IDEXX Laboratories Inc

Latest Results (28.01.2026):

IDEXX Laboratories, Inc. — third quarter 2025: Revenue $1,105 million (up 13% reported, 12% organic); diluted EPS $3.40 (up 21% reported, 15% on a comparable basis); operating margin 32.1% (up 100 bps reported, 120 bps comparable). Results were driven by strong Companion Animal Group (CAG) and LPD performance, expanded instrument placements (including >1,700 IDEXX inVue Dx placements), robust free cash flow, and an upward revision to full‑year 2025 revenue and EPS guidance.

Revenue and growth

Q3 2025 revenue totaled $1,105.2M, +13% as reported and +12% organic. CAG revenue grew 14% reported / 12% organic; LPD grew 17% reported / 14% organic; Water revenue up 8% reported / 7% organic.

Profitability and margins

Gross margin was 61.8% (up 70 bps) and operating margin 32.1% (up 100 bps reported, 120 bps on a comparable basis). Operating expenses rose ~12% (10% comparable) reflecting investments in commercial resources and R&D.

Earnings per share

Diluted EPS was $3.40 for the quarter (+21% reported, +15% comparable). Q3 EPS included discrete tax and currency items (roughly +$0.02 currency, +$0.17 tax benefit from share‑based comp, and +$0.09 increased tax expense impact noted).

CAG diagnostics detail

CAG Diagnostics recurring revenue grew 11% reported / 10% organic. IDEXX VetLab consumables +18% reported / +16% organic; reference lab services +10% reported / +9% organic; rapid assay products declined ~4–5% (modal shifts after Catalyst Pancreatic Lipase launch).

Instrument placements and innovation

CAG capital instrument revenue surged 74% reported (71% organic), supported by very strong placements including over 1,700 IDEXX inVue Dx analyzers and continued growth in premium instrument installed base.

Guidance updated

Full‑year 2025 revenue guidance raised to $4,270–$4,300M (midpoint up ~$43M, ~1%). Updated outlook: reported revenue growth ~9.6%–10.3%; projected organic revenue growth 8.8%–9.5%. EPS outlook increased to $12.81–$13.01 (midpoint +$0.33 versus prior).

Cash flow and capital allocation

Free cash flow in Q3 was $371.2M and YTD free cash flow $730.8M. The company repurchased $241.7M of common stock in the quarter (YTD repurchases ~$985M) and continues share repurchase activity at a high level.

Balance sheet / liquidity

Cash and cash equivalents of $208.2M at Sept. 30, 2025; line of credit borrowings noted (credit facility net borrowings in the quarter). Net interest and capital expenditure outlooks were updated in the guidance (capex ~$140M for 2025).