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Idexx Laboratories
(NASDAQ:IDXX)
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Rating:72Outperform
Price Target:
$587.00
▼(-0.38% Downside)
Action:Reiterated
Date:05/18/26
Strong financial performance and a positive, guidance-raising earnings call underpin the score. These are offset by weak technicals (price below key moving averages with negative MACD) and a high P/E valuation, with corporate events adding mixed but smaller impact.
Positive Factors
Recurring consumables & software revenue
High-growth consumables and software recurring revenue tied to installed instruments provide durable, high-frequency cash flow. This attachment model creates predictable revenue, recurring margin support, and retention benefits that compound as installed base and utilization rise globally.
Negative Factors
Declining clinical visits
Sustained weakness in clinic foot traffic, especially discretionary wellness visits, reduces test volumes per clinic and can cap consumable and service growth. If visit trends persist, utilization gains from installed instruments may slow, pressuring medium-term organic growth assumptions.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables & software revenue
High-growth consumables and software recurring revenue tied to installed instruments provide durable, high-frequency cash flow. This attachment model creates predictable revenue, recurring margin support, and retention benefits that compound as installed base and utilization rise globally.
Read all positive factors
Idexx Laboratories Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks revenue down by region (U.S., Europe, Rest of World), showing where Idexx earns most sales and which markets are growing fastest. Helps investors assess dependence on mature versus emerging markets, local veterinary demand trends, and exposure to currency and regional economic risk.
Breaks revenue down by region (U.S., Europe, Rest of World), showing where Idexx earns most sales and which markets are growing fastest. Helps investors assess dependence on mature versus emerging markets, local veterinary demand trends, and exposure to currency and regional economic risk.
Data provided by:
The Fly
The FlyIdexx Laboratories (IDXX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$41.53B
Dividend YieldN/A
Average Volume (3M)645.18K
Price to Earnings (P/E)38.5
Beta (1Y)0.82
Revenue Growth13.08%
EPS Growth25.40%
CountryUS
Employees11,000
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)13.67
Shares Outstanding78,882,996
10 Day Avg. Volume588,868
30 Day Avg. Volume645,179
Financial Highlights & Ratios
PEG Ratio2.31
Price to Book (P/B)33.75
Price to Sales (P/S)12.59
P/FCF Ratio51.44
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue9.89
Enterprise Value/Gross Profit15.94
Enterprise Value/Ebitda28.22
Forecast
1Y Price Target
$703.67Price Target Upside19.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)14.65
Revenue Forecast (FY)$4.71B
Idexx Laboratories Business Overview & Revenue Model
Company Description
IDEXX Laboratories, Inc. is a global enterprise focused on creating, producing, and distributing a wide array of products and services. Its primary client base includes companion animal veterinary practices, the livestock and poultry industries, d...
How the Company Makes Money
IDEXX makes money primarily by selling veterinary diagnostic products and services, with a model that combines recurring consumables revenue tied to an installed base of instruments and ongoing laboratory/service revenue.
1) Companion Animal Grou...
Idexx Laboratories Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line growth, robust recurring revenue and instrument placement momentum, margin expansion, healthy EPS and cash generation, and continued adoption of new diagnostic innovations (inVue Dx, Cancer DX) and software solutions. These positives substantially outweigh the headwinds disclosed: modest declines in clinical visits (especially wellness), flat rapid assay revenues due to platform migration, some supply-chain impacts in Water, and a few discrete expense items (equity loss, prior litigation). Management raised full-year guidance and reaffirmed growth drivers while acknowledging macro and FX sensitivities. Overall, the tone is confident and constructive with execution-focused follow-through on innovation rollouts and international expansion.Positive Updates
Revenue Growth (Q1 and Updated FY Outlook)
Reported revenue increased 14% year-over-year in Q1; organic revenue grew 11%. Management raised full-year 2026 revenue guidance to $4.675B–$4.76B (roughly 8.6%–10.6% reported growth), an increase of ~$42M at midpoint versus prior guidance and ~70 bps uplift to organic growth at midpoint.
Negative Updates
Decline in Clinical Visits and Weakness in Wellness
U.S. same-store clinical visits declined ~1% in Q1; wellness visits fell ~3% while non-well visits improved modestly (+20 bps). Management now plans for ~-1.5% clinical visit decline for full-year 2026, indicating continued pressure on foot traffic particularly in discretionary/wellness segments.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth (Q1 and Updated FY Outlook)
Reported revenue increased 14% year-over-year in Q1; organic revenue grew 11%. Management raised full-year 2026 revenue guidance to $4.675B–$4.76B (roughly 8.6%–10.6% reported growth), an increase of ~$42M at midpoint versus prior guidance and ~70 bps uplift to organic growth at midpoint.
