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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Baird Financial Group Inc. decreased its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report) by 7.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 76,035 shares of the company’s stock after selling 6,500 shares during the period. Baird Financial Group Inc. owned 0.10% of IDEXX Laboratories worth $40,028,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Empowered Funds LLC lifted its holdings in shares of IDEXX Laboratories by 6.6% in the 1st quarter. Empowered Funds LLC now owns 1,538 shares of the company’s stock worth $646,000 after buying an additional 95 shares during the period. Sivia Capital Partners LLC bought a new position in IDEXX Laboratories during the 2nd quarter worth about $265,000. Jump Financial LLC grew its holdings in IDEXX Laboratories by 1,006.4% during the 2nd quarter. Jump Financial LLC now owns 5,532 shares of the company’s stock worth $2,967,000 after acquiring an additional 5,032 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in IDEXX Laboratories during the 2nd quarter valued at about $164,000. Finally, Sei Investments Co. increased 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. Institutional investors own 87.84% of the company’s stock.
Insider Buying and Selling In other IDEXX Laboratories news, Director Lawrence D. Kingsley sold 2,203 shares of IDEXX Laboratories stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $532.08, for a total transaction of $1,172,172.24. Following the completion of the sale, the director owned 9,568 shares of the company’s stock, valued at approximately $5,090,941.44. The trade was a 18.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.79% of the company’s stock.
Wall Street Analyst Weigh In Several equities research analysts have recently weighed in on the stock. Wall Street Zen cut 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 company a “neutral” rating in a report on Wednesday, August 5th. UBS Group boosted their price objective on shares of IDEXX Laboratories from $620.00 to $670.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Barclays lowered their target price on IDEXX Laboratories from $800.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, August 11th. Finally, Weiss Ratings cut IDEXX Laboratories from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 27th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $747.00. Check Out Our Latest Stock Analysis on IDXX
IDEXX Laboratories Stock Performance IDXX opened at $515.15 on Thursday. The company has a market cap of $40.58 billion, a P/E ratio of 36.23, a price-to-earnings-growth ratio of 2.78 and a beta of 1.54. The company has a quick ratio of 0.87, a current ratio of 1.17 and a debt-to-equity ratio of 0.19. The firm’s 50-day moving average price is $557.68 and its 200-day moving average price is $567.79. IDEXX Laboratories, Inc. has a 52-week low of $511.16 and a 52-week high of $769.98.
IDEXX Laboratories (NASDAQ:IDXX – Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $4.27 EPS 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 analysts’ expectations 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 last year, the business earned $3.50 EPS. IDEXX Laboratories has set its FY 2026 guidance at 14.690-14.940 EPS. As a group, equities analysts anticipate that IDEXX Laboratories, Inc. will post 14.81 EPS for the current fiscal year.
(Free Report)
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.
Read More Five stocks we like better than IDEXX Laboratories Qualcomm’s Data Center Bet Looks More Real After Amazon’s AI Deal GE Aerospace’s $11.75B Deal Puts Howmet Aerospace in Focus Casey’s Post-Earnings Drop May Give Investors a Better Entry Into a Quality Retailer Sovereign AI: Palantir and Nebius Cut the Cloud Cord 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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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.
Arizona State Retirement System raised its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report) by 4.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,772 shares of the company’s stock after acquiring an additional 1,074 shares during the quarter. Arizona State Retirement System’s holdings in IDEXX Laboratories were worth $11,988,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Empowered Funds LLC boosted its position in IDEXX Laboratories by 6.6% during the first quarter. Empowered Funds LLC now owns 1,538 shares of the company’s stock worth $646,000 after purchasing an additional 95 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of IDEXX Laboratories during the 2nd quarter worth $265,000. Jump Financial LLC raised its stake in IDEXX Laboratories by 1,006.4% during the second quarter. Jump Financial LLC now owns 5,532 shares of the company’s stock worth $2,967,000 after acquiring an additional 5,032 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in IDEXX Laboratories during the second quarter worth about $164,000. Finally, Sei Investments Co. lifted its holdings in shares of IDEXX Laboratories by 218.7% in the second quarter. Sei Investments Co. now owns 120,587 shares of the company’s stock worth $64,678,000 after acquiring an additional 82,755 shares during the last quarter. 87.84% of the stock is currently owned by institutional investors.
Insiders Place Their Bets In related news, Director Lawrence D. Kingsley sold 2,203 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $532.08, for a total transaction of $1,172,172.24. Following the completion of the transaction, the director owned 9,568 shares in the company, valued at approximately $5,090,941.44. This represents a 18.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.79% of the company’s stock.
Analyst Ratings Changes IDXX has been the subject of a number of research reports. Citigroup increased their price target on IDEXX Laboratories from $650.00 to $670.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. UBS Group boosted their target price on shares of IDEXX Laboratories from $620.00 to $670.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Barclays cut their price target on IDEXX Laboratories from $800.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, August 11th. Wall Street Zen downgraded IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Weiss Ratings downgraded shares of IDEXX Laboratories from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, August 27th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $747.00. Check Out Our Latest Stock Analysis on IDXX
IDEXX Laboratories Price Performance IDEXX Laboratories stock opened at $515.15 on Thursday. IDEXX Laboratories, Inc. has a 52 week low of $511.16 and a 52 week high of $769.98. The company’s 50 day moving average price is $557.68 and its two-hundred day moving average price is $567.79. The company has a quick ratio of 0.87, a current ratio of 1.17 and a debt-to-equity ratio of 0.19. The stock has a market cap of $40.58 billion, a P/E ratio of 36.23, a P/E/G ratio of 2.78 and a beta of 1.54.
IDEXX Laboratories (NASDAQ:IDXX – Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $4.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.94 by $0.33. IDEXX Laboratories had a return on equity of 71.96% and a net margin of 25.03%.The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the company posted $3.50 earnings per share. IDEXX Laboratories’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. On average, equities analysts predict that IDEXX Laboratories, Inc. will post 14.81 earnings per share for the current year.
(Free Report)
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.
Featured Articles Five stocks we like better than IDEXX Laboratories Qualcomm’s Data Center Bet Looks More Real After Amazon’s AI Deal GE Aerospace’s $11.75B Deal Puts Howmet Aerospace in Focus Casey’s Post-Earnings Drop May Give Investors a Better Entry Into a Quality Retailer Sovereign AI: Palantir and Nebius Cut the Cloud Cord
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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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A month has gone by since the last earnings report for Idexx Laboratories (IDXX - Free Report) . Shares have lost about 7.8% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Idexx due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for IDEXX Laboratories, Inc. before we dive into how investors and analysts have reacted as of late.
IDXX Q2 Earnings & Revenues Beat, '26 EPS View Up IDEXX Laboratories 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.
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 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 the 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 $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 $14.81.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
VGM ScoresAt this time, Idexx has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Idexx has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerIdexx is part of the Zacks Medical - Instruments industry. Over the past month, Glaukos (GKOS - Free Report) , a stock from the same industry, has gained 5%. The company reported its results for the quarter ended June 2026 more than a month ago.
Glaukos reported revenues of $185.61 million in the last reported quarter, representing a year-over-year change of +49.5%. EPS of -$0.14 for the same period compares with -$0.24 a year ago.
Glaukos is expected to post a loss of $0.12 per share for the current quarter, representing a year-over-year change of +25%. Over the last 30 days, the Zacks Consensus Estimate has changed +4.8%.
Glaukos has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.
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.
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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.
WESTBROOK, Maine--(BUSINESS WIRE)--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.
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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.
American Capital Management Inc. bought a new position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 162,110 shares of the company’s stock, valued at approximately $85,341,000. IDEXX Laboratories makes up 3.8% of American Capital Management Inc.’s investment portfolio, making the stock its 6th largest holding. American Capital Management Inc. owned about 0.21% of IDEXX Laboratories at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Elyxium Wealth LLC bought a new stake in IDEXX Laboratories during the fourth quarter worth $3,666,459,000. State Street Corp lifted its holdings in IDEXX Laboratories by 4.0% during the 4th quarter. State Street Corp now owns 3,656,626 shares of the company’s stock worth $2,473,817,000 after buying an additional 138,956 shares during the period. J. Stern & Co. LLP lifted its position in shares of IDEXX Laboratories by 23,694.7% in the 4th quarter. J. Stern & Co. LLP now owns 2,653,351 shares of the company’s stock worth $1,795,072,000 after purchasing an additional 2,642,200 shares during the period. Geode Capital Management LLC grew its holdings in IDEXX Laboratories by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 2,583,939 shares of the company’s stock worth $1,749,380,000 after acquiring an additional 86,263 shares during the period. Finally, Invesco Ltd. increased its holdings in IDEXX Laboratories by 13.8% in the fourth quarter. Invesco Ltd. now owns 1,502,218 shares of the company’s stock worth $1,016,296,000 after purchasing an additional 181,955 shares in the last quarter. Institutional investors own 87.84% of the company’s stock.
IDEXX Laboratories Trading Up 0.6% Shares of IDXX stock opened at $553.44 on Thursday. The company’s fifty day simple moving average is $559.49 and its two-hundred day simple moving average is $574.63. The stock has a market capitalization of $43.60 billion, a price-to-earnings ratio of 38.92, a PEG ratio of 2.94 and a beta of 1.54. 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, Inc. has a 1 year low of $518.55 and a 1 year high of $769.98.
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, beating analysts’ consensus estimates of $3.94 by $0.33. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. IDEXX Laboratories had a return on equity of 71.96% and a net margin of 25.03%.The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.50 EPS. IDEXX Laboratories has set its FY 2026 guidance at 14.690-14.940 EPS. As a group, analysts anticipate that IDEXX Laboratories, Inc. will post 14.81 earnings per share for the current year. Analysts Set New Price Targets Several analysts recently issued reports on the stock. Weiss Ratings raised shares of IDEXX Laboratories from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Wall Street Zen cut shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. UBS Group lifted their price target on IDEXX Laboratories from $620.00 to $670.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Citigroup increased their price objective on IDEXX Laboratories from $650.00 to $670.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Finally, Barclays dropped their target price on IDEXX Laboratories from $800.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $747.00.
View Our Latest Research Report on IDEXX Laboratories
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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 Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise Alcoa’s Gallium Project Opens a New Door Beyond Aluminum Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech Can Tesla’s Flying Roadster Distract From Its Real Risks? 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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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's CAG recurring revenues rose 10.3% organically in Q2, supported by volumes and pricing. IDEXX's software and imaging revenues grew about 12% organically, while recurring software rose 10%. FX may drag Q3 revenue growth by about 70 basis points, while distributor buying can add volatility. IDEXX Laboratories, Inc. (IDXX - Free Report) is expanding its global commercial capabilities to support continued growth in the CAG Diagnostics recurring revenue stream. The company’s software ecosystem remains a key pillar of its value proposition. However, third-party distribution and adverse foreign exchange movements pose potential challenges to IDEXX’s operations.
In the past year, this Zacks Rank #3 (Hold) stock has plunged 13.7% against the industry’s 11.5% rise and the S&P 500 composite’s 23.5% growth.
The renowned medical device company has a market capitalization of $45.59 billion. IDEXX’s earnings yield of 2.6% is well ahead of the industry’s negative 1.6% yield. Its earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 5.74%.
Let’s delve deeper.
IDXX’s Tailwinds CAG 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, driven by expanded volumes and approximately 4% average global net price improvement. IDEXX VetLab consumable revenues rose 14% organically, 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. 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%.
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.
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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. 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.
What Ails IDXX Stock?Foreign Exchange Exposure: IDEXX's global operations create continuing exposure to changes in foreign currency exchange rates. The company expects currency movements to create an approximately 70-basis-point drag on reported revenue growth in the third quarter. IDEXX uses hedging transactions, but its sizable international business means exchange-rate volatility can still affect reported revenues, operating profit and EPS. This exposure may periodically obscure underlying operating trends and create variability around reported financial results.
