Executive Summary
IDEXX Laboratories delivered a solid QQ3 2025 performance with meaningful top-line growth and durable profitability across its diversified portfolio of companion animal diagnostics, veterinary reference laboratories, and water quality testing. Revenue reached $1.105 billion, up 13.3% year over year, while gross profit was $683.354 million, yielding a gross margin of 61.8%. Operating income stood at $354.846 million (operating margin of 32.1%), and EBITDA was $228.73 million (EBITDA margin ~20.7%). Net income was $274.61 million, implying a net margin of about 24.8%. These metrics reflect strong demand for IDEXX’s core consumables and instruments, coupled with a favorable product mix and pricing power in a high-penetration, high-margin diagnostics business.
A notable data anomaly appears in the reported earnings per share figure for QQ3 2025, which shows an EPS of -6.64 (diluted -6.59) despite a positive net income and a reasonable share base. The discrepancy suggests a data error in the provided dataset or a timing/formatting inconsistency prior to the quarterly reconciliation; readers should verify against the official SEC filing. Excluding the EPS inconsistency, the quarter reinforces IDEXX’s healthy profitability trajectory and its ability to translate mid-teens revenue growth into robust earnings gains. Management commentary (not included in the provided data) typically emphasizes durable demand in companion animal diagnostics, ongoing investments in R&D and practice-management services, and expansion of service platforms, all of which support a constructive longer-term outlook.
Overall, IDEXX remains well-positioned within the healthcare diagnostics landscape, leveraging a diversified, recurring-revenue framework, strong pricing power, and an expansive global footprint. The primary near-term uncertainties relate to the absence of explicit forward guidance in the provided materials and potential currency and macro headwinds, which will be important to monitor as the company progresses through the balance of 2025.
Key Performance Indicators
QoQ: -281.42% | YoY:-334.63%
Key Insights
Revenue: 1,105,239,000 USD; YoY +13.29%; QoQ -0.38%
Gross Profit: 683,354,000 USD; YoY +14.65%; QoQ -1.64%; Gross Margin: 61.83%
Operating Income: 354,846,000 USD; YoY +16.77%; QoQ -4.88%; Operating Margin: 32.11%
EBITDA: 228,730,000 USD; EBITDA Margin: 20.69%
EBITDARatio: 0.20695 (≈ 20.7%)
Net Income: 274,610,000 USD; YoY +17.94%; QoQ -6.59%; Net Margin: 24.85%
EPS (reported): -6.64 (note: dataset shows inconsistency with net income and share count); Diluted EPS: -6.59
Weighted Average Shares...
Financial Highlights
Revenue: 1,105,239,000 USD; YoY +13.29%; QoQ -0.38%
Gross Profit: 683,354,000 USD; YoY +14.65%; QoQ -1.64%; Gross Margin: 61.83%
Operating Income: 354,846,000 USD; YoY +16.77%; QoQ -4.88%; Operating Margin: 32.11%
EBITDA: 228,730,000 USD; EBITDA Margin: 20.69%
EBITDARatio: 0.20695 (≈ 20.7%)
Net Income: 274,610,000 USD; YoY +17.94%; QoQ -6.59%; Net Margin: 24.85%
EPS (reported): -6.64 (note: dataset shows inconsistency with net income and share count); Diluted EPS: -6.59
Weighted Average Shares Outstanding: 80,096,000 (basic); 80,675,000 (diluted)
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.11B |
13.29% |
-0.38% |
| Gross Profit |
683.35M |
14.65% |
-1.64% |
| Operating Income |
354.85M |
16.77% |
-4.88% |
| Net Income |
274.61M |
17.94% |
-6.59% |
| EPS |
-6.64 |
-334.63% |
-281.42% |
Management Commentary
No QQ3 2025 earnings call transcript was provided in the data. As a result, key management themes, strategic commentary, and context from the Q3 2025 call could not be extracted. Once the transcript is available, I can summarize themes by strategy, operations, and market conditions and pair quotes with implications for risk and execution.
No transcript quotes available in the provided data.
— N/A
No transcript quotes available in the provided data.
— N/A
Forward Guidance
No formal forward guidance is included in the provided materials. Given IDEXX’s diversified portfolio and the broader industry backdrop, investors would typically monitor (if guidance is issued in subsequent filings): (1) trajectory of core revenue drivers across companion animal diagnostics and water testing; (2) margin expansion or mix-shift toward higher-margin consumables and services; (3) capital allocation plans (R&D intensity, acquisitions, and potential buybacks); (4) currency impact from global operations. Absent explicit guidance, the QQ3 results suggest solid current performance, but execution and cadence of monetization in new product platforms will be key factors to watch for 2025 and beyond.