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IDEXX

IDXX · Nasdaq

Fewer instrument sales lifted the gross margin

Cost of revenue grew 5.5% against revenue growth of 9.7%, so gross margin rose to 64.0% from 62.6% as tests outgrew hardware.

Q2 FY2026, the quarter to Jun 30, 2026 · 10-Q filed Aug 4, 2026

Q2 FY2026 · revenue
$1.2B+21.9% on the year
Operating margin
35.0%
Net income
$338.4M
Free cash flow, quarter
$322.5M

Largest source of revenue: Product revenue, 59.1% of the total.

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Key insights · Q2 FY2026
  1. 01

    Fewer instrument sales lifted the gross margin

    Cost of revenue grew 5.5% against revenue growth of 9.7%, so gross margin rose to 64.0% from 62.6% as tests outgrew hardware.

    Why it matters

    Revenue rose 9.7% to $1.22B while cost of revenue rose 5.5% to $437.5M, leaving gross profit up 12.1% at $779.1M. Gross margin moved up 1.42 points to 64.0%. The filing attributes the gain to proportionally higher IDEXX VetLab consumable and reference laboratory volume growth, 'the business mix impact associated with lower premium instrument revenue', operational productivity and net price realization that offset inflationary costs.1

    Instrument revenue fell because placements of the IDEXX inVue Dx Analyzer were lower than in the second quarter of 2025, when the analyzer reached broad commercial availability. The filing says currency movements added only a small part of the margin gain, and that the Water and Livestock, Poultry and Dairy segments also improved.1

    AnalysisAn analyzer is sold once, often at a discount under a multi-year contract, while the tests it runs are bought every working day. A quarter with fewer placements therefore shows a richer mix. The same effect runs in reverse: a strong launch year can hold the margin down while it builds the base that later test orders draw on.

  2. 02

    The operating margin gain came from gross margin alone

    Gross margin added 1.42 points and operating expenses took 0.06 back, so operating margin rose 1.36 points to 35.0% despite administrative costs outpacing revenue.

    Why it matters

    Total operating expenses rose 9.9% to $353.5M, close to revenue growth of 9.7%, so their share of revenue edged up 0.06 points to 29.1%. Within them, sales and marketing grew 6.3% and research and development 5.7%, both slower than revenue, while general and administrative expense grew 18.4% to $116.8M.1

    Income from operations rose 14.1% to $425.6M from $373.0M a year earlier, and operating margin reached 35.0% from 33.6%. The filing attributes the general and administrative increase to higher personnel-related costs and 'higher depreciation and amortization related to technology and infrastructure investments'.1

    AnalysisThe quarter's leverage came from the product mix, not from the cost base. Selling and research costs scaled well; administrative cost did not. Further operating margin expansion would rest on tests continuing to outgrow instruments, or on overhead growth slowing toward revenue growth.

  3. 03

    Revenue nearly doubled since 2018 with similar capital spending

    From FY2018 to FY2025 revenue rose to $4.30B from $2.21B while capital spending moved only from $115.8M to $124.7M, and free cash flow reached $1.06B from $284.3M.

    Why it matters

    Revenue rose from $2.21B in FY2018 to $4.30B in FY2025, while capital spending fell from 5.2% of revenue to 2.9%. Operating income rose from $491.3M to $1.36B, lifting operating margin from 22.2% to 31.6%. Free cash flow rose from $284.3M to $1.06B, from 12.8% of revenue to 24.6%.1

    The path was not smooth. Operating income dipped in FY2022, to $898.8M from $932.0M, and free cash flow fell to $394.1M from $636.0M, before both recovered in FY2023. This quarter capital spending was 2.0% of revenue, free cash flow was $322.5M, 26.5% of revenue, and operating cash flow was 1.03 times net income.1

    AnalysisMost growth comes from more tests run on analyzers and in laboratories that already exist, plus software and price, which need little new plant. The filing plans higher capital spending for 2026, for manufacturing and operations facilities and customer-facing software, so the low ratio describes the past rather than a fixed property of the business.

  4. 04

    Per-share earnings grew faster than net income

    Net income rose 15.1%, but diluted earnings per share rose to $4.27 from $3.63 because the diluted share count fell to 79.3 million from 81.0 million.

