IDEXX Laboratories, Inc. reported robust second-quarter 2025 financial results, with revenues reaching $1,109 million, an increase of 11% as reported and 9% organically. This strong performance was driven by the Companion Animal Group (CAG) segment, which saw 11% reported and 10% organic growth. CAG Diagnostics recurring revenue grew 7% organically, with international regions showing 11% organic gains.
Second-quarter earnings per diluted share (EPS) were $3.63, a significant increase of 49% as reported and 17% on a comparable basis, exceeding analyst expectations. The operating margin for the quarter was 33.6%, expanding by 130 basis points on a comparable basis. Notably, CAG Diagnostics capital instrument revenues expanded by 62% organically, driven by record quarterly instrument placements.
The company significantly raised its full-year 2025 revenue guidance to a range of $4,205 million - $4,280 million, representing reported growth of 7.7% - 9.7%, an increase of $90 million at the midpoint. The organic revenue growth outlook was also increased to 7% - 9%. Concurrently, the full-year EPS outlook was raised to $12.40 - $12.76, an increase of $0.40 at the midpoint, with comparable EPS growth now projected at 9% - 13%. This positive revision reflects exceptional momentum with IDEXX inVue Dx placements and the successful launch of IDEXX Cancer Dx.
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