Impact of Third-Party Distribution: IDEXX continues to use third-party distributors for certain CAG instrument consumables and rapid assay products in the United States and selected international markets. These distributors purchase products from IDEXX before selling them to veterinary practices, so reported revenues can be affected by distributor inventory decisions as well as end-user demand. This can create differences between reported product sales and underlying consumption at veterinary clinics.
The risk remains relevant as IDEXX's installed base expands and recurring consumable revenues become a larger contributor to the CAG model. Distributor purchasing behavior can still add period-to-period variability and make reported trends less representative of underlying utilization.
IDXX Stock Estimate TrendThe Zacks Consensus Estimate for IDEXX’s 2026 EPS has moved north 0.9% to $14.81 over the past 30 days.
The consensus estimate for 2026 revenues is pegged at $4.72 billion, which implies a 9.7% rise from the year-ago reported number.
Key PicksSome better-ranked stocks in the broader medical space are Globus Medical (GMED - Free Report) , Veracyte (VCYT - Free Report) and Teleflex (TFX - Free Report) .
Globus Medical has an earnings yield of 5.8% against the industry’s negative 1.7% yield. Its earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 27.9%. GMED’s shares have rallied 42.3% against the industry’s 6.3% fall over the past year.
GMED sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Veracyte, sporting a Zacks Rank #1, has an earnings yield of 4.6% against the industry’s negative 1.7% yield. Shares of the company have risen 38% against the industry’s 6.3% decline. VCYT’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 41.8%.
Teleflex, carrying a Zacks Rank #2 (Buy), has an estimated long-term earnings growth rate of 20.7% compared with the industry’s 12.8% growth. Its earnings beat estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 3.2%. TFX’s shares have rallied 5% against the industry’s 6.2% decline over the past year.
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.
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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.
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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.
Key Takeaways IDXX diagnostics recurring revenues rose 10.3% organically despite softer U.S. veterinary visits. IDEXX expanded inVue Dx and Cancer Dx adoption, supporting a broader recurring revenue opportunity. IDXX margins improved, but its 34.69 forward P/E premium leaves less room for execution setbacks. IDEXX Laboratories (IDXX - Free Report) is balancing durable diagnostic growth, improving profitability and a broad innovation cycle against a valuation that remains well above major benchmarks. The operating picture is favorable, but the stock still requires investors to pay up for that quality.
The decision is whether current execution is enough to justify the premium without a better entry point.
IDXX Growth Stays Strong Despite Softer U.S. VisitsWorldwide Companion Animal Group Diagnostics recurring revenues increased 10.3% organically in the second quarter of 2026. Volume gains and roughly 4% average global net price improvement supported the increase.
That growth came even as U.S. same-store clinical visits declined an estimated 1.3% and wellness visits fell 3.4%. Higher diagnostic utilization and customer gains are helping offset softer veterinary traffic.
In the past year, IDXX shares have lost 13.1% compared with the industry’s 6.5% decline.
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IDXX Innovation Expands Recurring RevenueThe inVue Dx installed base exceeded 9,000 instruments after 1,602 placements in the second quarter. IDEXX remains on pace for 5,500 placements in 2026, extending the base that can generate recurring consumable demand.
Cancer Dx has surpassed 10,000 ordering clinics globally and is being expanded to include mast cell tumor detection. More than 20% of global orders come from practices using a competing laboratory, broadening IDEXX's recurring revenue opportunity.
IDXX Margins Improve as Volume and Pricing HelpGross margin expanded 140 basis points to 64% in the second quarter. Recurring revenue volume gains, operational productivity initiatives and net price realization supported the improvement.
Operating margin also increased 140 basis points to 35%, even as operating expenses rose 10% to $353.5 million. IDEXX is spending on commercial capabilities, innovation and information technology while still improving profitability.
IDXX Valuation Still Demands Strong ExecutionIDXX trades at a forward 12-month price-to-earnings ratio of 34.69, versus 26.11 for its Zacks sub-industry, 21.1 for the Zacks Medical sector and 20.63 for the S&P 500. That premium leaves less room for execution setbacks.
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DexCom, Inc. (DXCM - Free Report) continues to build around glucose biosensing, including its Dexcom G7 and Stelo platforms. Its innovation focus gives investors another medical-technology growth profile to consider when weighing premium valuations.
Inogen, Inc. (INGN - Free Report) focuses on respiratory products, including oxygen concentrators, airway-clearance devices and continuous positive airway pressure masks. Its different end market reinforces why IDXX's premium should be judged against the durability of its own recurring diagnostics model.
IDXX Faces Visit, Currency and Distribution RisksManagement assumes roughly a 1.5% decline in U.S. clinical visits during the second half of 2026. Reference laboratory testing remains more exposed to wellness activity, so prolonged weakness could limit recurring revenue growth.
Third-party distributor purchasing can create period-to-period variability that differs from underlying clinic consumption. Foreign exchange adds another risk, with updated currency assumptions reducing the full-year revenue outlook by $15 million.
IDXX Signals Favor Growth Over ValueThe operating case remains attractive, but the valuation argues for discipline. IDXX looks better suited to a hold-or-wait stance than an aggressive new entry while investors assess whether growth and margin gains can keep supporting the premium.
The stock currently carries a Zacks Rank #3 (Hold), along with a VGM Score of B, Growth Score of A, Momentum Score of B and Value Score of D. The favorable Growth and Momentum Scores support the operating-strength case, while the Value Score reinforces the valuation concern.
A Zacks Rank #3 can be appropriate for holding, while the Style Scores complement the Rank rather than replace it. For prospective buyers, the mix supports patience rather than treating growth alone as sufficient reason to ignore price.
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
These 3 Water ETFs Could be Quiet Winners From Infrastructure SpendingIDEXX Laboratories NASDAQ: IDXX outlined an innovation-led growth strategy at its 2026 Investor Day, highlighting a $45 billion global companion-animal testing opportunity, expanded commercial investments and a pipeline of diagnostic, software and artificial-intelligence offerings intended to increase testing utilization in veterinary practices.
President and CEO Mike Erickson said the company sees a long-term opportunity to expand diagnostic testing as pets live longer and veterinary practices adopt more preventive screening. He said IDEXX estimates that blood work and urinalysis identify clinically meaningful abnormalities in roughly one in four apparently healthy pets, while diagnostic testing also drives broader practice activity, including medical services, therapeutics and prescription diets.
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Bullish or Bearish? Vetting Animal Health Care StocksErickson said only 13% of U.S. wellness visits currently include blood work, leaving substantial headroom for growth. IDEXX estimates that sector-wide blood-work inclusion has increased by about 50 basis points annually, contributing roughly 150 basis points of incremental recurring CAG diagnostic revenue for the company each year.
Diagnostic platforms and cancer testing The company emphasized its “Technology for Life” approach of adding new testing capabilities to existing installed instruments. IDEXX introduced quantitative proBNP cardiac testing for both dogs and cats on its Catalyst point-of-care platform. The company said the test will help veterinarians evaluate cardiac risk and make referral or monitoring decisions during patient visits.
IDEXX also discussed continued adoption of its inVue Dx cytology platform. Erickson said the company had placed more than 9,000 inVue Dx instruments globally through the second quarter, with utilization per instrument in the previously stated range of $3,500 to $5,500. The platform supports ear cytology, blood morphology and fine-needle aspirate testing, or FNA.
Puja Pathak, senior vice president and general manager of IDEXX VetLab, said inVue Dx is designed to reduce hands-on work, standardize results and automatically integrate findings into practice records and invoices. She said practices adopting inVue Dx have seen 6% higher ProCyte CBC utilization. IDEXX expects broad availability of the inVue FNA application by the end of the year following a controlled rollout.
The company said FNA testing on inVue Dx can enable veterinarians to assess lumps and bumps in-practice, reducing the cost and complexity associated with traditional slide preparation and outside laboratory review. According to IDEXX, practices adopting the application are examining twice as many masses.
Erickson also said IDEXX plans to provide further details on MultiCue Dx, a new point-of-care diagnostic platform, at VMX in Orlando in January. He described MultiCue as complementary to the existing VetLab suite and said it was designed and manufactured at IDEXX facilities in Maine. The company did not disclose launch timing or expected economics for the platform.
Cancer Dx panel expansion Oncology was a central focus of the event. IDEXX said Cancer Dx has been used by more than 11,000 practices globally and that 70% of test runs have been paired with reference-laboratory blood-work panels. The company also said 20% of practices using Cancer Dx had another provider as their primary reference laboratory.
Mike Lane, executive vice president at IDEXX, said the company will expand Cancer Dx from lymphoma detection to a multi-cancer panel. Canine mast cell tumor detection is planned for September, followed by canine hemangiosarcoma detection in December. With lymphoma, those additions are expected to address 40% of canine cancers, according to the company. IDEXX said it aims to expand panel coverage to 50% of canine cancers by 2028.
IDEXX said it plans to maintain a roughly $15 price point for the multi-cancer panel when run alongside blood work through an IDEXX Reference Laboratory. Lane said the lymphoma offering can also be used for monitoring remission during CHOP chemotherapy, creating potential for recurring testing.
The company characterized hemangiosarcoma as a particularly urgent unmet need because the disease can remain undetected until internal tumors rupture. Lane cited a peer-reviewed study in which more than one-third of dogs identified before rupture survived a year or longer, while no dogs identified after rupture survived one year.
Software, AI and commercial expansion Tracy Byers, senior vice president of veterinary software, diagnostic imaging and telemedicine, said IDEXX is building an integrated, cloud-based software ecosystem spanning practice management, workflow, imaging, telemedicine and pet-owner engagement. She said nearly 70% of the company’s practice-management installed base is cloud-based, while net recurring revenue retention across the software ecosystem is 105%.
IDEXX reported that Vello users increased 37% over the prior six months. Byers said practices using IDEXX software have higher wellness blood-work inclusion, with a further 300-basis-point increase when Vello is combined with the company’s practice-management tools.
The company said it is using data from 35 billion diagnostic records, more than 750 million pet-lifespan medical records and more than 650,000 annual specialist-consulting calls to develop AI capabilities. Potential applications include workflow prompts, clinical recommendations, ambient voice tools, image-quality support and disease registries.
George Fennell, executive vice president of global CAG commercial, said IDEXX’s commercial model is centered on helping practices manage workflow changes required to adopt new technology. The company is expanding commercial investments in Spain, France, South Korea and Canada, along with targeted additions in the U.S., to increase customer proximity and support adoption.
Long-term financial framework CFO Andrew Emerson said IDEXX expects 2026 operating profit margin to exceed 32%. The company reiterated its long-term outlook for more than 10% organic revenue growth, 50 to 100 basis points of operating-margin expansion and average annual EPS growth of about 15%.
Emerson said CAG diagnostic recurring revenue has expanded about 10% annually over the past five years, adding more than $1 billion in incremental revenue. IDEXX sees potential for 8.5% to 11% long-term CAG diagnostic recurring-revenue growth excluding any recovery in clinical visits, supported by utilization, innovation, instrument placements and net price realization.
The company said it expects recurring software and diagnostic-services revenue growth of more than 15%, capital revenue growth above 5%, and mid- to high-single-digit growth from its water and livestock, poultry and dairy businesses. Emerson added that IDEXX has reduced its share count by about 20% over time through share repurchases and generated 25% compounded annual free-cash-flow-per-share growth since 2015.
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.
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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.
WESTBROOK, Maine--(BUSINESS WIRE)--IDEXX announces Catalyst™ proBNP Test, the first and only dual-species, in-clinic diagnostic assay for cardiac assessment.
