PresentationMichael RyskinBofA Securities, Research Division Great. Thanks, everyone. Thanks for joining us, and welcome to today's event. My name is Mike Ryskin. I'm the lead analyst for the life science tools and diagnostics team here at Bank of America. And I also have the privilege of covering the animal health sector, which I've now followed for over a decade. It's become an annual tradition for us to host this Animal Health Summit in the first quarter. I think it's a great opportunity to dedicate a fu ...

IDEXX Laboratories (NasdaqGS:IDXX) Conference February 26, 2026 09:50 AM ET Company ParticipantsAndrew Emerson - EVP and CFOMichael Ryskin - Managing DirectorMike Lane - EVP and GM of Global Reference Laboratories, Diagnostic Solutions, Information TechnologyModeratorLadies and gentlemen, the program is about to begin. At this time, it is my pleasure to turn the program over to your host, Michael Ryskin. You may begin.Michael RyskinGreat. Thanks, everyone. Thanks for joining us, and welcome to today's event ...

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IDEXX Laboratories, Inc. (NASDAQ:IDXX) is one of the 10 best healthcare equipment stocks to buy according to hedge funds. On February 9, David Westenberg from Piper Sandler maintained his Overweight rating on IDEXX Laboratories, Inc. (NASDAQ:IDXX). The analyst reduced the target price from $775 to $750, which results in a revised upside of 18%. Westenberg’s downward revision of the price target is based on Piper Sandler’s updated multiple for the stock. It also incorporates 2026 projections that have been ...

IDEXX Laboratories, Inc. (NASDAQ:IDXX) is one of the best pet stocks to buy according to hedge funds. On February 9, Piper Sandler cut the price target on IDEXX Laboratories, Inc. (NASDAQ:IDXX) to $750 from $775 while maintaining a Neutral rating on the shares. The rating update came after the company’s quarterly results, with the firm telling investors that its updated price target primarily takes into account its updated multiple and rolling forward of estimates to 2027 from 2026. Jim Cramer on IDEXX La ...

