IDEXX Laboratories (IDXX) FY2025 results: revenue $4.3 billion, up 10.4% on the year

IDEXX was incorporated in Delaware in 1983 and develops, makes and distributes products and services mainly for the companion animal veterinary, livestock, poultry and dairy, and water testing industries, and also makes human medical point-of-care diagnostic products. Its main lines are point-of-care veterinary diagnostics covering instruments, consumables and rapid assay kits; veterinary reference laboratory and consulting services; practice management systems, software and imaging for veterinarians; health monitoring and laboratory instruments for biomedical research; products for livestock, poultry and dairy; and tests for microbiological contaminants in water. It reports three segments, Companion Animal Group, Water quality products and Livestock, Poultry and Dairy, with an Other operating segment holding the human medical diagnostics business and an out-licensing arrangement.

Point-of-care diagnostics

The VetLab suite covers chemistry, haematology, immunoassay, electrolyte, urinalysis, cytology, blood gas and coagulation analysers with their consumables, offering what the company describes as real-time reference lab quality results. Several analysers, including Catalyst One, ProCyte One, SediVue Dx and inVue Dx, use the company's own artificial intelligence in their image capture systems, and the instruments handle samples load-and-go and connect to a cloud ecosystem through the VetLab Station and VetConnect PLUS. Chemistry analysers measure enzymes and other substances in blood or urine, and consumables sold to chemistry customers provide most of the consumable sales from the installed base. Haematology analysers assess red and white blood cells and platelets, Coag Dx detects clotting disorders, SediVue Dx handles urine sediment analysis, and inVue Dx, launched in late 2024, automates cytology and blood cell morphology in a slide-free platform. SNAP rapid assays are single-use handheld kits that work without instrumentation, though many can be read by the SNAP Pro Analyzer so results can be captured and shown to the pet owner.

Veterinary software and imaging

The software portfolio serves independent clinics and corporate groups, with practice management systems running electronic health records, scheduling, client communication, billing and inventory: the cloud-based ezyVet, Animana and IDEXX Neo and the on-premises product the company calls Cornerstone, plus payment, data backup and practice supply services. Third-party integrations and commercial programming interfaces extend those systems, and the large installed base gives a view of veterinary channel transactions that supports a syndicated data offering used by pharmaceutical and nutrition partners. SmartFlow tracks patients through a hospital stay and works with the company's own and certain third-party practice management systems, and VetRadar adds workflow capability for ezyVet. Client-facing software includes Vello and Pet Health Network Pro for communication, Petly Plans for preventive care, rVetLink between general and referral practices, and IDEXX Enterprise for central management across groups.

Water, livestock and poultry

The Water segment sells testing products and instrumentation for detecting and quantifying microbiological parameters in water. Its principal products, Colilert, Colilert-18 and Colisure, detect total coliforms and E. coli using nutrient indicators that change colour or fluoresce when target microbes metabolise them, and are used by government laboratories, water utilities and private laboratories to test drinking water against regulatory standards, as well as process water, bottled and recreational water, wastewater and well water. Enterolert detects enterococci and Pseudalert detects pseudomonas, and the segment also sells consumables, parts and accessories. The Livestock, Poultry and Dairy segment sells tests, services and instrumentation used to manage the health of livestock and poultry, improve producer efficiency and measure the quality and safety of milk, bought by laboratories and directly by veterinarians and producers. Its principal tests cover bovine viral diarrhoea virus, porcine reproductive and respiratory syndrome and transmittable spongiform encephalopathies.

Selling, supply and people

The company sells and services worldwide through its own sales, customer service and technical teams and through independent distributors and resellers, with a presence in the United States and across Africa, Asia Pacific, Canada, Europe and Latin America. Companion animal diagnostics are sold directly to veterinarians in the United States and through the sales force and, in certain countries, distributors elsewhere, while reference laboratory services, imaging, software, water and livestock products go mainly through the direct force. Some instruments are made by third parties, and the company relies on suppliers for important components, raw materials and consumables, some of them sole source, managing that risk by finding alternatives, building in-house capability, holding manufacturing information in escrow and keeping safety stock. Competitors range from large human and animal health pharmaceutical and diagnostics companies to small animal health businesses, some with substantially greater resources, and in companion animal diagnostics the company competes on ease of use and speed, accuracy, quality, breadth of line, integrated technology, information management and sales channels. At 31 December 2025 it had approximately 11,000 regular full-time and part-time employees in approximately 34 countries.

From IDEXX Laboratories' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.