IDEXX Q4 Revenue Rises 14% to $1.09B as BTIG Cuts Target to $800
IDEXX Laboratories posted Q4 revenue of $1.09 billion, up 14%, and EPS of $3.08, beating estimates. BTIG cut its price target to $800 on concerns about 2026 guidance, which includes revenue of $4.63–4.72 billion and EPS of $14.29–14.80.
1. Fourth-Quarter Results
IDEXX delivered Q4 revenue of $1.09 billion, up 14% year-over-year, surpassing the $1.072 billion consensus. EPS climbed 18% to $3.08 versus estimates of $2.93, driven by a 15% increase in the companion animal segment to $998 million and 76% growth in instrument sales to $58 million supported by 1,940 InVueDx placements.
2. BTIG Price Target Cut
On February 3, BTIG lowered its price target from $830 to $800 while maintaining a Buy rating. The firm cited a projected 200-basis-point drag from reduced pet visits among lower-income owners as the primary concern behind the adjustment.
3. 2026 Guidance and Risks
IDEXX expects 2026 revenue of $4.63–4.72 billion and EPS of $14.29–14.80, with operating margins improving slightly to 32%–32.5%. The company forecasts around 5,500 new InVueDx system placements next year versus 6,400 in 2025 and anticipates 4% global price growth to offset demand headwinds.