Idexx Laboratories (IDXX)

NASDAQHealth CareMedical - Diagnostics & ResearchSnapshot 2026-10-15

$560.36+2.41%

Close 2026-10-16 · 1-day change

Read the published Living FV report summary

Investment OutlookAs of Oct 15, 2026

What could strengthen or challenge Idexx Laboratories’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.1%

+10% or more+5%0%−5%−10% or less

16.77 → 16.75 EPS · FY ending Dec 31, 2027 · 10 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 15, 2026 to Oct 15, 2026: (new ÷ prior − 1). Contributor count changed from 10 to 10; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Living FV™

Living Fair Value by QuarterlyIQ

A valuation that evolves as the business changes.

A published Living FV snapshot is not available yet. The valuation workflow remains discoverable; a market target cannot supply the missing evidence.

View Living FV report and workflow

What the Thesis Depends On

4 key conditions need to be met for the investment thesis to play out.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
CAG Diagnostics recurring revenue growth	Idexx grows revenue about 10% a year, led by 14% growth in CAG Diagnostics recurring revenue.	Intact	YoY growth falls below 7% in FY26	Revenue growth: 9.66% FY2026-Q2; GAAP. Published target: >=14% YoY. Target period is not explicitly aligned with this observation. Source published Aug 4, 20269.655895 percent · calculatedSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 71241b8f-b354-49b7-83aa-915f7ce0632f. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. CAG Diagnostics recurring revenue organic growth remained strong at around 10% from 2025-Q3 through 2026-Q2, with reported growth guidance increasing slightly. Management consistently emphasizes innovation, instrument placements, and diagnostic utilization as growth drivers, delivering steady expansion. Delivery assessment Oct 15, 2026
Earnings per share outlook	The company raised its 2026 revenue guidance to about $4.7 billion and EPS outlook to $14.45.	Intact	EPS falls below $13.00 in FY26	Diluted EPS: $4.27 per share FY2026-Q2; GAAP. Published target: >=$14.45 per share. Target period is not explicitly aligned with this observation. Source published Aug 4, 20264.27 USD/share · source valueSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 71241b8f-b354-49b7-83aa-915f7ce0632f. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. EPS guidance increased from $14.29-$14.80 at 2025-Q4 to $14.69-$14.94 at 2026-Q2, with reported EPS growth guidance rising from 11%-14% to 12%-14%. Management has consistently raised EPS outlook reflecting operational and revenue growth. Delivery assessment Oct 15, 2026
Operating profit margin	A supporting condition in Idexx Laboratories's published investment case. The stated target is ~31.7%.	Intact	operating margin falls below 30% in FY26	Operating margin: 34.98% FY2026-Q2; GAAP. Published target: ~31.7%. Target period is not explicitly aligned with this observation. Source published Aug 4, 202634.980375 percent · calculatedSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 71241b8f-b354-49b7-83aa-915f7ce0632f. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Total company revenue growth	A primary condition in Idexx Laboratories's published investment case. The stated target is >=9% YoY.	Intact	revenue growth falls below 7% in FY26	Revenue growth: 9.66% FY2026-Q2; GAAP. Published target: >=9% YoY. Target period is not explicitly aligned with this observation. Source published Aug 4, 20269.655895 percent · calculatedSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 71241b8f-b354-49b7-83aa-915f7ce0632f. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Revenue grew from initial 2026 guidance range of $4,632M-$4,720M at 2025-Q4 to $4,700M-$4,745M at 2026-Q2, reflecting reported growth guidance increase from 8.6%-10.6% to 9.1%-10.3%. Management has consistently raised and narrowed revenue guidance, delivering on growth expectations. Delivery assessment Oct 15, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$16.75

