olivLaw · US equity research
IDEXX Laboratories, Inc. IDXX
In Vitro & In Vivo Diagnostic Substances · SIC 2835 · Vertical: In Vitro & In Vivo Diagnostic Substances (SIC 2835)
IDEXX Laboratories is a global provider of diagnostics and software for veterinary medicine, with activity also in water and milk testing. In the second quarter of 2026 revenue rose 10% as reported and 9% organic, and 2026 revenue guidance was narrowed to 4,700-4,745 million USD. Recurring diagnostic revenue accounted for about 79% of consolidated revenue in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, IDEXX Laboratories, Inc. (IDXX) stock was 698.55 USD (+3.94% on the day), with market capitalisation 55.0 bn USD, P/E 47.1 on diluted EPS of 14.83 USD over the last 12 months, beta 0.93, 52-week range 504.70–766.68 USD. Latest reported quarter (Q3 2026): revenue of 1.2 bn USD (+9.9% YoY), net income of 317.1 m USD (+15.5% YoY), diluted EPS 4.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 79.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 467.23 – 669.78
- above the upper band · %B 1.14 · band width 35.6%
- SMA 50 / 200
- 541.78 / 572.27
- mixed trend
- MACD (12, 26, 9)
- 31.90 / 17.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +32.5% | −1.1% | +33.6 pp | — |
| 3 months | +19.5% | −0.5% | +19.9 pp | — |
| 6 months | +20.6% | +4.4% | +16.2 pp | — |
| Year to date | +3.3% | +12.3% | −9.1 pp | — |
| 1 year | −3.3% | +13.5% | −16.8 pp | −26.8% |
| 3 years | +62.7% | +76.4% | −13.7 pp | −63.5% |
| 5 years | +9.6% | +63.7% | −54.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 954.3 m | 998.4 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.2 bn |
| Cost of revenue | 383.6 m | 375.0 m | 414.7 m | 421.9 m | 432.5 m | 418.1 m | 437.5 m | 449.9 m |
| Gross profit | 570.7 m | 623.4 m | 694.7 m | 683.4 m | 658.1 m | 722.7 m | 779.1 m | 764.3 m |
| Research & development | 57.7 m | 59.1 m | 61.9 m | 63.4 m | 66.8 m | 65.8 m | 65.4 m | 68.8 m |
| Operating income | 261.7 m | 316.5 m | 373.0 m | 354.8 m | 315.6 m | 362.6 m | 425.6 m | 402.3 m |
| Depreciation & amortisation | 33.7 m | 34.1 m | 35.8 m ≈ | 36.6 m ≈ | 38.7 m | 37.7 m | 41.1 m ≈ | 40.6 m ≈ |
| Interest expense | 7.5 m | 7.7 m | 11.3 m | 10.7 m | 9.2 m | 7.7 m | 10.2 m | 7.5 m |
| Pre-tax income | 256.4 m | 310.1 m | 362.4 m | 344.8 m | 307.0 m | 355.4 m | 417.2 m | 399.3 m |
| Income tax | 40.2 m | 67.4 m | 68.4 m | 70.2 m | 58.8 m | 77.0 m | 78.8 m | 82.2 m |
| Net income | 216.1 m | 242.7 m | 294.0 m | 274.6 m | 248.2 m | 278.4 m | 338.4 m | 317.1 m |
| Diluted EPS | 2.62 ≈ | 2.96 | 3.63 | 3.40 | 3.08 ≈ | 3.47 | 4.27 | 4.01 |
| Operating cash flow | 262.0 m | 238.0 m | 185.7 m ≈ | 402.3 m ≈ | 355.8 m | 266.2 m | 347.2 m ≈ | 449.7 m ≈ |
| Capex | 29.3 m | 30.0 m | 34.1 m ≈ | 31.1 m ≈ | 29.4 m | 32.0 m | 24.6 m ≈ | 28.9 m ≈ |
| Share repurchases | 246.0 m | 400.9 m | 338.1 m ≈ | 240.2 m ≈ | 237.8 m | 351.0 m | 346.8 m ≈ | 112.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 30 percentile of its own 44-quarter history (min 35.2, median 51.3, max 76.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.4 bn | 2.7 bn | 3.2 bn | 3.4 bn | 3.7 bn | 3.9 bn | 4.3 bn |
| Revenue YoY | +12.4% | +8.8% | +12.5% | +18.8% | +4.7% | +8.7% | +6.5% | +10.4% |
| Net income | 377.0 m | 427.7 m | 581.8 m | 744.8 m | 679.1 m | 845.0 m | 887.9 m | 1.1 bn |
| Net income YoY | +43.3% | +13.4% | +36.0% | +28.0% | −8.8% | +24.4% | +5.1% | +19.3% |
| Diluted EPS | 4.26 | 4.89 | 6.71 | 8.60 | 8.03 | 10.06 | 10.67 | 13.08 |
| Diluted EPS YoY | +44.9% | +14.8% | +37.2% | +28.2% | −6.6% | +25.3% | +6.1% | +22.6% |
| net % | 17.0% | 17.8% | 21.5% | 23.2% | 20.2% | 23.1% | 22.8% | 24.6% |
