IDEXX Laboratories, Inc. (IDXX)

Business

Source: Form 10-K for the fiscal year ended December 31, 2025 (accession 0000874716-26-000038), Items 1 and 7.

IDEXX sells diagnostic instruments, consumables, laboratory testing and practice software to veterinarians, overwhelmingly for dogs and cats, with smaller businesses in water-quality testing and livestock, poultry and dairy diagnostics. In 2025 the company reported revenue of $4.30 billion, of which the Companion Animal Group (CAG) contributed $3.95 billion. The economic engine is recurring: IDEXX places analyzers in veterinary clinics, often free or discounted under multi-year purchase commitments, and then earns most of its revenue and margin from the consumables, rapid tests and reference-lab work those customers buy every day. Recurring diagnostic revenue was about 79% of consolidated revenue in 2025, and the company describes the multi-year consumable stream as "significantly more valuable than the placement of the instrument." About 36% of 2025 revenue came from customers outside the U.S.

IDEXX reports three segments plus an Other category:

• Companion Animal Group (CAG), 2025 revenue $3,953.3 million. CAG Diagnostics recurring revenue ($3,407.2 million) comprises:
  • IDEXX VetLab consumables ($1,496.8 million), used in the in-clinic analyzer suite: Catalyst One/Catalyst Dx chemistry, ProCyte One/ProCyte Dx hematology, SediVue Dx urinalysis, and the IDEXX inVue Dx cellular analyzer launched in late 2024, which automates cytology and blood-morphology testing with AI-driven optics.
  • Reference laboratory diagnostic and consulting services ($1,424.1 million) from a network of approximately 80 laboratories serving the U.S., Europe, Canada, Australia, Japan, New Zealand, South Africa and South Korea, mostly with same-day or next-day results.
  • SNAP rapid assay test kits ($349.0 million), such as SNAP 4Dx Plus for canine vector-borne disease and heartworm. Sales are seasonal and run heavier in the first half of the year.
  • Diagnostic services and accessories ($137.4 million).

CAG also includes instrument sales ($200.2 million) and veterinary software, services and diagnostic imaging ($345.9 million). The software business covers the cloud practice-management systems ezyVet, Animana and IDEXX Neo, on-premises Cornerstone, Web PACS imaging software and the ImageVue DR50/DR30 digital radiography systems; the DR50 Plus launched in North America in January 2026. VetConnect PLUS ties the results from every modality into a single cloud-based patient record.

• Water, 2025 revenue $201.1 million. Tests such as Colilert, Colilert-18 and Colisure detect coliforms and E. coli in drinking water. They sell to utilities, government laboratories and certified private laboratories, and demand is largely driven by regulation; several products carry EPA approval.
• Livestock, Poultry and Dairy (LPD), 2025 revenue $131.8 million. Diagnostic tests for diseases such as BVDV, PRRS and TSE, cattle pregnancy tests, and SNAP tests that detect antibiotic residue in milk. About 81% of LPD revenue is earned outside the U.S.
• Other, 2025 revenue $17.5 million: human point-of-care electrolyte and blood-gas analyzers, plus an out-licensing arrangement.

The installed base of premium instruments at December 31, 2025 was about 78,000 Catalyst, 56,000 premium hematology, 24,000 SediVue Dx and 6,000 inVue Dx units. In the U.S., IDEXX sells companion-animal products directly to veterinarians; internationally it uses its own sales force and, in certain countries, distributors. Main competitors include Mars, Incorporated (Antech Diagnostics, Heska, VCA), Zoetis (including Abaxis), Fujifilm and Mindray in diagnostics, and Covetrus in practice-management software. Many Catalyst chemistry slides are sole-sourced from Ortho-Clinical Diagnostics under supply agreements that run to December 2044. IDEXX had about 11,000 employees at the end of 2025.

Risk factors

Source: Form 10-K for fiscal 2025 (accession 0000874716-26-000038), Item 1A. The Form 10-Q for the quarter ended September 30, 2026 (accession 0000874716-26-000135) reports no material changes to these risk factors.

