IDEXX Laboratories Posts Strong Q1 Growth and Raises Revenue Outlook Amid New Cancer Diagnostic Launch
IDEXX Laboratories, a global veterinary diagnostics leader, has kicked off 2025 with a solid start—reporting stronger-than-expected first-quarter earnings, boosting revenue guidance, and showcasing a groundbreaking innovation in canine cancer diagnostics.
Key Highlights:
Q1 Revenue: $998 million, up 4% reported and 5% organically
EPS: $2.96, up 5% reported and 7% on a comparable basis
CAG Diagnostics Recurring Revenue: Up 3% reported, 4.5% organic
Updated 2025 Revenue Guidance: $4.095B to $4.210B (up $40 million from prior estimates)
2025 EPS Forecast: $11.93 to $12.43 (up $0.19 from previous guidance)
Innovation Spotlight: IDEXX Cancer Dx™
A major buzz from the quarter was the launch of IDEXX Cancer Dx™, a novel diagnostic panel targeting early detection of canine lymphoma. Described by CEO Jay Mazelsky as a direct response to veterinarians’ calls for earlier, actionable cancer diagnostics, this new tool aims to be both fast and affordable, integrating seamlessly into common wellness and sick-patient panels.
What’s Driving the Numbers?
Continued VetLab® consumables strength, up 9% reported and 10% organic
Over 300 inVue Dx™ analyzers installed globally
9% revenue growth in veterinary software, services, and imaging
CAG Diagnostics recurring revenue growth was particularly robust internationally, with 8.5% organic growth outside the U.S.
Areas to Watch
Reference Lab Growth: Flat, with only 1% organic growth, indicating a potential plateau in this segment
Rapid Assays: Declined 3% reported and 2% organic, largely due to a shift in testing volume toward newly launched products like the Catalyst® Pancreatic Lipase Test
Why the Upgraded Forecast?
Currency tailwinds, favorable litigation adjustments, and overall strong product execution led IDEXX to raise its full-year guidance. The company now expects:
5%–8% reported revenue growth (up from 4%–7%)
12%–17% EPS growth (up from 10%–15%)
Maintained organic growth projections at 6%–9%
With capital expenditures holding steady at $160 million and a projected 31.1%–31.6% operating margin, IDEXX is showing confidence in its innovation-led growth strategy. Even with global trade uncertainties and modest declines in specific product lines, the company is leaning into R&D and cloud software investments.
As the demand for advanced diagnostics grows alongside pet ownership and veterinary care complexity, IDEXX seems positioned to not only meet expectations—but surpass them.