| Free cash flow | 284.3 m | 304.2 m | 541.1 m | 636.0 m | 394.1 m | 772.9 m | 808.1 m | 1.1 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 180.1 m USD
- Financial debt
- 449.8 m USD
- Net debt
- 269.8 m USD
- Equity
- 1.6 bn USD
- Total assets
- 3.4 bn USD
- Debt / equity
- 0.28x
- Current ratio
- 1.23x
- ROE
- 66.2%
- ROA
- 31.9%
- FCF margin
- 24.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.7 bn | 3.2 bn | 3.4 bn | 3.7 bn | 3.9 bn | 4.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 1.1 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 1.6 bn | 1.9 bn | 2.0 bn | 2.2 bn | 2.4 bn | 2.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Research & development | 141.2 m | 161.0 m | 254.8 m | 191.0 m | 219.8 m | 251.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 694.5 m | 932.0 m | 898.8 m | 1.1 bn | 1.1 bn | 1.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 96.0 m | 104.6 m | 111.9 m | 114.9 m | 129.9 m | 145.2 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 790.5 m ≈ | 1.0 bn ≈ | 1.0 bn ≈ | 1.2 bn ≈ | 1.3 bn ≈ | 1.5 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 33.1 m | 29.8 m | 39.9 m | 41.6 m | 31.2 m | 38.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 662.0 m | 902.7 m | 860.0 m | 1.1 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 79.9 m | 157.8 m | 180.9 m | 216.1 m | 222.0 m | 264.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 581.8 m | 744.8 m | 679.1 m | 845.0 m | 887.9 m | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 6.71 | 8.60 | 8.03 | 10.06 | 10.67 | 13.08 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 86.7 m | 86.6 m | 84.6 m | 84.0 m | 83.2 m | 81.0 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 383.9 m | 144.5 m | 112.5 m | 453.9 m | 288.3 m | 180.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 331.4 m | 368.3 m | 400.6 m | 457.4 m | 473.6 m | 552.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 209.9 m | 269.0 m | 367.8 m | 380.3 m | 381.9 m | 377.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 1.1 bn | 955.7 m | 1.1 bn | 1.5 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 555.2 m | 587.7 m | 649.5 m | 702.2 m | 713.1 m | 747.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 243.3 m | 359.3 m | 361.8 m | 366.0 m | 405.1 m | 414.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 52.5 m | 99.0 m | 97.7 m | 84.5 m | 111.7 m | 109.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 2.3 bn | 2.4 bn | 2.7 bn | 3.3 bn | 3.3 bn | 3.4 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 74.6 m | 116.1 m | 110.2 m | 110.6 m | 114.2 m | 110.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 50.0 m | 75.0 m | 75.0 m | 75.0 m | 167.8 m | 75.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 858.5 m | 775.2 m | 694.4 m | 622.9 m | 449.8 m | 374.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 582.8 m | 763.6 m | 1.2 bn | 951.5 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 1.7 bn | 1.7 bn | 2.1 bn | 1.8 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 632.8 m | 690.0 m | 608.7 m | 1.5 bn | 1.6 bn † | 1.6 bn † | SEC (XBRL)· 20 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 648.1 m | 755.5 m | 543.0 m | 906.5 m | 929.0 m | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 107.0 m | 119.5 m | 148.8 m | 133.6 m | 120.9 m | 124.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 541.1 m ≈ | 636.0 m ≈ | 394.1 m ≈ | 772.9 m ≈ | 808.1 m ≈ | 1.1 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -109.4 m | -293.0 m | -195.4 m | -125.3 m | -207.1 m | -136.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -248.4 m | -697.4 m | -370.9 m | -442.0 m | -878.1 m | -1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 182.8 m | 746.8 m | 819.7 m | 71.9 m | 837.0 m | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 55.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation8
