IDEXX Laboratories (IDXX) Q1 2025 Earnings
How Did IDXX Stock React to Q1 2025 Earnings?
S&P 500 over the same 30 days: +6.74%.
Did IDXX Beat Earnings? Q1 2025 Results
Yes. IDEXX Laboratories reported Q1 2025 earnings of $2.96 a share on May 1, 2025, beating the $2.84 consensus estimate by 4.1%. Revenue was $998.4M against a $996.5M estimate.
IDEXX Laboratories posted a solid beat on both lines in Q1 2025, with earnings per share of $2.96 clearing the $2.84 consensus by 4.06% and revenue of $998.43 million edging past estimates by 0.20% on 3.6% year-over-year growth, as the veterinary diagnostics leader leaned on robust VetLab consumables demand to drive results. The standout driver was double-digit organic revenue growth in IDEXX VetLab consumables, fueled by a 9% expansion in the global premium instrument installed base, while gross margin widened 90 basis points to 62.4% on favorable product mix. A $0.08 per-share benefit from the resolution of a patent royalty dispute, which allowed IDEXX to reduce an $89 million accrual by roughly $9 million, also contributed to the EPS outcome. Looking ahead, management raised full-year 2025 revenue guidance to $4.10 billion–$4.21 billion and lifted EPS guidance to $11.93–$12.43, with the increases reflecting favorable foreign exchange tailwinds and the litigation adjustment, even as the company acknowledged estimated tariff headwinds from U.S. and Chinese trade measures embedded in its outlook.
- Double-digit IDEXX VetLab consumables organic revenue growth
- 9% year-over-year growth in global premium instrument installed base
- Sustained high customer retention and net price gains
- Net new customer gains and increased diagnostic utilization
- Gross margin expansion of 90 basis points to 62.4%
- Strong cloud-based software placement momentum
“IDEXX drove solid execution in the first quarter while advancing key enablers of our innovation-driven growth strategy. At the end of March, IDEXX launched a first-of-its-kind innovation, IDEXX Cancer Dx™, in our North American reference laboratories.”
IDEXX Laboratories CEO, on the earnings call
What Was IDEXX Laboratories's Outlook in Q1 2025?
IDEXX raised its full-year 2025 revenue guidance to $4,095M–$4,210M (up $40M at midpoint), reflecting favorable FX from a weaker U.S. dollar, while maintaining organic revenue growth of 6%–9%. Reported revenue growth is now projected at 5%–8%. CAG Diagnostics recurring revenue growth guidance is 4%–7% reported and 5%–8% organic. Full-year EPS guidance was raised to $11.93–$12.43 (up $0.19), reflecting $0.11 from FX benefits and $0.08 from the litigation accrual adjustment, with reported EPS growth of 12%–17% and comparable growth of 8%–12%. Operating margin is projected at 31.1%–31.6% with comparable margin expansion of 30–80 basis points. Capital expenditures are expected at approximately $160M. Free cash flow conversion is projected at 80%–85% of net income. The guidance incorporates estimated tariff impacts on internationally sourced materials, including U.S. tariffs and China's retaliatory tariffs.
IDXX YoY Financials
| Metric | Q1 2025 | Q1 2024 | Year over year |
|---|---|---|---|
| Revenue | $998.4M | $964.1M | +3.6% |
| Gross Profit | $623.4M | $593.1M | +5.1% |
| Operating Income | $316.5M | $299.0M | +5.9% |
| Net Income | $242.7M | $235.6M | +3.0% |
IDXX Revenue by Segment
IDXX Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.