    Why it matters

    Net income was $338.4M against $294.0M a year earlier. Diluted shares averaged 79.3 million against 81.0 million, and basic shares 79.0 million against 80.4 million. The filing describes repurchases as a means of returning value to stockholders and of offsetting dilution from share-based compensation.1

    Repurchases lean partly on debt: in the first half, cash spent on repurchases exceeded cash from operations, and borrowings under the credit facility rose. Interest expense was $10.2M against $11.3M a year earlier, and the effective tax rate was 18.9% in both years. The filing expects smaller tax benefits from share-based compensation to raise future effective tax rates.1

    AnalysisPart of the per-share growth reflects financing choices rather than the business itself. If repurchases slowed, or the tax rate rose as the filing expects, per-share growth would sit closer to net income growth.

Sources

  1. 1.IDEXX 10-Q for the period to 2026-06-30 (the filing), Aug 4, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $1.0B in FY2008 to $4.3B in FY2025, the operating margin from 16.8% to 31.6%, over 17 years.

  • Revenue$4.3B
  • Operating income$1.4B
  • Operating margin31.6%
Period
Q2 FY2026
Revenue
$1.2B
Operating income
$425.6M
Operating margin
35.0%
Net income
$338.4M
Free cash flow
$322.5M
Business performance

Does the profit turn into cash?

Q2 FY2026: free cash flow of $322.5M against net income of $338.4M in the quarter.

  • Operating cash flow$1.2B
  • Capital expenditure$124.7M
  • Free cash flow$1.1B
  • Net income$1.1B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME. The filing restates this breakdown for 1 period.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
64.0%
Source10-Q, Derived from Gross profit and Total revenue in the 10-Q filed 2026-08-04
Operating margin
35.0%
Source10-Q, Derived from Income from operations and Total revenue in the 10-Q filed 2026-08-04
Net margin
27.8%
Source10-Q, Derived from Net income and Total revenue in the 10-Q filed 2026-08-04
Free cash flow, quarter
$322.5M
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-04
Free cash flow margin, quarter
26.5%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-04
Cash conversion, quarter
1.03x
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-04
Capital spending, quarter
2.0%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-04
Revenue growth
+21.9%
From the record's own history, against the prior year.

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Revenue streams

Product revenue$718.6M59.1%
Service revenue$498.0M40.9%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-04

Segments

CAG segment revenue$1.1B91.9%
Water segment revenue$58.6M4.8%
LPD segment revenue$35.2M2.9%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-04

Geographic markets

Europe, the Middle East and Africa$265.5M21.8%
Asia Pacific$101.5M8.3%
Latin America & Caribbean$25.8M2.1%

These items do not sum to total revenue; the filing states them beside it. Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-04

ConsolidationItems

Segment revenue$1.2B99.6%
Other revenue$4.6M0.4%

Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-04

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by function: what it cost to make what was sold, then the expenses of selling, developing and administering.

Cost lineQ2 FY2026Of revenueSource
Cost of revenue from reportable segments$437.5M36.0%Source10-Q, us-gaap:CostOfGoodsAndServicesSold, as reported in the 10-Q filed 2026-08-04
Income from operations$425.6M35.0%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-08-04

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

Days sales outstanding
46.2 days
As of Jun 30, 2026
View source
Days sales outstanding (1) 46.2 46.2 46.8 46.5 44.7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Aug 4, 2026
Inventory turns
1.4 ratio
As of Jun 30, 2026
View source
Inventory turns (2) 1.4 1.4 1.6 1.5 1.5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Aug 4, 2026
Premium instrument installed base growth
11.0%
As of Jun 30, 2026
View source
Volume gains were supported by increases in testing across major regions, reflecting growth in testing by existing customers, including sales of our expanded menu of available tests, and the benefits from 11% growth in our installed base of premium instruments.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Aug 4, 2026

