Idexx Laboratories, Inc.
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Earnings Call Q3 2026
November 2, 2026 - AI Summary
Q3 2026 performance was very strong; raises full-year targets
- Revenue: +10% organic in Q3 (overall organic growth 10%), led by CAG +10%, water +8%, LPD +3%.
- CAG Diagnostics recurring: +11% organic (includes ~4% net price improvement), supported by ~14% international and ~10% U.S. growth.
- Profitability/EPS: Comparable operating margin up ~60 bps YoY; gross margin 62.9% (+90 bps comparable). EPS = $4.01 (+18% reported / +22% comparable).
- Cash: Free cash flow $421M in Q3; $978M YTD; FCF conversion ~110% of net income on a trailing 12-month basis.
- Good/bad: Good—execution, margins, EPS. Bad—near-term integration costs and continued visit softness in parts of the market (see below).
Full-year 2026 guidance increased (revenue + EPS); organic growth now ~mid/high single-digit to low double-digit range
- Updated revenue range: $4.741B–$4.767B (+$32M at midpoint), includes ~$5M CoVet revenue in 2026.
- Updated overall organic revenue growth: 9.3%–10.0% (higher midpoint by ~60 bps; tightened low end as they enter Q4).
- CAG Diagnostics recurring organic growth: 10.3%–11.0% (still supported by innovation + pricing).
- Updated EPS range: $14.96–$15.16 (+$0.25 at midpoint), implying ~15%–16% comparable EPS growth while absorbing near-term CoVet dilution.
- Operating margin outlook: 32.1%–32.3% reported (comparable +50–70 bps); includes ~30 bps negative impact from CoVet (integration + ~one quarter amortization).
- Q4 (implied) watch-outs: Reported growth includes ~70 bps FX headwind, partially offset by CoVet. Q4 operating margins 28.4%–29.3% (CoVet expenses + ongoing investments).
Key growth engine: diagnostics + installed base monetization (innovation drove volume; does not rely solely on visit growth)
- InVue Dx momentum: 5,780 placements in Q3; ~1,904 instruments placed in Q3, nearly 1,200 Catalyst placements; placements internationally ~half.
- FNA expansion (surprising and important): Fine needle aspirate availability expanded to all North America inVue Dx customers at start of Q4; early customers reportedly evaluate ~2x more masses.
- Cancer Dx expansion: Mast cell tumor detection added in North America (late Sept), expanding from test to a multi-cancer panel; by end of year, hemangiosarcoma detection planned with broader North America availability in Q1.
- Catalyst proBNP launched: Dual-species quantitative cardiac test at point of care; integrates into VetConnect PLUS with interpretive guidance.
- What’s good: recurring revenue growth is “volume-led” with improved menu utilization; innovation adds durable recurring tails.
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$150.28
78.7% downside
Current Fair Value
78.7% downsideOvervalued by 78.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $55.60 Billion |
|---|---|
| Enterprise Value | $56.51 Billion |
| Earnings per Share | $13.17 |
| Beta | 1.54 |
| Outstanding Shares | 78,825,000 |
Return
| Return on Equity | 63.25% |
|---|---|
| Return on Assets | 31.89% |
| Return on Invested Capital | 61.91% |
Valuation & Multiples
| P/E Ratio | 47.49 |
|---|---|
| PEG | 306.58 |
| Price to Sales | 11.94 |
| Price to Book Ratio | 30.62 |
| Enterprise Value to Revenue | 12.12 |
| Enterprise Value to EBIT | 37.36 |
| Enterprise Value to Net Income | 47 |
| Total Debt to Enterprise | 0.02 |
| Debt to Equity | 0.59 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 2, 2026
EPS
$3.96
Est. $3.73Revenue
$1.21 B
Est. $1.19 BNext Earnings Call
Expected Date
February 1, 2027
EPS Estimate
$3.30
Consensus analyst estimateRevenue Estimate
$1.18 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 48.01% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 16.57%▼ 77.17% |
|---|---|
| Total Invested | $6.93B▼ 82.43% |
| Investors Holding | 682▼ 648.00% |
About Idexx Laboratories, Inc.
11,000 employees
CEO: Jonathan Jay Mazelsky
IDEXX Laboratories, Inc. is a global enterprise dedicated to creating, producing, and distributing a broad spectrum of products and services. Its primary focus lies in serving the companion animal veterinary, livestock and poultry, dairy...