Idexx Laboratories (IDXX) Q3 2026 Earnings Report
MX:IDXX Q3 2026 EPS Results
- Actual EPS
- MXN 74.51
- Consensus EPS
- MXN 69.23
- Beat/Miss
- Beat by +MXN 5.28
- One Year Ago EPS
- MXN 63.17
MX:IDXX Q3 2026 Revenue Results
- Actual Revenue
- MXN 22.56B
- Expected Revenue
- MXN 22.14B
- Beat/Miss
- Beat by +MXN 419.20M
- YoY Revenue Growth
- +9.86%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/02/2026
- Time
- Before Open
- Conference Call
- Monday, November 2, 2026
Idexx Laboratories's next earnings date is estimated for February 8, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. IDEXX reported broad-based organic growth, double-digit gains in key recurring-revenue businesses, expanding international execution, strong instrument and innovation adoption, improved margins, higher EPS, and raised full-year guidance. The main challenges were declining U.S. clinical visits, muted puppy and kitten adoption, modest rapid assay growth, foreign exchange pressure, and near-term ezyVet-related dilution and costs.
For full year 2026, IDEXX raised its revenue outlook to $4.741 billion to $4.767 billion, a $32 million increase at midpoint, with reported revenue growth of 10.1% to 10.8%, overall organic revenue growth of 9.3% to 10%, and organic CAG Diagnostics recurring revenue growth of 10.3% to 11%, including approximately 4% benefit from global net price realization; the ranges represent an increase of approximately 60 basis points at midpoint along with tightening the low end of the range. EPS guidance increased to $14.96 to $15.16 per share, a $0.25 per share increase at midpoint, reflecting 15% to 16% comparable EPS growth, a tax rate estimated at 20.5%, lower net interest expense of approximately $32 million, approximately $0.13 per share of dilution related to ezyVet, $0.25 per share of foreign exchange benefits, $19 million or $0.24 per share of share-based compensation benefits, and a 2% reduction in average diluted shares outstanding. Reported operating margin guidance is 32.1% to 32.3%, reflecting 50 to 70 basis points of full year comparable operating margin improvement and approximately 30 basis points of negative impact related to ezyVet; free cash flow conversion is expected to be 95% to 100% of net income, with capital spending of approximately $160 million. For the fourth quarter, reported operating margins are expected to be 28.4% to 29.3%, with an approximately 70-basis-point headwind from foreign currency partially offset by benefits from the ezyVet acquisition; a 1% strengthening of the US dollar would reduce revenue by approximately $4 million and EPS by $0.02 per share for the remainder of the year.
- Strong Third-Quarter Organic Revenue GrowthThird-quarter revenue increased 10% organically, driven by 10% growth in Companion Animal Group revenue, 8% growth in the water business, and 3% growth in livestock, poultry, and dairy.
- CAG Diagnostics Recurring Revenue MomentumCAG Diagnostics recurring revenue grew 11% organically, including nearly 14% growth in international regions and nearly 10% growth in the U.S. Growth was volume-led, supported by IDEXX Innovations, net new customer gains, premium instrument placements, increased utilization, and approximately 4% global net price improvement.
- Improved Operating Profit and MarginsReported operating profit increased 13%, with reported operating margin of 33.1%, up 100 basis points year over year and approximately 60 basis points on a comparable basis. Gross profit increased 12%, while gross margin reached 62.9%, up 110 basis points as reported and 90 basis points on a comparable basis.
- Double-Digit EPS GrowthThird-quarter EPS was reported in the detailed financial review at $4.01, increasing 18% as reported and 22% on a comparable basis. The quarter included a $0.03 per-share benefit from a $3.5 million non-operating gain on an equity investment.
- Raised Full-Year Revenue and EPS GuidanceThe company raised its full-year revenue outlook to $4.741 billion to $4.767 billion, a $32 million increase at the midpoint. Overall organic revenue growth guidance is now 9.3% to 10%, with CAG Diagnostics recurring revenue growth of 10.3% to 11%. Full-year EPS guidance increased to $14.96 to $15.16 per share, a $0.25 increase at the midpoint, reflecting 15% to 16% comparable EPS growth.
- Premium Instrument Placement StrengthPremium instrument placements reached 5.78 thousand units in the quarter, including 1.9 thousand InVue Dx instruments and nearly 1.2 thousand competitive and greenfield Catalyst placements globally, with more than 300 of those Catalyst placements in the U.S.
- InVue Dx Expansion and FNA AvailabilityThe company remains on track to exceed its 5.5 thousand InVue Dx placement goal for the year and its five-year goal of 20 thousand placements. The installed base is nearly 11 thousand instruments, and fine needle aspirate availability was expanded to all North American customers at the start of the fourth quarter. Early customers using FNA are evaluating 2x as many masses.
