- Revenue growth: Third-quarter revenue reached $1.21 billion, an increase of 10% on both a reported and organic basis.
- Diagnostics performance: Companion Animal Group (CAG) Diagnostics recurring revenue grew 11%, supported by higher testing volumes, new customers and instrument adoption.
- Technology adoption: IDEXX placed more than 1,900 inVue Dx analyzers during the quarter, bringing its installed base to nearly 11,000 instruments.
- Earnings growth: Diluted earnings per share increased 18% to $4.01, with comparable EPS growth of 22%.
- Updated outlook: IDEXX raised its 2026 revenue forecast to $4.741 billion–$4.767 billion and its EPS outlook to $14.96–$15.16.
- Innovation and acquisitions: The company highlighted developments involving IDEXX Cancer Dx, IDEXX inVue Dx and its acquisition of CoVet, an AI-powered clinical assistant.
IDEXX Laboratories reported third-quarter 2026 revenue of $1.214 billion, representing growth of 10% on both a reported and organic basis compared with the same period in 2025.
The company attributed its performance to increased demand for companion animal diagnostics, higher testing volumes, customer growth and continued adoption of its diagnostic technologies.
Diluted earnings per share reached $4.01, an 18% increase on a reported basis and 22% on a comparable basis. Operating margin improved to 33.1%, an increase of 100 basis points on a reported basis and 60 basis points on a comparable basis.
“IDEXX delivered exceptional third quarter results, reflecting strong commercial execution and momentum from our innovation-driven growth strategy,” said Mike Erickson, IDEXX president and chief executive officer.
Companion Animal Diagnostics Drives Growth
IDEXX’s Companion Animal Group (CAG) reported revenue growth of 10% on both a reported and organic basis during the quarter.
CAG Diagnostics recurring revenue increased 11%, supported by higher testing volumes at existing veterinary practices, new customer gains, instrument installations and increased use of diagnostic products.
The company reported recurring diagnostics revenue growth of 10% in the United States on both a reported and organic basis. International markets recorded 13% reported growth and 14% organic growth.
Performance across major diagnostics categories included:
- IDEXX VetLab consumables: Revenue increased 14% as reported and 15% organically, supported by customer growth, instrument utilization and pricing.
- Reference laboratory diagnostics and consulting: Revenue grew 10% on both a reported and organic basis, reflecting increased testing volumes, new customers and pricing.
- Rapid assay products: Revenue increased 1% on both a reported and organic basis, with pricing gains offsetting lower testing volumes.
- Capital instruments: Revenue was flat on both a reported and organic basis, despite continued instrument placements.
IDEXX also reported an 11% expansion of its global premium instrument installed base.
New Diagnostic Technologies Support Expansion
IDEXX placed more than 1,900 IDEXX inVue Dx analyzers during the third quarter, bringing the total installed base to nearly 11,000 instruments.
The company highlighted continued development of its diagnostic portfolio, including IDEXX inVue Dx with fine-needle aspiration (FNA) capabilities and the expansion of IDEXX Cancer Dx into a multi-cancer panel.
According to IDEXX, these technologies are designed to help veterinary practices detect disease earlier and improve clinical efficiency.
Veterinary software, services and diagnostic imaging systems revenue increased 11% on a reported basis and 10% organically.
Growth in this category benefited from diagnostic imaging system installations, particularly the ImageVue DR50 Plus.
IDEXX also highlighted its acquisition of CoVet, an artificial intelligence clinical assistant designed to support veterinary team productivity and diagnostic utilization.
Water and Livestock Businesses Report Growth
Beyond companion animal diagnostics, IDEXX reported revenue increases in its Water and Livestock, Poultry and Dairy (LPD) businesses.
Water revenue increased 8% on both a reported and organic basis, driven by growth in North America.
The LPD business reported 3% revenue growth on both a reported and organic basis, led by performance in the Americas.
Profitability Improves During the Quarter
IDEXX reported a 12% increase in gross profit on both a reported and comparable basis.
Gross margin reached 62.9%, an improvement of 110 basis points as reported and 90 basis points on a comparable basis.
The company attributed the improvement to recurring revenue growth, operational productivity initiatives and pricing.
Operating expenses increased 10% as reported and 11% on a comparable basis, reflecting investments in commercial capabilities, product innovation and acquisition-related costs.
IDEXX Raises Full-Year 2026 Financial Outlook
Following its third-quarter performance, IDEXX increased its full-year revenue forecast to between $4.741 billion and $4.767 billion, raising the midpoint by $32 million.
The updated forecast includes $5 million associated with the recent CoVet acquisition.
The company also raised its earnings per share outlook to between $14.96 and $15.16, an increase of $0.25 at the midpoint compared with its previous guidance.
| Financial metric | Updated 2026 outlook | Previous outlook |
|---|---|---|
| Revenue | $4.741B–$4.767B | $4.700B–$4.745B |
| Reported revenue growth | 10.1%–10.8% | 9.1%–10.3% |
| Organic revenue growth | 9.3%–10.0% | 8.5%–9.7% |
| CAG Diagnostics recurring revenue growth (reported) | 11.0%–11.7% | 10.1%–11.3% |
| Operating margin | 32.1%–32.3% | 32.3%–32.5% |
| Diluted EPS | $14.96–$15.16 | $14.69–$14.94 |
While increasing its revenue and earnings expectations, IDEXX lowered its projected operating margin range to 32.1%–32.3%, reflecting acquisition-related impacts.
The company expects full-year reported revenue growth of 10.1%–10.8% and organic growth of 9.3%–10.0%.
These projections are forward-looking and subject to risks and uncertainties, including economic conditions, foreign exchange movements, supply chain challenges and acquisition integration.
IDEXX to Highlight New Analyzer at VMX 2027
IDEXX plans to host an investor and analyst session at VMX in Orlando, Florida, on January 18, 2027, at 1 p.m. Eastern Time.
The event will highlight the company’s next point-of-care analyzer, IDEXX MultiCue Dx.
A live webcast and accompanying presentation materials will be available through the company’s investor relations website.
IDEXX Laboratories is headquartered in Maine and provides veterinary diagnostics, software and related technologies to customers in more than 175 countries and territories. The company employs approximately 11,000 people.
Information sourced from IDEXX Laboratories’ third-quarter 2026 earnings press release.
