IDEXX Laboratories (NASDAQ:IDXX) executives highlighted what they described as “exceptional” fourth-quarter results and outlined key priorities for 2026 during Bank of America’s 2026 Animal Health Summit. The discussion featured Executive Vice President and CFO Andrew Emerson and Executive Vice President Mike Lane, who leads global reference laboratories, diagnostic solutions, and information technology.
Fourth-quarter performance and 2025 results
Emerson said the company delivered approximately 12% organic revenue growth in the fourth quarter, supported by “top-line, double-digit gains” and “strong operating margin improvement.” He said the performance helped the company achieve double-digit organic growth for 2025 overall, including about 90 basis points of comparable operating margin improvement year over year.
Innovation-led growth: inVue Dx and Cancer Dx
Both executives pointed to strong momentum for the inVue Dx Analyzer. Emerson said the company recorded more than 1,900 incremental placements in the fourth quarter and characterized premium instrument placements as a record level “in a long time.” He also said the company’s install base expansion grew about 12% year over year.
Lane said IDEXX exited 2025 with strong momentum, citing:
- Over 6,000 inVue Dx placements during the year, which he said beat original estimates
- Controlled rollout of FNA (fine needle aspirate) capabilities, starting with lumps and bumps for mast cell
- 6,000 customers for Cancer Dx in the year, with about 18% of those customers described as new to IDEXX Reference Laboratories
In response to a question about why IDEXX started FNA with mast cell, Lane said mast cell is one of the most commonly diagnosed cancers for general practitioners. He added that IDEXX estimates only about 10% of “lumps and bumps” are tested, despite a large existing point-of-care opportunity. Emerson described inVue Dx as a “load and go” platform that can expand over time, and both executives framed the rollout as a prioritization process driven by data sets and clinical evidence.
Lane also said Cancer Dx and inVue Dx were designed to work together: Cancer Dx can provide a broader indicator via a blood test, while inVue Dx can interrogate specific lumps and bumps to help determine whether lesions are benign or cancerous.
2026 planning: growth, placements, margins, and pricing
Emerson said the company was not updating or confirming guidance at the event, but reiterated planning assumptions discussed on the prior earnings call. For 2026, he said IDEXX is planning for 8% to 10% organic growth in companion animal group (CAG) diagnostic recurring revenue, with a midpoint of about 9%, which he described as roughly a 100 basis point step-up from 2025.
He also said IDEXX is planning for about 5,500 inVue Dx instrument placements in 2026, compared with a plan of about 4,500 this time last year that the company exceeded in 2025. On profitability, Emerson said the company is targeting 30 to 80 basis points of comparable operating margin improvement in 2026.
On pricing, Emerson said IDEXX expects approximately 4% net price realization in 2026, down modestly from 2025 (which he said was between roughly 4% and 5% or 4% and 4.5%). He said pricing decisions are anchored to the “value equation” for customers, including value added through new diagnostic insights that are not charged discretely, such as additional information embedded in panels. He also referenced inflation as a factor in recent years, noting it has been easing.
Clinical visit trends and longer-term demand drivers
Executives said clinical visit pressure has persisted, particularly in wellness and other discretionary care. Emerson said non-wellness visits represent about 60% of total visits and account for a higher share of diagnostic revenue (he cited roughly 70% to 75%). He said IDEXX is seeing more stability in non-wellness visits and emphasized that utilization and diagnostic intensity have been improving when pets do come into clinics.
Lane highlighted what IDEXX describes as “quality of visits,” including an increase in diagnostic frequency—specifically the percentage of clinical visits that include blood work—up about 100 basis points, which he said is about 2x historical levels. Both executives also pointed to the aging of pets acquired during the pandemic as a longer-term tailwind, with Lane arguing the demographic shift is likely to be sustained as pets move into adult and senior years and continue to live longer.
Asked about the potential role of consolidators and private equity in driving price increases, Emerson said the company pays attention to veterinary services inflation and noted it has come down some in the last year or two. He attributed much of the broader demand pressure to macroeconomic factors affecting consumer budgets, and said IDEXX still has long-term conviction that clinical visit growth will return over time.
The discussion also touched on leadership transitions. Emerson, appearing at the summit in his first year as CFO, said he does not anticipate a change in strategy, citing a long-standing innovation pipeline and continuity in the executive team. Lane said IDEXX has a consistent long-term strategy centered on innovation and expressed confidence in incoming CEO Mike Erickson, describing his experience across diagnostics, software, and commercial leadership roles.
About IDEXX Laboratories (NASDAQ:IDXX)
IDEXX Laboratories, Inc (NASDAQ: IDXX) is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide.
IDEXX’s product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions.
