IDEXX Laboratories Posts Strong Q4 2025, Driven by Diagnostic Innovation and Global Expansion
IDEXX Caps Off 2025 with Double-Digit Growth, Eyes Continued Expansion in 2026
WESTBROOK, Maine – February 2, 2026 – IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in veterinary diagnostics and software, today reported strong financial results for the fourth quarter and full year 2025, underscoring the resilience of its innovation-driven model even amid broader economic pressures on the veterinary sector.
The company announced Q4 revenue growth of 14% as reported (12% organic), with Earnings Per Share (EPS) reaching $3.08, a 17% comparable increase. For the full year, IDEXX delivered $13.08 EPS, up 14%, on the back of 10% organic revenue growth.
Leadership attributed the performance to the successful execution of its long-term strategy, highlighted by record premium instrument placements—including over 6,400 of its transformative InVue DX analyzers in 2025—and the scaling of new diagnostic innovations. The Companion Animal Group (CAG) Diagnostics recurring revenue, a core business segment, grew 10% organically in Q4.
“2025 was a defining year,” stated Jay Mazelsky, IDEXX President and CEO. “We successfully scaled multiple transformative innovations and expanded our commercial presence, demonstrating the durability of a model built on customer-centric solutions deeply embedded in veterinary workflows.”
CFO Andrew Emerson provided a detailed financial review, noting solid margin expansion and a strong balance sheet, with full-year operating margins reaching 31.6%. He also outlined the company's initial 2026 guidance, projecting organic revenue growth of 7% to 9% and EPS in the range of $14.29 to $14.80 per share.
Innovation as a Growth Engine
The earnings call heavily featured discussions on IDEXX's innovation pipeline, identified as a primary growth driver. The InVue DX platform, which automates cell cytology analysis at the point of care, was cited as one of the most successful product launches in company history, contributing over $75 million in instrument revenue in 2025.
Similarly, the IDEXX CancerDx portfolio is gaining traction. The company announced an expansion of the panel to include detection for canine mast cell tumors, one of the most common canine cancers, by mid-2026. Early data from its lymphoma test suggests the potential for detecting disease signals months before clinical symptoms appear.
“These tools are moving us from reactive care to proactive health management,” Mazelsky explained. “It’s about giving clinicians confidence to act sooner, which is better for the pet, the owner, and the practice.”
Navigating Sector Dynamics
While IDEXX's performance outpaced the sector, management acknowledged ongoing pressures. U.S. veterinary clinical visits declined approximately 1.7% in Q4 2025, with wellness visits particularly soft, down 3.6%. The company attributes this to macroeconomic pressures on pet owners, especially in lower-income households.
However, a silver lining emerges from an aging pet population. “We are seeing early green shoots with pets five years and older,” Mazelsky noted, linking it to the “pandemic puppy” boom now requiring more care. IDEXX's strategy focuses on increasing diagnostic “frequency” and “utilization” per visit, which has remained robust, helping offset softer visit volumes.
Price realization, a significant contributor in recent high-inflation years, is expected to moderate in 2026 to a more historical baseline of approximately 4% globally, as volume growth takes a more prominent role.
Strategic Investments and Outlook
IDEXX completed a targeted expansion of its global commercial team in 2025, adding personnel in key international markets like Germany, the UK, and Australia. This investment aims to deepen customer engagement and drive diagnostic adoption in regions seen as long-term growth opportunities.
Looking ahead, Emerson stated, “We enter 2026 with an expanded team and innovative platforms aimed at solving customer challenges.” The guidance reflects confidence in the company's core drivers while prudently calibrating for potential continued macroeconomic and sector headwinds.
The company also plans continued capital returns to shareholders, having repurchased $1.2 billion worth of shares in 2025.
Analyst and Industry Reactions
Following the call, industry observers shared mixed perspectives on the results and outlook.
“The innovation engine at IDEXX is simply firing on all cylinders,” said Michael Thorne, a portfolio manager at Horizon Growth Capital. “The InVue DX rollout and the data coming from CancerDx aren't just selling products; they're fundamentally expanding the addressable market for premium diagnostics. The 2026 guidance looks conservative given these tailwinds.”
“The numbers are strong, but let's not ignore the elephant in the room,” countered Dr. Sarah Chen, a veterinary practice owner and industry blogger. “Their growth is impressive, but it comes as many independent clinics and pet owners are financially strained. There's a real tension between advancing high-tech care and maintaining accessibility. IDEXX's model depends on clinics passing costs through, and that wall is starting to crack.”
“The international expansion story is compelling and perhaps underappreciated,” noted David Park, a senior analyst at ClearWater Research. “Double-digit growth overseas, supported by commercial investments, provides a meaningful diversification away from the more mature, visit-constrained U.S. market. It solidifies their moat.”
“From a pure execution standpoint, it's hard to find fault,” added Lisa Gibson, a former veterinary technician turned consultant. “Placing over 22,500 premium instruments in a year with high quality metrics shows incredible commercial discipline. It locks in future recurring revenue and makes their ecosystem stickier.”
IDEXX's full earnings release and supplementary financial data are available on the company's investor relations website.