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Jun 30
IDEXX Q2 2025 Earnings Report
IDEXX reported strong second quarter performance with double-digit revenue growth and record EPS.
Key Takeaways
IDEXX delivered robust financial results in Q2 2025, driven by strong growth in Companion Animal Group diagnostics and record instrument placements. EPS rose 49% as reported, while international growth outpaced domestic gains.
Revenue reached $1.11 billion, up 11% year-over-year
EPS increased 49% to $3.63, including discrete tax benefits
Net income rose to $293.99 million for the quarter
Record placements of IDEXX inVue Dx™ instruments fueled capital revenue growth
IDEXX
IDEXX
IDEXX Revenue by Segment
IDEXX Revenue by Geographic Location
Revenue by Segment
VetLab Consumables Revenue
CapyFin.comRapid Assay Products Revenue
CapyFin.comReference Labs Revenue
CapyFin.comCAG Services/Accessories Revenue
CapyFin.comCAG Capital Instruments Revenue
CapyFin.comVet Software & Imaging Revenue
CapyFin.comWater Segment Revenue
CapyFin.comLivestock, Poultry, Dairy Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
IDEXX raised full-year 2025 guidance across revenue, EPS, and operating margin due to strong Q2 results and favorable foreign exchange impacts.
Positive Outlook
- Raised FY25 revenue guidance to $4.205B–$4.28B
- Improved organic growth outlook to 7%–9%
- EPS guidance increased to $12.40–$12.76
- Operating margin projected at 31.3%–31.6%
- Foreign exchange expected to add $0.12 to EPS
Challenges Ahead
- Rapid assay product revenues declined 3% YoY
- LPD segment income showed a loss of $505,000
- Cash and cash equivalents down from $288M to $165M QoQ
- Operating cash flow decreased YoY in Q2
- Gross margin gains partially offset by inflationary impacts
Revenue & Expenses
Visualization of income flow from segment revenue to net income