The risks most specific to IDEXX's model are these:

• Competition and pricing power. IDEXX expects competition to intensify, from existing rivals and new entrants drawn by the sector's growth and returns. Its strategy depends on keeping premium pricing and pushing through price increases while competitors sell "lesser offerings at lower prices." Rivals that move faster on new technology, including AI, could make some products obsolete.
• Customer consolidation and vertical integration. A growing share of U.S. veterinary hospitals is corporately owned, by groups such as Mars (Banfield, BluePearl, VCA) and National Veterinary Associates. Many independent practices also buy through consortiums. These buyers use scale to win lower prices. Some corporate owners run their own reference labs and sell point-of-care instruments, so clinics they acquire may move testing away from IDEXX.
• Supplier concentration. Many products, components and materials come from sole or single sources, including Ortho for Catalyst slides. Some are proprietary and hard to replace. A supply disruption could cost IDEXX customers and recurring revenue, and some contracts carry minimum purchase obligations.
• Biologic manufacturing. Rapid assay, livestock, water and dairy products contain antibodies, cells and sera. These products are hard to make consistently, and product failures can lead to recalls.
• Testing patterns and clinic traffic. Demand depends on how many pets visit clinics and how intensively they are tested. New vaccines or preventatives, changes in medical protocols, disease eradication, or a smaller pet population could all reduce testing. Pet owners pay out of pocket, so economic weakness can lead them to postpone visits or decline tests. LPD demand moves with disease outbreaks such as African swine fever and with government funding.
• Innovation and AI. Growth depends on continued product launches and on building AI into products and operations. The AI risks named include flawed models, uncertain IP rights, new cybersecurity exposure and evolving regulation, including the EU AI Act, which becomes fully effective in August 2026.
• Regulation. Many products need USDA, FDA or EPA approval, and foreign registrations are required as well. Government shutdowns can delay those reviews. Chemical rules on PFAS, REACH and RoHS could force products to be redesigned.
• Operational concentration. Many major products are made in Southern Maine, with other manufacturing in Roswell, Georgia; Bern, Switzerland; and Montpellier, France. A disruption at any key plant, distribution center or laboratory could hurt results.
• Currency. About 23% of 2025 revenue came from products made or sourced in U.S. dollars and sold abroad in local currencies, so a stronger dollar reduces both revenue and profit. IDEXX aims to hedge 75–85% of its intercompany product exposure in five major currencies, using contracts that generally run less than 24 months, so hedging delays the effect of a stronger dollar rather than removing it.
• Leadership transition, cybersecurity and privacy. The CEO changed on May 12, 2026, when Mike Erickson succeeded Jay Mazelsky, who became Executive Chair. The cloud software and connected analyzers create cyber exposure, and IDEXX notes it has experienced attacks before, though none with a material impact. The business is also subject to GDPR and U.S. state privacy laws.
• Debt, taxes and stock volatility. Credit Facility borrowings carry variable rates, and the senior notes carry prepayment penalties. Tax law changes, such as those affecting FDII and share-based compensation benefits, can move the effective rate. The stock traded between $361.04 and $766.68 in 2025.

Management's discussion, fiscal 2025

Source: Form 10-K for fiscal 2025 (accession 0000874716-26-000038), Item 7 and the Consolidated Statements of Income.

In 2025 revenue grew 10.4% to $4,303.7 million, or 9.6% on an organic basis; currency added 0.8 points. Most of the growth came from CAG Diagnostics recurring revenue (+8.9% reported, +8.1% organic), through higher volumes and higher realized prices:

• VetLab consumables rose 14.8%, helped by 12% growth in the premium-instrument installed base and an expanded test menu.
• Reference-lab revenue rose 6.6% on volume growth in North America, Europe and Asia Pacific and on pricing.
• Rapid assay revenue fell 3.0% as customers moved pancreatic-lipase testing onto the Catalyst platform and as macroeconomic and sector headwinds weighed on testing.
• Instrument revenue jumped 51.8% to $200.2 million on placements of the new inVue Dx.
• Software and imaging grew 10.6%.
• Water grew 8.7% and LPD 8.0%.

This growth came in a weak traffic environment. U.S. same-store clinical visits fell about 2% in 2025, held back by capacity constraints in veterinary practices and by macroeconomic headwinds. Even so, average diagnostics revenue per U.S. practice grew about 6% on a same-store basis, against roughly 2% growth in overall practice revenue. Management's initial 2026 outlook assumed a similar decline in U.S. same-store clinical visits.

Margins widened sharply. Gross margin rose 80 basis points to 61.8% on consumable and reference-lab volume, productivity and pricing, partly offset by the lower-margin mix from higher instrument sales. Operating income rose 20.5% to $1,360.0 million, and the operating margin reached 31.6%, up from 29.0%. Part of the margin gain came from a favorable comparison: general and administrative expense fell 8.5% because 2024 included a $61.5 million litigation charge and 2025 included a reversal of about $9 million of the related accrual. That royalty dispute ended with a payment of about $80 million in April 2025.

