IDEXX Laboratories (IDXX)
Provides veterinary diagnostics, reference laboratories, and practice software for connected clinical workflows.
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IDEXX sells the tests that tell a vet what is wrong with your dog or cat. It places its analyzers inside the clinic and earns again on every cartridge they burn, then runs the harder tests in its own laboratories. Water and farm-animal testing sit off to the side. Visits to the vet are slowly falling at home in America, so growth now hangs on getting more testing into each one.
Item facts: FY2025 · year ended December 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
9 in detail · 16 more below
IDEXX VetLab consumables
The slides and cartridges the clinic analyzers eat — the biggest single line, $1.50B in 2025 and up 17% in the first half of 2026. Watch machines placed and tests run per machine; IDEXX reckons the pot it fishes in is roughly ten times its own sales.
Competes with Vetscan chemistry and hematology consumables (Zoetis) · Element series consumables (Antech/Heska (Mars))
In plain English
Your vet's back room holds a few countertop machines that read blood, urine and cells. Each one accepts only IDEXX's own sealed slides and cartridges — nobody else's fit.
So the clinic buys a fresh one every time it tests an animal, at IDEXX's price, for as long as the machine sits on the bench. Coffee pods, essentially, except the pod is a blood panel. Two things push the money up: more machines in more clinics, and more tests run on each machine. IDEXX keeps adding new things the same cartridge can check, so a routine panel quietly gets bigger.
Rapid assay products (SNAP portfolio)
Single-use tests a clinic runs on the counter in minutes, led by the heartworm-and-tick screen. Flat — up about 1% in the first half of 2026 — as IDEXX's own analyzer cartridges take over some of the same work.
Competes with Vetscan FLEX4 Rapid Test (Zoetis) · Solo Step / Element i+ rapid assays (Antech/Heska (Mars)) · Catalyst CLIP menu (IDEXX)
In plain English
A single-use test you run right on the counter, no analyzer needed — read by eye, or on a small bench reader.
The workhorse of the family checks a dog for heartworm plus three tick-borne infections in one go, and clinics keep a supply on hand for the yearly screen. Here is the honest part: the same clinic can now get some of those answers from the countertop analyzer instead, and IDEXX would rather sell that. Pancreas testing has already moved across. So this line sits flat while everything around it compounds — eaten by its own family.
Clinic analyzers (led by inVue Dx)
Selling the analyzers themselves, led by inVue Dx, which reads cells without anyone making a slide. Shrinking by design — down 20% last quarter after a record placement year. Watch units placed, not dollars booked.
Competes with Vetscan Imagyst (Zoetis) · Element series analyzers (Antech/Heska (Mars))
In plain English
Every one of those repeat cartridge orders starts with a box on a bench. This is the part where IDEXX sells — or more often hands over — the boxes.
The newest is inVue Dx, which looks at cells from a lump or a blood sample and tells the vet what it sees, with no slide to prepare by hand. Nearly 6,400 went out in 2025, more than the company had promised, and 5,500 are planned for 2026. But hardware money is not the point: under the placement programme a machine often arrives free against a testing commitment, so the revenue simply moves to the cartridges. A falling line here is the plan working.
IDEXX 360 and multi-year commitments
The deal that makes the model work: free analyzers, X-ray and software against a multi-year testing commitment. It is why hardware sales can fall while repeat revenue climbs. Watch renewals — a lapsed contract takes the whole bundle with it.
Competes with Placement-for-commitment bundles (Zoetis) · Placement-for-commitment bundles (Antech/Heska (Mars)) · Outright purchase and equipment leasing (Third-party lessors)
In plain English
Think of how a phone carrier hands you a handset and bills you monthly for years. IDEXX does that with a clinic's whole kit.
Commit to a few years of testing and the analyzers, the X-ray unit and the practice software arrive with nothing to pay upfront. The practice skips a big cheque; IDEXX books years of cartridge and lab orders. Nearly all of these relationships stay put. No single customer is even a tenth of sales, but chains of clinics negotiate centrally — three large ones re-signed in 2024 with lower lab prices traded for volume. And the bundle is one knot: if a practice leaves, machines, software and lab work go together.
IDEXX Reference Laboratories
IDEXX's own network of veterinary labs, handling the samples a clinic cannot run itself — $1.42B in 2025 and up 11% in the first half of 2026 even as wellness visits fall. Courier speed and lab throughput set the margin.