Business Segments - IDEXX operates through three reportable business segments: Companion Animal Group, Water Quality Products, and Livestock, Poultry, and Dairy[19]. - The company operates primarily through three business segments: Companion Animal Group, Water, and Livestock, Poultry and Dairy[203]. Companion Animal Group - The Companion Animal Group provides diagnostic solutions including point-of-care analyzers and veterinary software, enhancing veterinarians' ability to access patient data[20][21]. - The IDEXX VetLab suite includes analyzers like the Catalyst One and ProCyte One, which utilize AI for real-time diagnostic results[22]. - IDEXX launched the Cancer Dx Panel in North America in 2025, screening for lymphoma in dogs, with plans to expand to include mast cell tumor detection in 2026[32]. - The company anticipates launching the IDEXX Cancer Dx test for canine lymphoma internationally in the first half of 2026[32]. - The company aims to develop innovative point-of-care laboratory analyzers to drive sales and increase demand for consumable products, services, and accessories[102]. - The company plans to maintain premium pricing through effective communication and promotion of product value, despite competitors offering lower-priced alternatives[102]. - The companion animal healthcare industry is highly competitive, with increasing competition anticipated from both existing competitors and new entrants, impacting future growth and profitability[102]. Water Quality Products - Water quality products include tests like Colilert and Enterolert, which detect microbial contamination in water, used by government and private laboratories[44][45]. - The IDEXX Tecta system automates water testing workflows, allowing simultaneous testing of multiple samples with remote notification capabilities[49]. Livestock and Poultry Diagnostics - The company’s principal livestock and poultry diagnostic products include tests for Bovine Viral Diarrhea Virus, Porcine Reproductive and Respiratory Syndrome, and Transmittable Spongiform Encephalopathies, which impact production yields[51]. - The SNAP test platform is used by dairy producers and processors globally to detect antibiotic drug residue in milk, with primary products including SNAP Beta-Lactam ST and SNAPduo ST Plus[53]. Research and Development - Research and development expenses for the year ended December 31, 2025, were $251.2 million, representing 5.8% of consolidated revenue, compared to $219.8 million (5.6%) in 2024 and $191.0 million (5.2%) in 2023[58]. - The company invests significantly in research and development to enhance existing products and develop new offerings, but success is not guaranteed[123]. Manufacturing and Quality Standards - The company has a facility license from APHIS to manufacture USDA-licensed products at its Westbrook, Maine facility, which also covers its distribution center in Memphis, Tennessee[74]. - The company’s manufacturing and distribution facilities are certified to ISO 9001 quality standards, ensuring compliance with product safety and quality requirements[69]. - IDEXX's veterinary diagnostic instrument systems are required to meet CE certification, ensuring compliance with the RoHS Directive and other safety requirements[80]. Intellectual Property and Competition - The company actively seeks to protect its intellectual property through patents, copyrights, and trade secrets, although no single patent is deemed material to its overall business[59]. - The company competes with various companies in the veterinary diagnostic market, including Zoetis Inc. and Mars, Incorporated brands, focusing on product quality, diagnostic accuracy, and customer service[71]. - The company competes in the veterinary software and diagnostic imaging systems market primarily against Covetrus, Inc. in North America and the U.K.[76]. Supply Chain and Risks - The company relies on third-party suppliers for certain components and raw materials, with some being sole or single-source suppliers, which poses supply chain risks[64]. - The company relies on third-party suppliers for components and raw materials, which poses risks to supply chain stability and could negatively impact operating results[104]. - Manufacturing biologic products is complex, and the company faces challenges in maintaining adequate sources of biological materials and meeting regulatory requirements[111]. Regulatory Environment - Regulatory approvals from agencies like the USDA, FDA, and EPA are critical for the company's product sales, and delays could adversely affect growth and profitability[113]. - The company is subject to various chemical regulations, including California's Proposition 65 and EU regulations, which could impact product manufacturing and sales[115]. - Compliance with U.S. and foreign regulations may require redesigning products, potentially increasing costs and affecting margins[117]. - The company faces complex product registration requirements in multiple countries, which could hinder market access and negatively impact financial results[118]. - The introduction of AI-related regulations in the U.S. and Europe may impose additional compliance costs and operational challenges[120]. Financial Performance - For the year ended December 31, 2025, recurring diagnostic revenue accounted for approximately 79% of the company's consolidated revenue[211]. - Approximately 36% of the company's overall revenue for the year ended December 31, 2025, was attributable to sales of products and services to customers outside the U.S.[142]. - The company has no intention to declare or pay dividends at this time[197]. - Historical stock performance shows IDEXX's total stockholder return was $111.04 in 2023, compared to $100.00 in 2020[200]. Employee and Workplace Culture - The company employs approximately 11,000 regular full-time and part-time employees across 34 countries, with a gender distribution of 41% men and 59% women[87]. - The company promotes a culture of inclusion and equal opportunity, aiming to attract and retain talented employees aligned with its purpose[86]. - The company regularly conducts employee surveys to gather insights on culture and workplace conditions, maintaining a strong level of employee engagement[95]. Cybersecurity - The cybersecurity risk management program includes regular assessments, employee training, and incident response protocols to mitigate potential threats[178]. - The company has engaged third parties for penetration testing and program assessments to enhance its cybersecurity measures[180]. - The Audit Committee oversees the cybersecurity risk management program, reviewing processes and risks at least annually[185]. - The company has experienced cybersecurity attacks in the past, but none have resulted in material adverse impacts on business or financial condition[138]. Economic and Market Conditions - A weak worldwide economy could lead to reduced demand for the company's products and services, particularly in the companion animal veterinary industry[145]. - Economic weakness may cause veterinarians to defer purchasing capital items, which could adversely affect sales growth of diagnostic products and services[146]. - Changes in testing patterns, such as the introduction of vaccines, could decrease demand for diagnostic tests, adversely affecting revenue[131]. - Increased competition from new entrants and technological advancements could negatively impact sales and profitability[127]. - Economic conditions and public health directives may lead to reduced demand for veterinary services and products, impacting overall sales[131]. Currency and Geopolitical Risks - Changes in foreign currency exchange rates could impact the company's results of operations due to the mix of domestic and international sales[144]. - The company faces risks associated with geopolitical conditions that could negatively affect international sales and operations[142]. - A strengthening U.S. dollar negatively impacts the dollar value of international sales, with 23% of consolidated revenue from products sold in local currencies[167]. - The company's foreign currency hedging activities may not fully offset adverse financial effects from unfavorable currency movements[168]. Environmental and Compliance Issues - IDEXX's operations are subject to various environmental, health, and safety laws, with significant ongoing compliance costs expected to increase, particularly in the European Union[96]. - The company has developed a greenhouse gas emissions reduction strategy and tracks environmental impact metrics, including greenhouse gas emissions and energy consumption[97]. - Compliance with environmental, social, and governance regulations is critical, as failure to meet these standards could adversely affect the company's reputation and financial condition[155]. - Climate change poses physical risks that could disrupt operations and supply chains, leading to increased costs and potential revenue impacts[160]. Debt and Financial Obligations - The company faces risks related to its debt agreements, which may increase borrowing costs and limit operational activities if future cash flows are insufficient to meet obligations[170]. - The company has a variable-rate Credit Facility, exposing it to interest rate risk; an increase in interest rates could raise debt service obligations[173].

