IDXX
NASDAQ · Healthcare · Medical - Diagnostics & Research · US
Research · Nov 3, 2026
IDEXX (IDXX) Q3 2026 Earnings: Record inVue Dx Placements Lift Consumables
IDEXX placed 1,904 inVue Dx analyzers in Q3 2026 as VetLab consumables grew 14.6% organically; the CoVet deal trimmed its full-year operating margin outlook.
Research · Oct 30, 2026
[IDXX] IDEXX: Q3 2026 Earnings Test Diagnostics Growth as Vet Visits Fall
IDEXX grew Q2 2026 revenue 9.7% to $1.22 billion with a 35.0% operating margin; Q3 earnings test whether diagnostics can keep growing about 10% as vet visits fall.
Research · Sep 3, 2026
[IDXX] IDEXX Laboratories Thesis 2026: Veterinary Diagnostics Recurring Revenue Drives Premium Compounding
IDEXX Laboratories Inc. FY2025 revenue ~$3.9-4.1B (+5-7%) with adj. EPS ~$11.50-12.00 reflecting continued Companion Animal Group (CAG) diagnostic recurring revenue compounding + selected pricing power + selected new product launches partially offset by selected pet visit volume normalization (post-COVID pet adoption cohort). Leading global veterinary diagnostics company; founded 1983 by David Shaw; headquartered in Westbrook Maine. 3 segments: Companion Animal Group (CAG) ~91% ($3.6-3.7B) + Water ~3% + Livestock/Poultry/Dairy (LPD) ~3%. CAG dominant economic engine including diagnostic instruments + reagents + reference laboratory services + veterinary practice management software; ~$3B recurring CAG diagnostic revenue from reagent fees + sample fees per test (selected razor-blade business model: in-clinic Catalyst One + selected analyzers placed at low/no margin to drive recurring reagent revenue); ~50,000+ veterinary practice customers globally. CEO Jay Mazelsky since 2019 (succeeded Jonathan Ayers CEO 2002-2019; Mazelsky ex-IDEXX President; ~25-year IDEXX career). Mazelsky tenure executed continued recurring revenue base growth + selected pricing power 5-7%/yr + selected new product launches + selected international expansion + selected operational excellence + capital return (buybacks; no dividend). Capital return: no dividend (consistent with growth platform) + buybacks $500M-1B (~1-2%/yr share count reduction); net debt $500M-1B; A2/A investment grade. FY2026 thesis: CAG recurring revenue compounding + pricing power + new product launches + capital return. Risks: pet ownership cycle (post-COVID pet adoption cohort normalizing), veterinary practice consolidation (Mars Petcare/Banfield negotiating pricing), competitive intensity from Antech (Mars Petcare).