IDXX · Earnings call · 2026Q2T · Full report

Revenue Performance and Mix

IDEXX LABORATORIES INC /DE · 2026-08-04 · Importance 48 · Surprise 40

Second-quarter revenue increased approximately 10% as reported and 9% organically, with nearly 9% organic growth in CAG, 13% growth in Water, and 9% growth in Livestock, Poultry and Dairy. CAG Diagnostics recurring revenue grew 10.3% organically, including nearly 10% growth in the U.S. and nearly 12% internationally, while CAG Diagnostics instrument revenue declined 20% organically against the prior-year inVue Dx launch comparison. IDEXX VetLab consumable revenue increased 14% organically, Global Reference Lab revenue increased over 10%, veterinary software and diagnostic imaging revenue rose approximately 12%, and Global Rapid Assay revenue increased approximately 1%. U.S. same-store clinical visits declined 1.3%, with wellness visits down below 3%, but recurring diagnostics revenue growth exceeded clinical visit growth by approximately 1,100 basis points.

Key facts

• The full Cancer Dx panel, including mast cell tumor detection, will remain approximately $15 when run as part of a profile in the lab.
• Second quarter revenue increased approximately 10% as reported and 9% organically.
• CAG Diagnostics instrument revenues declined 20% organically in Q2.
• IDEXX VetLab consumable revenues increased 14% organically in Q2.
• IDEXX stated overall consumable revenue performance on inVue Dx is comfortably within the range of $3,500 to $5,500 per instrument.
• U.S. organic CAG Diagnostics recurring revenues grew nearly 10% in Q2.
• CAG Diagnostics recurring revenue growth was over 10% organic in the quarter and specifically 10.3% organically net of a 50 basis point negative impact related to equivalent days and approximately 4% average global net price improvement.
• Global Reference Lab revenues increased over 10% organically in Q2.