Net income was $1,059.5 million, or $13.08 per diluted share, compared with $887.9 million and $10.67 in 2024. The effective tax rate was 20.0% in both years. Interest expense rose to $38.9 million on higher debt and rates, and interest income fell to $3.0 million.

Operating cash flow was about $1.2 billion, up $252.8 million. Financing activities used about $1.2 billion. Share repurchases took $379.9 million more cash than in 2024 (about 2.4 million shares were bought), and the company repaid $103.4 million of euro-denominated Series C notes and $75.0 million of Series B notes at maturity; these outflows were partly offset by $148.0 million of Credit Facility borrowings. Year-end cash was $180.1 million, with $398.0 million drawn on the $1.25 billion Credit Facility, which includes a $250.0 million term loan swapped to a fixed rate of about 3.4% plus spread through November 2028. IDEXX pays no dividend and returns capital through buybacks.

Current quarter, three and nine months ended September 30, 2026

Source: Form 10-Q for the quarter ended September 30, 2026 (accession 0000874716-26-000135), Item 1 (statements and Notes 4, 11, 12, 18) and Item 2; earnings release furnished as Exhibit 99.1 to Form 8-K dated November 2, 2026 (accession 0001104659-26-120892).

Results. Third-quarter revenue rose 9.9% to $1,214.2 million, or 10.0% organic; currency trimmed 0.2 points. CAG revenue grew 10.2% to $1,116.0 million (10.4% organic). CAG Diagnostics recurring revenue rose 10.8% to $967.4 million (11.0% organic), driven by volume growth from existing and new customers, an expanded test menu and higher realized prices:

• VetLab consumables grew 14.3% to $443.2 million, supported by 11% growth in the premium-instrument installed base.
• Reference-lab revenue grew 10.0% to $399.1 million.
• Rapid assay revenue was up only 0.6% to $89.1 million. Higher prices were mostly offset by lower point-of-care vector-borne disease testing volumes and the continued shift of pancreatic-lipase testing to Catalyst.
• Instrument revenue was flat at $51.5 million. More SediVue Dx and inVue Dx placements were offset by lower price realization from placement programs. The earnings release reports more than 1,900 inVue Dx placements in the quarter, bringing that installed base to nearly 11,000.
• Software, services and imaging grew 10.6% to $97.1 million.
• Water grew 8.4% to $58.8 million on pricing and Colilert demand in the Americas. LPD grew 2.6% to $34.8 million; gains in the Americas were partly offset by lower swine testing in Asia.

Gross margin expanded 110 basis points to 62.9%. Operating expenses rose 10.2%; general and administrative expense grew 16.4% on consulting fees, compensation and technology depreciation. Operating income rose 13.4% to $402.3 million, and the operating margin was 33.1%, up from 32.1%. Interest expense fell to $7.5 million from $10.7 million on lower average debt, and an equity investment produced a $3.5 million gain. Net income was $317.1 million, or $4.01 per diluted share, up from $274.6 million and $3.40. The quarterly effective tax rate was 20.6%.

For the nine months, revenue rose 11.2% to $3,571.6 million (10.0% organic, with currency adding 1.1 points). Operating income was $1,190.5 million, a 33.3% margin. Net income was $934.0 million and diluted EPS $11.75, compared with $811.3 million and $9.99. The nine-month figures include a $5 million impairment of an equity investment in the first quarter.

CoVet acquisition. On September 15, 2026, IDEXX acquired 100% of CoVetAI Inc. ("CoVet"), which makes AI-native ambient-listening and clinical-workflow software for veterinary practices. The price was about $250 million, which includes an estimated $20 million contingent payment and about $4 million of holdbacks. The contingent consideration could pay anywhere from zero to $47.5 million, depending on annual revenue targets for 2027 through 2029; its acquisition-date fair value was $20.2 million. The provisional purchase price allocation assigns about $230 million to goodwill, about $12 million to technology intangibles (three-year life) and about $13 million to customer relationships (nine-year life), net of about $5 million of net tangible liabilities assumed. Replacement awards for unvested CoVet equity, worth about $7 million in cash and stock, will be expensed over three years. CoVet sits in CAG, and its revenue contribution in the quarter was immaterial. The cash outflow for the acquisition, net of cash acquired, was $223.4 million.