- Balance sheet86
- Quality98
- Growth86
- Returns27
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 241.11 – 440.18 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)241.11 – 368.33 (Mid 290.73)WACC 9.3% · starting FCFF 1.3 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA253.30 – 440.18 (Mid 317.40)4 companies used · median multiple 15.1x · quartiles 12.1x – 20.9xICCC, LNTH, NEOG, QDEL
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 61.4% | 100 (vs peers) | 11% |
| Net margin · Quality | 25.4% | 93 (vs peers) | 7% |
| FCF conversion · Quality | 110.3% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 8.5% | 71 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 17.7% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.1x | 100 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 43.5x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 47.1x | 0 (on a fixed band) | 11% |
| EV/EBITDA · Valuation | 33.2x | 0 (on a fixed band) | 11% |
| FCF yield · Valuation | 2.4% | 30 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.9% | 27 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet86/100 · 3/3 factors with a value
- Growth86/100 · 2/2 factors with a value
- Quality98/100 · 3/3 factors with a value
- Returns· partial27/100 · 1/2 factors with a value
- Valuation8/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IDEXX LABORATORIES INC /DE (IDXX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.3 bn USD in 2025; YoY growth 10.4%; net margin 25.4%; ROE 68.9%; net debt/EBITDA 0.1x.
The estimated value range is 247.21–404.25 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 304.06 USD, the price of 698.55 USD leaves a potential of -56.5% (value / price − 1) and a margin of safety of -129.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 61.4%
- Net margin: 25.4%
- FCF conversion: 110.3%
- Revenue CAGR 3Y: 8.5%
- EPS CAGR 3Y: 17.7%
- Net debt / EBITDA: 0.1x
- Interest coverage: 43.5x
What contradicts it
- P/E (TTM): 47.1x
- EV/EBITDA: 33.2x
- FCF yield: 2.4%
- Shareholder yield (distributions): 1.9%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
In Vitro & In Vivo Diagnostic Substances (SIC 2835) · same industry (4-digit SIC) · compared with 17 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IDXXIdexx Laboratories Inc | 55.0 bn | 47.1 | 68.9% | 25.4% | +10.4% | −3% / +63% |
| LNTHLantheus Holdings, Inc. | 6.6 bn | 24.5 | 22.2% | 17.7% | +0.5% | +72% / +41% |
| NEOGNeogen Corporation | 2.7 bn | — | -2.7% | -6.3% | −2.7% | +108% / −27% |
| TRIBTrinity Biotech PLC | 2.4 bn | — | — | -51.6% | +8.3% | −80% / −91% |
| CLDXCelldex Therapeutics, Inc. | 2.4 bn | — | -43.9% | -190,220.9% | −78.0% | +11% / −1% |
| NTLAIntellia Therapeutics, Inc. | 1.7 bn | — | -6,424.8% | -672.2% | +16.9% | +37% / −58% |
| QDELQuidelortho Corp | 984.6 m | — | -19.3% | -14.2% | −1.9% | −48% / −79% |
| ACHVAchieve Life Sciences, Inc. | 718.3 m | — | -845.0% | — | unavailable | +43% / +21% |
| MYGNMyriad Genetics, Inc. | 575.8 m | — | -32.5% | -14.0% | −1.6% | −21% / −68% |
| TKNOAlpha Teknova, Inc. | 395.7 m | — | -24.2% | -38.4% | +7.4% | +57% / +261% |
| ICCCImmuCell Corporation | 94.2 m | 138.2 | 2.6% | 2.6% | +4.3% | +114% / +128% |
| IMDXInsight Molecular Diagnostics Inc. | 86.7 m | — | — | -2,955.6% | +115.6% | −57% / −30% |
| BMRABiomerica, Inc. | 8.0 m | — | -113.8% | -115.5% | −16.2% | −27% / −77% |
| CDIOCardio Diagnostics Holdings, Inc. | 4.9 m | — | -75.4% | -44,771.8% | −57.5% | −43% / −97% |
| QCLSQ/C Technologies, Inc. | 3.2 m | — | -155.0% | — | −5.3% | −89% / −100% |
| VNRXVolitionRx Limited | 2.8 m | — | — | -1,043.1% | +40.0% | −97% / −99% |
