IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. is an American veterinary diagnostics and software company that designs, manufactures, and distributes point-of-care instruments, rapid assay tests, reference laboratory services, and practice-management software for the companion animal veterinary industry, generating $4.30 billion in revenue in fiscal 2025. The company also sells water microbiology testing products and livestock diagnostic tests, but the companion animal group — known internally as CAG — accounts for roughly 91.9% of revenue and an even larger share of the company's growth and competitive identity.

This is a story about a business that has compounded revenue at roughly 10% annually for over a decade by layering innovation onto a captive installed base, and the question is whether the flywheel still has room to run. IDEXX has placed nearly 79,000 Catalyst chemistry analyzers and over 6,000 inVue Dx cellular analyzers worldwide; each box generates a recurring stream of consumables, and each menu expansion — a new slide, a new test, a new modality — raises the revenue per box. The thesis turns on whether inVue Dx and the Cancer Dx oncology franchise represent the next leg of that compounding, or whether consumer pressure on veterinary visits and intensifying competition from well-funded players like Mars and Zoetis cap the growth rate at something lower than the market is pricing.