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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SummaryIDEXX Laboratories remains a buy, supported by a durable moat, strong recurring revenue, and a long-term international growth runway.Recent Q2 2026 results showed 9% organic revenue growth, EPS guidance raised to $14.69–14.94, and robust expansion of diagnostic offerings.Installed base growth for core machines is moderating in the US but remains early-stage internationally, underpinning multi-decade expansion potential.Valuation is premium (P/E 41.5, PEG 2.25), but improving FCF conversion and capital allocation justify long-term positioning despite near-term price sensitivity.MoMo Productions/DigitalVision via Getty Images
IDEXX Laboratories (IDXX), founded in 1983 and based in Westbrook, ME, is in the business of providing diagnostic services and products to veterinary clinics. Most of their revenue (~92%) is derived from companion animals, or what it calls CAG (companion animal
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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.
Empowered Funds LLC cut its position in IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report) by 65.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,172 shares of the company’s stock after selling 7,985 shares during the quarter. Empowered Funds LLC’s holdings in IDEXX Laboratories were worth $2,344,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. SHP Wealth Management bought a new stake in shares of IDEXX Laboratories during the fourth quarter valued at approximately $26,000. Virtus Advisers LLC bought a new position in IDEXX Laboratories in the 3rd quarter worth approximately $26,000. Mowery & Schoenfeld Wealth Management LLC increased its position in IDEXX Laboratories by 58.8% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 54 shares of the company’s stock valued at $37,000 after acquiring an additional 20 shares during the period. Wormser Freres Gestion increased its position in IDEXX Laboratories by 671.4% in the 4th quarter. Wormser Freres Gestion now owns 54 shares of the company’s stock valued at $37,000 after acquiring an additional 47 shares during the period. Finally, WealthCollab LLC bought a new stake in IDEXX Laboratories during the 2nd quarter valued at $30,000. 87.84% of the stock is owned by institutional investors and hedge funds.
Key Stories Impacting IDEXX Laboratories Here are the key news stories impacting IDEXX Laboratories this week:
Positive Sentiment: Quarterly results exceeded expectations. IDEXX reported second-quarter EPS of $4.27 versus the $3.94–$3.95 consensus and revenue of $1.217 billion versus approximately $1.20 billion expected. Revenue increased 10% year over year, or 9% organically, supported by 9% organic growth in the Companion Animal Group, 13% organic Water revenue growth and 9% organic growth in Livestock, Poultry and Dairy. IDEXX Laboratories Announces Second Quarter Results Positive Sentiment: Management raised its full-year outlook. FY 2026 adjusted EPS guidance is now $14.69–$14.94, above the $14.64 consensus. Revenue guidance is approximately $4.7 billion. The improved outlook, margin expansion and continued demand for diagnostic products helped drive the initial share-price gain. IDXX Q2 Earnings and 2026 EPS Outlook Positive Sentiment: UBS increased its price target. UBS lifted its target from $620 to $670, implying roughly 14.6% upside from the referenced price. However, the firm maintained a neutral rating, limiting the strength of the bullish signal. UBS Raises IDEXX Price Target Neutral Sentiment: Investor focus has shifted to execution and valuation. IDEXX’s strong earnings and outlook are already driving significant attention, so investors may be weighing the company’s growth prospects against its elevated valuation and UBS’s neutral stance. IDEXX Earnings Call Highlights Wall Street Analyst Weigh In A number of research analysts have issued reports on IDXX shares. Citigroup boosted their price target on 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. Wall Street Zen downgraded shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. 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 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 company currently has a consensus rating of “Moderate Buy” and a consensus target price of $756.00.
Check Out Our Latest Analysis on IDXX
IDEXX Laboratories Stock Performance NASDAQ:IDXX opened at $584.78 on Thursday. The company has a 50-day moving average of $558.83 and a 200-day moving average of $586.67. The firm has a market cap of $46.13 billion, a price-to-earnings ratio of 41.12, a price-to-earnings-growth ratio of 3.21 and a beta of 1.54. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. IDEXX Laboratories, Inc. has a twelve month low of $518.55 and a twelve month high of $769.98.
IDEXX Laboratories (NASDAQ:IDXX – Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $4.27 EPS for the quarter, topping analysts’ consensus estimates of $3.94 by $0.33. IDEXX Laboratories had a net margin of 25.03% and a return on equity of 71.96%. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the previous year, the firm earned $3.50 EPS. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. IDEXX Laboratories has set its FY 2026 guidance at 14.690-14.940 EPS. Analysts forecast that IDEXX Laboratories, Inc. will post 14.74 earnings per share for the current fiscal 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.
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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.
Revenue: Increased approximately 10% as reported and 9% organically.CAG Diagnostics Recurring Revenue: Grew 10.3% organically, with double-digit gains in both t
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.
Companion Animal Diagnostics Fuel GrowthThe company reported second-quarter earnings of $4.27 per share, beating the analyst consensus estimate of $3.96.
Revenue increased 10% year over year to $1.217 billion, or 9% on an organic basis, exceeding the Street estimate of $1.201 billion.
Companion Animal Group revenue rose 9% to $1.118 billion, driven by an 11% increase in recurring diagnostics revenue, or 10% on an organic basis.
Water segment revenue climbed 15% to $59 million, supported by strong demand in the United States and Europe. Livestock, Poultry and Dairy revenue increased 11% to $35 million, led by growth across the Americas.
“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,” President and CEO Mike Erickson said.
Company Raises 2026 Profit OutlookIDEXX raised its fiscal 2026 earnings guidance to a range of $14.69 to $14.94 per share from its prior forecast of $14.45 to $14.90. The new outlook is above the Wall Street consensus estimate of $14.67.
The company also narrowed its 2026 revenue guidance to a range of $4.70 billion to $4.745 billion, from its previous forecast of $4.675 billion to $4.76 billion. The updated range compares with analysts’ estimate of $4.711 billion.
Management said the revised outlook reflects continued strength in recurring Companion Animal Diagnostics revenue, improved commercial execution and expectations for higher operating margin expansion and earnings growth.
Analysts Remain Constructive Despite Soft Vet VisitsIDEXX placed more than 5,200 premium diagnostic instruments during the quarter, including about 1,600 InVue Dx analyzers, keeping the company on pace to meet its full-year placement target of 5,500 units.
U.S. same-store clinical visits declined 1.3% during the quarter. On the earnings call, management said pressure on wellness visits remained the primary headwind, while non-wellness visits posted modest growth.
William Blair analyst Ryan Daniels said second-quarter results were in line with expectations despite continued weakness in veterinary visits and soft consumer sentiment.
He added that, although an industrywide recovery in patient volumes has yet to emerge, the company’s 2026 organic growth outlook appears achievable, with several potential growth catalysts in the second half of the year, including expanded Cancer Dx offerings, additional capabilities for the inVue Dx platform and growing demand for non-wellness care from an aging U.S. pet population.
Daniels also said IDEXX maintains a strong competitive position, citing industry-leading customer satisfaction and the potential for another product launch.
IDXX Price Action: IDEXX Laboratories shares were up 3.34% at $586.79 at the time of publication on Tuesday, according to Benzinga Pro data.
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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.
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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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IDEXX Laboratories, Inc. (IDXX) Q2 2026 Earnings Call August 4, 2026 8:30 AM EDT
Company Participants
Andrew Emerson - Executive VP, CFO & Treasurer
Michael Erickson - CEO, President & Director
Conference Call Participants
Erin Wilson Wright - Morgan Stanley, Research Division
Christopher Schott - JPMorgan Chase & Co, Research Division
Jonathan Block - Stifel, Nicolaus & Company, Incorporated, Research Division
Ryan Daniels - William Blair & Company L.L.C., Research Division
Daniel Christopher Clark - Leerink Partners LLC, Research Division
Michael Ryskin - BofA Securities, Research Division
Daniel Grosslight - Citigroup Inc., Research Division
Presentation
Operator
Good morning, and welcome to the IDEXX Laboratories Second Quarter 2026 Earnings Conference Call. As a reminder, today's conference is being recorded. Participating in the call this morning are Mike Erickson, President and Chief Executive Officer; Andrew Emerson, Chief Financial Officer; and John Ravis, Vice President, Investor Relations.
IDEXX would like to preface the discussion today with a caution regarding forward-looking statements. Listeners are reminded that our discussion during the call will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. Additional information regarding these risks and uncertainties is available under the forward-looking statements notice in our press release issued this morning as well as in our periodic filings with the Securities and Exchange Commission, which can be obtained from the SEC or by visiting the Investor Relations section of our website, idexx.com.
During this call, we will be discussing certain financial measures not prepared in accordance with Generally Accepted Accounting Principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is provided in our earnings release, which may also be found by visiting the Investor Relations section of our website.
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%.
Idexx Laboratories (IDXX - Free Report) came out with quarterly earnings of $4.27 per share, beating the Zacks Consensus Estimate of $3.95 per share. This compares to earnings of $3.63 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +8.10%. A quarter ago, it was expected that this Animal diagnostic and health care company would post earnings of $3.42 per share when it actually produced earnings of $3.47, delivering a surprise of +1.46%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Idexx, which belongs to the Zacks Medical - Instruments industry, posted revenues of $1.22 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.28%. This compares to year-ago revenues of $1.11 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Idexx shares have lost about 16.1% since the beginning of the year versus the S&P 500's gain of 11%.
What's Next for Idexx?While Idexx has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Idexx was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.79 on $1.19 billion in revenues for the coming quarter and $14.68 on $4.72 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Instruments is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Delcath Systems, Inc. (DCTH - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This company is expected to post quarterly loss of $0.16 per share in its upcoming report, which represents a year-over-year change of -328.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Delcath Systems, Inc.'s revenues are expected to be $25.14 million, up 4.1% from the year-ago quarter.
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.
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
Wall Street analysts expect Idexx Laboratories (IDXX - Free Report) to post quarterly earnings of $3.95 per share in its upcoming report, which indicates a year-over-year increase of 8.8%. Revenues are expected to be $1.2 billion, up 8.3% from the year-ago quarter.
The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
In light of this perspective, let's dive into the average estimates of certain Idexx metrics that are commonly tracked and forecasted by Wall Street analysts.
The consensus estimate for 'Revenue- Companion Animal Group (CAG)' stands at $1.11 billion. The estimate suggests a change of +8.4% year over year.
The average prediction of analysts places 'Revenue- Other' at $4.26 million. The estimate indicates a year-over-year change of +0.2%.
According to the collective judgment of analysts, 'Revenue- Livestock and poultry diagnostics (LPD)' should come in at $33.57 million. The estimate points to a change of +5.7% from the year-ago quarter.
Analysts' assessment points toward 'Revenue- Water' reaching $54.33 million. The estimate indicates a change of +6.5% from the prior-year quarter.
Analysts expect 'Revenue- Companion Animal Group (CAG)- United States' to come in at $735.21 million. The estimate suggests a change of +7.4% year over year.
It is projected by analysts that the 'Revenue- Companion Animal Group (CAG)- International' will reach $377.49 million. The estimate suggests a change of +11.7% year over year.
Based on the collective assessment of analysts, 'Revenue- LPD- International' should arrive at $27.47 million. The estimate points to a change of +5.7% from the year-ago quarter.
Analysts forecast 'Revenue- Water- International' to reach $27.06 million. The estimate points to a change of +8.6% from the year-ago quarter.
Analysts predict that the 'Revenue- LPD- United States' will reach $6.34 million. The estimate points to a change of +9.9% from the year-ago quarter.
The collective assessment of analysts points to an estimated 'Percent of Revenue- Gross Profit - CAG' of 63.2%. The estimate is in contrast to the year-ago figure of 62.8%.
