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IDEXX Laboratories, Inc.
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S&P 500 Nasdaq 100
$43.9B
Market Cap
36.2
P/E
3.24
PEG
67.7%
ROCE
74.2%
ROE
0.68
D/E
32.2%
OPM
-28.1%
% from 52W High
34
α RS
🔍 IDXX is showing a multi-screen setup because it matches 11 of 39 tracked screener presets, Sector RRG has Health Care in the Leading quadrant with the trail still weakening further, and an ECS of 68.3 last quarter. The main caution: the Magic Formula preset's Backtest win rate is only 47.9%. Net: Mixed signal stack, not a recommendation. ? Conviction RRG ECS Backtest
Sources
Conviction 11/39 · Health Care in Leading quadrant · ECS 68.3 · Backtest win rate 47.9%
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Currency-adjusted total returns for IDXX including FX impact
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📈 Price History
Ratio Health
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— Good
— Average
— Poor
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About

IDEXX Laboratories, Inc. develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally. It operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy. The company offers point-of-care diagnostic solutions, blood and urine chemistry, hematology, immunoassay, urinalysis, cytology/morphology, and coagulation analyzers; and SNAP rapid assays test kits. It also provides commercial reference laboratory diagnostic and consulting services to veterinarians; veterinary consultation, telemedicine, and advisory services, including radiology, dental radiography, cardiology, internal medicine, and ultrasound consulting; Colilert, Colilert-18, and Colisure tests, which detect the presence of total coliforms and E. coli in water; Enterolert, Pseudalert, Filta-Max and Filta-Max xpress, Legiolert, Quanti-Tray products, and Tecta system instruments; UV Viewer Plus, a UV light cabinet which aids in the visual interpretation of fluorescent-based water tests; and veterinary software and services for independent veterinary clinics and corporate groups. In addition, the company offers diagnostic tests, services, and related instrumentation to manage the health status of livestock and poultry; human medical diagnostic products and services; and VetConnect PLUS, a cloud-based technology that enables veterinarians to access and analyze patients, as well as operates VetLab Station. It markets its products through marketing, customer service, sales, and technical service groups, as well as through independent distributors and other resellers. IDEXX Laboratories, Inc. was incorporated in 1983 and is headquartered in Westbrook, Maine.

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⭐ Superinvestors Holding IDXX
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 129.3K $72.6M 0.09% Mar 2026
Jim Simons Renaissance Technologies LLC 48.5K $27.3M 0.04% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$1.217B
+10% YoY reported; +9% organic
Operating Margin
35.0%
+110 bps YoY comparable; +140 bps reported
EPS
$4.27
+18% YoY reported; +15% comparable
What Went Right
  • CAG Diagnostics recurring revenue grew 10% organically, with international up ~12% and a ~1,100 bps premium to U.S. clinical visits.
  • inVue Dx momentum strong: 1,602 placements in Q2, 2,700 in H1, installed base above 9,000; FNA controlled launch broadening.
  • Operating margin expanded 110 bps comparable to 35.0%; gross margin 64.0% with +120 bps comparable; EPS $4.27.
  • Water +13% organic, LPD +9% organic, software/imaging +12% organic.
What to Watch
  • U.S. same-store clinical visits declined 1.3%, with wellness visits down 3.4% and expected 2H U.S. visits down ~1.5%.
  • CAG Diagnostics capital instrument revenue fell 20% organic on lapping inVue broad availability; rapid assay growth only +1%.
  • Full-year FX headwind of $15M and Q3 FX ~70 bps headwind; discretionary spending and muted puppy/pet adoption pressures persist.
Management Guidance
  • FY2026 revenue raised to $4.700B-$4.745B; reported growth 9.1%-10.3%, organic growth 8.5%-9.7%.
  • FY2026 CAG Diagnostics recurring revenue organic growth raised to 9.5%-10.7%; reported growth 10.1%-11.3%.
