IDEXX Laboratories, Inc.
ir.idexx.comWhat Do They Do?
Sells veterinary diagnostic products to veterinary practices, laboratory services to veterinarians, and water and livestock tests to laboratories and producers.
10-K for FY2025, filed Feb 20, 2026Companion Animal Group (“CAG”) - Diagnostic and information management products and services for the companion animal veterinary industry…View ↗
Reference Laboratory Diagnostic and Consulting Services. We offer commercial reference laboratory diagnostic and consulting services to…View ↗
Water testing. Our principal products are the Colilert, Colilert-18, and Colisure tests, which detect the presence of total coliforms and…View ↗
Livestock, Poultry, Herd Health Screening and Production Management. Our livestock and poultry diagnostic products are purchased by…View ↗
How Do They Make Money?
Customers typically pay within 30 to 60 days. IDEXX generally invoices product sales when shipped (some consumables when used), lab testing when complete, instruments at installation and acceptance, and software subscriptions and support over their contract terms.
10-K for FY2025, filed Feb 20, 2026We enter into contracts where customers purchase combinations of IDEXX products and services, which are generally capable of being distinct…View ↗
Diagnostic Products and Accessories. Diagnostic products and accessories revenues, including IDEXX VetLab consumables and accessories…View ↗
Reference Laboratory Diagnostic and Consulting Services. Laboratory diagnostic and consulting services revenues are recognized upon the…View ↗
Instruments, Software and Systems. CAG Diagnostics capital instruments, diagnostic imaging systems, veterinary software licenses, and…View ↗
SaaS Subscriptions. We offer a variety of veterinary software and diagnostic imaging software-as-a-service (“SaaS”) subscriptions. We…View ↗
Veterinary software post-contract support provides customers with access to technical support when and as needed through access to call…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by product or service ↗
$4.3B
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10-K for FY2025, filed Feb 20, 2026
$4.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product revenue
Mix
10-K for FY2025, filed Feb 20, 2026 |
59%
FY2022: 57%
|
Product revenue, FY2025
$2.5B Sources
|
Mix |
|
Service revenue
Sold outright
10-K for FY2025, filed Feb 20, 2026 |
41%
FY2022: 43%
|
Service revenue, FY2025
$1.8B Sources
|
Sold outright |
Who Are Their Customers?
Veterinary practices buy companion-animal diagnostics directly in the U.S.; outside it, IDEXX sells directly and through distributors or resellers. Water and livestock customers—including utilities, labs, veterinarians, producers and processors—are generally reached through IDEXX's sales force, with selected distributors outside the U.S. and Canada.
10-K for FY2025, filed Feb 20, 2026Water testing. Our principal products are the Colilert, Colilert-18, and Colisure tests, which detect the presence of total coliforms and…View ↗
Livestock, Poultry, Herd Health Screening and Production Management. Our livestock and poultry diagnostic products are purchased by…View ↗
We market, sell, and service our products worldwide through our marketing, customer service, sales, and technical service groups, as well…View ↗
Generally, we select the appropriate distribution channel for our products based on the type of product, technical service requirements…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 25 cents of every revenue dollar as net income in FY2025 and turned 25 cents into free cash flow.
10-K for FY2025, filed Feb 20, 2026
$1.4BView ↗
10-K for FY2025, filed Feb 20, 2026
$1.1BView ↗
10-K for FY2025, filed Feb 20, 2026
$1.1BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Aug 4, 2026
Raises full-year revenue and earnings outlook
Revenue guidance midpoint rose $5 million, and the EPS outlook midpoint increased $0.14.
Sources
8-K, filed Aug 4, 2026
Narrows 2026 revenue guidance to $4,700 million - $4,745 million, up $5 million at midpoint, reflecting benefit of CAG Diagnostics…View ↗
Growing. Revenue grew 34% in 4 years, from $3.2B in FY2021 to $4.3B in FY2025, about 8% a year.
Point-of-care cellular testing
The older report described in-clinic chemistry, hematology and urinalysis analyzers; the latest adds IDEXX inVue Dx, an automated analyzer for real-time cytology and blood-cell morphology.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 20, 2026In-Clinic Diagnostic Solutions. Our in-clinic diagnostic solutions are comprised of our IDEXX VetLab suite of in-clinic chemistry…View ↗
Cytology / Morphology. Beginning in late 2024 we launched our point-of-care cellular analyzer, IDEXX inVue Dx, which automates real-time…View ↗
Water-test interpretation equipment
The latest report adds a bench-top UV cabinet designed to help users interpret fluorescent water tests, alongside the earlier-described water-testing products.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 20, 2026Water testing. Our principal products are the Colilert, Colilert-18, and Colisure tests, which detect the presence of total coliforms and…View ↗
UV Viewer Plus. Launched in 2025, our UV Viewer Plus is a bench-top UV light cabinet designed to provide controlled illumination to aid in…View ↗
Who Do They Compete With?
Competes with Mars, Zoetis, Fujifilm Holdings, Arkray, Mindray, BioNote, Neogen, Charm Sciences, BioChek, Innovative Diagnostics, Thermo Fisher Scientific, Covetrus, and Sound-Eklin
10-K for FY2025, filed Feb 20, 2026Companion animal diagnostic offerings. We compete primarily on the basis of ease of use and speed of our products, diagnostic accuracy…View ↗
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