The consensus among analysts is that 'Percent of Revenue- Gross Profit - LPD' will reach 48.0%. Compared to the current estimate, the company reported 47.0% in the same quarter of the previous year.
The combined assessment of analysts suggests that 'Percent of Revenue- Gross Profit - Water' will likely reach 69.5%. The estimate compares to the year-ago value of 69.6%.
View all Key Company Metrics for Idexx here>>>
Over the past month, Idexx shares have recorded returns of +0.2% versus the Zacks S&P 500 composite's -0.5% change. Based on its Zacks Rank #3 (Hold), IDXX will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
American Capital Management Inc. reduced its holdings in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report) by 8.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,056 shares of the company’s stock after selling 15,689 shares during the period. IDEXX Laboratories accounts for about 5.0% of American Capital Management Inc.’s investment portfolio, making the stock its 4th largest holding. American Capital Management Inc. owned about 0.21% of IDEXX Laboratories worth $93,305,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the business. SHP Wealth Management bought a new position in IDEXX Laboratories in the 4th quarter worth about $26,000. Virtus Advisers LLC bought a new stake in IDEXX Laboratories during the 3rd quarter valued at about $26,000. Mowery & Schoenfeld Wealth Management LLC raised its holdings in IDEXX Laboratories by 58.8% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 54 shares of the company’s stock worth $37,000 after buying an additional 20 shares during the last quarter. Wormser Freres Gestion raised its holdings in IDEXX Laboratories by 671.4% in the fourth quarter. Wormser Freres Gestion now owns 54 shares of the company’s stock worth $37,000 after buying an additional 47 shares during the last quarter. Finally, WealthCollab LLC bought a new position in shares of IDEXX Laboratories in the second quarter worth approximately $30,000. Institutional investors own 87.84% of the company’s stock.
Analyst Ratings Changes Several research firms recently issued reports on IDXX. Wall Street Zen cut IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Stifel Nicolaus decreased their price target on IDEXX Laboratories from $775.00 to $675.00 and set a “buy” rating for the company in a research note on Tuesday, March 31st. Weiss Ratings downgraded IDEXX Laboratories from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 14th. Citigroup assumed coverage on IDEXX Laboratories in a report on Wednesday, April 15th. They set a “neutral” rating and a $650.00 price target on the stock. Finally, UBS Group dropped their price objective on IDEXX Laboratories from $640.00 to $620.00 and set a “neutral” rating on the stock in a research report on Monday. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, IDEXX Laboratories has an average rating of “Moderate Buy” and an average price target of $749.00.
View Our Latest Stock Analysis on IDEXX Laboratories
IDEXX Laboratories Price Performance Shares of IDXX opened at $556.20 on Tuesday. The firm has a market cap of $43.87 billion, a PE ratio of 40.96, a P/E/G ratio of 2.98 and a beta of 1.55. The company has a current ratio of 1.12, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. The firm has a fifty day simple moving average of $556.48 and a two-hundred day simple moving average of $593.74. IDEXX Laboratories, Inc. has a 1-year low of $518.55 and a 1-year high of $769.98.
IDEXX Laboratories (NASDAQ:IDXX – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $3.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.06. IDEXX Laboratories had a return on equity of 70.87% and a net margin of 24.63%.The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the company posted $2.91 EPS. The business’s quarterly revenue was up 14.3% compared to the same quarter last year. IDEXX Laboratories has set its FY 2026 guidance at 14.450-14.900 EPS. On average, equities analysts anticipate that IDEXX Laboratories, Inc. will post 14.68 EPS for the current year.
About IDEXX Laboratories (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.
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Bank of Nova Scotia lessened its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report) by 11.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 11,124 shares of the company’s stock after selling 1,383 shares during the quarter. Bank of Nova Scotia’s holdings in IDEXX Laboratories were worth $6,250,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC grew its position 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 worth $646,000 after acquiring an additional 95 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in IDEXX Laboratories during the 2nd quarter worth $265,000. Jump Financial LLC grew its position in IDEXX Laboratories by 1,006.4% during 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 in the second quarter valued at $164,000. Finally, Sei Investments Co. increased its stake in IDEXX Laboratories by 218.7% in the second 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. Hedge funds and other institutional investors own 87.84% of the company’s stock.
IDEXX Laboratories Price Performance Shares of NASDAQ IDXX opened at $556.20 on Tuesday. The company has a current ratio of 1.12, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. The company’s 50-day moving average price is $556.48 and its 200 day moving average price is $593.74. IDEXX Laboratories, Inc. has a 52 week low of $518.55 and a 52 week high of $769.98. The stock has a market cap of $43.87 billion, a price-to-earnings ratio of 40.96, a PEG ratio of 2.98 and a beta of 1.55.
IDEXX Laboratories (NASDAQ:IDXX – Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.06. IDEXX Laboratories had a return on equity of 70.87% and a net margin of 24.63%.The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the prior year, the firm earned $2.91 EPS. IDEXX Laboratories’s quarterly revenue was up 14.3% on a year-over-year basis. IDEXX Laboratories has set its FY 2026 guidance at 14.450-14.900 EPS. As a group, research analysts forecast that IDEXX Laboratories, Inc. will post 14.68 earnings per share for the current fiscal year.
Analysts Set New Price Targets A number of research firms recently issued reports on IDXX. Weiss Ratings lowered IDEXX Laboratories from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 14th. UBS Group reduced their price objective on IDEXX Laboratories from $640.00 to $620.00 and set a “neutral” rating for the company in a research note on Monday. Stifel Nicolaus decreased their price objective on IDEXX Laboratories from $775.00 to $675.00 and set a “buy” rating for the company in a research report on Tuesday, March 31st. Citigroup started coverage on IDEXX Laboratories in a report on Wednesday, April 15th. They issued a “neutral” rating and a $650.00 target price on the stock. Finally, Wall Street Zen cut IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $749.00.
View Our Latest Analysis on IDEXX Laboratories
IDEXX Laboratories Company 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.
Featured Articles Five stocks we like better than IDEXX Laboratories AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight
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« PREVIOUS HEADLINEBlue Owl Capital Inc. $OWL Stock Position Increased by Bank of Nova Scotia
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Allspring Global Investments Holdings LLC cut its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX – Free Report) by 7.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 43,198 shares of the company’s stock after selling 3,332 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.05% of IDEXX Laboratories worth $24,392,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Elyxium Wealth LLC purchased a new stake in shares of IDEXX Laboratories in the 4th quarter valued at about $3,666,459,000. J. Stern & Co. LLP grew its stake in IDEXX Laboratories by 23,694.7% in the 4th quarter. J. Stern & Co. LLP now owns 2,653,351 shares of the company’s stock worth $1,795,072,000 after buying an additional 2,642,200 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of IDEXX Laboratories by 63,503.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,444,445 shares of the company’s stock worth $977,210,000 after buying an additional 1,442,174 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of IDEXX Laboratories by 318.1% in the 4th quarter. Wellington Management Group LLP now owns 779,214 shares of the company’s stock worth $527,162,000 after buying an additional 592,834 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of IDEXX Laboratories during the 4th quarter valued at $332,265,000. 87.84% of the stock is currently owned by institutional investors.
IDEXX Laboratories Stock Down 0.6% Shares of NASDAQ:IDXX opened at $563.81 on Tuesday. The stock has a market capitalization of $44.47 billion, a P/E ratio of 41.52, a price-to-earnings-growth ratio of 3.10 and a beta of 1.55. The stock’s 50-day moving average price is $555.13 and its 200-day moving average price is $598.49. The company has a current ratio of 1.12, a quick ratio of 0.82 and a debt-to-equity ratio of 0.19. IDEXX Laboratories, Inc. has a 12-month low of $513.02 and a 12-month high of $769.98.
IDEXX Laboratories (NASDAQ:IDXX – Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $3.47 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.06. IDEXX Laboratories had a return on equity of 70.87% and a net margin of 24.63%.The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the prior year, the business posted $2.91 EPS. IDEXX Laboratories’s quarterly revenue was up 14.3% compared to the same quarter last year. IDEXX Laboratories has set its FY 2026 guidance at 14.450-14.900 EPS. On average, equities analysts anticipate that IDEXX Laboratories, Inc. will post 14.68 earnings per share for the current year.
Analyst Upgrades and Downgrades IDXX has been the subject of a number of research analyst reports. Weiss Ratings downgraded shares of IDEXX Laboratories from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 14th. Wall Street Zen lowered IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Citigroup began coverage on IDEXX Laboratories in a report on Wednesday, April 15th. They issued a “neutral” rating and a $650.00 price objective for the company. UBS Group reduced their price objective on IDEXX Laboratories from $730.00 to $640.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 28th. Finally, Stifel Nicolaus decreased their price objective on IDEXX Laboratories from $775.00 to $675.00 and set a “buy” rating on the stock in a report on Tuesday, March 31st. Six investment 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $751.00.
Get Our Latest Report on IDXX
About IDEXX Laboratories (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 The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story 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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Data centers receive sharp criticism for their high water usage, but the impact on the broader water industry and for investors is also about infrastructure bottlenecks, regulation, and emerging technologies, among other things. Utilities companies must navigate significant changes when hyperscalers enter their territory—in some cases, a new data center operator may immediately become one of the largest customers in the region. All types of water infrastructure providers, from treatment plants to pipeline operators to storage and more, face new capacity challenges.
The landscape is shifting quickly as regulation struggles to catch up with new investments and new companies, and even geographies emerge as potential winners. For investors, one of the safer ways to approach the water industry in the time of AI is via exchange-traded funds (ETFs), which may help to distribute some of the risk and provide broader access to the sector. However, not all water ETFs are the same, and investors might start their search with proven winners like the funds below.
Get PHO alerts:
A Play on Potable and Wastewater Remains Niche for NowFirst Trust Water ETF Today
FIW
First Trust Water ETF
$107.46 -0.03 (-0.03%)
As of 10:44 AM Eastern
52-Week Range$98.52▼
$116.30Dividend Yield0.72%
Assets Under Management$1.83 billion
A modified market cap-weighted fund, the First Trust Water ETF NYSEARCA: FIW has a special focus on the potable and wastewater industries. Companies in the portfolio must be of a sufficient size and must have adequate liquidity, among other factors. The result is a streamlined basket of around three dozen stocks with no single name accounting for more than about 5% of the portfolio. Despite its relatively niche approach, therefore, FIW is not as highly concentrated as investors might expect.
Potable water and wastewater may not seem like exciting areas of investment, but these spaces could become increasingly important globally as climate change, shifting populations, and other stressors put strains on existing systems. Data center usage may exacerbate or accelerate the issue.
Still, for now, FIW is a specialized fund with a fitting level of engagement among investors: it has an asset base of around $1.8 billion and modest trading volumes, on average. Because many of the holdings of this fund are in the utilities sector, which is known for dividends, the fund does pay a dividend yield of 0.72%. Still, the fund's year-to-date (YTD) performance has not matched the broader market, and given FIW's 0.50% expense ratio, this may be a dealbreaker for investors who do not anticipate water industry spending to increase.
A Generalized Water Fund, But Investors Should Watch for Diversification and FeesInvesco Water Resources ETF Today
PHO
Invesco Water Resources ETF
$68.66 -0.24 (-0.35%)
As of 11:03 AM Eastern
52-Week Range$63.54▼
$74.93Dividend Yield0.58%
Assets Under Management$1.98 billion
The Invesco Water Resources ETF NASDAQ: PHO is the largest and most heavily traded fund on this list, although its assets under management (AUM) still hover at around $2 billion, and its average trading volumes are modest compared to many funds in other areas. One reason for the appeal of PHO is that it takes a generalist approach, including many different types of water industry companies. Investors can use this for easy access to water utilities, infrastructure, equipment, materials, and many other types of firms.