- VetLab Consumables GrowthIDEXX VetLab consumable revenue increased 15% organically, reflecting double-digit growth in both the U.S. and international regions. Growth was supported by the expanding premium instrument installed base, broader menu utilization, and increased use of Catalyst pancreatic lipase, Catalyst cortisol, and SDMA-inclusive chemistry clips.
- Reference Laboratory Growth and Customer ExpansionGlobal Reference Lab revenue increased 10% organically, led by volume gains from net new customers, competitive lab wins in the U.S., and increased same-store utilization as customers adopted broader testing menus. More than 20% of CancerDx runs continued to come from customers that were not primarily using IDEXX Reference Labs.
- CancerDx Panel ExpansionCancerDx expanded from a single test to a multi-cancer panel with the addition of canine mast cell tumor detection in North America. The expanded panel was offered without an increase in price, with pricing as low as $15 in the U.S. when run with most blood work panels. More than 14 thousand customers have ordered and run CancerDx, and 70% of runs are part of a broader blood work panel.
- Planned Hemangiosarcoma DetectionCancerDx capabilities are expected to expand further by the end of the year with hemangiosarcoma detection, with broad customer availability in North America planned beginning in the first quarter. The company stated that the addition would enable CancerDx to address approximately 40% of all canine cancers.
- Catalyst ProBNP LaunchThe company launched Catalyst ProBNP in North America, describing it as the first and only dual-species quantitative cardiac test at the point of care. It supports screening, diagnosis, and monitoring for cats and dogs and provides quantitative results during the patient visit.
- Software and Diagnostic Imaging GrowthVeterinary software and diagnostic imaging revenue increased 10% organically, driven by recurring revenue growth and strong DR50 Plus placements, including another record quarter of U.S. installations. The cloud-native practice information management system footprint continued to expand across independent and corporate-owned clinics.
- ezyVet Acquisition Adds Software and AI CapabilitiesIDEXX acquired ezyVet in September. ezyVet has an approximately $20 million annualized revenue run rate and is growing at strong double-digit rates. The acquisition adds AI-native ambient listening and clinical workflow software and is intended to support further diagnostic utilization.
- International Commercial ExecutionInternational CAG Diagnostics recurring revenue grew 14% organically, with double-digit gains across major international regions. Commercial expansions in France, Spain, South Korea, and Canada were completed ahead of schedule, and international markets represented nearly half of third-quarter InVue Dx placements.
- Customer Retention and Digital Radiography MomentumCustomer retention in CAG Diagnostics remained in the high-90s globally. The company delivered a third consecutive quarter with more than 300 digital radiography placements, driven by demand for the DR50 Plus platform.
- Strong Cash Flow and Capital DeploymentThird-quarter free cash flow was $421 million and year-to-date free cash flow was $978 million. Trailing 12-month net income-to-free-cash-flow conversion was 110%, while full-year free cash flow conversion guidance is 95% to 100% of net income. The company repaid $75 million of senior notes and deployed approximately $335 million toward the ezyVet acquisition and share repurchases in the quarter.
- Share Repurchases Reduced Diluted SharesYear-to-date share repurchases totaled $85 million and supported a 2% year-over-year reduction in diluted shares outstanding.
- Continued Investment in Innovation and InfrastructureIDEXX continued investing in its innovation agenda, global commercial expansions, information technology capabilities, software, data, and AI. The company also announced that it will provide more information on its next point-of-care platform, IDEXX Multi-Q, at an investor event at VMX on January 18.
MX:IDXX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 08, 2027 | 2026 (Q4) | 62.02- | 57.23 | ― | ― |
| Nov 02, 2026 | 2026 (Q3) | 69.2374.51 | 63.17 | 17.94% (+11.33) | |
| Aug 04, 2026 | 2026 (Q2) | 73.2679.34 | 67.45 | 17.63% (+11.89) | |
| May 05, 2026 | 2026 (Q1) | 63.3664.48 | 55 | 17.23% (+9.48) | |
| Feb 02, 2026 | 2025 (Q4) | 54.5057.23 | 48.68 | 17.56% (+8.55) | |
| Nov 03, 2025 | 2025 (Q3) | 58.3163.17 | 52.03 | 21.43% (+11.15) | |
| Aug 04, 2025 | 2025 (Q2) | 61.3567.45 | 45.34 | 48.77% (+22.11) | |
| May 01, 2025 | 2025 (Q1) | 52.9255.00 | 52.21 | 5.34% (+2.79) | |
| Feb 03, 2025 | 2024 (Q4) | 44.6548.68 | 43.11 | 12.93% (+5.57) | |
| Oct 31, 2024 | 2024 (Q3) | 49.8252.03 | 47.01 | 10.67% (+5.02) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