Competes with Antech Diagnostics reference labs (Mars) · Zoetis Reference Laboratories (Zoetis)
In plain English
Some tests are too fiddly or too rare for a countertop machine: hormone work, tissue under a microscope, genetic tests for infections. A courier collects those samples from the clinic and drives them to an IDEXX laboratory.
Results come back to the practice, sometimes with a note from a board-certified pathologist who looked at the sample. The clinic pays per test and bills the pet owner. It is a volume business with vans and buildings behind it, so the trick is filling the shift — getting more samples through the same lab per hour is IDEXX's own stated lever on profit.
IDEXX Cancer Dx
A blood screen for cancer in dogs, run through IDEXX's labs since early 2025. More than 10,000 clinics have ordered it, usually tucked inside a bigger panel. Small money today, but it pulls work away from rival labs.
Competes with Nu.Q Vet Cancer Test (Antech (Mars)) · inVue Dx FNA (IDEXX)
In plain English
A blood test for dogs that goes looking for cancer — no lump needed, the sample simply travels to the lab with everything else the vet drew that morning.
About fifteen dollars, and usually sold inside a larger panel rather than on its own, which is the clever part: the blood is already in the tube for a senior pet's check-up. IDEXX does not say what it earns here. What it does say is that more than a fifth of the orders come from practices that normally send their work to a rival lab — a cheap test used to open a door. It widens into a fuller panel this year at the same price.
Veterinary software, services and imaging
The software a clinic runs its day on, plus digital X-ray — $346M in 2025, growing 12%. It is bait as much as business: practices on IDEXX software put bloodwork into more of their check-ups.
Competes with Avimark / Impromed / Pulse (Covetrus) · Provet Cloud (Nordhealth) · Vetspire practice software (Vetspire)
In plain English
The booking screen, the patient record, the message that goes out to an owner before a check-up, and the X-ray plate in the next room. IDEXX sells all of it, some as a monthly cloud subscription, some as hardware bolted to the wall.
Most of it arrives monthly and keeps arriving, which is the best-quality money in the house. The quieter reason IDEXX wants to be here: clinics running its software and its owner-messaging tool include blood work in more visits than clinics running a rival's system on their own computers. The software sells the tests. It has just bought a small company whose software listens during the exam and drafts the notes.
Water quality products
Kits that tell a utility whether its water carries the bacteria that signal contamination — $201M in 2025, up 13% in the first half of 2026. It moves with water rules, not with pets.
Competes with Hach coliform and E. coli test systems (Danaher) · Water microbiology products (Thermo Fisher Scientific) · Membrane filtration testing (Multiple vendors)
In plain English
Nothing here has four legs. A water utility has to prove its water is free of the bacteria that signal contamination, and it does that by mixing a sachet of IDEXX reagent into a sample, sealing it into a tray of small wells, and reading which wells come up positive — the count tells you how much is there.
Utilities, testing laboratories and industrial plants buy the sachets and trays over and over, because the rules require the testing. Demand follows regulation, which is why this corner of the company moves to a completely different rhythm than the rest of it.
Livestock, Poultry and Dairy
Herd-scale tests for cattle, pigs, deer and poultry — $132M in 2025, up 12% in the first half of 2026. Volumes follow government disease programmes more than farm budgets.
Competes with Food-and-animal-safety test kits (Neogen) · BioChek poultry and livestock ELISA kits (Zoetis) · Livestock diagnostic kits (Innovative Diagnostics) · Animal safety test kits (Charm Sciences)
In plain English
Farms test animals by the hundred, not one at a time. IDEXX sells the kits: is this cow pregnant, is the herd carrying a virus, does this flock have salmonella.
A regional veterinary lab or a producer buys trays of the test and runs a batch of samples at once. What drives the orders is usually not the farmer — it is a government eradication or surveillance programme saying these animals must be screened, so volumes lurch with policy and outbreaks rather than with herd economics. Small, unglamorous, and running at roughly twice the growth rate it managed two quarters earlier.
IDEXX VetLab consumablesThe slides and cartridges the clinic analyzers eat — the biggest single line, $1.50B in 2025 and up 17% in the first half of 2026. Watch machines placed and tests run per machine; IDEXX reckons the pot it fishes in is roughly ten times its own sales.The slides and cartridges the clinic analyzers eat — the biggest single line, $1.50B in 2025 and up 17% in the first half of 2026. Watch machines placed and tests run per machine; IDEXX reckons the pot it fishes in is roughly ten times its own sales.
In plain English
Your vet's back room holds a few countertop machines that read blood, urine and cells. Each one accepts only IDEXX's own sealed slides and cartridges — nobody else's fit.
