# IDEXX Laboratories (IDXX) - Recent Events, through the third quarter of 2026 ## 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.