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement22 lines, as presented in the 10-Q
LineQ2 FY2026A year earlierChangeOf revenueSource
Revenue:
Total revenue$1.22B$1.11B+9.7%100%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-04
Product revenue$718.6M$657.6M+9.3%59.1%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:ProductMember], as reported in the 10-Q filed 2026-08-04
Service revenue$498.0M$451.9M+10%40.9%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:ServiceMember], as reported in the 10-Q filed 2026-08-04
Cost of revenue:
Cost of revenue from reportable segments$437.5M$414.7M+5.5%36.0%Source10-Q, us-gaap:CostOfGoodsAndServicesSold, as reported in the 10-Q filed 2026-08-04
Product revenue$204.2M$205.1M-0.5%16.8%Source10-Q, us-gaap:CostOfGoodsAndServicesSold [us-gaap:ProductMember], as reported in the 10-Q filed 2026-08-04
Service revenue$233.3M$209.6M+11%19.2%Source10-Q, us-gaap:CostOfGoodsAndServicesSold [us-gaap:ServiceMember], as reported in the 10-Q filed 2026-08-04
Income Statement
Gross profit$779.1M$694.7M+12%64.0%Source10-Q, us-gaap:GrossProfit, as reported in the 10-Q filed 2026-08-04
Expenses:
Sales and marketing$171.3M$161.1M+6.3%14.1%Source10-Q, us-gaap:SellingAndMarketingExpense, as reported in the 10-Q filed 2026-08-04
General and administrative$116.8M$98.7M+18%9.6%Source10-Q, us-gaap:GeneralAndAdministrativeExpense, as reported in the 10-Q filed 2026-08-04
Research and development$65.4M$61.9M+5.7%5.4%Source10-Q, us-gaap:ResearchAndDevelopmentExpense, as reported in the 10-Q filed 2026-08-04
Total operating expenses$353.5M$321.7M+9.9%29.1%Source10-Q, us-gaap:OperatingExpenses, as reported in the 10-Q filed 2026-08-04
Income Statement
Income from operations$425.6M$373.0M+14%35.0%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-08-04
Non-operating income (expense):
Interest expense (shown as a deduction)($10.2M)$11.3M-10%0.8%Source10-Q, us-gaap:InterestExpenseNonoperating, as reported in the 10-Q filed 2026-08-04
Interest income$606.0K$627.0K-3.3%0.0%Source10-Q, us-gaap:InterestAndOtherIncome, as reported in the 10-Q filed 2026-08-04
Gain (loss) on equity investment$1.2M$00.1%Source10-Q, us-gaap:EquitySecuritiesFvNiUnrealizedGainLoss, as reported in the 10-Q filed 2026-08-04
Income before provision for income taxes$417.2M$362.4M+15%34.3%Source10-Q, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, as reported in the 10-Q filed 2026-08-04
Income Statement
Provision for income taxes$78.8M$68.4M+15%6.5%Source10-Q, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-Q filed 2026-08-04
Net income$338.4M$294.0M+15%27.8%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-08-04
Earnings per Share:
Basic (in USD per share)$4$4+17%0.0%Source10-Q, us-gaap:EarningsPerShareBasic, as reported in the 10-Q filed 2026-08-04
Diluted (in USD per share)$4$4+18%0.0%Source10-Q, us-gaap:EarningsPerShareDiluted, as reported in the 10-Q filed 2026-08-04
Weighted Average Shares Outstanding:
Basic (in shares)78,954,00080,413,000-1.8%Source10-Q, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-Q filed 2026-08-04
Diluted (in shares)79,312,00080,994,000-2.1%Source10-Q, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-Q filed 2026-08-04
Cash flow statement2 lines, as presented in the 10-Q

Year to date, as a quarterly filing reports it.