| VRAXVirax Biolabs Group Ltd | 695.1 k | — | -109.6% | -95,739.2% | −96.0% | −88% / −98% |
| NNNNAnbio Biotechnology | — | 25.0 | 27.0% | 74.1% | +5.6% | −84% / unavailable |
1- and 3-year price returns: for IDXX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 434.56 Total return -38% · Per year -38% | 766.84 Total return 10% · Per year 10% | 1,153.12 Total return 65% · Per year 65% |
| 3 years | 456.54 Total return -35% · Per year -13% | 903.12 Total return 29% · Per year 9% | 1,486.07 Total return 113% · Per year 29% |
| 5 years | 479.62 Total return -31% · Per year -7% | 1,063.61 Total return 52% · Per year 9% | 1,915.14 Total return 174% · Per year 22% |
- Exit P/E± 225.78
- Net margin± 158.05
- Annual revenue growth± 124.92
- Annual dilution± 13.28
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
IDEXX Laboratories is a global provider of diagnostics and software for veterinary medicine, with activity also in water and milk testing. In the second quarter of 2026 revenue rose 10% as reported and 9% organic 3, and 2026 revenue guidance was narrowed to 4,700-4,745 million USD 3. Recurring diagnostic revenue accounted for about 79% of consolidated revenue in fiscal 2025 1.
SWOT
Strengths
- A high share of recurring revenue and an installed base of instruments create a durable flow of consumables and tests.
- Integration of diagnostics, cloud software and imaging offers a full solution for clinics that point competitors find hard to replicate.
- A global reference laboratory network and presence in many countries support growth and operating scale.
Weaknesses
- Reliance on single-source suppliers for proprietary components could lead to disruptions and higher costs.
- The capital instrument business is more cyclical and can decline when product launch cycles wind down.
- New and acquired laboratories may carry lower margins in their early years until they reach scale.
Opportunities
- Expanding cancer testing and AI-enabled platforms could open new sources of recurring revenue.
- Growth in international markets, particularly in faster-growing regions, could support revenue expansion.
- New imaging and software products could increase the number of clinics adopting the company's ecosystem.
Threats
- Rising competition from new entrants and cheaper products could reduce prices or pressure margins.
- Tariffs, trade policies and currency swings could affect costs and reported revenue.
- Supply chain disruptions and geopolitical instability could affect deliveries and demand.
Risks
- Intense competitionhigh
The company expects growing competition, which could limit growth and profitability if it does not sustain its technological edge.
- Sole-source suppliershigh
Proprietary components come from single sources, and a disruption could affect deliveries and the company's reputation.
- Artificial intelligencemedium
Algorithms and datasets may be flawed, and changing regulation could raise compliance costs.
- Government regulationmedium
Rules in the United States and other countries may limit or delay product sales and affect revenue.
- Currency and tariffsmedium
Exchange rates and trade policies can change revenue and margins, as the recent guidance adjustment shows.
Investment thesis
What would need to be true (bull case)
- If diagnostic use in clinics keeps rising, recurring revenue could support the company's long-term growth.
- The raised profitability outlook and new product launches could strengthen margins and cash flow.
- The integrated ecosystem of instruments, software and imaging could make it harder for clinics to switch suppliers.
What would break the thesis
- Pressure from new entrants could reduce prices and slow margin improvement.
