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IDEXX Laboratories, Inc. develops, manufactures, and distributes products for the companion animal veterinary, livestock and poultry, dairy, and water testing industries in the United States and internationally. It operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy. The company offers point-of-care diagnostic solutions, blood and urine chemistry, hematology, immunoassay, urinalysis, cytology/morphology, and coagulation analyzers; and SNAP rapid assays test kits. It also provides commercial reference laboratory diagnostic and consulting services to veterinarians; veterinary consultation, telemedicine, and advisory services, including radiology, dental radiography, cardiology, internal medicine, and ultrasound consulting; Colilert, Colilert-18, and Colisure tests, which detect the presence of total coliforms and E. coli in water; Enterolert, Pseudalert, Filta-Max and Filta-Max xpress, Legiolert, Quanti-Tray products, and Tecta system instruments; UV Viewer Plus, a UV light cabinet which aids in the visual interpretation of fluorescent-based water tests; and veterinary software and services for independent veterinary clinics and corporate groups. In addition, the company offers diagnostic tests, services, and related instrumentation to manage the health status of livestock and poultry; human medical diagnostic products and services; and VetConnect PLUS, a cloud-based technology that enables veterinarians to access and analyze patients, as well as operates VetLab Station. It markets its products through marketing, customer service, sales, and technical service groups, as well as through independent distributors and other resellers. IDEXX Laboratories, Inc. was incorporated in 1983 and is headquartered in Westbrook, Maine.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.3B | $1.5B | $1.1B | $1.0B | 66.0% | 10.4% | 19.3% |
| 2024 | $3.9B | $1.3B | $888M | $798M | 55.7% | 6.5% | 5.1% |
| 2023 | $3.7B | $1.2B | $845M | $773M | 56.9% | 8.7% | 24.4% |
| 2022 | $3.4B | $1.0B | $679M | $384M | 111.6% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,367.32 | 3,660.95 | 3,897.50 | 4,303.70 |
| Operating Revenue | - | 3,367.32 | 3,660.95 | 3,897.50 | 4,303.70 |
| Cost Of Revenue | - | 1,362.99 | 1,470.98 | 1,518.58 | 1,644.12 |
| Gross Profit | - | 2,004.34 | 2,189.97 | 2,378.93 | 2,659.58 |
| Operating Expense | - | 1,105.57 | 1,092.84 | 1,250.59 | 1,299.55 |
| Research And Development | - | 254.82 | 190.95 | 219.79 | 251.21 |
| Selling General And Administration | - | 850.75 | 901.89 | 1,030.80 | 1,048.34 |
| Total Expenses | - | 2,468.56 | 2,563.82 | 2,769.17 | 2,943.67 |
| Operating Income | - | 898.76 | 1,097.13 | 1,128.34 | 1,360.03 |
| Total Operating Income As Reported | - | 898.76 | 1,097.13 | 1,128.34 | 1,360.03 |
| EBITDA | - | 1,011.73 | 1,217.66 | 1,270.97 | 1,508.22 |
| Normalized EBITDA | - | 1,011.73 | 1,217.66 | 1,270.97 | 1,508.22 |
| EBIT | - | 899.83 | 1,102.76 | 1,141.04 | 1,363.04 |
| Interest Income | - | 1.06 | 5.63 | 12.70 | 3.01 |
| Interest Expense | - | 39.86 | 41.58 | 31.20 | 38.85 |
| Net Interest Income | - | -38.79 | -35.95 | -18.51 | -35.84 |
| Interest Income Non Operating | - | 1.06 | 5.63 | 12.70 | 3.01 |
| Interest Expense Non Operating | - | 39.86 | 41.58 | 31.20 | 38.85 |
| Net Non Operating Interest Income Expense | - | -38.79 | -35.95 | -18.51 | -35.84 |
| Pretax Income | - | 859.97 | 1,061.18 | 1,109.83 | 1,324.19 |
| Tax Provision | - | 180.88 | 216.13 | 221.96 | 264.73 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 679.09 | 845.04 | 887.87 | 1,059.46 |
| Net Income From Continuing And Discontinued Operation | - | 679.09 | 845.04 | 887.87 | 1,059.46 |
| Net Income From Continuing Operation Net Minority Interest | - | 679.09 | 845.04 | 887.87 | 1,059.46 |
| Net Income | - | 679.09 | 845.04 | 887.87 | 1,059.46 |
| Net Income Common Stockholders | - | 679.09 | 845.04 | 887.87 | 1,059.46 |
| Net Income Including Noncontrolling Interests | - | 679.09 | 845.04 | 887.87 | 1,059.46 |
| Normalized Income | - | 679.09 | 845.04 | 887.87 | 1,059.46 |
| Diluted NI Availto Com Stockholders | - | 679.09 | 845.04 | 887.87 | 1,059.46 |
| Basic Average Shares | - | 83.62 | 83.07 | 82.47 | 80.43 |
| Diluted Average Shares | - | 84.60 | 83.98 | 83.25 | 81.03 |
| Reconciled Depreciation | - | 111.90 | 114.91 | 129.94 | 145.18 |
| Reconciled Cost Of Revenue | - | 1,362.99 | 1,470.98 | 1,518.58 | 1,644.12 |
| Minority Interests | 0 | 0 | 0 | - | - |
| General And Administrative Expense | - | 326.25 | 335.82 | 442.29 | 404.79 |
| Other Gand A | - | 326.25 | 335.82 | 442.29 | 404.79 |
| Selling And Marketing Expense | - | 524.50 | 566.07 | 588.51 | 643.55 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| IDEXX Laboratories, Inc.this co. | IDXX | $44.5B | 42.05↑ premium | 27.75 | 66.0% | 30.06 |
| Cencora, Inc. | COR | $52.6B | 33.84 | 34.88 | 103.1% | 14.92 |
| Edwards Lifesciences Corporation | EW | $50.4B | 46.91 | 4.87 | 10.4% | 33.19 |
| Cardinal Health, Inc. | CAH | $47.2B | 30.27 | -16.99 | -56.1% | 16.71 |
| Humana Inc. | HUM | $42.0B |
| - |
| - |
| - |
| - |
| - |
| - |
| 35.35 |
| 2.38 |
| 6.7% |
| - |
| Becton, Dickinson and Company | BDX | $41.2B | 24.56 | 1.62 | 6.6% | 12.06 |
| Alnylam Pharmaceuticals, Inc. | ALNY | $40.5B | 129.21 | 51.37 | 39.8% | 61.62 |
| Agilent Technologies, Inc. | A | $39.1B | 29.99 | 5.80 | 19.3% | 22.15 |
| Waters Corporation | WAT | $37.0B | 57.52 | 14.43 | 25.1% | 36.74 |
| Peer Median | - | 34.60 | 5.33 | 14.9% | 22.15 | |