So the clinic buys a fresh one every time it tests an animal, at IDEXX's price, for as long as the machine sits on the bench. Coffee pods, essentially, except the pod is a blood panel. Two things push the money up: more machines in more clinics, and more tests run on each machine. IDEXX keeps adding new things the same cartridge can check, so a routine panel quietly gets bigger.
Competes with Vetscan chemistry and hematology consumables (Zoetis) · Element series consumables (Antech/Heska (Mars))
Rapid assay products (SNAP portfolio)Single-use tests a clinic runs on the counter in minutes, led by the heartworm-and-tick screen. Flat — up about 1% in the first half of 2026 — as IDEXX's own analyzer cartridges take over some of the same work.Single-use tests a clinic runs on the counter in minutes, led by the heartworm-and-tick screen. Flat — up about 1% in the first half of 2026 — as IDEXX's own analyzer cartridges take over some of the same work.
In plain English
A single-use test you run right on the counter, no analyzer needed — read by eye, or on a small bench reader.
The workhorse of the family checks a dog for heartworm plus three tick-borne infections in one go, and clinics keep a supply on hand for the yearly screen. Here is the honest part: the same clinic can now get some of those answers from the countertop analyzer instead, and IDEXX would rather sell that. Pancreas testing has already moved across. So this line sits flat while everything around it compounds — eaten by its own family.
Competes with Vetscan FLEX4 Rapid Test (Zoetis) · Solo Step / Element i+ rapid assays (Antech/Heska (Mars)) · Catalyst CLIP menu (IDEXX)
Clinic analyzers (led by inVue Dx)Selling the analyzers themselves, led by inVue Dx, which reads cells without anyone making a slide. Shrinking by design — down 20% last quarter after a record placement year. Watch units placed, not dollars booked.Selling the analyzers themselves, led by inVue Dx, which reads cells without anyone making a slide. Shrinking by design — down 20% last quarter after a record placement year. Watch units placed, not dollars booked.
In plain English
Every one of those repeat cartridge orders starts with a box on a bench. This is the part where IDEXX sells — or more often hands over — the boxes.
The newest is inVue Dx, which looks at cells from a lump or a blood sample and tells the vet what it sees, with no slide to prepare by hand. Nearly 6,400 went out in 2025, more than the company had promised, and 5,500 are planned for 2026. But hardware money is not the point: under the placement programme a machine often arrives free against a testing commitment, so the revenue simply moves to the cartridges. A falling line here is the plan working.
Competes with Vetscan Imagyst (Zoetis) · Element series analyzers (Antech/Heska (Mars))
IDEXX 360 and multi-year commitmentsThe deal that makes the model work: free analyzers, X-ray and software against a multi-year testing commitment. It is why hardware sales can fall while repeat revenue climbs. Watch renewals — a lapsed contract takes the whole bundle with it.The deal that makes the model work: free analyzers, X-ray and software against a multi-year testing commitment. It is why hardware sales can fall while repeat revenue climbs. Watch renewals — a lapsed contract takes the whole bundle with it.
In plain English
Think of how a phone carrier hands you a handset and bills you monthly for years. IDEXX does that with a clinic's whole kit.
Commit to a few years of testing and the analyzers, the X-ray unit and the practice software arrive with nothing to pay upfront. The practice skips a big cheque; IDEXX books years of cartridge and lab orders. Nearly all of these relationships stay put. No single customer is even a tenth of sales, but chains of clinics negotiate centrally — three large ones re-signed in 2024 with lower lab prices traded for volume. And the bundle is one knot: if a practice leaves, machines, software and lab work go together.
Competes with Placement-for-commitment bundles (Zoetis) · Placement-for-commitment bundles (Antech/Heska (Mars)) · Outright purchase and equipment leasing (Third-party lessors)
IDEXX Reference LaboratoriesIDEXX's own network of veterinary labs, handling the samples a clinic cannot run itself — $1.42B in 2025 and up 11% in the first half of 2026 even as wellness visits fall. Courier speed and lab throughput set the margin.IDEXX's own network of veterinary labs, handling the samples a clinic cannot run itself — $1.42B in 2025 and up 11% in the first half of 2026 even as wellness visits fall. Courier speed and lab throughput set the margin.
In plain English
Some tests are too fiddly or too rare for a countertop machine: hormone work, tissue under a microscope, genetic tests for infections. A courier collects those samples from the clinic and drives them to an IDEXX laboratory.