Cash, capital and balance sheet. Nine-month operating cash flow rose to $1,063.1 million from $826.0 million. The prior-year period had included the roughly $80 million litigation payment and higher tax payments. Capital expenditures were $85.6 million, and the 2026 capital plan was cut to about $160 million from the $180 million projected in February. IDEXX repurchased 1.37 million shares in the open market for $804.7 million (average $588.14) over nine months, slowing to 199,000 shares ($111.8 million) in the third quarter; about 2.35 million shares remained under the authorization at September 30.

On September 4, 2026, IDEXX repaid its $75.0 million 3.72% 2026 Senior Notes at maturity. Credit Facility borrowings rose to $474.0 million, leaving $773.2 million of availability, and senior notes outstanding fell to $375.0 million. The $75.0 million 2027 Series B notes come due on February 12, 2027. The covenant leverage ratio was 0.5 to 1, against a 3.5 to 1 limit. Cash was $197.5 million, goodwill rose to $640.5 million from $414.0 million (CoVet added about $230 million), and stockholders' equity was $1,869.2 million. Under customer commitment arrangements, IDEXX expects about $5.3 billion of future revenue.

Outlook (November 2, 2026). IDEXX raised its 2026 guidance:

The revenue midpoint rose $32 million, of which about $5 million comes from CoVet. Operating-margin guidance was lowered to reflect acquisition-related impacts, but it still implies 50–70 basis points of full-year expansion. Currency is expected to add about $0.25 to 2026 EPS. IDEXX also announced an investor session for January 18, 2027 to present its next point-of-care analyzer, IDEXX MultiCue Dx.

Subsequent events

Source: Form 10-Q for the quarter ended September 30, 2026 (accession 0000874716-26-000135); Form 10-K for fiscal 2025 (accession 0000874716-26-000038).

The quarterly report, filed November 2, 2026, has no subsequent-events note. It discloses no acquisition, divestiture, financing or litigation outcome after September 30, 2026. The CoVet acquisition (September 15, 2026) and the repayment of the 2026 Senior Notes (September 4, 2026) both happened within the quarter and are described above. The 10-Q cover reports 78,786,265 common shares outstanding on October 28, 2026. The fiscal 2025 annual report also has no subsequent-events note.

Filings that contain financial statements

Each earnings release below (Exhibit 99.1 to a Form 8-K, Item 2.02) carries a condensed consolidated statement of operations, balance sheet and statement of cash flows plus revenue tables:

• Form 8-K filed November 2, 2026, accession 0001104659-26-120892: third quarter and nine months ended September 30, 2026 (statement of operations, balance sheet, cash flows, free cash flow).
• Form 8-K filed August 4, 2026, accession 0001104659-26-090033: second quarter and six months ended June 30, 2026.
• Form 8-K filed May 5, 2026, accession 0001104659-26-055203: first quarter ended March 31, 2026.
• Form 8-K filed February 2, 2026, accession 0001104659-26-008904: fourth quarter and full year ended December 31, 2025.

Earnings and guidance

2026 guidance has been raised at every report this year.

• February 2, 2026 (0001104659-26-008904). Fourth quarter 2025 revenue was $1,091 million, up 14% reported and 12% organic; EPS was $3.08, up 18%. Full-year 2025 revenue was $4,304 million, up 10%. Initial 2026 outlook: revenue $4,632-$4,720 million and EPS $14.29-$14.80.
• May 5, 2026 (0001104659-26-055203). First quarter revenue was $1,141 million, up 14% reported and 11% organic; EPS was $3.47, up 17%. Revenue guidance was raised to $4,675-$4,760 million and EPS guidance to $14.45-$14.90.
• August 4, 2026 (0001104659-26-090033). Second quarter revenue was $1,217 million, up 10% reported and 9% organic; EPS was $4.27, up 18%. Revenue guidance was narrowed to $4,700-$4,745 million, net of a $15 million foreign-exchange headwind. EPS guidance was raised to $14.69-$14.94.
• November 2, 2026 (0001104659-26-120892). Third quarter revenue was $1,214 million, up 10% reported and organic. CAG Diagnostics recurring revenue grew 11%. EPS was $4.01, up 18% reported and 22% comparable. Gross margin was 62.9% and operating margin 33.1%. The company placed over 1,900 IDEXX inVue Dx analyzers in the quarter, taking the installed base to nearly 11,000.
  • 2026 revenue guidance is now $4,741-$4,767 million (prior $4,700-$4,745 million), including $5 million from CoVet.
  • EPS guidance is $14.96-$15.16 (prior $14.69-$14.94).
  • Full-year operating margin guidance was lowered to 32.1%-32.3% (prior 32.3%-32.5%), with acquisition-related impacts included.
  • Capital expenditures are now expected at about $160 million (prior about $180 million); net interest expense about $32 million (prior about $35 million).
  • The company will host an investor session at VMX in Orlando on January 18 to highlight its next point-of-care analyzer, IDEXX MultiCue Dx.