LineQ2 FY2026A year earlierChangeSource
Cash Flows from Operating Activities:
Net income$338.4M$294.0M+15%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-08-04
Statement of Cash Flows
Cash and cash equivalents at end of period$196.9M$164.6M+20%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-08-04
Balance sheet33 lines, as presented in the 10-Q
LineQ2 FY2026A year earlierChangeSource
Current Assets:
Cash and cash equivalents$196.9MSource10-Q, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-08-04
Accounts receivable, net$627.1MSource10-Q, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-Q filed 2026-08-04
Inventories$391.6MSource10-Q, us-gaap:InventoryNet, as reported in the 10-Q filed 2026-08-04
Other current assets$293.9MSource10-Q, us-gaap:OtherAssetsCurrent, as reported in the 10-Q filed 2026-08-04
Total current assets$1.51BSource10-Q, us-gaap:AssetsCurrent, as reported in the 10-Q filed 2026-08-04
Long-Term Assets:
Property and equipment, net$733.2MSource10-Q, us-gaap:PropertyPlantAndEquipmentNet, as reported in the 10-Q filed 2026-08-04
Operating lease right-of-use assets$122.8MSource10-Q, us-gaap:OperatingLeaseRightOfUseAsset, as reported in the 10-Q filed 2026-08-04
Goodwill$410.9MSource10-Q, us-gaap:Goodwill, as reported in the 10-Q filed 2026-08-04
Intangible assets, net$98.2MSource10-Q, us-gaap:IntangibleAssetsNetExcludingGoodwill, as reported in the 10-Q filed 2026-08-04
Other long-term assets$567.7MSource10-Q, us-gaap:OtherAssetsNoncurrent, as reported in the 10-Q filed 2026-08-04
Total long-term assets$1.93BSource10-Q, us-gaap:AssetsNoncurrent, as reported in the 10-Q filed 2026-08-04
Assets
Total assets$3.44BSource10-Q, us-gaap:Assets, as reported in the 10-Q filed 2026-08-04
Current Liabilities:
Accounts payable$129.1MSource10-Q, us-gaap:AccountsPayableCurrent, as reported in the 10-Q filed 2026-08-04
Accrued liabilities$453.2MSource10-Q, us-gaap:AccruedLiabilitiesCurrent, as reported in the 10-Q filed 2026-08-04
Credit Facility$519.0MSource10-Q, us-gaap:LinesOfCreditCurrent, as reported in the 10-Q filed 2026-08-04
Current portion of long-term debt$150.0MSource10-Q, us-gaap:LongTermDebtCurrent, as reported in the 10-Q filed 2026-08-04
Current portion of deferred revenue$36.4MSource10-Q, us-gaap:ContractWithCustomerLiabilityCurrent, as reported in the 10-Q filed 2026-08-04
Total current liabilities$1.29BSource10-Q, us-gaap:LiabilitiesCurrent, as reported in the 10-Q filed 2026-08-04
Long-Term Liabilities:
Deferred income tax liabilities$52.6MSource10-Q, us-gaap:DeferredIncomeTaxLiabilitiesNet, as reported in the 10-Q filed 2026-08-04
Long-term debt, net of current portion$299.9MSource10-Q, us-gaap:LongTermDebtNoncurrent, as reported in the 10-Q filed 2026-08-04
Long-term deferred revenue, net of current portion$32.6MSource10-Q, us-gaap:ContractWithCustomerLiabilityNoncurrent, as reported in the 10-Q filed 2026-08-04
Long-term operating lease liabilities, net of current portion$100.5MSource10-Q, us-gaap:OperatingLeaseLiabilityNoncurrent, as reported in the 10-Q filed 2026-08-04
Other long-term liabilities$56.5MSource10-Q, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-08-04
Total long-term liabilities$542.1MSource10-Q, us-gaap:LiabilitiesNoncurrent, as reported in the 10-Q filed 2026-08-04
Liabilities and stockholders’ equity
Total liabilities$1.83BSource10-Q, us-gaap:Liabilities, as reported in the 10-Q filed 2026-08-04
Stockholders’ Equity:
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 108,717 shares in 2026 and 108,369 shares in 2025; Outstanding: 78,874 shares in 2026 and 79,712 shares in 2025$10.9MSource10-Q, us-gaap:CommonStockValue, as reported in the 10-Q filed 2026-08-04
Additional paid-in capital$1.91BSource10-Q, us-gaap:AdditionalPaidInCapitalCommonStock, as reported in the 10-Q filed 2026-08-04
Deferred stock units: Outstanding: 26 units in 2026 and 59 units in 2025$5.9MSource10-Q, us-gaap:CommonStockOtherValueOutstanding, as reported in the 10-Q filed 2026-08-04
Retained earnings$7.01BSource10-Q, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-Q filed 2026-08-04
Accumulated other comprehensive loss-$63.5MSource10-Q, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 10-Q filed 2026-08-04
Treasury stock, at cost: 29,843 shares in 2026 and 28,657 shares in 2025 (shown as a deduction)($7.26B)Source10-Q, us-gaap:TreasuryStockCommonValue, as reported in the 10-Q filed 2026-08-04
Total stockholders’ equity$1.61B$1.46B+11%Source10-Q, us-gaap:StockholdersEquity, as reported in the 10-Q filed 2026-08-04
Liabilities and stockholders’ equity
Total liabilities and stockholders’ equity$3.44BSource10-Q, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-Q filed 2026-08-04

About this data

Source
IDEXX 10-Q, accession 0000874716-26-000123, filed Aug 4, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds IDEXX's model up, and what could bend it

Competitive edge

  • Placed analyzers anchor years of test orders

    IDEXX often discounts or gives analyzers away for multi-year purchase commitments, and an 11% larger premium installed base fed consumables volume this quarter.

