IDEXX Laboratories, Inc. (IDXX)

In the past six months, IDEXX Laboratories' stock has shown remarkable momentum, climbing 52.9% year-to-date as of September 29, 2025. In Q2 2025, IDEXX announced revenue growth of 11% and organic growth of 9%, with EPS increasing by 49% to $3.63, driven by the Companion Animal Group (CAG) and Water segments. Following strong Q2 results, BTIG Research increased its target price for IDEXX Laboratories from $545.00 to $785.00 with a "buy" rating on August 5, 2025. Leerink Partners also increased its target price from $580.00 to $600.00 with an "outperform" rating on July 17, 2025. JPMorgan Chase & Co. boosted its price objective from $550.00 to $675.00 with an "overweight" rating on August 4, 2025. However, Wall Street Zen downgraded the stock from a "strong-buy" to a "buy" rating on September 28, 2025. UBS Group initiated coverage with a "neutral" rating and a $720.00 target price. Macroeconomic and sector dynamics, including lingering inflationary impacts, have pressured clinical visits, leading to a 2.5% decline in U.S. same-store clinical visit growth in Q2 2025. In Q3 2024, IDEXX delivered weak financial results, lowering its full-year revenue growth guidance due to ongoing weakness in U.S. clinical visits and demand levels.

While specific seasonal patterns are not explicitly detailed, demand for IDEXX Laboratories' products and services can be impacted by external factors. Weak U.S. clinical visits and end-market demand have decelerated revenue growth in recent quarters, including a 2.1% decline in same-store clinical visit growth in Q3 2024, with a more pronounced 3.4% decline in discretionary wellness visits. Demand for some of IDEXX's offerings, particularly those related to companion animal veterinary visits, can fluctuate based on economic conditions and potentially other factors influencing pet owner behavior. The availability of funds also affects demand by government laboratories and producers utilizing livestock and poultry diagnostic products.

IDEXX Laboratories, Inc. develops, manufactures, and distributes products and services for the companion animal veterinary, livestock and poultry, water testing, and dairy markets. The company operates in the healthcare sector, specifically in the medical equipment industry. Its major products and services are categorized into three main segments: Companion Animal Group (CAG), Water Testing, and Livestock, Poultry, and Dairy (LPD). The CAG segment offers diagnostic products and services for veterinarians, including in-house diagnostic instruments and consumables, reference laboratory services, and veterinary practice management software systems. The Water Testing segment provides products to measure microbiological parameters in water. The LPD division offers products to detect diseases in livestock and poultry, as well as test solutions for dairy products. IDEXX also markets point-of-care electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market.

IDEXX Laboratories operates globally, serving customers in over 175 countries. Its infrastructure includes a network of more than 80 reference laboratories, advanced manufacturing sites, and strategically located sales and distribution offices. The company distributes its products directly and through a network of distributors and resellers across the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Key international presences include Hoofddorp, Netherlands, Rydalmere, NSW, Australia, and Markham, Ontario, Canada.

In the past year, IDEXX Laboratories has maintained a reputation as a global leader in veterinary diagnostics, software, and water microbiology testing. In January 2025, IDEXX launched IDEXX Cancer Dx, a diagnostic panel for early detection of lymphoma in dogs, and in June 2025, the company introduced the Catalyst Pancreatic Lipase Test for canine and feline patients. IDEXX is strengthening its future growth prospects by delivering high-touch commercial engagement in fast-growing regions and integrating Greenline Pet, a digital platform acquired earlier in 2024, into its customer engagement solution. IDEXX is committed to reducing its environmental footprint by adopting sustainable practices in its operations and product development and signed an agreement with Southern Power Company for renewable energy credits from a solar facility in Texas in May 2025.

IDEXX Laboratories, Inc. is predominantly owned by institutional shareholders, holding approximately 92.93% of the company's stock, with 1.77% by IDEXX insiders, and 5.30% by retail investors. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., State Street Corp., Fundsmith LLP, Geode Capital Management, LLC and BAMCO Inc /Ny/. Jonathan W. Ayers is the largest individual IDEXX Laboratories shareholder, owning 577,830 shares, representing 0.72% of the company.