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IDXX

IDEXX Laboratories, Inc.

IDXX

IDEXX Laboratories, Inc. • NASDAQ
$752.88 ▼ -0.41% (-3.08)
Market Cap $60.12 B
52w High $769.98
52w Low $356.14
Dividend Yield 0%
P/E 59.89
Volume 167.89K
Outstanding Shares 79.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.105B ▼ $328.508M ▲ $274.61M ▼ 24.846% ▼ $3.43 ▼ $392.053M ▼
Q2-2025 $1.109B ▲ $321.686M ▲ $293.989M ▲ 26.498% ▲ $3.66 ▲ $409.445M ▲
Q1-2025 $998.427M ▲ $306.845M ▼ $242.677M ▲ 24.306% ▲ $2.98 ▲ $351.813M ▲
Q4-2024 $954.288M ▼ $308.974M ▲ $216.149M ▼ 22.65% ▼ $2.63 ▼ $298.563M ▼
Q3-2024 $975.543M $292.146M $232.841M 23.868% $2.83 $341.999M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $208.166M ▲ $3.387B ▲ $1.826B ▼ $1.561B ▲
Q2-2025 $164.594M ▲ $3.331B ▲ $1.872B ▲ $1.459B ▲
Q1-2025 $163.97M ▼ $3.214B ▼ $1.766B ▲ $1.448B ▼
Q4-2024 $288.266M ▼ $3.293B ▼ $1.698B ▼ $1.595B ▼
Q3-2024 $308.636M $3.351B $1.733B $1.618B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $274.61M ▼ $402.34M ▲ $-44.871M ▼ $-313.31M ▼ $43.572M ▲ $371.226M ▲
Q2-2025 $293.989M ▲ $185.743M ▼ $-33.628M ▼ $-165.631M ▲ $624K ▲ $151.641M ▼
Q1-2025 $242.677M ▲ $237.962M ▼ $-29.61M ▲ $-330.321M ▼ $-124.296M ▼ $207.936M ▼
Q4-2024 $216.149M ▼ $262.025M ▲ $-39.843M ▼ $-232.782M ▲ $-20.37M ▲ $222.77M ▲
Q3-2024 $232.841M $220.079M $-27.368M $-290.979M $-92.954M $191.99M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $560.00M ▲$570.00M ▲$660.00M ▲$660.00M ▲
Service
Service
 $390.00M ▲$430.00M ▲$450.00M ▲$450.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have grown steadily over the past several years, with only a mild pause during the broader economic slowdown and then a clear re-acceleration. Profit margins are high for a healthcare equipment and services business, and they have generally improved over time, showing good cost discipline and operating leverage as the company scales. Earnings per share have risen faster than sales, which suggests solid efficiency gains and possibly some benefit from share repurchases. Overall, the income statement reflects a mature, high-quality business with consistent growth and strong profitability rather than a volatile or cyclical profile.

Balance Sheet

Balance Sheet The balance sheet looks stronger today than it did a few years ago. Total assets have grown in line with the business, and shareholder equity has increased meaningfully, which provides a thicker financial cushion. Debt levels, while not trivial, appear manageable and have been trending down from their peak, reducing financial risk over time. Cash balances move around from year to year but are generally sufficient for ongoing needs. In simple terms, the company has been gradually de-risking its capital structure while still investing for growth.

Cash Flow

Cash Flow Cash generation is a major strength. Operating cash flow has grown along with profits, and a large portion of accounting earnings is being converted into actual cash, which is a positive quality signal. After funding capital spending, the company still produces healthy free cash flow, and its investment needs are relatively modest compared to the cash it generates. This gives management flexibility to keep investing in innovation, expand capacity, and return money to shareholders, all without stretching the balance sheet.

Competitive Edge

Competitive Edge IDEXX holds a leading position in veterinary diagnostics and practice software, supported by a tightly integrated ecosystem of instruments, consumables, reference labs, and software solutions. Once a veterinary clinic adopts its platform, switching to a rival can be disruptive and costly, which creates high customer stickiness. Recurring revenues from test kits, reagents, and software subscriptions provide stability and visibility. The company also benefits from strong brand recognition, a large installed base, and network effects from aggregated diagnostic data. The main risks are increasing competition from other diagnostics providers, potential pricing pressure if pet spending softens, and reliance on continued growth in the companion animal market.

Innovation and R&D

Innovation and R&D Innovation is central to IDEXX’s strategy and is a key reason for its strong market position. The company continuously upgrades its analyzers, point‑of‑care tests, and software, with growing use of artificial intelligence to improve accuracy and speed of diagnostics. New platforms like the in-clinic cellular analyzer, expanded test menus, and client engagement tools deepen its integration into veterinary workflows and often create new recurring revenue streams. This cycle—placing more advanced instruments, then selling more consumables and software around them—is a powerful driver of long-term growth. The flip side is that IDEXX must keep investing heavily in R&D and data capabilities to stay ahead technologically and protect its moat.

Summary

IDEXX shows the hallmarks of a high-quality, niche healthcare company: consistent revenue growth, strong and improving profitability, a healthier balance sheet over time, and robust cash generation. Its competitive advantage is rooted in an integrated, “sticky” ecosystem of products and services that are deeply embedded in veterinary practices, reinforced by recurring consumable and software revenues. Heavy focus on innovation—especially AI-driven diagnostics and connected software—supports both its moat and its growth runway in pet healthcare. Key things to watch include the pace of innovation, competitive responses, and how resilient pet health spending remains through different economic cycles, since expectations for continued strong performance are an important part of the story.

NEWS

November 3, 2025 · 6:30 AM UTC

IDEXX Laboratories Announces Third Quarter Results

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October 8, 2025 · 2:00 PM UTC

IDEXX Laboratories to Release 2025 Third Quarter Financial Results

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October 7, 2025 · 7:00 AM UTC

IDEXX Laboratories Elects Karen Peacock to Board of Directors

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