- Dependence on single-source suppliers and complex biological components could lead to costly disruptions.
- Currency swings and tariffs could continue to weigh on reported revenue if the dollar stays strong.
What to watch
- Quarterly results and any update to 2026 revenue and EPS guidanceQ3 2026
- Trend in CAG Diagnostics recurring revenue and IDEXX VetLab consumablesQ3 2026
- Currency and tariff effects on revenue guidance and marginsnext 10-K
- Development of competitive pressure from new entrants in veterinary diagnostics2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (02 Nov 2026 · results).
The business
IDEXX Laboratories, Inc., incorporated in Delaware in 1983, develops, manufactures and distributes products and services for the companion animal veterinary, livestock, poultry and dairy, and water testing industries 1. It also manufactures point-of-care human medical diagnostic products, presented within Other 1. The portfolio includes point-of-care analyzers, reference laboratories, practice management software and veterinary imaging systems 1.
The business model relies on instruments placed at customers, followed by recurring consumables and tests over the instrument life cycle 1. Recurring revenue, especially IDEXX VetLab consumables and SNAP rapid assays, carries much higher gross margins than instrument sales, and the mix affects gross margin each period 1. The second quarter of 2026 recorded a gross margin of 64.0% and an operating margin of 35.0% 3.
The company operates primarily through three reportable segments: Companion Animal Group, Water and Livestock, Poultry and Dairy 1. Beyond these, it runs a network of reference laboratories and sells in more than 175 countries and territories 13. Headquarters are in Maine and the company employs about 11000 people 3.
Segments
Companion Animal Group (CAG)
The main segment, offering diagnostics and information management for veterinary clinics, including point-of-care analyzers, reference laboratories and practice management software 1. In the second quarter of 2026, CAG revenue grew 9% as reported and organically, while CAG Diagnostics recurring revenue grew 11% as reported 3. IDEXX VetLab consumables grew 15% as reported in the same period 3.
Market context
Trends
- Growing diagnostic use in clinicstailwind
The company argues that expanding testing with new tests and premium instruments could lift consumable use and recurring revenue 13.
- Adoption of artificial intelligencemixed
AI-enabled products such as the inVue Dx and SediVue Dx analyzers could strengthen differentiation, but AI investment is costly and may not deliver the expected effect 1.
- Currency and tariffsheadwind
A stronger dollar reduced the revenue guidance, and changes in tariffs and trade policy are treated as sources of uncertainty 32.
- Supply chain and sole-source suppliersheadwind
Many components come from sole or single sources, which could lead to disruptions and higher costs if suppliers fail to deliver 1.
Competitive position
The company refers to competitors in companion animal diagnostics, including point-of-care analyzer makers, reference laboratories and rapid test suppliers 1. Competition centers on time to result, ease of use, test menu and software integration 1. The company notes that some rivals promote lower-priced, less complete offerings 1.
In the Water segment the named counterpart in the supplied sources is Thermo Fisher Scientific, whose test kits IDEXX distributes alongside its own products 1. For the other segments the sources do not name specific competitors, so the analysis is limited to the general description of competition 1.
- Thermo Fisher ScientificTMO
Supplier of water testing kits that IDEXX distributes as a complement to its own products, and a possible competitor in the Water segment.
- Veterinary point-of-care analyzer makers
Companies selling analyzers and consumables at lower prices, described generically in the company's risk factors.
- Veterinary reference laboratories
Competing external laboratory networks offering tests and consulting services to clinics.
- New entrants in companion animal health
New players attracted by the sector's growth and returns, which the company says are intensifying competitive pressure.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- IDEXX Laboratories Highlights Diagnostic Pipeline, Reaffirms Long-Term Growth TargetsYahoo Finance — News · 20 Sept 2026 · EN
- Is IDEXX Laboratories Stock Underperforming the Dow?Yahoo Finance — News · 10 Sept 2026 · EN
- Are Wall Street Analysts Predicting IDEXX Laboratories Stock Will Climb or Sink?Yahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 20 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report15 May 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Mar 2026
- Current report26 Mar 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report20 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / IDEXX Laboratories, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / IDEXX Laboratories, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / IDEXX Laboratories, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.