  • FY2026 EPS raised to $14.69-$14.94, or 13%-15% comparable EPS growth.
  • FY2026 operating margin outlook 32.3%-32.5% with 70-90 bps comparable improvement.
  • Q3: organic revenue growth in line with implied 2H range; FX ~70 bps reported headwind; operating margin 32.5%-32.8% and +20-50 bps comparable.
  • FY2026 free cash flow conversion raised to 90%-100% of net income; capex ~$180M.
Investor Lens
The long-term thesis is stronger after this call: IDEXX again demonstrated ability to outgrow soft U.S. visit trends by ~1,100 bps in CAG Diagnostics recurring revenue, supported by double-digit international growth and an expanding innovation pipeline (inVue, Cancer Dx, Catalyst SDMA CLIPs, Fecal Dx). Management raised full-year revenue and EPS guidance while maintaining investment in commercial expansion, reflecting confidence in durable growth. Key watch items remain wellness visit declines, FX headwinds, and consumer-driven pressure on discretionary veterinary care.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong Q2 beat: revenue +10%, EPS $4.27, FY guide raised
Revenue
Revenue was $1.217B in Q2, up 10% reported and 9% organically. CAG Diagnostics recurring revenue grew 10% organic, with international up ~12%; water grew 13% organic and LPD grew 9% organic.
Profitability
Net income was not disclosed, but EPS was $4.27, up 18% reported and 15% comparable. EPS included a $0.14 benefit from share-based compensation and a $0.06 benefit from FX.
Margins
Gross margin was 64.0%, up 120 bps comparable; operating margin was 35.0%, up 110 bps comparable. Operating expenses grew 9% comparable as investments in commercial and R&D continued.
Balance Sheet
Free cash flow was $323M in Q2 and $557M in the first half. Leverage was 0.6x gross and 0.5x net; Q2 share repurchases were $332M. Full-year capex is expected ~$180M and FCF conversion guidance was raised to 90%-100%.
Key Risks
Management flagged U.S. same-store clinical visit declines of 1.3% (wellness -3.4%), CAG capital instrument revenue down 20% organic, and FX headwinds of ~$15M for the year. Analysts also raised concerns about sustained pressure on veterinary visits and consumer discretionary spending.
Outlook
FY2026 revenue guidance was raised to $4.700B-$4.745B and EPS to $14.69-$14.94. Q3 operating margin is guided to 32.5%-32.8% with modest comparable expansion and an FX headwind of ~70 bps.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Q2 2026 delivered 10% revenue growth and 18% EPS growth, driven by strong CAG Diagnostics, international expansion, and innovation adoption. Full-year guidance was raised for revenue, EPS, and free cash flow conversion, with continued investments in R&D and commercial capabilities.
Q1 2026 Q1 2026 2026-05-05
Q1 2026 saw 14% reported and 11% organic revenue growth, with strong gains in CAG Diagnostics, premium instrument placements, and international markets. Full-year guidance was raised for revenue, EPS, and operating margin, supported by innovation and robust customer retention.
Q4 2025 Q4 2025 2026-02-02
Q4 and full-year 2025 saw double-digit organic revenue growth, record instrument placements, and strong EPS gains, driven by innovation and international expansion. 2026 guidance anticipates continued robust growth, margin improvement, and capital returns, despite sector headwinds.
Q3 2025 Q3 2025 2025-11-03
Q3 delivered double-digit revenue and EPS growth, driven by strong CAG Diagnostics performance, robust instrument placements, and innovation in products like MUDX and CancerDx. Full-year guidance was raised for revenue, EPS, and free cash flow, with continued global expansion and investment in innovation.
Q2 2025 Q2 2025 2025-08-04
Q2 2025 saw double-digit revenue and profit growth, driven by strong CAG diagnostics, record instrument placements, and robust international performance. Full-year guidance was raised for revenue, EPS, and inVue Dx placements, with continued innovation and high customer retention supporting long-term growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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