M&A

• CoVet (closed). IDEXX completed the acquisition of 100% of CoVetAI Inc. on September 15, 2026, for about $250 million, including an estimated $20 million contingent payment and about $4 million of holdbacks. CoVet provides AI-native ambient listening and clinical workflow software for veterinary practices, and its results are included in the CAG segment. This closing is disclosed in the Form 10-Q for the quarter ended September 30, 2026 (accession 0000874716-26-000135, Note 4) and referenced as "the recent CoVet acquisition" in the November 2, 2026 earnings release (0001104659-26-120892). No separate Form 8-K announcing the signing or closing was filed. Cash paid for acquisitions, net of cash acquired, was $223.4 million for the nine months (10-Q cash flow statement).

Capital actions and financing

• Credit agreement amendment (November 12, 2025; Form 8-K filed November 13, 2025, accession 0001104659-25-111278). Amendment No. 2 to the Fourth Amended and Restated Credit Agreement provides a three-year term loan and extends the revolving facility to five years from the closing date. The facility remains a $1.0 billion unsecured revolver and a $250 million unsecured term loan, with up to $250 million of incremental capacity. IDEXX Holdings II GmbH became a borrower. JPMorgan Chase Bank, N.A. is administrative agent.
• Debt position (10-Q, accession 0000874716-26-000135). Borrowings under the credit facility were $474.0 million at September 30, 2026 (including the $250.0 million term loan), against $398.0 million at December 31, 2025. The 3.72% Senior Notes were repaid at maturity on September 4, 2026 for $75.0 million.
• Share repurchases (10-Q, accession 0000874716-26-000135). Open-market repurchases were about 199 thousand shares for $111.8 million in the third quarter and about 1.37 million shares for $804.7 million in the nine months (average $588.14 per share). These are reported in the 10-Q; no repurchase announcement appears in the Form 8-Ks reviewed.

Management and board

• CEO succession (Form 8-K filed January 13, 2026, accession 0001104659-26-003103). Michael (Mike) Erickson, PhD, was promoted to President and CEO effective May 12, 2026, and joined the board. Jay Mazelsky became Executive Chair on that date and intends to retire after the May 2027 annual meeting. Dr. Erickson's letter agreement and amended change-in-control agreement are filed as Exhibits 10.1 and 10.2. The November 2, 2026 release is attributed to Dr. Erickson as President and CEO.
• Director retirement (Form 8-K filed February 13, 2026, accession 0000874716-26-000007). M. Anne Szostak notified the company she would retire from the board after the May 12, 2026 annual meeting. The filing says her decision does not arise from any disagreement.
• Executive departure (Form 8-K filed March 26, 2026, accession 0001104659-26-034906). Nimrata Hunt, PhD, Executive Vice President, Global Strategy and Commercial, left that role effective April 13, 2026, and will advise on an as-needed basis until July 13, 2026. Separation benefits include salary continuation of $1,230,000 and target bonus of $984,000 over two years, plus smaller payments.

Governance

• 2026 annual meeting (Form 8-K filed May 15, 2026, accession 0000874716-26-000110). On May 12, 2026, shareholders approved charter amendments to declassify the board over three years, with annual election of all directors beginning at the 2029 annual meeting, and to let shareholders who have held at least 25% of the capital stock for at least one year require the company to call a special meeting, subject to conditions in the By-Laws. The certificate of amendment became effective May 13, 2026. Directors Junius, Kingsley and Vandebroek were elected, and PricewaterhouseCoopers LLP was ratified as auditor.

Not found in these filings

No Form 8-K reports a material legal outcome, impairment, restructuring, dividend, or new share repurchase authorization in this period.

