IDEXX Laboratories : Earnings snapshot Q1 2026

Published: 2026-05-05 06:37:13 ET IDXX

Published on 05/05/2026 at 06:37 am EDT

‌Revenue

Operating Profit

Diluted Earnings Per Share

$1,141M

$363M

$3.47

Reported growth:

Organic growth:

+14%

+11%

32% of Revenue

YoY change in basis points:

Reported growth: +17%

Reported

+10 bps

Comparable growth:

+15%

Organic growth:

+11%

Comparable

+100 bps

Revenue

$1,054M

Revenue

$50M

Revenue

$32M

Reported growth:

+15%

Reported growth:

+11%

Reported growth:

+14%

Organic growth:

+12%

Organic growth:

+7%

Organic growth:

+7%

Net CAG Revenue

Revenue

Reported Growth

year over year

Organic Growth

year over year

Q1 Premium Instrument

U.S.

Intl

Placements

Catalyst

1,360

481

879

CAG Diagnostics Recurring

$920M

+14%

+11%

New and competitive

1,015

287

728

IDEXX VetLab™ Consumables

$413M

+20%

+15%

Second

345

194

151

Rapid Assay Products

$85M

+1%

Reference Laboratory Dx and

$386M

+12%

+10%

Premium Hematology

1,430

387

1,043

Consulting Services

New and competitive

1,138

295

843

CAG Diagnostics Services and

$37M

+11%

+7%

Accessories

Upgrades

292

200

CAG Diagnostics Capital - Instruments

$42M

+33%

+28%

SediVue Dx™

761

266

495

Veterinary Software, Services and

$91M

+12%

+11%

Diagnostic Imaging Systems

1,099

638

461

Recurring revenues

$74M

+12%

+11%

TOTAL

4,650

1,772

2,878

System and hardware

$18M

+12%

IDEXX Premium Instruments Installed Base (in thousands)

Catalyst Premium Hematology

year over year 8%

year over year

SediVue

IDEXX inVue Dx

74.1

69.1

77.9 78.8

Q4 Q4 Q4 Q1

55.9 56.9

51.8

47.8

Q4 Q4 Q4 Q1

13%

year over year

21.3

18.1

24.3 24.8

Q4 Q4 Q4 Q1

7.5

6.4

0.0

Q4 Q4 Q4 Q1

IDEXX Q1 2026 Earnings Highlights (NASDAQ: IDXX)

Increases full year guidance to reflect strong CAG Diagnostics recurring revenue performance driven by IDEXX commercial execution and updated sector expectations, and increases outlook for comparable operating margin and EPS growth.

Increases revenue guidance to $4,675 million - $4,760 million, 8.6% - 10.6% growth as reported and 7.7% - 9.7% organic, raising organic growth guidance to reflect strong IDEXX commercial performance and modestly improved clinical visit outlook.

Revises reported operating margin outlook to 32.1% - 32.5%, reflecting 50 - 90 basis points of full-year comparable operating margin improvement, which excludes 30 basis point unfavorable impact related to loss on equity investment and prior year discrete litigation expense.

Increases EPS outlook to $14.45 - $14.90, reflecting an increase of $0.13 compared to prior guidance midpoint, and growth of 12% as reported and 13% on a comparable basis, supported by increased revenue and comparable operating margin outlook.

Growth and Financial Performance Outlook

2026

Revenue

$4,675

- $4,760

Reported growth

8.6%

- 10.6%

Organic growth

7.7%

- 9.7%

CAG Diagnostics Recurring Revenue Growth

Reported growth

9.6%

- 11.6%

Organic growth

8.7%

- 10.7%

Operating Margin

32.1%

- 32.5%

Reported margin expansion

50 bps

- 90 bps

Comparable margin expansion

50 bps

- 90 bps

EPS

$14.45

- $14.90

Reported growth

11%

- 14%

Comparable growth

11%

- 15%

Other Key Metrics

Net interest expense

~ $34

Share-based compensation tax benefit

~ $15

Effective tax rate

~ 21.4%

Reduction in average shares outstanding

- 2%

Operating Cash Flow (% of Net Income)

105%

- 115%

Free Cash Flow (% of Net Income)

85%

- 95%

Capital Expenditures

~ $180

Amounts in millions except per share data and percentages

IDEXX Q1 2026 Earnings Highlights (NASDAQ: IDXX)

‌20%

Total Practice Revenue and Visit Growth

Weighted Average Year-over-Year % Change Per Pracfice*

5% 6.4%

' Pi actice R+vent e

-S%

16%

12%

2.3% -3.0% 3.0% -2.0% -2.5% -* !°°

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 2026

Clinical Visit Growth

Weighted Average Year-over-Year % Change Per Practice"

Total Visits

-4%

-8%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 2026

Total visits include clinical and non-clinical visits. In 2025, there were an estimated -31 0 million U.S. total visits. Approximately 70% of estimated U.S. companion animal diagnostic sector revenue is from non-wellness visits.

C/inica/ v/s//s are those where the reason for visit involves an interaction between a clinician and a pet.

Non-wellness visits include those for which the reason for visit is sickness, procedure or monitoring.

include those visits for which the reason for visit is an annual exam, vaccination, or routine check-up.

Note that we estimate net new practice formation adds -1% of incremental market growth per year beyond per practice groMh. Growth rate estimate with marg in of error of +/ - 0.4% at a 95% confidence level.

Source: IDEXX Practice Intelligence data; sample of -7,700 practices representing eight different practice information management systems, weighted to represent the country based on practice size and region.

‌Contributors to U.S. Companion Animal Diagnostic Revenue Growth per Practice**

+ 6.5% + 6.5%

Q1'2026

Year-Over-Year

Growth (%)

+ 6.5% + 4.5%

- 2.5%

Q1'2025

+ +

Q1 Average 2022-2024

*" Rounded to nearest 50 bps.

Clinical Visit Growth

'Diagnostic Frequency'

% of Clinical Visits including Dx

'Diagnostic Utilization'

Dx Revenue $ per Clinical Visit including Dx"'

Total

*" Diagnostic revenue per clinical visit includes volume/ intensity of Dx activity and net price realization.

Source: IDEXX Practice Intelligence data; sample of -7,700 practices representing eight different practice information management systems, weighted based on practice size and region to reflect market composition.

Disclaimer

IDEXX Laboratories Inc. published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 10:36 UTC.