That said, PHO is not the most diversified fund, with only 40 total positions in its basket of U.S. equities. This means that a handful of companies, including Ecolab Inc. NYSE: ECL and IDEXX Laboratories Inc. NASDAQ: IDXX, carry mid- to high-single-digit allocations, leaving the fund heavily exposed to a relatively small group of companies. The top 10 positions represent well over half of invested assets, making PHO susceptible to volatility in its biggest names. On top of this, the fund has a relatively high expense ratio of 0.59%, which may dissuade cost-conscious investors.
Another Broad Option, But Concentration Remains a ConcernInvesco S&P Global Water Index ETF Today
CGW
Invesco S&P Global Water Index ETF
$65.79 +0.50 (+0.77%)
As of 10:34 AM Eastern
52-Week Range$61.20▼
$68.92Dividend Yield1.50%
Assets Under Management$1.06 billion
Coming in just one basis point cheaper than PHO, with an expense ratio of 0.58%, is the Invesco S&P Global Water Index ETF NYSEARCA: CGW. This fund also has a broad approach within the water industry, including a variety of companies dealing with infrastructure, utilities, equipment, materials, and more. Its portfolio is broader than PHO's on the one hand, with 67 positions. However, the largest few stocks making up CGW's collection also have high allocations of just under 8% each, so concentration may be a determining factor for investors.
With a dividend yield of 1.52% and YTD returns better than both of the ETFs above, CGW may appeal based on its recent performance in particular. Still, like the other funds on this list, CGW is likely to be most attractive to investors expecting that shifting demand and usage trends for water will contribute to more business for companies already involved in the industry.
Should You Invest $1,000 in Invesco Water Resources ETF Right Now?Before you consider Invesco Water Resources ETF, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Invesco Water Resources ETF wasn't on the list.
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Key Takeaways ISRG is expanding AI-enabled robotic surgery with growing da Vinci, Ion and digital platform adoption. IDXX is driving growth through diagnostics, software, international expansion and strong customer retention.ALC is gaining traction from new product launches, Vision Care growth and expanding Unity platform adoption. Over the past several months, generative AI (GenAI) in the medical devices industry has moved from experimental to operational use. Applications include generating synthetic medical images, simulating disease progression, creating potential drug molecules and simulating their effects, to accelerate the long and costly drug development process.
Grand View Research estimates the global AI in the healthcare market to witness a CAGR of 38.9% from 2026 to 2033, building on a $36.67 billion valuation in 2025. Despite these positives, a few medical device giants that extensively use AI tools lagged in the first half of 2026. Their stock prices have provided negative returns during this time.
However, strong business models of these companies and their current favorable Zacks Rank indicate northward journey of stock prices in the second half. Three such companies are: Intuitive Surgical Inc. (ISRG - Free Report) , IDEXX Laboratories Inc. (IDXX - Free Report) and Alcon Inc. (ALC - Free Report) . Each of our picks currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
The chart below shows the price performance of our three picks year to date.
Image Source: Zacks Investment Research
Intuitive Surgical Inc.Intuitive Surgical is increasingly embedding AI and digital tools into its robotic ecosystem. ISRG operates in the robotic surgery market for soft tissue procedures, where adoption is supported by the shift toward minimally invasive care. The company’s platforms include the da Vinci surgical system and the Ion endoluminal system.
ISRG continues to add digital capabilities that can improve training, workflow and program management for hospitals. These efforts include software and analytics that connect systems, instruments and services and can deepen customer engagement over time.
In the first quarter of 2026, ISRG highlighted expanded adoption of its da Vinci, Ion and digital platforms, supporting continued investment in the connected ecosystem. Over time, digital features can differentiate the installed base and support incremental service and software revenues as hospitals focus on standardizing surgical programs.
Intuitive Surgical has an expected revenue and earnings growth rate of 16.5% and 16.7%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 0.1% over the last 30 days.
IDEXX Laboratories Inc.IDEXX Laboratories’ robust strategic execution is highlighted by new business gains, high customer retention levels and solid net price realization. Continued momentum in CAG Diagnostics’ recurring revenues is supported by improved net price realization.
IDXX is also advancing its innovation-driven growth strategy, including high-impact menu additions to the Catalyst platform. International expansion remains an attractive opportunity for IDEXX as it continues investing in its commercial footprint in regions where customer readiness and growth potential are strongest.
IDXX’s software solutions are further supporting growth by improving clinic workflows and encouraging greater utilization of diagnostics. Lower debt levels on the balance sheet are also encouraging.
IDEXX Laboratories has an expected revenue and earnings growth rate of 9.6% and 12.2%, respectively, for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last 60 days.
Alcon Inc.Alcon is seeing uptake from new launches across both franchises, with Unity supporting equipment momentum and PanOptix Pro and TruPlus strengthening its IOL lineup. ALC’s Vision Care growth is being led by dry eye, as Tryptyr expands payer coverage and Systane continues to gain share. Newer reusable lenses are helping offset declines in legacy products.
ALC’s growth strategy remains tied to a steady cadence of launches that can expand addressable procedures and support price and mix across both segments. Unity VCS and Unity CS are at the center of the current equipment cycle.
ALC highlighted continued momentum in the first quarter of 2026 as installations expand and surgeon feedback emphasizes workflow integration. Unity VCS was also named an Edison Award winner in 2026, which provides external validation for the platform.
Alcon has an expected revenue and earnings growth rate of 7.3% and 14%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 0.9% over the last 90 days.
Investors looking for stocks in the Medical - Instruments sector might want to consider either Alcon (ALC - Free Report) or Idexx Laboratories (IDXX - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Currently, both Alcon and Idexx Laboratories are holding a Zacks Rank of #2 (Buy). Investors should feel comfortable knowing that both of these stocks have an improving earnings outlook since the Zacks Rank favors companies that have witnessed positive analyst estimate revisions. But this is only part of the picture for value investors.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
ALC currently has a forward P/E ratio of 19.59, while IDXX has a forward P/E of 38.48. We also note that ALC has a PEG ratio of 1.70. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. IDXX currently has a PEG ratio of 3.09.
Another notable valuation metric for ALC is its P/B ratio of 1.53. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, IDXX has a P/B of 28.84.
Based on these metrics and many more, ALC holds a Value grade of B, while IDXX has a Value grade of D.
Both ALC and IDXX are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that ALC is the superior value option right now.
WESTBROOK, Maine--(BUSINESS WIRE)--IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, has scheduled the release of its 2026 second quarter financial results for Tuesday, August 4, 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 Q2 2026 Earnings Snapshot 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 on that day 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, at its corporate headquarters in Westbrook, Maine from 8:00 am to approximately 12:00 pm ET. A live webcast of the presentations will be available on www.idexx.com/investors. Advance registration for the in-person event is required; institutional investors and analysts interested in attending should contact [email protected]. Additional information on IDEXX’s Investor Day will be provided closer to the date of the event.
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 ensure the safety of milk and water across the world and maintain the health and well-being of people and livestock. IDEXX Laboratories, Inc. is a member of the S&P 500® Index. Headquartered in Maine, IDEXX employs 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.
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.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
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.
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 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 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.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
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 B, forecasting year-over-year earnings growth of 12.2% for the current fiscal year.
Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.12 to $14.68 per share. IDXX boasts an average earnings surprise of +6.1%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, IDXX should be on investors' short list.
Investors in IDEXX Laboratories, Inc. (IDXX - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Jul 17, 2026 $980 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for IDEXX Laboratories shares, but what is the fundamental picture for the company? Currently, IDEXX Laboratories is a Zacks Rank #3 (Hold) in the Medical – Instruments industry that ranks in the Bottom 33% of our Zacks Industry Rank. Over the last 60 days, the Zacks Consensus Estimate for the current quarter has moved from $3.94 per share to $3.95 in that period.
Given the way analysts feel about IDEXX Laboratories right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
On June 17, 2026, IDEXX Laboratories Inc IDXX shares fell 4.7% to $546.09. The stock's current price is within a 52-week range of $506.91 to $769.98, reflecting a significant decline in recent months.
GF Value™ verdict: Current price of $546.09 is 13.3% below GF Value™ of $629.56.GF Score™ of 96/100 indicates a strong overall performance.No insider transactions have been reported in the last 3 months, suggesting stability in management ownership. Is IDXX Overvalued or Undervalued? With a current price of $546.09 and a GF Value™ of $629.56, IDEXX Laboratories Inc appears to be undervalued by approximately 13.3%. This margin of safety could present an opportunity for investors if the company's fundamentals remain strong. The GF Valuation label of "Modestly Undervalued" reinforces the notion that the stock may be priced attractively relative to its intrinsic value. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
If the market corrects itself and recognizes IDEXX's true value, the stock could appreciate towards its GF Value™. However, investors should remain cautious and consider both broader market conditions and company-specific risks that could affect performance.
How Does IDXX's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 40.2x 50.8x Forward P/E 37.2x N/A Currently, IDEXX's P/E ratio of 40.2x is significantly below its 5-year median of 50.8x, suggesting that the stock is trading at a lower valuation compared to its historical performance. This analysis aligns with the GF Value™ verdict, indicating that the stock is undervalued based on its earnings potential.
What Does IDXX's GF Score™ Tell Us? Metric Rating GF Score™ 96 Financial Strength 7/10 Profitability 10/10 Growth 10/10 Valuation 10/10 Momentum 5/10 The GF Score™ of 96/100 indicates exceptional overall performance, particularly in the areas of Profitability, Growth, and Valuation, all rated at 10/10. However, the Momentum rank of 5/10 suggests that the stock's short-term price action may not be as robust, highlighting a potential area of concern amidst its strong fundamentals.
What Are Insiders Doing with IDXX Stock? In the last three months, there have been no reported insider transactions involving IDEXX Laboratories Inc. This lack of insider activity may suggest that management is confident in the company's direction and current valuation, or it could indicate a period of stability in leadership without significant changes anticipated.
What This Means for Investors Based on the GF Value™ analysis, IDEXX Laboratories Inc is currently undervalued, presenting a potential investment opportunity given its strong financials and growth prospects. However, investors should remain aware of market volatility and company-specific risks that could impact future performance.
For the complete analysis, visit the IDEXX Laboratories Inc IDXX stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is IDXX's GF Score™?
IDEXX's GF Score™ is 96/100, indicating a strong overall performance based on key financial metrics.
Is IDXX overvalued or undervalued?
IDEXX is currently undervalued, with a GF Value™ of $629.56 compared to its market price of $546.09.
What is IDXX's P/E ratio?
IDEXX's P/E ratio is 40.2x, which is significantly below its 5-year median of 50.8x, indicating a more attractive valuation compared to its historical levels.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Quarterly financial reports play a vital role on Wall Street, as they help investors see how a company has performed and what might be coming down the road in the near-term. And out of all of the metrics and results to consider, earnings is one of the most important.
We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises.
Hunting for 'earnings whispers' or companies poised to beat their quarterly earnings estimates is a somewhat common practice. But that doesn't make it easy. One way that has been proven to work is by using the Zacks Earnings ESP tool.
The Zacks Earnings ESP, ExplainedThe Zacks Expected Surprise Prediction, or ESP, works by locking in on the most up-to-date analyst earnings revisions because they can be more accurate than estimates from weeks or even months before the actual release date. The thinking is pretty straightforward: analysts who provide earnings estimates closer to the report are likely to have more information.
The core of the ESP model is comparing the Most Accurate Estimate to the Zacks Consensus Estimate, where the resulting percentage difference between the two equals the Expected Surprise Prediction. The Zacks Rank is also factored into the ESP metric to better help find companies that appear poised to top their next bottom-line consensus estimate, which will hopefully help lift the stock price.
In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.