$16.56 → $16.75 · observed estimates

FY2027 revenue$5.14B

$5.12B → $5.14B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$16.56	$5,120,802,724	10 / 11
2026-07-25	$16.56	$5,120,802,724	10 / 11
2026-07-26	$16.56	$5,120,802,724	10 / 11
2026-07-27	$16.56	$5,120,802,724	10 / 11
2026-07-28	$16.56	$5,120,802,724	10 / 11
2026-07-29	$16.52	$5,114,742,840	14 / 14
2026-07-30	$16.56	$5,121,185,876	10 / 11
2026-07-31	$16.56	$5,121,185,876	10 / 11
2026-08-01	$16.56	$5,121,185,876	10 / 11
2026-08-02	$16.52	$5,114,742,840	14 / 14
2026-08-03	$16.52	$5,114,742,840	14 / 14
2026-08-04	$16.52	$5,114,742,840	14 / 14
2026-08-05	$16.52	$5,114,742,840	14 / 14
2026-08-06	$16.52	$5,114,742,840	14 / 14
2026-08-07	$16.74	$5,133,839,495	10 / 11
2026-08-08	$16.74	$5,133,839,495	10 / 11
2026-08-09	$16.69	$5,140,055,800	13 / 13
2026-08-10	$16.74	$5,133,839,495	10 / 11
2026-08-12	$16.74	$5,133,839,495	10 / 11
2026-08-13	$16.74	$5,133,839,495	10 / 11
2026-08-14	$16.74	$5,133,839,495	10 / 11
2026-08-15	$16.74	$5,133,839,495	10 / 11
2026-08-16	$16.74	$5,133,839,495	10 / 10
2026-08-17	$16.74	$5,133,839,495	10 / 10
2026-08-18	$16.74	$5,133,839,495	10 / 10
2026-08-19	$16.74	$5,133,839,495	10 / 10
2026-08-20	$16.77	$5,141,780,024	10 / 10
2026-08-21	$16.77	$5,141,780,024	10 / 10
2026-08-22	$16.77	$5,141,780,024	10 / 10
2026-08-23	$16.77	$5,141,780,024	10 / 10
2026-08-24	$16.77	$5,141,780,024	10 / 10
2026-08-25	$16.77	$5,141,780,024	10 / 10
2026-08-26	$16.77	$5,141,780,024	10 / 10
2026-08-27	$16.77	$5,141,780,024	10 / 10
2026-08-28	$16.77	$5,141,780,024	10 / 10
2026-08-29	$16.77	$5,141,780,024	10 / 10
2026-08-30	$16.77	$5,141,780,024	10 / 10
2026-08-31	$16.77	$5,141,780,024	10 / 10
2026-09-01	$16.77	$5,141,780,024	10 / 10
2026-09-02	$16.77	$5,141,780,024	10 / 10
2026-09-03	$16.77	$5,141,780,024	10 / 10
2026-09-04	$16.77	$5,141,780,024	10 / 10
2026-09-05	$16.77	$5,141,780,024	10 / 10
2026-09-06	$16.77	$5,141,780,024	10 / 10
2026-09-07	$16.77	$5,141,780,024	10 / 10
2026-09-08	$16.77	$5,141,780,024	10 / 10
2026-09-09	$16.77	$5,141,780,024	10 / 10
2026-09-10	$16.77	$5,141,780,024	10 / 10
2026-09-11	$16.77	$5,141,780,024	10 / 10
2026-09-12	$16.77	$5,141,780,024	10 / 10
2026-09-13	$16.77	$5,141,780,024	10 / 10
2026-09-14	$16.77	$5,141,780,024	10 / 10
2026-09-15	$16.77	$5,141,780,024	10 / 10
2026-09-16	$16.77	$5,141,780,024	10 / 10
2026-09-17	$16.77	$5,142,233,335	10 / 10
2026-09-18	$16.77	$5,142,233,335	10 / 10
2026-09-19	$16.77	$5,142,233,335	10 / 10
2026-09-20	$16.77	$5,142,233,335	10 / 10
2026-09-21	$16.77	$5,142,233,335	10 / 10
2026-09-22	$16.77	$5,142,233,335	10 / 10
2026-09-23	$16.77	$5,142,233,335	10 / 10
2026-09-24	$16.77	$5,142,233,335	10 / 10
2026-09-25	$16.77	$5,142,233,335	10 / 10
2026-09-26	$16.77	$5,142,233,335	10 / 10
2026-09-27	$16.77	$5,142,233,335	10 / 10
2026-09-28	$16.77	$5,142,233,335	10 / 10
2026-09-29	$16.77	$5,142,581,630	10 / 10
2026-09-30	$16.77	$5,142,581,630	10 / 10
2026-10-01	$16.77	$5,142,581,630	10 / 10
2026-10-02	$16.77	$5,142,581,630	10 / 10
2026-10-03	$16.77	$5,142,579,558	10 / 10
2026-10-04	$16.77	$5,142,579,558	10 / 10
2026-10-05	$16.77	$5,142,579,558	10 / 10
2026-10-06	$16.77	$5,142,579,558	10 / 10
2026-10-07	$16.77	$5,142,579,558	10 / 10
2026-10-08	$16.77	$5,142,579,558	10 / 10
2026-10-09	$16.77	$5,142,579,558	10 / 10
2026-10-10	$16.77	$5,142,579,558	10 / 10
2026-10-11	$16.77	$5,142,579,558	10 / 10
2026-10-12	$16.77	$5,142,579,558	10 / 10
2026-10-13	$16.75	$5,140,581,261	10 / 10
2026-10-14	$16.75	$5,140,581,261	10 / 10
2026-10-15	$16.75	$5,140,581,261	10 / 10

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	9	5	1
2026-06-01	9	5	1
2026-07-01	9	5	1
2026-08-01	9	5	1
2026-09-01	8	5	1
2026-10-01	8	5	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 8 Buy / Strong Buy · 5 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 16–Oct 15 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 16, 2026–Oct 15, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

CAG Diagnostics recurring revenue growthRevenue growth: 9.66%
Earnings per share outlookDiluted EPS: $4.27 per share
Operating profit marginOperating margin: 34.98%
Total company revenue growthRevenue growth: 9.66%

Next proof point

Nov 2, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.4%Typical daily move · historical

Downside history

-34.2%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Idexx Laboratories outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 10, 2026

What kind of bet this is

IDXX represents a durable compounder with a focus on consistent revenue and earnings growth. The current thesis state is intact, supported by strong recent financial performance and management's commitment to raising guidance.

What's priced into Idexx Laboratories

The market appears to price in a low level of fragility, with a divergence driven by a durable premium compared to peers. There is an expectations gap of 0.28, indicating that some growth is anticipated but not overly aggressive.

What the fundamentals likely do

Fundamentals are likely to remain strong, as management is on track with increasing revenue and EPS guidance. However, there is a moderate risk of a miss, given the recent history of misses in the industry.

What Idexx Laboratories hinges on

The long-term thesis hinges on management's ability to continue raising guidance and the performance of sector bellwethers. Additionally, broader economic conditions, such as employment trends, could impact IDXX's performance.