IDEXX Laboratories Q4 Earnings Call Highlights

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IDEXX Laboratories (NASDAQ:IDXX) reported double-digit fourth-quarter maturation and laid retired its archetypal 2026 outlook, emphasizing continued momentum successful premium instrumentality placements, expanding diagnostic utilization, and ongoing concern successful innovation and commercialized capacity. Management besides reiterated that unit connected U.S. veterinary sojourn volumes remains a cardinal assemblage headwind, portion diagnostics frequence and strength per sojourn proceed to rise.

Chief Financial Officer Andrew Emerson said fourth-quarter gross accrued 14% arsenic reported and 12% organically, supported by 10% integrated maturation successful CAG Diagnostics recurring revenues. IDEXX posted fourth-quarter EPS of $3.08, up 17% connected a comparable basis.

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Emerson highlighted grounds premium instrumentality placements successful the quarter, including much than 1,900 IDEXX inVue Dx placements, which contributed to a 69% integrated year-over-year enlargement successful CAG Diagnostics instrumentality revenues. Total premium instrumentality placements were 6,567 successful the quarter, up 42% from the anterior year, with beardown gains successful inVue Dx and SediVue and sustained Catalyst placements.

By segment, fourth-quarter integrated gross maturation included:

• CAG: 13% integrated growth

• Water: 10% integrated growth

• Livestock, Poultry, and Dairy (LPD): 4% integrated growth

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Management said U.S. same-store objective sojourn declines remained a headwind, with visits down astir 1.7% successful the 4th fourth and 1.9% for full-year 2025. Wellness and discretionary visits were much pressured than sick-patient visits; IDEXX cited wellness visits down 3.6% successful the 4th quarter.

Even with those declines, Emerson said the institution achieved a gross maturation premium versus U.S. objective sojourn maturation of astir 1,100 ground points successful the quarter, driven by terms and measurement per visit. IDEXX reported mean planetary nett terms betterment of 4% successful fourth-quarter CAG Diagnostics recurring revenue, with U.S. nett terms betterment besides astir 4% and U.S. measurement maturation astir 5%.

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In Q&A, absorption said wellness unit appears much macro-driven, peculiarly among lower-income households, portion non-wellness visits person been much resilient. CEO Jay Mazelsky noted “green shoots” for pets aged 5 years and older implicit the past 2 quarters, which the institution attributes to aging pets from the pandemic adoption period. The institution kept its 2026 baseline presumption for U.S. same-store objective visits astatine astir a 2% diminution “until we person wide grounds that that’s going to improve.”