Stocks with a ranking of #3 (Hold), or 60% of all stocks covered by the Zacks Rank, are expected to perform in-line with the broader market. Stocks with rankings of #2 (Buy) and #1 (Strong Buy), or the top 15% and top 5% of stocks, respectively, should outperform the market; Strong Buy stocks should outperform more than any other rank.
Should You Consider Idexx Laboratories?The final step today is to look at a stock that meets our ESP qualifications. Idexx Laboratories (IDXX - Free Report) earns a #3 (Hold) five days from its next quarterly earnings release on May 5, 2026, and its Most Accurate Estimate comes in at $3.45 a share.
By taking the percentage difference between the $3.45 Most Accurate Estimate and the $3.42 Zacks Consensus Estimate, Idexx Laboratories has an Earnings ESP of +0.77%. Investors should also know that IDXX is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
IDXX is one of just a large database of Medical stocks with positive ESPs. Another solid-looking stock is HCA Healthcare (HCA - Free Report) .
HCA Healthcare is a Zacks Rank #3 (Hold) stock, and is getting ready to report earnings on July 24, 2026. HCA's Most Accurate Estimate sits at $7.39 a share 85 days from its next earnings release.
The Zacks Consensus Estimate for HCA Healthcare is $7.38, and when you take the percentage difference between that number and its Most Accurate Estimate, you get the Earnings ESP figure of +0.10%.
IDXX and HCA's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
Key Takeaways IDEXX is set to report Q1 2026 results on May 5, with revenues and EPS expected to rise double digits.IDXX's CAG growth is driven by diagnostics demand, recurring revenues, and global expansion. IDEXX sees gains in Water and LPD segments, supported by volume growth and strong regional performance. IDEXX Laboratories, Inc. (IDXX - Free Report) is set to release first-quarter 2026 results on May 5, before the opening bell.
In the last reported quarter, the company posted adjusted earnings per share (EPS) of $3.08, which surpassed the Zacks Consensus Estimate by 5.12%. IDEXX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 6.11%.
IDEXX’s Q1 EstimatesThe Zacks Consensus Estimate for first-quarter revenues is pegged at $1.12 billion, indicating an increase of 11.9% from the year-ago figure.
The Zacks Consensus Estimate for EPS is pinned at $3.42, implying a rise of 15.5% from the year-ago figure.
Estimate Revision Trend Ahead of IDEXX’s Q1 EarningsEstimates for first-quarter earnings have moved south 0.6% in the past 30 days.
Here’s a brief snapshot of the pet healthcare innovator’s performance leading up to the announcement.
Key Drivers of IDEXX’s Q1 PerformanceCompanion Animal Group (“CAG”)
The business is likely to have sustained its momentum in the first quarter of 2026, supported by continued volume growth and average global net price improvement. CAG Diagnostics' recurring revenues are expected to have been a key driver of this performance, with robust gains across both the U.S. and international regions.
IDEXX VetLab consumables might have benefited from global premium instrument installed base, reflecting solid advancement across the Catalyst, premium hematology, SediVue and inVue Dx platforms.
Global Reference Lab revenues are likely to have improved in the first quarter, supported by an expanding customer base and sustained momentum from innovative offerings, such as IDEXX Cancer Dx. Within Veterinary Software, Services and Diagnostic Imaging Systems, recurring revenue growth was likely driven by momentum from its vertical SaaS strategy, including growth in the cloud-based PIMS recurring revenues.
However, ongoing macroeconomic and sector headwinds must have continued to pressure U.S. same-store clinical visits, restricting the full extent of CAG Diagnostics’ growth. Rapid assay results might have also remained a drag, with the ongoing customer migration of pancreatic lipase testing to the Catalyst instrument platform.
In the quarter under review, IDEXX launched the ImageVue DR50 Plus Digital Imaging System, its most advanced diagnostic imaging solution for veterinary practices. We expect this development to have had a positive impact on first-quarter top-line growth. The Zacks Consensus Estimate for CAG’s business revenues implies an increase of 12.3% for the first quarter of 2026.
IDEXX Laboratories, Inc. Price and EPS SurpriseWater
The segment’s revenues are expected to have benefited from both the United States and international regions.
The Zacks Consensus Estimate for Water’s revenues implies 8.7% year-over-year growth.
Livestock, Poultry and Dairy (“LPD”)
Revenues in this division might have gained from an increase in test volumes, primarily in North America. We also expect stronger LPD performance across all regions.
The Zacks Consensus Estimate for LPD revenues indicates a 6.6% year-over-year increase.
What Our Model Says About IDXXPer our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, has a higher chance of beating estimates, which is exactly the case here, as you can see below:
Earnings ESP: IDEXX Laboratories has an Earnings ESP of +0.77%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Top MedTech PicksHere are some other medical stocks worth considering, as these too have the right combination of elements to post an earnings beat this time around:
Agenus (AGEN - Free Report) currently has an Earnings ESP of +7.69% and a Zacks Rank #1. The company is expected to release first-quarter 2026 results soon. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the trailing four quarters, AGEN delivered an average surprise of 31.42%. The Zacks Consensus Estimate for first-quarter EPS implies an increase of 289.3% from the year-ago quarter’s figure.
Encompass Health (EHC - Free Report) has an Earnings ESP of +0.17% and a Zacks Rank #2 at present. The company is slated to release first-quarter 2026 results on April 30.
EHC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 12.09%. The Zacks Consensus Estimate for EHC’s first-quarter EPS implies a rise of 10.2% from the year-ago reported figure.
The Ensign Group (ENSG - Free Report) has an Earnings ESP of +1.12% and a Zacks Rank #2 at present. The company is expected to release first-quarter 2026 results soon.
ENSG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 2.93%. The Zacks Consensus Estimate for first-quarter EPS calls for an increase of 17.8% from the year-ago quarter’s figure.
Two factors often determine stock prices in the long run: earnings and interest rates. Investors can't control the latter, but they can focus on a company's earnings results every quarter.
Life and the stock market are both about expectations, and rising above what is expected is often rewarded, while falling short can come with negative consequences. Investors might want to try to capture stronger returns by finding positive earnings surprises.
Now that we know how important earnings and earnings surprises are, it's time to show investors how to take advantage of these events to boost their returns by utilizing the Zacks Earnings ESP filter.
The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP is more formally known as the Expected Surprise Prediction, and it aims to grab the inside track on the latest analyst estimate revisions ahead of a company's report. The idea is relatively intuitive as a newer projection might be based on more complete information.
With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure. The system also utilizes our core Zacks Rank to provide a stronger system for identifying stocks that might beat their next quarterly earnings estimate and possibly see the stock price climb.
In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.
Most stocks, about 60%, fall into the #3 (Hold) category, and they are expected to perform in-line with the broader market. Stocks with a #2 (Buy) and #1 (Strong Buy) rating, or the top 15% and top 5% of stocks, respectively, should outperform the market, with Strong Buy stocks outperforming more than any other rank.
Should You Consider Catalyst Pharmaceutical?The final step today is to look at a stock that meets our ESP qualifications. Catalyst Pharmaceutical (CPRX - Free Report) earns a #2 (Buy) seven days from its next quarterly earnings release on May 11, 2026, and its Most Accurate Estimate comes in at $0.69 a share.
By taking the percentage difference between the $0.69 Most Accurate Estimate and the $0.64 Zacks Consensus Estimate, Catalyst Pharmaceutical has an Earnings ESP of +7.81%. Investors should also know that CPRX is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
CPRX is just one of a large group of Medical stocks with a positive ESP figure. Idexx Laboratories (IDXX - Free Report) is another qualifying stock you may want to consider.
Slated to report earnings on May 5, 2026, Idexx Laboratories holds a #3 (Hold) ranking on the Zacks Rank, and its Most Accurate Estimate is $3.45 a share one day from its next quarterly update.
For Idexx Laboratories, the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $3.42 is +0.77%.
CPRX and IDXX's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
Investors interested in Medical - Instruments stocks are likely familiar with Globus Medical (GMED - Free Report) and Idexx Laboratories (IDXX - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Globus Medical and Idexx Laboratories are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that GMED is likely seeing its earnings outlook improve to a greater extent. However, value investors will care about much more than just this.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
GMED currently has a forward P/E ratio of 20.49, while IDXX has a forward P/E of 39.03. We also note that GMED has a PEG ratio of 2.13. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. IDXX currently has a PEG ratio of 3.45.
Another notable valuation metric for GMED is its P/B ratio of 2.7. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, IDXX has a P/B of 28.23.
Based on these metrics and many more, GMED holds a Value grade of B, while IDXX has a Value grade of D.
GMED is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that GMED is likely the superior value option right now.
WESTBROOK, Maine--(BUSINESS WIRE)--IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced first quarter results.
First Quarter Results
The Company reports revenues of $1,141 million for the first quarter of 2026, an increase of 14% as reported and 11% organic, driven by Companion Animal Group ("CAG") growth of 15% as reported and 12% organic.
First quarter earnings per diluted share (“EPS”) were $3.47, an increase of 17% as reported and 15% on a comparable basis. First quarter EPS included a $0.05 per share impact from a loss on an equity investment, $0.09 per share in tax benefits from share-based compensation, and $0.14 per share benefit from currency changes.
“Excellent commercial execution delivered exceptional first quarter results and positions IDEXX for continued strength through 2026,” said Jay Mazelsky, President and Chief Executive Officer. “IDEXX Cancer Dx™ platform momentum continues to build with the recent International launch and growing adoption in the U.S., and our IDEXX inVue Dx™ roll-out further advances our innovation-driven growth strategy. Initial customer response to the controlled launch of IDEXX inVue Dx FNA has been very encouraging and supports broadening access over the remainder of the year. As I transition from the CEO role, IDEXX remains well-positioned for continued success, and I look forward to continuing to work with Mike Erickson to drive long-term sustained growth in the business.”
First Quarter Performance Highlights
Companion Animal Group (“CAG”)
CAG revenue growth was led by CAG Diagnostics recurring revenue growth of 14% as reported and 11% organic, including 21% reported and 12% organic gains in International regions, and 11% reported and organic growth in the U.S., outpacing sector growth levels. U.S. growth was aided by a modest easing of clinical visit pressures and increased diagnostic frequency.
Additional U.S. companion animal practice key metrics are available in the Q1 2026 Earnings Snapshot accessible on the IDEXX website, www.idexx.com/investors.
Sustained commercial execution - including net customer gains, solid volume gains, benefits from IDEXX innovation, and expansion of the premium instrument installed base - drove double-digit CAG Diagnostics recurring revenue growth.
IDEXX VetLab™ consumables generated 20% reported and 15% organic revenue growth, supported by testing utilization gains, including increasing benefit from recent product launches, 12% growth in IDEXX's global premium instrument installed base, and net price gains. Reference laboratory diagnostic and consulting services generated 12% reported and 10% organic revenue growth, with benefits from higher testing volumes and net new customer gains. Rapid assay products revenues increased 1% as reported and were flat on an organic basis, driven by net price benefits with volume continuing to be impacted from the growing adoption of the Catalyst™ Pancreatic Lipase Test, which continues to shift some testing across modalities. CAG Diagnostics capital instrument revenues expanded 33% as reported and 28% on an organic basis, led by strong quarterly instrument placements, including benefits from 1,100 IDEXX inVue Dx placements.
Veterinary software, services and diagnostic imaging systems revenues grew 12% on a reported and 11% on an organic basis for the quarter, led by cloud-native software growth and continued installed base expansion, including record diagnostic imaging system installations.
Water
Water revenues grew 11% as reported and 7% organic for the quarter, reflecting solid organic growth in the U.S. and Latin America.
Livestock, Poultry and Dairy (“LPD”)
LPD revenues increased 14% as reported and 7% organic for the quarter, led by strong growth across core product categories.
