IDEXX Laboratories Inc

Latest Results (15.12.2025):

IDEXX Laboratories, Inc. reported results for the third quarter of 2025: revenue of $1,105 million (up 13% reported, 12% organic), diluted EPS of $3.40 (up 21% reported, 15% on a comparable basis), and operating margin of 32.1% (up 100 bps reported, 120 bps comparable). Management raised full‑year 2025 guidance for revenue, operating margin and EPS, citing strong CAG Diagnostics recurring revenue, increased IDEXX inVue Dx placements and continued commercial execution.

Revenue and segment growth

Q3 2025 revenue $1,105.2M (+13% reported, +12% organic). Companion Animal Group (CAG) +14% reported / +12% organic; Livestock, Poultry & Dairy (LPD) +17% reported / +14% organic; Water +8% reported / +7% organic.

EPS and margin performance

Diluted EPS $3.40 (21% reported growth). Comparable EPS was $3.22 after adjustments. Gross margin 61.8% (+70 bps) and operating margin 32.1% (+100 bps reported, +120 bps comparable), supported by productivity, pricing and higher consumables volume.

CAG diagnostics detail

CAG Diagnostics recurring revenue +11% reported / +10% organic. IDEXX VetLab consumables +18% reported / +16% organic; reference lab services +10% reported / +9% organic; rapid assay products down ~4–5% (modal shift from Catalyst Pancreatic Lipase launch); capital instrument revenue surged ~74% reported / ~71% organic.

IDEXX inVue Dx and instruments

Company highlighted over 1,700 IDEXX inVue Dx placements in the quarter, driving very strong instrument placements and contributing materially to CAG capital revenue and the raised outlook.

Updated 2025 guidance

Full‑year revenue raised to $4,270M–$4,300M (midpoint up ~$43M, ~1%). Reported revenue growth guidance 9.6%–10.3%; organic revenue growth 8.8%–9.5%. CAG Diagnostics recurring revenue (reported) 8.3%–9.0% (organic 7.5%–8.2%). Operating margin outlook 31.6%–31.8%. EPS raised to $12.81–$13.01 (midpoint +$0.33); reported EPS growth 20%–22% (comparable 12%–14%).

Cash flow and capital allocation

Free cash flow for the nine months was $730.8M; Q3 free cash flow $371.2M. Nine‑month share repurchases totaled ~2.07M shares at a cost of ~$985M (Q3 open‑market repurchases ~$241.6M). Capital expenditures guidance reduced to ~ $140M for 2025 (prior ~$160M).

Other financial notes

Q3 included tax and currency items: $0.17 per share tax benefit from share‑based compensation, $0.09 per share increased tax expense from recent U.S. tax law changes, and $0.02 per share currency benefit. Net interest expense guidance ~ $38.5M; estimated foreign exchange impacts modestly favorable to revenue and EPS in 2025.