IDEXX Laboratories, Inc. reported a total revenue of $3.90 billion for the fiscal year ending December 31, 2024, marking a 6.5% increase from $3.66 billion in 2023. The Companion Animal Group (CAG) segment, which constitutes the majority of the company's revenue, generated $3.57 billion, up 6.6% from the previous year. The Water segment also saw a revenue increase of 10.1%, reaching $185.1 million, while the Livestock, Poultry, and Dairy (LPD) segment experienced a modest growth of 0.3%, totaling $122.1 million. The company's net income rose to $887.9 million, compared to $845.0 million in 2023, reflecting a 5.1% increase.
The financial performance was bolstered by recurring revenue streams, particularly from CAG Diagnostics, which accounted for approximately 80% of total revenue. This segment benefited from higher realized prices and increased volumes, despite facing macroeconomic challenges. The company reported a gross profit margin of 61.0%, up from 59.8% in the prior year, attributed to a favorable business mix and effective price realization strategies that offset inflationary pressures.
Strategically, IDEXX made significant advancements in its product offerings, including the launch of the IDEXX inVue Dx cellular analyzer in late 2024, which utilizes artificial intelligence for enhanced diagnostic capabilities. The company also acquired a software and data platform business for approximately $81.1 million, aimed at expanding its practice management system capabilities. As of December 31, 2024, IDEXX employed approximately 11,000 individuals globally, reflecting its commitment to growth and innovation in the veterinary diagnostics market.
Operationally, IDEXX reported a 9% increase in its installed base of premium diagnostic instruments, which supports ongoing revenue generation from consumables. The company continues to focus on geographic expansion, particularly in international markets, where it achieved an 8.2% organic revenue growth. However, IDEXX acknowledged potential challenges in 2025, including anticipated declines in U.S. same-store clinical growth levels due to ongoing veterinary practice capacity issues and broader economic conditions.
Looking ahead, IDEXX remains optimistic about its growth trajectory, projecting continued demand for its diagnostic products and services. The company plans to invest approximately $160 million in capital expenditures in 2025, primarily to enhance manufacturing and operational capabilities. Despite facing inflationary pressures and potential economic headwinds, IDEXX's diversified product portfolio and strong customer relationships position it well for sustained growth in the veterinary diagnostics sector.
About IDEXX LABORATORIES INC /DE
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