IDEXX Laboratories Announces First Quarter Results

IDEXX Laboratories, a global leader in pet healthcare innovation, has released its financial results for the first quarter of 2025. The company reported solid performance metrics, reflecting its continued growth and strategic initiatives.

Financial Highlights

For the first quarter of 2025, IDEXX Laboratories reported revenues of $998 million, marking a 4% increase as reported and a 5% increase on an organic basis. The company's earnings per diluted share (EPS) stood at $2.96, representing a 5% increase as reported and a 7% increase on a comparable basis. Gross profit for the quarter was $623 million, with a gross margin of 62.4%, up 90 basis points from the previous year.

Business and Operational Highlights

The Companion Animal Group (CAG) segment saw revenue growth of 3% as reported and 4% organic, driven by a 3% increase in CAG Diagnostics recurring revenue as reported and 4.5% organic. Notably, IDEXX VetLab consumables generated 9% reported and 10% organic revenue growth. The Water segment also performed well, with revenues growing 5% as reported and 7% organic.

In a significant development, IDEXX launched the IDEXX Cancer Dx™ diagnostic panel for early detection of canine lymphoma in North American reference laboratories. This innovation aims to address the high mortality rate in dogs due to cancer by enabling earlier detection and better treatment options.

Strategic Initiatives and Corporate Developments

IDEXX updated its 2025 revenue guidance to a range of $4,095 million to $4,210 million, reflecting a $40 million increase at the midpoint due to favorable foreign exchange impacts. The company also adjusted its EPS outlook for 2025 to a range of $11.93 to $12.43, incorporating a $0.19 increase supported by updated foreign exchange impacts and a favorable adjustment to a litigation expense accrual.

Management's Perspective

Jay Mazelsky, President and CEO of IDEXX Laboratories, highlighted the company's solid execution and innovation-driven growth strategy. He emphasized the launch of IDEXX Cancer Dx™ as a response to customer demand for earlier cancer detection in dogs, which is expected to improve treatment outcomes and integrate seamlessly into existing veterinary screening protocols.

Future Outlook

Looking ahead, IDEXX maintains a positive outlook for 2025, with projected revenue growth of 5% to 8% as reported and 6% to 9% organic. The company expects CAG Diagnostics recurring revenue growth of 4% to 7% as reported and 5% to 8% organic. Operating margin is projected to be between 31.1% and 31.6%, with EPS growth anticipated to be in the range of 12% to 17% as reported.

SEC Filing: IDEXX LABORATORIES INC /DE [ IDXX ] - 8-K - May. 01, 2025