Idexx Laboratories, Inc.NASDAQ: IDXX

Earnings snapshot Q1 2026

May 5, 2026 at 10:37 AM UTC · Issued by Idexx Laboratories, Inc.

Watch Idexx Laboratories explain itIDEXX Laboratories, Inc. (IDXX) Q2 2026 Earnings Call · Replay · Aug 4

‌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%

CAG Diagnostics Recurring

Reported

+10 bps

Comparable growth:

+15%

Organic growth:

+11%

Comparable

+100 bps

CAG Water LPD

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	Q1 Revenue	Reported Growth year over year	Organic Growth year over year	Q1 Premium Instrument	WW	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%	0%
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	92	200
CAG Diagnostics Capital - Instruments	$42M	+33%	+28%
				SediVue Dx™	761	266	495
Veterinary Software, Services and	$91M	+12%	+11%
Diagnostic Imaging Systems
				IDEXX inVue Dx™	1,099	638	461
Recurring revenues	$74M	+12%	+11%
				TOTAL	4,650	1,772	2,878
System and hardware	$18M	+12%	+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

2023 2024 2025 2026 2023 2024 2025 2026 2023 2024 2025 2026 2023 2024 2025 2026

IDEXX Q1 2026 Earnings Highlights (NASDAQ: IDXX)

‌2026 Growth and Financial Performance Outlook Commentary

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	1%	- 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.