Read all positive updates
Company Guidance
IDEXX raised its full‑year 2026 revenue outlook to $4.675–$4.76 billion (about $42M higher at midpoint, or roughly $32M in constant currency), implying reported revenue growth of 8.6–10.6% (with ~90 bps full‑year FX benefit) and overall organic growth of 7.7–9.7%; organic CAG Diagnostics recurring revenue is guided to 8.7–10.7% (including ~4% net price realization). EPS is now expected to be $14.45–$14.90 (up $0.13 at midpoint), reflecting 11–15% comparable EPS growth while absorbing a $0.05 hit from an equity‑investment loss and a $0.05 FX benefit; a 1% stronger U.S. dollar would lower revenue ≈$12M and EPS ≈$0.04. Reported operating margin is forecast at 32.1–32.5% (50–90 bps comparable improvement despite a ~30 bps litigation/equity headwind offset by ~30 bps FX tailwind); Q2 guidance calls for reported revenue growth of 7.3–9.3% (organic 6.7–8.7%, CAG recurring 8.5–10.5%, Q2 organic impacted by ~50 bps equivalent‑days) and Q2 operating margin of 33.9–34.3% (10–50 bps comparable expansion). The company reiterated free‑cash‑flow conversion of 85–95% of net income for the year with ~ $180M capex, and continues to target 5,500 inVue Dx placements for the year (1,100 placed in Q1).Idexx Laboratories Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
77
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.45B | 4.30B | 3.90B | 3.66B | 3.37B | 3.22B |
| Gross Profit | 2.76B | 2.66B | 2.38B | 2.19B | 2.00B | 1.89B |
| EBITDA | 1.56B | 1.47B | 1.28B | 1.22B | 1.01B | 1.04B |
| Net Income | 1.10B | 1.06B | 887.87M | 845.04M | 679.09M | 744.85M |
Balance Sheet | ||||||
| Total Assets | 3.39B | 3.35B | 3.29B | 3.26B | 2.75B | 2.44B |
| Cash, Cash Equivalents and Short-Term Investments | 200.53M | 180.07M | 288.27M | 453.93M | 112.55M | 144.45M |
| Total Debt | 1.11B | 1.08B | 986.95M | 1.07B | 1.47B | 1.03B |
| Total Liabilities | 1.83B | 1.75B | 1.70B | 1.78B | 2.14B | 1.75B |
| Stockholders Equity | 1.56B | 1.61B | 1.60B | 1.48B | 608.74M | 689.99M |
Cash Flow | ||||||
| Free Cash Flow | 1.08B | 1.05B | 798.08M | 772.88M | 394.15M | 636.00M |
| Operating Cash Flow | 1.21B | 1.18B | 929.00M | 906.51M | 542.98M | 755.55M |
| Investing Cash Flow | -140.17M | -136.24M | -207.06M | -125.25M | -195.35M | -292.97M |
| Financing Cash Flow | -1.04B | -1.16B | -878.07M | -442.00M | -370.94M | -697.41M |
Idexx Laboratories Technical Analysis
Negative
589.25
Price Trends
557.03
Negative
580.06
Negative
629.00
Negative
Market Momentum
-5.48
Positive
38.79
Neutral
18.12
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IDXX, the sentiment is Negative. The current price of 589.25 is above the 20-day moving average (MA) of 555.52, above the 50-day MA of 557.03, and below the 200-day MA of 629.00, indicating a bearish trend. The MACD of -5.48 indicates Positive momentum. The RSI at 38.79 is Neutral, neither overbought nor oversold. The STOCH value of 18.12 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IDXX.
Idexx Laboratories Risk Analysis
Idexx Laboratories disclosed 24 risk factors in its most recent earnings report. Idexx Laboratories reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Idexx Laboratories Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $26.60B | 32.05 | 33.99% | ― | 1.25% | ― | |
72 Outperform | $41.53B | 38.50 | 70.87% | ― | 13.08% | 25.40% | |
71 Outperform | $37.52B | 26.65 | 20.84% | 0.72% | 9.11% | 22.77% | |
64 Neutral | $30.13B | 11.93 | 62.41% | 1.69% | 2.40% | 8.35% | |
63 Neutral | $12.41B | 53.09 | 3.28% | 0.29% | 4.79% | -16.36% | |
58 Neutral | $12.29B | -49.69 | -3.64% | ― | 10.53% | -164.58% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
IDXX
Idexx Laboratories
526.44
-16.27
-3.00%
A
Agilent
132.83
13.13
10.97%
ILMN
Illumina
175.83
75.49
75.23%
RVTY
Revvity
111.26
10.65
10.58%
ZTS
Zoetis
71.86
-84.79
-54.13%
ELAN
Elanco Animal Health
24.61
9.89
67.19%
Idexx Laboratories Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Idexx Laboratories Shareholders Approve Governance and Meeting Reforms
Positive
May 15, 2026
At the May 12, 2026 annual meeting, IDEXX Laboratories shareholders approved amendments to its Certificate of Incorporation to declassify the board over three years, moving to annual director elections starting in 2029, and to grant shareholders o...
Business Operations and StrategyExecutive/Board Changes
Idexx Laboratories Announces Executive Departure Amid Strategic Realignment
Negative
Mar 26, 2026
On March 24, 2026, IDEXX Laboratories, Inc. announced that Executive Vice President of Global Strategy and Commercial, Nimrata Hunt, PhD, will leave her role effective April 13, 2026, with her position being eliminated and the departure treated as...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.