Results come back to the practice, sometimes with a note from a board-certified pathologist who looked at the sample. The clinic pays per test and bills the pet owner. It is a volume business with vans and buildings behind it, so the trick is filling the shift — getting more samples through the same lab per hour is IDEXX's own stated lever on profit.
Competes with Antech Diagnostics reference labs (Mars) · Zoetis Reference Laboratories (Zoetis)
IDEXX Cancer DxA blood screen for cancer in dogs, run through IDEXX's labs since early 2025. More than 10,000 clinics have ordered it, usually tucked inside a bigger panel. Small money today, but it pulls work away from rival labs.A blood screen for cancer in dogs, run through IDEXX's labs since early 2025. More than 10,000 clinics have ordered it, usually tucked inside a bigger panel. Small money today, but it pulls work away from rival labs.
In plain English
A blood test for dogs that goes looking for cancer — no lump needed, the sample simply travels to the lab with everything else the vet drew that morning.
About fifteen dollars, and usually sold inside a larger panel rather than on its own, which is the clever part: the blood is already in the tube for a senior pet's check-up. IDEXX does not say what it earns here. What it does say is that more than a fifth of the orders come from practices that normally send their work to a rival lab — a cheap test used to open a door. It widens into a fuller panel this year at the same price.
Competes with Nu.Q Vet Cancer Test (Antech (Mars)) · inVue Dx FNA (IDEXX)
Veterinary software, services and imagingThe software a clinic runs its day on, plus digital X-ray — $346M in 2025, growing 12%. It is bait as much as business: practices on IDEXX software put bloodwork into more of their check-ups.The software a clinic runs its day on, plus digital X-ray — $346M in 2025, growing 12%. It is bait as much as business: practices on IDEXX software put bloodwork into more of their check-ups.
In plain English
The booking screen, the patient record, the message that goes out to an owner before a check-up, and the X-ray plate in the next room. IDEXX sells all of it, some as a monthly cloud subscription, some as hardware bolted to the wall.
Most of it arrives monthly and keeps arriving, which is the best-quality money in the house. The quieter reason IDEXX wants to be here: clinics running its software and its owner-messaging tool include blood work in more visits than clinics running a rival's system on their own computers. The software sells the tests. It has just bought a small company whose software listens during the exam and drafts the notes.
Competes with Avimark / Impromed / Pulse (Covetrus) · Provet Cloud (Nordhealth) · Vetspire practice software (Vetspire)
Water quality productsKits that tell a utility whether its water carries the bacteria that signal contamination — $201M in 2025, up 13% in the first half of 2026. It moves with water rules, not with pets.Kits that tell a utility whether its water carries the bacteria that signal contamination — $201M in 2025, up 13% in the first half of 2026. It moves with water rules, not with pets.
In plain English
Nothing here has four legs. A water utility has to prove its water is free of the bacteria that signal contamination, and it does that by mixing a sachet of IDEXX reagent into a sample, sealing it into a tray of small wells, and reading which wells come up positive — the count tells you how much is there.
Utilities, testing laboratories and industrial plants buy the sachets and trays over and over, because the rules require the testing. Demand follows regulation, which is why this corner of the company moves to a completely different rhythm than the rest of it.
Competes with Hach coliform and E. coli test systems (Danaher) · Water microbiology products (Thermo Fisher Scientific) · Membrane filtration testing (Multiple vendors)
Livestock, Poultry and DairyHerd-scale tests for cattle, pigs, deer and poultry — $132M in 2025, up 12% in the first half of 2026. Volumes follow government disease programmes more than farm budgets.Herd-scale tests for cattle, pigs, deer and poultry — $132M in 2025, up 12% in the first half of 2026. Volumes follow government disease programmes more than farm budgets.
In plain English
Farms test animals by the hundred, not one at a time. IDEXX sells the kits: is this cow pregnant, is the herd carrying a virus, does this flock have salmonella.
A regional veterinary lab or a producer buys trays of the test and runs a batch of samples at once. What drives the orders is usually not the farmer — it is a government eradication or surveillance programme saying these animals must be screened, so volumes lurch with policy and outbreaks rather than with herd economics. Small, unglamorous, and running at roughly twice the growth rate it managed two quarters earlier.
Competes with Food-and-animal-safety test kits (Neogen) · BioChek poultry and livestock ELISA kits (Zoetis) · Livestock diagnostic kits (Innovative Diagnostics) · Animal safety test kits (Charm Sciences)
Named in filings, launches and programs
- Analyzer installation, service and accessoriesServiceSetting the machines up, keeping them running, and the bits that go with them — $137.4M in 2025, about 3% of sales.
