

%

United States

6,608

5,767

841

14.6

%

—

—

14.6

%

International

28,573

25,995

2,578

9.9

%

2.1

%

—

7.8

%

Other

$

4,604

$

4,251

$

353

8.3

%

—

—

8.3

%

Total Company

$

1,216,585

$

1,109,457

$

107,128

9.7

%

0.7

%

—

9.0

%

United States

772,968

717,869

55,099

7.7

%

—

—

7.7

%

International

443,617

391,588

52,029

13.3

%

2.0

%

—

11.2

%

Three Months Ended

June 30, 2026

June 30, 2025

Dollar Change

Reported Revenue Growth1

Percentage Change from

Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

Net CAG Revenue

CAG Diagnostics recurring revenue:

$

974,713

$

877,995

$

96,718

11.0

%

0.7

%

—

10.3

%

IDEXX VetLab consumables

430,337

375,112

55,225

14.7

%

1.1

%

—

13.6

%

Rapid assay products

101,575

100,240

1,335

1.3

%

0.3

%

—

1.1

%

Reference laboratory diagnostic and consulting services

406,729

367,694

39,035

10.6

%

0.3

%

—

10.3

%

CAG Diagnostics services and accessories

36,072

34,949

1,123

3.2

%

1.1

%

—

2.1

%

CAG Diagnostics capital – instruments

$

47,174

$

58,600

($

11,426

)

(19.5

%)

0.1

%

—

(19.6

%)

Veterinary software, services and diagnostic imaging systems:

$

96,349

$

85,848

$

10,501

12.2

%

0.4

%

—

11.8

%

Recurring revenue

76,343

68,954

7,389

10.7

%

0.5

%

—

10.2

%

Systems and hardware

20,006

16,894

3,112

18.4

%

0.2

%

—

18.2

%

Net CAG revenue

$

1,118,236

$

1,022,443

$

95,793

9.4

%

0.6

%

—

8.7

%

Three Months Ended

June 30, 2026

June 30, 2025

Dollar Change

Reported Revenue Growth1

Percentage Change from
Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

CAG Diagnostics recurring revenue:

$

974,713

$

877,995

$

96,718

11.0

%

0.7

%

—

10.3

%

United States

630,504

575,009

55,495

9.7

%

—

—

9.7

%

International

344,209

302,986

41,223

13.6

%

2.0

%

—

11.6

%

1See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.

    IDEXX Laboratories, Inc. and Subsidiaries

Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets

Amounts in thousands (Unaudited)

Six Months Ended

June 30, 2026

June 30, 2025

Dollar Change

Reported Revenue Growth1

Percentage Change from
Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

Net Revenue

CAG

$

2,172,288

$

1,942,279

$

230,009

11.8

%

1.7

%

—

10.1

%

United States

1,425,792

1,308,386

117,406

9.0

%

—

—

9.0

%

International

746,496

633,893

112,603

17.8

%

5.4

%

—

12.4

%

Water

$

108,829

$

96,322

$

12,507

13.0

%

2.8

%

—

10.2

%

United States

56,014

49,593

6,421

12.9

%

—

—

12.9

%

International

52,815

46,729

6,086

13.0

%

5.6

%

—

7.4

%

LPD

$

67,664

$

60,358

$

7,306

12.1

%

4.0

%

—

8.2

%

United States

12,992

11,555

1,437

12.4

%

—

—

12.4

%

International

54,672

48,803

5,869

12.0

%

4.8

%

—

7.2

%

Other

$

8,624

$

8,925

($

301

)

(3.4

%)

—

—

(3.4

%)

Total Company

$

2,357,405

$

2,107,884

$

249,521

11.8

%

1.8

%

—

10.0

%

United States

1,498,200

1,372,730

125,470

9.1

%

—

—

9.1

%

International

859,205

735,154

124,051

16.9

%

5.3

%

—

11.6

%

Six Months Ended

June 30, 2026

June 30, 2025

Dollar Change

Reported Revenue Growth1

Percentage Change from

Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

Net CAG Revenue

CAG Diagnostics recurring revenue:

$

1,895,026

$

1,684,262

$

210,764

12.5

%

1.8

%

—

10.7

%

IDEXX VetLab consumables

842,919

719,891

123,028

17.1

%

2.6

%

—

14.5

%

Rapid assay products

186,513

184,274

2,239

1.2

%

0.7

%

—

0.5

%

Reference laboratory diagnostic and consulting services

792,908

712,100

80,808

11.3

%

1.4

%

—

10.0

%

CAG Diagnostics services and accessories

72,686

67,997

4,689

6.9

%

2.3

%

—

4.6

%

CAG Diagnostics capital – instruments

$

89,623

$

90,594

($

971

)

(1.1

%)

1.4

%

—

(2.5

%)

Veterinary software, services and diagnostic imaging systems:

$

187,639

$

167,423

$

20,216

12.1

%

0.7

%

—

11.4

%

Recurring revenue

149,879

134,747

15,132

11.2

%

0.8

%

—

10.5

%

Systems and hardware

37,760

32,676

5,084

15.6

%

0.3

%

—

15.2

%

Net CAG revenue

$

2,172,288

$

1,942,279

$

230,009

11.8

%

1.7

%

—

10.1

%

Six Months Ended

June 30, 2026

June 30, 2025

Dollar Change

Reported Revenue Growth1

Percentage Change from
Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

CAG Diagnostics recurring revenue:

$

1,895,026

$

1,684,262

$

210,764

12.5

%

1.8

%

—

10.7

%

United States

1,224,987

1,111,986

113,002

10.2

%

—

—

10.2

%

International

670,039

572,276

97,762

17.1

%

5.4

%

—

11.6

%

1See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.

    IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet

Amounts in thousands (Unaudited)

June 30, 2026

December 31, 2025

Assets:

Current Assets:

Cash and cash equivalents

$

196,933

$

180,070

Accounts receivable, net

627,083

552,378

Inventories

391,579

377,756

Other current assets

293,894

303,623

Total current assets

1,509,489

1,413,827

Property and equipment, net

733,238

747,380

Other long-term assets, net

1,199,608

1,189,552

Total assets

$

3,442,335

$

3,350,759

Liabilities and Stockholders'

Equity:

Current Liabilities:

Accounts payable

$

129,097

$

110,408

Accrued liabilities

453,169

530,147

Line of credit

519,000

398,000

Current portion of long-term debt

149,999

74,995

Deferred revenue

36,400

35,264

Total current liabilities

1,287,665

1,148,814

Long-term debt, net of current portion

299,865

374,842

Other long-term liabilities, net

242,230

221,720

Total long-term liabilities

542,095

596,562

Total stockholders' equity

1,612,575

1,605,383

Total liabilities and stockholders' equity

$

3,442,335

$

3,350,759

  IDEXX Laboratories, Inc. and Subsidiaries

Selected Balance Sheet Information (Unaudited)

June 30,
2026

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

Selected Balance Sheet Information:

Days sales outstanding1

46.2

46.2

46.8

46.5

44.7

Inventory turns2

1.4

1.4

1.6

1.5

1.5

1Days sales outstanding represents the average of the accounts receivable balances at the beginning and end of each quarter divided by revenue for that quarter, the result of which is then multiplied by 91.25 days.

2Inventory turns are calculated as the ratio of our inventory-related cost of revenue for the quarter multiplied by four, divided by the average inventory balances at the beginning and end of each quarter.

IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Statement of Cash Flows

Amounts in thousands (Unaudited)

Six Months Ended

June 30, 2026

June 30, 2025

Operating:

Cash Flows from Operating Activities:

Net income

$

616,858

$

536,666

Non-cash adjustments to net income

143,240

111,582

Changes in assets and liabilities

(146,688

)

(224,543

)

Net cash provided by operating activities

613,410

423,705

Investing:

Cash Flows from Investing Activities:

Purchases of property and equipment

(56,630

)

(64,128

)

Acquisitions

(4,491

)

—

Proceeds from net investment hedges

2,081

890

Net cash used by investing activities

(59,040

)

(63,238

)

Financing:

Cash Flows from Financing Activities:

Borrowings under credit facility, net

121,000

329,000

Payments of senior notes

—

(103,386

)

Repurchases of common stock

(697,840

)

(738,995

)

Proceeds from exercises of stock options and employee stock purchase plans

51,074

24,523

Shares withheld for statutory tax withholding payments on restricted stock

(10,853

)

(7,094

)

Net cash used by financing activities

(536,619

)

(495,952

)

Net effect of changes in exchange rates on cash

(888

)

11,813

Net increase (decrease) in cash and cash equivalents

16,863

(123,672

)

Cash and cash equivalents, beginning of period

180,070

288,266

Cash and cash equivalents, end of period

$

196,933

$

164,594

  IDEXX Laboratories, Inc. and Subsidiaries

Free Cash Flow

Amounts in thousands (Unaudited)

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Free Cash Flow:

Net cash provided by operating activities

$

347,162

$

185,743

$

613,410

$

423,705

Investing cash flows attributable to purchases of property and equipment

(24,646

)

(34,102

)

(56,630

)

(64,128

)

Free cash flow1

$

322,516

$

151,641

$

556,780

$

359,577

1See Statement Regarding Non-GAAP Financial Measures, above.

  IDEXX Laboratories, Inc. and Subsidiaries

Common Stock Repurchases

Amounts in thousands except per share data (Unaudited)

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Shares repurchased in the open market

582

713

1,170

1,644

Shares acquired through employee surrender for statutory tax withholding

—

2

17

16

Total shares repurchased

582

715

1,187

1,660

Cost of shares repurchased in the open market

$

332,046

$

327,530

$

692,879

$

736,745

Cost of shares for employee surrenders

298

970

10,853

7,094

Total cost of shares

$

332,344

$

328,500

$

703,732

$

743,839

Average cost per share – open market repurchases

$

570.72

$

458.96

$

592.41

$

448.02

Average cost per share – employee surrenders

$

563.62

$

513.46

$

627.34

$

452.84

Average cost per share – total

$

570.71

$

459.10

$

592.92

$

448.07

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