IDEXX Laboratories

IDEXX Laboratories (IDEXX) makes diagnostic products and software for veterinarians, and tests for water, livestock, poultry and dairy. Its Companion Animal Group sells analyzers for veterinary clinics, such as IDEXX inVue Dx, and the consumables they use, rapid assay tests, reference laboratory services, and practice management and diagnostic imaging software. In Q3 2026, recurring diagnostics revenue from consumables, laboratory services and rapid tests was $967 million of total revenue of $1,214 million. The Water segment sells tests for water quality, and the Livestock, Poultry and Dairy segment sells tests for animal diseases.

Revenue was $4,304 million in 2025. The shares trade on Nasdaq. The head office is in Westbrook, Maine. Mike Erickson has been President and Chief Executive Officer since May 12, 2026.

Investors pay a high multiple of earnings for IDEXX because most of its revenue repeats. Veterinary clinics buy consumables and tests for the analyzers that they own, and they send samples to its laboratories. Recurring diagnostics revenue grew 11% in Q3 2026, and the operating margin was 33.1%.

For this price to hold, three things must be true. Clinic visits and testing per visit must keep growing, also if pet owners spend less. New analyzers, such as IDEXX inVue Dx and the next one, IDEXX MultiCue Dx, must add tests and consumables revenue.

And the operating margin must keep rising while IDEXX invests in sales, software and new products. The investor session on January 18, 2027 and the Q4 2026 report with the 2027 guidance, expected in early February 2027, are the next tests. Slower growth of recurring revenue can lower the multiple fast.

1. Nov 2, 2026Passed

   Q3 2026 results: recurring revenue growthRecurring diagnostics revenue growth of 9% or more and a raised EPS outlook pass; a lower outlook fails.Outcome: Recurring diagnostics revenue grew 11%, and IDEXX raised its 2026 EPS outlook to $14.96 to $15.16.
2. Jan 18, 2027Pending

   Investor session at VMX: IDEXX MultiCue DxClear launch plans for the IDEXX MultiCue Dx analyzer pass; a delay fails.
3. Feb 2, 2027 · est.Pending

   Q4 2026 results and the 2027 guidance2026 EPS of $14.96 or more and 2027 guidance for organic revenue growth near 9% or more pass; a lower growth outlook fails.

Every passed and failed checkpoint across all picks

• November 2, 2026IDEXX reported Q3 2026 results. Revenue rose 10% to $1,214 million, and EPS rose 18% to $4.01. It placed more than 1,900 IDEXX inVue Dx analyzers, and the installed base reached nearly 11,000. IDEXX raised its 2026 guidance to revenue of $4,741 to $4,767 million and EPS of $14.96 to $15.16, and it lowered its operating margin outlook to 32.1% to 32.3% because of acquisition costs.
• September 15, 2026IDEXX bought CoVet, a maker of AI software that helps veterinary teams with clinical notes and workflow, for about $250 million, including an estimated contingent payment of $20 million.
• August 4, 2026IDEXX reported Q2 2026 results. Revenue rose 10% to $1,217 million, and EPS rose 18% to $4.27. The IDEXX inVue Dx installed base passed 9,000 analyzers.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 2, 2026 · idxx-20260930
• 8-KEarnings releaseFiled November 2, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · idxx-20260630
• 8-KEarnings releaseFiled August 4, 2026 · Press release and exhibits
• 8-KChange to shareholder rights or bylaws and Shareholder vote resultsFiled May 15, 2026 · idxx-20260512
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 5, 2026 · idxx-20260331
• 8-KEarnings releaseFiled May 5, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled March 26, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 20, 2026 · idxx-20251231
• 8-KChange of directors or officersFiled February 13, 2026 · idxx-20260213

Every filing on SEC EDGAR (CIK 874716)

• Testing depends on clinic visits. If pet owners spend less or visit veterinarians less often, the growth of recurring diagnostics revenue can slow.
• Other companies also sell analyzers, rapid tests and laboratory services to veterinarians. Lower prices or new products from competitors can take customers from IDEXX.
• IDEXX spends large amounts on share buybacks, $815.7 million in the first nine months of 2026, and it uses its credit facility for part of this. Lower cash flow or higher interest rates can reduce buybacks and EPS growth.
• Acquisitions and new software, such as CoVet, add costs. In Q3 2026, acquisition costs lowered the 2026 operating margin outlook to 32.1% to 32.3%.
• IDEXX sells in many countries. A stronger U.S. dollar lowers revenue and EPS from other countries. In its 2026 guidance, currency adds about $0.25 to EPS.

IDEXX funds itself mainly with cash flow, a credit facility and senior notes. At September 30, 2026, cash and cash equivalents were $197.5 million. Read more

IDEXX Laboratories does not pay a dividend.

Source: company filings and market data, read on November 11, 2026.