- IDEXX SDMAProductA kidney marker now built into the standard chemistry cartridges in North America; roughly 120 million tests run worldwide since 2015.
- Fecal Dx antigen testingServiceLab screening for gut parasites; tapeworm detection added in the US and Canada in June 2026 and in the UK in September.
- Catalyst proBNP TestProduct · AnnouncedA heart test for the countertop analyzer, covering two species at once, reaching North America from October 2026.
- inVue Dx FNAProduct · RampingReads a needle sample from a lump for mast cell tumours without leaving the clinic; broad availability targeted for end-2026.
- CoVetAIBrandBought in September 2026: software that listens during an exam and drafts the paperwork. Price not disclosed.
- GreenlinePlatformSoftware and data platform bought in 2024, now folded into the software line.
- VelloPlatformThe pet-owner messaging layer that plugs only into IDEXX's own practice software — users growing by double digits each quarter.
- ezyVet / Neo / Animana / CornerstoneProduct lineThe four practice-management systems: three run in the cloud, Cornerstone on a machine in the back office.
- ImageVue DR50 Plus / DR30ProductDigital X-ray for clinics; the DR50 Plus arrived January 2026 with up to 60% lower radiation dose than premium competitors.
- IDEXX VetLab StationPlatformThe hub on the bench that ties the analyzers to the clinic's records and to the outside lab.
- IDEXX Digital CytologyServiceRemote specialist review of cell images, bundled into the placement programme.
- Colilert / Legiolert / Quanti-TrayProduct lineThe water roster: kits for coliforms and E. coli, Legionella, enterococci and pseudomonas, plus the tray that counts them.
- Alertys / HerdChekProduct lineFarm kits: cow pregnancy tests, including milk-based and on-farm versions, and herd disease panels for cattle, deer and poultry.
- OPTI Medical SystemsBrandA Georgia unit making blood-gas and electrolyte analyzers for human care — $17.5M of 2025 sales, about 0.4%.
- LaserCyte Dx / Coag Dx / VetStatProduct lineOlder bench analyzers IDEXX still supports — kept alive as legacy platforms, not counted on for growth.
Analyzer installation, service and accessoriesService
Setting the machines up, keeping them running, and the bits that go with them — $137.4M in 2025, about 3% of sales.
IDEXX SDMAProduct
A kidney marker now built into the standard chemistry cartridges in North America; roughly 120 million tests run worldwide since 2015.
Fecal Dx antigen testingService
Lab screening for gut parasites; tapeworm detection added in the US and Canada in June 2026 and in the UK in September.
Catalyst proBNP TestProduct · Announced
A heart test for the countertop analyzer, covering two species at once, reaching North America from October 2026.
inVue Dx FNAProduct · Ramping
Reads a needle sample from a lump for mast cell tumours without leaving the clinic; broad availability targeted for end-2026.
CoVetAIBrand
Bought in September 2026: software that listens during an exam and drafts the paperwork. Price not disclosed.
GreenlinePlatform
Software and data platform bought in 2024, now folded into the software line.
VelloPlatform
The pet-owner messaging layer that plugs only into IDEXX's own practice software — users growing by double digits each quarter.
ezyVet / Neo / Animana / CornerstoneProduct line
The four practice-management systems: three run in the cloud, Cornerstone on a machine in the back office.
ImageVue DR50 Plus / DR30Product
Digital X-ray for clinics; the DR50 Plus arrived January 2026 with up to 60% lower radiation dose than premium competitors.
IDEXX VetLab StationPlatform
The hub on the bench that ties the analyzers to the clinic's records and to the outside lab.
IDEXX Digital CytologyService
Remote specialist review of cell images, bundled into the placement programme.
Colilert / Legiolert / Quanti-TrayProduct line
The water roster: kits for coliforms and E. coli, Legionella, enterococci and pseudomonas, plus the tray that counts them.
Alertys / HerdChekProduct line
Farm kits: cow pregnancy tests, including milk-based and on-farm versions, and herd disease panels for cattle, deer and poultry.
OPTI Medical SystemsBrand
A Georgia unit making blood-gas and electrolyte analyzers for human care — $17.5M of 2025 sales, about 0.4%.
LaserCyte Dx / Coag Dx / VetStatProduct line
Older bench analyzers IDEXX still supports — kept alive as legacy platforms, not counted on for growth.