    The detail

    The filing says many arrangements provide 'free or discounted instruments or systems upon entering into multi-year arrangements to purchase minimum annual amounts of products and services'. The instrument is booked at installation and recovered as the clinic buys tests over the contract. It credits consumables volume partly to 'the benefits from 11% growth in our installed base of premium instruments' and names 'high customer retention rates' behind volume growth.1

    AnalysisEach placement turns a one-off sale into a stream of daily purchases, and leaving would mean replacing hardware, retraining staff and changing software links. The advantage holds as long as clinics keep renewing those commitments.

  • Clinics absorb price rises and still test more

    The filing names higher realized prices alongside higher volumes in most lines, and net price realization helped gross margin reach 64.0%.

    The detail

    By the filing's account, growth in CAG Diagnostics recurring revenue, Water and Livestock, Poultry and Dairy came from higher volumes and higher realized prices, and net price realization offset inflationary costs in gross margin.1

    The limit shows in rapid assays, where revenue rose on price while volume fell. The filing attributes the volume decline to lower vector-borne disease testing and a shift of pancreatic lipase testing to the Catalyst instrument platform.1

    AnalysisOne likely reason price holds: a diagnostic test is a small part of what a visit costs, and its result guides the rest of the visit, so a clinic has little reason to swap a familiar test for a slightly cheaper one.

  • The same test menu reaches clinics three ways

    In-clinic analyzers, reference laboratories and practice software all sit inside the Companion Animal Group, which brought in $1.12B, 91.9% of revenue.

    The detail

    The filing lists point-of-care instruments, consumables and rapid assay kits, reference laboratory testing and consulting, and practice management software and imaging among its veterinary products. Service revenue, which includes laboratory testing and software subscriptions, grew 10.2% against 9.3% for product revenue and reached 40.9% of the total.1

    AnalysisWhen a test moves from one format to another, the revenue stays inside IDEXX, as pancreatic lipase testing did when it shifted from rapid kits to the Catalyst analyzer. A rival selling a single format competes against the whole set, not one product.

What to watch

  • Administrative cost grew nearly twice as fast as revenue

    General and administrative expense rose 18.4% to $116.8M against revenue growth of 9.7%, taking 9.6% of revenue, up 0.71 points.

    The detail

    The filing attributes the increase to higher personnel-related costs and higher depreciation and amortization related to technology and infrastructure investments. In the Water segment, administrative cost also rose on higher bad debt costs.1

    AnalysisDepreciation from past technology spending does not fall if growth slows. This quarter the gross margin gain absorbed it; in a quarter with a weaker mix, the same overhead would weigh directly on operating margin.

  • Fewer new analyzers could slow the recurring engine

    Instrument revenue fell as inVue Dx placements lapped their launch quarter, while future consumables growth depends on the installed base that placements build.

    The detail

    The filing attributes lower instrument revenue to lower placements of the IDEXX inVue Dx Analyzer against its broad commercial availability a year earlier, and credits consumables volume partly to 11% growth in the premium installed base.1

    AnalysisPlacements and test orders move on different clocks: fewer placements help the margin now and slow the base later. The installed base growth the filing reports each quarter is the line that would show whether the base is still compounding.

  • Customers took longer to pay than a year ago

    Days sales outstanding rose to 46.2 from 44.7 and inventory turns slowed to 1.4 from 1.5, tying more cash into each sale.

    The detail

    The filing says additional credit loss allowances may be needed if customers' finances deteriorate or a stronger U.S. dollar makes it harder for foreign customers to pay for dollar-denominated purchases. Commitment contracts book instrument revenue at installation while the cash arrives over years, held meanwhile as contract assets.1

    AnalysisThe change is small so far, and operating cash flow still ran at 1.03 times net income this quarter. As more placements move onto multi-year contracts, steady cash conversion would depend on collections keeping pace.

Sources

  1. 1.IDEXX 10-Q for the period to 2026-06-30 (the filing), Aug 4, 2026, read Nov 2, 2026
Go deeper

IDEXX, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What IDEXX's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • How much of the margin gain survives the next instrument cycle?

    What IDEXX's gross margin depends on when analyzer placements pick up again, and which lines in the filing would show the change first.

  • Where per-share growth comes from, and what could slow it

    Separates the growth that comes from the business from the growth that comes from repurchases and borrowing, and weighs the tax change the filing expects.

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Questions to start with
  • How would a pickup in IDEXX analyzer placements affect its gross margin and its future consumables revenue?
  • Why did IDEXX's general and administrative expense grow 18.4% when revenue grew 9.7%?
  • How much of IDEXX's earnings per share growth came from a lower share count rather than higher net income?

Business Lens describes IDEXX from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.