IDEXX Laboratories reported fourth-quarter 2025 earnings of $3.08 per share, up 18% from the prior year and exceeding the consensus estimate of $2.94. Revenue rose 14% to $1.091 billion, also topping the consensus forecast of $1.073 billion, driven by double-digit growth in the Companion Animal Group segment. Recurring diagnostics revenue in that group increased 12% on a reported basis (10% organically), while capital instrument placements expanded by 76% year-over-year, reflecting record quarterly installations of inVue Dx and Catalyst systems.

For fiscal 2026, IDEXX projected earnings of $14.29 to $14.80 per share versus the consensus of $14.39, and annual revenue of $4.632 billion to $4.720 billion against a Street estimate of $4.658 billion. The company anticipates Companion Animal Group Diagnostics recurring revenue growth of 8.6% to 10.6% as reported (8.0% to 10.0% organically), and expects operating margin expansion of 40 to 90 basis points driven by volume gains, productivity initiatives and net price improvements.

Following the earnings release and updated guidance, BTIG analyst Mark Massaro reaffirmed his Buy rating but trimmed his price target from 830 to 800. UBS’s Andrea Alfonso maintained a Neutral rating while lowering her price target from 750 to 730. Both analysts cited the slightly conservative guidance range and ongoing clinic visit dynamics in their revisions.