Investors looking for stocks in the Medical - Instruments sector might want to consider either SONOVA HOLDING (SONVY) or Idexx Laboratories (IDXX) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive e ...

Core Viewpoint - Idexx Laboratories is highlighted as a promising investment opportunity in the pet industry, particularly due to its innovative products and strong recurring revenue model [1][2]. Group 1: Company Overview - Idexx Labs is a leading provider of diagnostic tests and Software-as-a-Service offerings for the animal health industry, significantly aiding veterinarians [2]. - The company has achieved total returns of 20% annually since 1994, transforming an initial investment of $5,000 into $1.6 million today [2]. Group 2: Revenue Model - Idexx's business model is characterized by recurring revenue streams from its medical instruments and veterinary services, with 92% of its consumer animal group's sales being recurring in the most recent quarter [4][5]. - The company has over 164,500 medical instruments installed globally, generating consistent cash flow through VetLab consumables and reference lab diagnostics [4]. Group 3: Product Innovation - The recent launch of the InVue DX instrument is noted as one of the most successful product launches in Idexx's history, with nearly 6,400 placements in its first year [6]. - InVue DX has the potential to test for various cancer types in pets, with capabilities already being tested for canine lymphoma in the U.S. and planned international rollout [6].

Core Insights - Conestoga Capital Advisors reported a -5.75% return for its Mid Cap Strategy in Q4 2025, underperforming the Russell Midcap Growth Index which returned -3.70% [1] - The full year 2025 saw the Mid Cap Composite return -4.73%, significantly trailing the benchmark return of 8.66% [1] Company Overview: IDEXX Laboratories, Inc. - IDEXX Laboratories, Inc. is a leading US-based healthcare company focused on diagnostics and testing for veterinary, food, and water applications [3] - As of February 19, 2026, IDEXX's stock closed at $630.73 per share, with a market capitalization of $50.461 billion [2] - Over the past month, IDEXX's stock delivered a -9.10% return, but gained 39.30% over the past twelve months [2] Performance and Market Position - IDEXX has shown resilient organic revenue growth despite weak veterinary traffic trends and has consistently beaten earnings expectations [3] - The company is not among the 30 most popular stocks among hedge funds, with 55 hedge fund portfolios holding its shares at the end of Q3 2025, an increase from 48 in the previous quarter [4] - While IDEXX is recognized for its potential, the company faces competition from certain AI stocks that are perceived to offer greater upside potential and lower downside risk [4]

Core Insights - IDEXX Laboratories, Inc. is a global leader in pet healthcare innovation and will participate in two upcoming conferences [1] Conference Participation - The company will have a fireside chat at the virtual BofA Securities Animal Health Conference on February 26, from 9:55 am to 10:30 am EST [1]