About this file

IDXX annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

IDXX quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

IDXX year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

IDXX trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. fiscal 2025 plus the nine months ended September 30, 2026 less the nine months ended September 30, 2025

Adjustments

Source filings

Notes

• Sources: the annual figures come from the FY2025 Form 10-K (accession 0000874716-26-000038); the quarterly, nine-month and September 30, 2026 balance sheet figures come from the Form 10-Q for the quarter ended September 30, 2026 (accession 0000874716-26-000135). The 10-K presents three fiscal years of income statement and cash flows (2023-2025) and two year-end balance sheets (2024, 2025); FY2023 therefore carries no balance sheet here.
• The statements print dollar amounts in thousands, except per-share amounts, and weighted share counts in thousands. Every money figure here is stated in actual US dollars, share counts in actual shares, and per-share amounts in dollars per share.
• Template: a standard operating-company layout (revenue, cost of revenue, gross profit, operating expenses, operating income, net income, EPS; balance sheet; cash flows). IDEXX reports product and service revenue separately, and both are shown. Segment revenue and segment gross profit are shown for the three reportable segments - Companion Animal Group (CAG), Water, and Livestock, Poultry and Dairy (LPD) - because the segment note states that the chief operating decision-maker evaluates segments on revenue and gross profit. 'Other revenue' is the non-reportable Other segment (human medical diagnostics and an out-licensing arrangement); reportable-segment revenue plus other revenue equals total revenue in every period.
• Sign convention: revenue, costs, expenses, interest expense and income tax provisions are shown as positive amounts. Cash-flow lines keep the sign the cash flow statement prints, so outflows such as purchases of property and equipment, acquisitions and share repurchases are negative.
• The 10-Q's cash flow statement covers the nine-month periods only. The three-month operating cash flow, purchases of property and equipment and free cash flow for Q3 2026 and Q3 2025 are taken from the free cash flow table in the third-quarter earnings release furnished as Exhibit 99.1 to the Form 8-K filed November 2, 2026 (accession 0001104659-26-120892); those quarters cite that accession for their cash flow figures. The same table's nine-month figures agree exactly with the 10-Q.
• Free cash flow is net cash provided by operating activities less purchases of property and equipment, which is the company's own definition in its earnings release.
• Total debt is the sum of the borrowings under the Credit Facility (classified as a current liability), the current portion of long-term debt and long-term debt net of current portion, at the carrying amounts on the balance sheet. Operating lease liabilities are not included.
• Shares outstanding on each balance sheet date are the outstanding common shares stated in the common-stock caption of the balance sheet (79.712 million at December 31, 2025; 81.604 million at December 31, 2024; 78.790 million at September 30, 2026).
• The trailing-twelve-month view (twelve months ended September 30, 2026) is derived: fiscal 2025 plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025. Per-share amounts and share counts are not derived for it.
• The 2026 income statement adds a 'gain (loss) on equity investment' line (non-operating) that is not present in the FY2025 10-K statements; it is shown for the 10-Q periods and the trailing-twelve-month view, and is zero in the 2025 comparatives. Income before taxes in those periods includes it.
• The 10-Q's cash flow line for share repurchases is captioned 'Repurchases of common stock, including net excise tax settlements'; the 10-K's is 'Repurchases of common stock'. Both are shown as repurchases_of_common_stock.
• Presentation changes with no effect on operating cash flow: the 10-Q reclassified the nine-month 2025 change in deferred revenue into other assets and liabilities, and the 10-K recast 2024 and 2023 impairment charges into other operating adjustments. Totals shown here are as printed in those filings.
• The 2026 nine-month 'acquisition of a business, net of cash acquired' outflow reflects the September 15, 2026 acquisition of CoVetAI Inc., which the 10-Q describes as a purchase of approximately $250 million including an estimated contingent payment of $20 million and holdbacks of approximately $4 million; goodwill rose from $414.0 million at December 31, 2025 to $640.5 million at September 30, 2026.
• The 10-Q does not print a balance sheet as of September 30, 2025, so the Q3 FY2025 quarter carries income statement, cash flow and segment figures only.
• No stock splits occurred in the periods covered, and IDEXX is a US domestic filer reporting in US dollars; no split, currency or ADS adjustment was applied.

Uncertainties

• Q3 2026 and Q3 2025 three-month cash flow figures (operating cash flow, purchases of property and equipment, free cash flow) come from the earnings release, not the 10-Q, because the 10-Q prints nine-month cash flows only. Other three-month cash flow lines are not available from these filings and are omitted.

Company details

Fiscal period