Gross Profit and Operating Profit
Gross profit increased 16% as reported and 13% on a comparable basis. Gross margin of 63.4% increased 90 basis points as reported and comparable, supported by strong recurring revenue volume gains, operational productivity initiatives, and net price realization, which was offset by inflationary impacts and investments.
Operating margin was 31.8% for the quarter, higher than the prior year period by 10 basis points as reported and by 100 basis points on a comparable basis. Operating margin results reflect a 17% operating expense increase as reported and 11% growth on a comparable basis, including a $5 million loss on an equity investment in the current period and lapping a ~$9 million prior year benefit from a discrete expense accrual adjustment related to a concluded litigation matter. Operating expense growth was driven by investments in commercial capabilities, higher R&D spend related to advancing the Company's innovation agenda, further investment in the Veterinary Software and Services business, and higher employee benefit and incentive costs.
2026 Growth and Financial Performance Outlook
The Company is updating its full year revenue growth guidance range to $4,675 million - $4,760 million, or reported growth of 8.6% - 10.6%, an increase of $42 million at midpoint. This reflects a positive adjustment of ~1% at midpoint to full year estimates for reported revenue growth, reflecting strong CAG Diagnostics recurring revenue performance and outlook for modestly improving clinical visit trends. The Company is increasing its outlook for organic revenue growth to 7.7% - 9.7%, an increase of 0.7% at midpoint, reflecting the operational benefits highlighted above.
The Company increased its full year reported operating margin outlook to 32.1% - 32.5%, bringing the projected full year operating profit margin expansion to 50 - 90 basis points as reported and on a comparable basis. This outlook benefits from strong first quarter operating performance, while advancing strategic investment priorities.
The Company updated its EPS outlook range to $14.45 - $14.90, reflecting increased reported growth of 11% - 14% and 11% - 15% comparable growth. At midpoint this reflects benefits of $0.13 per share from operational performance and $0.05 from updated estimates for foreign exchange impacts, offset by $0.05 impact from a loss on an equity investment.
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
$4,675
-
$4,760
$4,632
-
$4,720
Reported growth
8.6%
-
10.6%
7.6%
-
9.6%
Organic growth
7.7%
-
9.7%
7.0%
-
9.0%
CAG Diagnostics Recurring Revenue Growth
Reported growth
9.6%
-
11.6%
8.6%
-
10.6%
Organic growth
8.7%
-
10.7%
8.0%
-
10.0%
Operating Margin
32.1%
-
32.5%
32.0%
-
32.5%
Operating margin expansion
50 bps
-
90 bps
40 bps
-
90 bps
Comparable margin expansion
50 bps
-
90 bps
30 bps
-
80 bps
EPS
$14.45
-
$14.90
$14.29
-
$14.80
Reported growth
11%
-
14%
9%
-
13%
Comparable growth
11%
-
15%
10%
-
14%
Other Key Metrics
Net interest expense
~ $34
~ $34
Share-based compensation tax benefit
~ $15
~ $15
Share-based compensation tax rate benefit
~ 1.0%
~ 1.0%
Effective tax rate
~ 21.4%
~ 21.3%
Share-based compensation EPS impact
~ $0.19
~ $0.19
Reduction in average shares outstanding
1%
-
2%
1%
-
2%
Operating Cash Flow (% of Net Income)
105%
-
115%
105%
-
115%
Free Cash Flow (% of Net Income)
85%
-
95%
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.
IDEXX Laboratories, Inc. will host a conference call today at 8:30 a.m. (ET) to discuss its first 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 492760.
2026 Annual Meeting of Shareholders
IDEXX Laboratories, Inc. will hold its 2026 Annual Meeting of Shareholders (the “2026 Annual Meeting”) on Tuesday, May 12, 2026 at 10:00 a.m. (ET). The 2026 Annual Meeting will be a virtual meeting via a live audio webcast at www.virtualshareholdermeeting.com/IDXX2026. The online pre-meeting forum can be accessed before the 2026 Annual Meeting at www.proxyvote.com. At this online pre-meeting forum, you can submit questions in writing in advance of the 2026 Annual Meeting, vote, view the Rules of Conduct and Procedures relating to the 2026 Annual Meeting and access copies of the Company's proxy materials and annual report.
Shareholders as of the close of business on March 16, 2026 are entitled to attend the 2026 Annual Meeting, vote their shares electronically and submit questions before and during the live audio webcast. As part of the 2026 Annual Meeting, the Company will answer the questions submitted by our shareholders during a live Q&A session, as time permits. The Company will publish the answer to each question, including those which we are unable to address during the meeting due to time constraints during the 2026 Annual Meeting, on the Company’s Investor Relations website as soon as practicable after the meeting. An archived replay will be available at www.virtualshareholdermeeting.com/IDXX2026 after the conclusion of the 2026 Annual Meeting. Further information on the 2026 Annual Meeting can be found in the Company’s proxy materials.
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 ensure the safety of milk and water across the world and maintain the health and well-being of people and livestock. IDEXX Laboratories, Inc. is a member of the S&P 500™ Index. Headquartered in Maine, IDEXX employs 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 (including instrument revenue growth in 2026) and EPS outlooks; operating and free cash flow forecast; projected impact of foreign currency exchange rates and interest rates; projected operating margins and expenses and capital expenditures; projected tax, tax rate and EPS benefits from share-based compensation arrangements; projected effective tax rates, reduction of average shares outstanding and net interest expense; projected impact of tariffs; trends and other factors impacting the pet healthcare industry, including U.S. clinical visits; IDEXX inVue Dx analyzer placements; future IDEXX Cancer Dx testing panel addition; rollout of Fine Needle Aspiration to the IDEXX inVue Dx analyzer and future commercial and menu expansions; and future advancements in artificial intelligence. 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 quarter ended March 31, 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 first quarter 2026 results as follows: increased gross profit growth by 3.3%, no impact to gross margin expansion, increased operating expense growth by 2.0%, increased operating profit growth by 4.5%, increased operating profit margin growth by 40 basis points, and increased EPS growth by 4.6%. Constant currency revenue growth represents the percentage change in revenue during the applicable period, as compared to the prior year period, excluding the impact of changes in foreign currency exchange rates. See the supplementary analysis of results below for revenue percentage change from currency for the three months ended March 31, 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 percent change in revenue, as compared to the same period for the prior year, net of the impact of changes in foreign currency exchange rates, certain business acquisitions, and divestitures. Management believes that reporting organic revenue growth provides useful information to investors by facilitating easier comparisons of our revenue performance with prior and future periods and to the performance of our peers. Organic revenue growth should be considered in addition to, and not as a replacement of or a superior measure to, revenue growth reported in accordance with GAAP. See the supplementary analysis of results below for a reconciliation of reported revenue growth to organic revenue growth for the three months ended March 31, 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. Projected second quarter 2026 organic revenue growth for the Company and CAG Diagnostics recurring revenue each reflects adjustment to projected second quarter 2026 organic revenue growth for the Company and CAG Diagnostics recurring revenue, as applicable, for a positive ~60 basis point impact from year-over-year foreign currency exchange rate changes at noted exchange rates; no impact to either of these projected growth measures is expected from acquisitions.
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.” In a business combination, if substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, we do not consider these assets to be a business. A typical acquisition that we do not consider a business is a customer list asset acquisition, which does not have all elements necessary to operate a business, such as employees or infrastructure. We believe the efforts required to convert and retain these acquired customers are similar in nature to our existing customer base and therefore are included in organic revenue growth.
Comparable growth metrics - Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) are non-GAAP financial measures and exclude the impact of changes in foreign currency exchange rates and non-recurring or unusual items (if any). Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. Management believes that reporting comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) provides useful information to investors because it enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding key metrics used by management. Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) should be considered in addition to, and not as replacements of or superior measures to, gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain reported in accordance with GAAP.
The reconciliation of these non-GAAP financial measures is as follows:
Three Months Ended
Year-over-Year
March 31,
March 31,
Change
Dollar amounts in thousands
2026
2025
Gross profit and growth (as reported)
$
722,739
$
623,379
16
%
Gross margin and margin gain
63.4
%
62.4
%
90 bps
Less: comparability adjustments
Change from currency
20,471
—
Comparable gross profit and growth
$
702,268
$
623,379
13
%
Comparable gross margin and margin gain
63.3
%
62.4
%
90 bps
Operating expenses and growth (as reported)
$
360,153
$
306,845
17
%
Less: comparability adjustments
Change from currency
6,270
—
Loss on equity investment
5,000
—
Now-concluded litigation matter
—
(8,600
)
Comparable operating expense and growth
$
348,883
$
315,445
11
%
Operating profit and growth (as reported)
$
362,586
$
316,534
15
%
Operating margin and margin gain
31.8
%
31.7
%
10 bps
Less: comparability adjustments
Change from currency
14,201
—
Loss on equity investment
(5,000
)
—
Now-concluded litigation matter
—
8,600
Comparable operating profit and growth
$
353,385
$
307,934
15
%
Comparable operating margin and margin gain
31.8
%
30.8
%
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 $5 million unfavorable impact of loss on an equity investment; and (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 positive impact of the approximately $9 million discrete litigation expense accrual adjustment in the first quarter of 2025.
Projected second quarter 2026 comparable operating margin expansion reflects adjustment to projected second quarter 2026 operating margin expansion for a positive ~10 basis point impact from year-over-year foreign currency exchange rate changes at noted exchange rates.
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 and second quarter 2026 operating margin expansion) to comparable gross profit growth, comparable gross margin gain, comparable operating expense growth, comparable operating profit growth and comparable operating margin gain for the Company.
Comparable EPS growth - Comparable EPS growth is a non-GAAP financial measure that represents the percentage change in earnings per share (diluted) ("EPS") for a measurement period, as compared to the prior base period, net of the impact of changes in foreign currency exchange rates from the prior base period and excluding the tax benefits of share-based compensation activity under ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, and non-recurring or unusual items (if any). Management believes comparable EPS growth is a more useful way to measure the Company’s business performance than EPS growth because it enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding a key metric used by management. Comparable EPS growth should be considered in addition to, and not as a replacement of or a superior measure to, EPS growth reported in accordance with GAAP. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts.
The reconciliation of this non-GAAP financial measure is as follows:
Three Months Ended
Year-over-Year
March 31,
March 31,
Growth
2026
2025
Earnings per share (diluted) and growth
$
3.47
$
2.96
17
%
Less: comparability adjustments
Share-based compensation activity
0.09
0.01
Loss on equity investment
(0.05
)
—
Now-concluded litigation matter
—
0.08
Change from currency
0.14
—
Comparable EPS and growth
$
3.30
$
2.87
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 $0.27 at noted exchange rates; and (ii) adjustment to projected full year 2026 reported EPS for estimated positive impact of share-based compensation activity of ~$0.19; and (iii) adjustment to projected full year 2026 EPS of $0.05 for unfavorable impact of a loss on an equity investment; and (iv) adjustment to full year 2025 reported EPS for a positive $0.08 impact from the discrete litigation expense accrual adjustment in the first 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 months ended March 31, 2026 and 2025:
Amounts in thousands
Three Months Ended March 31,
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
$
337,165
$
390
$
337,555
$
294,572
$
583
$
295,155
Water
23,643
26
23,669
20,774
43
20,817
LPD
1,262
28
1,290
80
45
125
Other
516
(444
)
72
1,108
(671
)
437
Total
$
362,586
$
—
$
362,586
$
316,534
$
—
$
316,534
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 months ended March 31, 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 March 31, 2026, we have deducted purchases of property and equipment of approximately $127 million from net cash provided from operating activities of approximately $1,210 million, divided by net income of approximately $1,095 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 March 31, 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 March 31, 2026.
