IDEXX Laboratories, Inc. Earnings Recaps
Q2 2026
Aug 6, 2026
IDEXX outpaced expectations with solid revenue growth and margin expansion, driving a 3.0% stock gain despite headwinds in U.S. clinical visits and a decline in CAG Diagnostics instrument revenues.
Key takeaways
- Q2 organic revenue grew 9%, led by 10.3% organic increase in CAG Diagnostics recurring revenues and 13% growth in Water business.
- Operating margin expanded 110 basis points, supported by gross margin gains and favorable product costs.
- EPS rose 15% on a comparable basis to $4.27, with updated full-year EPS guidance raised to $14.69–$14.94.
- U.S. same-store clinical visits declined 1.3%, primarily due to softness in wellness visits, though non-wellness visits showed modest growth.
- CAG Diagnostics instrument revenues dropped 20% organically as the company lapped prior-year launches, but instrument placements remained high quality with over 5,200 units placed.
Q1 2026
May 6, 2026
IDEXX's Q1 results delivered solid organic revenue growth and margin expansion, but the market response was muted with a +2.9% reaction, reflecting investor caution despite raised guidance and favorable fundamentals.
Key takeaways
- Total revenue grew 14% reported and 11% organically, led by Companion Animal Group (CAG) Diagnostics recurring revenues up 11% organically.
- Despite a 1% decline in U.S. same-store clinical visits, recurring revenues outpaced visits by approximately 1,100 basis points, driven by higher diagnostic utilization and net price improvements (~4%).
- Premium instrument placements surged 28% organically, including 1,100 IDEXX inVue Dx analyzers, with a 12% increase in the premium instrument installed base year-over-year.
- Operating margin expanded by 100 basis points, supported by gross margin gains, resulting in 15% comparable EPS growth to $3.47 per share.
- Full-year 2026 revenue outlook raised to $4.675 billion–$4.76 billion (8.6%–10.6% growth) and EPS guidance increased modestly to $14.45–$14.90, though the market reaction suggests investors remain cautious on the pace of recovery in clinical visits and international headwinds.
Q3 2025
Nov 5, 2025
IDEXX Laboratories reported robust Q3 2025 results with a 13% rise in revenue, bolstered by strong performance in their Companion Animal Group (CAG) business despite some headwinds from clinical visit declines.
Key takeaways
- Revenue increased to $1.080 billion, a 13% year-over-year jump, with organic growth at 12%.
- CAG Diagnostics recurring revenues grew 10% organically, driven by a significant rise in premium instrument placements, including over 1,750 InVue Dx analyzers resulting in 71% growth in instrument revenues.
- Updated full-year guidance reflects increased revenue expectations of $4.270-$4.300 billion and EPS outlook raised to $12.81-$13.01, indicating strong operational momentum despite macro challenges.