Idexx Laboratories, Inc.

Solid Q1 Performance: IDEXX Laboratories reported a 5% organic revenue growth in Q1 2025, driven by a 4.5% increase in CAG Diagnostic recurring revenues. Despite a 1.5% equivalent days headwind, the company demonstrated resilience through an expansion of its premium instrument installed base, which grew by 9%. EPS reached $2.96, a 5% increase YoY.

Updated Full-Year Guidance: The company raised its full-year revenue outlook to between $4,095 million to $4,210 million, reflecting a $40 million positive adjustment due to foreign exchange impacts. The organic growth forecast remains at 6% to 9%, with CAG Diagnostic recurring revenue growth of 5% to 8% anticipated alongside 4,500 IDEXX inVue Dx placements.

Challenges in Veterinary Visits: Despite overall growth, IDEXX faced challenges with U.S. clinical visits, which declined by an estimated 2.6%. This continued headwind in wellness visits is reflective of broader macroeconomic pressures, indicating that while diagnostic utilization is strong, total clinic traffic remains a concern.