IDEXX Laboratories, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations
Amounts in thousands except per share data (Unaudited)
Three Months Ended
March 31,
March 31,
2026
2025
Revenue:
Revenue
$
1,140,820
$
998,427
Expenses and Income:
Cost of revenue
418,081
375,048
Gross profit
722,739
623,379
Sales and marketing
175,250
156,223
General and administrative
119,115
91,561
Research and development
65,788
59,061
Total operating expense
360,153
306,845
Income from operations
362,586
316,534
Interest expense, net
(7,144
)
(6,450
)
Income before provision for income taxes
355,442
310,084
Provision for income taxes
76,996
67,407
Net Income:
Net income attributable to stockholders
$
278,446
$
242,677
Earnings per share: Basic
$
3.50
$
2.98
Earnings per share: Diluted
$
3.47
$
2.96
Shares outstanding: Basic
79,648
81,319
Shares outstanding: Diluted
80,162
81,922
IDEXX Laboratories, Inc. and Subsidiaries
Selected Operating Information (Unaudited)
Three Months Ended
March 31,
March 31,
2026
2025
Operating Ratios
Gross profit
63.4
%
62.4
%
(as a percentage of revenue):
Sales, marketing, general and administrative expense
25.8
%
24.8
%
Research and development expense
5.8
%
5.9
%
Income from operations1
31.8
%
31.7
%
1Amounts presented may not recalculate due to rounding.
IDEXX Laboratories, Inc. and Subsidiaries
Segment and Other Information
Amounts in thousands (Unaudited)
Three Months Ended
March 31, 2026
Percent of Revenue
March 31, 2025
Percent of Revenue
Revenue:
CAG
$
1,054,052
$
919,836
Water
50,265
45,321
LPD
32,483
28,596
Other
4,020
4,674
Total
$
1,140,820
$
998,427
Gross Profit:
CAG
$
667,509
63.3
%
$
574,823
62.5
%
Water
36,537
72.7
%
32,073
70.8
%
LPD
16,910
52.1
%
14,365
50.2
%
Other
1,783
44.4
%
2,118
45.3
%
Total
$
722,739
63.4
%
$
623,379
62.4
%
Income from Operations:
CAG
$
337,555
32.0
%
$
295,155
32.1
%
Water
23,669
47.1
%
20,817
45.9
%
LPD
1,290
4.0
%
125
0.4
%
Other
72
1.8
%
437
9.3
%
Total
$
362,586
31.8
%
$
316,534
31.7
%
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
March 31, 2026
March 31, 2025
Dollar Change
Reported Revenue Growth1
Percentage Change from
Currency
Percentage Change from Acquisitions
Organic Revenue Growth1
Net Revenue
CAG
$
1,054,052
$
919,836
$
134,216
14.6
%
3.0
%
—
11.6
%
United States
690,900
623,889
67,011
10.7
%
—
—
10.7
%
International
363,152
295,947
67,205
22.7
%
9.3
%
—
13.4
%
Water
$
50,265
$
45,321
$
4,944
10.9
%
3.8
%
—
7.1
%
United States
26,393
23,503
2,890
12.3
%
—
—
12.3
%
International
23,872
21,818
2,054
9.4
%
7.5
%
—
1.9
%
LPD
$
32,483
$
28,596
$
3,887
13.6
%
6.4
%
—
7.2
%
United States
6,384
5,788
596
10.3
%
—
—
10.3
%
International
26,099
22,808
3,291
14.4
%
7.9
%
—
6.5
%
Other
$
4,020
$
4,674
($
654
)
(14.0
%)
—
—
(14.0
%)
Total Company
$
1,140,820
$
998,427
$
142,393
14.3
%
3.1
%
—
11.2
%
United States
725,232
654,861
70,371
10.7
%
—
—
10.7
%
International
415,588
343,566
72,022
21.0
%
9.0
%
—
11.9
%
Three Months Ended
March 31, 2026
March 31, 2025
Dollar Change
Reported Revenue Growth1
Percentage Change from
Currency
Percentage Change from Acquisitions
Organic Revenue Growth1
Net CAG Revenue
CAG Diagnostics recurring revenue:
$
920,313
$
806,267
$
114,046
14.1
%
3.1
%
—
11.0
%
IDEXX VetLab consumables
412,582
344,779
67,803
19.7
%
4.2
%
—
15.4
%
Rapid assay products
84,938
84,034
904
1.1
%
1.2
%
—
(0.1
%)
Reference laboratory diagnostic and consulting services
386,179
344,406
41,773
12.1
%
2.5
%
—
9.7
%
CAG Diagnostics services and accessories
36,614
33,048
3,566
10.8
%
3.6
%
—
7.2
%
CAG Diagnostics capital – instruments
$
42,449
$
31,994
$
10,455
32.7
%
4.7
%
—
28.0
%
Veterinary software, services and diagnostic imaging systems:
$
91,290
$
81,575
$
9,715
11.9
%
1.0
%
—
10.9
%
Recurring revenue
73,536
65,793
7,743
11.8
%
1.1
%
—
10.7
%
Systems and hardware
17,754
15,782
1,972
12.5
%
0.5
%
—
12.0
%
Net CAG revenue
$
1,054,052
$
919,836
$
134,216
14.6
%
3.0
%
—
11.6
%
Three Months Ended
March 31, 2026
March 31, 2025
Dollar Change
Reported Revenue Growth1
Percentage Change from Currency
Percentage Change from Acquisitions
Organic Revenue Growth1
CAG Diagnostics recurring revenue:
$
920,313
$
806,267
$
114,046
14.1
%
3.1
%
—
11.0
%
United States
594,483
536,977
57,506
10.7
%
—
—
10.7
%
International
325,830
269,290
56,540
21.0
%
9.3
%
—
11.7
%
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)
March 31, 2026
December 31, 2025
Assets:
Current Assets:
Cash and cash equivalents
$
200,528
$
180,070
Accounts receivable, net
603,544
552,378
Inventories
382,400
377,756
Other current assets
267,603
303,623
Total current assets
1,454,075
1,413,827
Property and equipment, net
740,382
747,380
Other long-term assets, net
1,191,040
1,189,552
Total assets
$
3,385,497
$
3,350,759
Liabilities and Stockholders'
Equity:
Current Liabilities:
Accounts payable
$
129,974
$
110,408
Accrued liabilities
453,552
530,147
Line of credit
530,000
398,000
Current portion of long-term debt
149,997
74,995
Deferred revenue
36,328
35,264
Total current liabilities
1,299,851
1,148,814
Long-term debt, net of current portion
299,854
374,842
Other long-term liabilities, net
229,689
221,720
Total long-term liabilities
529,543
596,562
Total stockholders' equity
1,556,103
1,605,383
Total liabilities and stockholders' equity
$
3,385,497
$
3,350,759
IDEXX Laboratories, Inc. and Subsidiaries
Selected Balance Sheet Information (Unaudited)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Selected Balance Sheet Information:
Days sales outstanding1
46.2
46.8
46.5
44.7
45.7
Inventory turns2
1.4
1.6
1.5
1.5
1.3
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)
Three Months Ended
March 31, 2026
March 31, 2025
Operating:
Cash Flows from Operating Activities:
Net income
$
278,446
$
242,677
Non-cash adjustments to net income
77,550
55,972
Changes in assets and liabilities
(89,748
)
(60,687
)
Net cash provided by operating activities
266,248
237,962
Investing:
Cash Flows from Investing Activities:
Purchases of property and equipment
(31,984
)
(30,026
)
Acquisitions
(2,599
)
—
Proceeds from net investment hedges
1,039
416
Net cash used by investing activities
(33,544
)
(29,610
)
Financing:
Cash Flows from Financing Activities:
Borrowings under credit facility, net
132,000
69,500
Repurchases of common stock
(351,036
)
(400,890
)
Proceeds from exercises of stock options and employee stock purchase plans
18,161
7,193
Shares withheld for statutory tax withholding payments on restricted stock
(10,555
)
(6,124
)
Net cash used by financing activities
(211,430
)
(330,321
)
Net effect of changes in exchange rates on cash
(816
)
(2,327
)
Net increase (decrease) in cash and cash equivalents
20,458
(124,296
)
Cash and cash equivalents, beginning of period
180,070
288,266
Cash and cash equivalents, end of period
$
200,528
$
163,970
IDEXX Laboratories, Inc. and Subsidiaries
Free Cash Flow
Amounts in thousands (Unaudited)
Three Months Ended
March 31, 2026
March 31, 2025
Free Cash Flow:
Net cash provided by operating activities
$
266,248
$
237,962
Investing cash flows attributable to purchases of property and equipment
Idexx Laboratories (IDXX - Free Report) came out with quarterly earnings of $3.47 per share, beating the Zacks Consensus Estimate of $3.42 per share. This compares to earnings of $2.96 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +1.50%. A quarter ago, it was expected that this Animal diagnostic and health care company would post earnings of $2.93 per share when it actually produced earnings of $3.08, delivering a surprise of +5.12%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Idexx, which belongs to the Zacks Medical - Instruments industry, posted revenues of $1.14 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.10%. This compares to year-ago revenues of $998.43 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Idexx shares have lost about 16.8% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Idexx?While Idexx has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Idexx was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.94 on $1.2 billion in revenues for the coming quarter and $14.54 on $4.67 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Instruments is currently in the bottom 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Globus Medical (GMED - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.
This medical device company is expected to post quarterly earnings of $0.92 per share in its upcoming report, which represents a year-over-year change of +35.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Globus Medical's revenues are expected to be $730.32 million, up 22.1% from the year-ago quarter.
This positive momentum comes as broader market indices, including the S&P 500 and Nasdaq, are also showing gains, with the S&P 500 up by 0.76% and the Nasdaq up by 0.90%.
Diagnostics Segment Drives Growth Across RegionsThe pet healthcare company reported first-quarter earnings of $3.47 per share, beating the consensus of $3.41.
Sales reached $1.14 billion, slightly above the consensus of $1.109 billion, equivalent to an organic growth of 11%.
A modest easing of clinical visit pressures and increased diagnostic frequency aided U.S. growth.
"Excellent commercial execution delivered exceptional first quarter results and positions IDEXX for continued strength through 2026," said Jay Mazelsky, President and CEO.
Conference Call HighlightsIDEXX Laboratories Inc's operating margin improved by 100 basis points, supported by gross margin expansion and strong recurring revenue growth.
The company highlighted strategic initiatives, including the launch of FNA and the expansion of its Cancer DX platform, with positive customer feedback and increased adoption.
Management emphasized the importance of diagnostics in veterinary care and the potential for AI to enhance innovation and diagnostics utilization.
The company is optimistic about its long-term growth prospects, supported by a strong innovation pipeline and expanding global presence.
Company Raises 2026 GuidanceIDEXX Laboratories raised its fiscal 2026 earnings from $14.29-$14.80 to $14.45-$14.90 compared to the consensus of $14.53.
The company increased its 2026 sales guidance from $4.63 billion-$4.72 billion to $4.675 billion-$4.76 billion compared to the consensus of $4.678 billion.
IDXX Technical Outlook: Key Support, Resistance And MomentumCurrently, Idexx Laboratories is trading at $564.00, which places it 2.6% below its 20-day simple moving average (SMA) of $572.90 and 5.1% below its 50-day SMA of $588.05.
The stock's relative strength index (RSI) is at 45.20, indicating a neutral momentum, suggesting that the stock is neither overbought nor oversold at this time.
Key Resistance: $594.50 — a nearby level where rebounds can stall. Key Support: $548.50 — a nearby level where buyers previously stepped in. IDXX Stock Price Activity: IDEXX Laboratories shares were up 3.35% at $582 during premarket trading on Tuesday, according to Benzinga Pro data.
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