IDEXX Laboratories, Inc. reported strong financial performance for the second quarter of 2025, with total revenue reaching $1.11 billion, a 10.6% increase from $1.00 billion in the same period last year. The company's net income for the quarter was $294.0 million, up from $203.3 million in Q2 2024, resulting in diluted earnings per share of $3.63, compared to $2.44 a year earlier. For the first half of 2025, IDEXX's total revenue was $2.11 billion, reflecting a 7.1% increase from $1.97 billion in the first half of 2024, with net income rising to $536.7 million from $438.9 million.
The company experienced notable growth in its Companion Animal Group (CAG) segment, which generated $1.02 billion in revenue, a 10.9% increase year-over-year. This growth was driven by higher volumes and realized prices in IDEXX VetLab consumables and reference laboratory services, alongside the successful launch of the IDEXX inVue Dx Analyzer. The Water segment also contributed positively, with revenues increasing by 9.1% to $51.0 million, while the Livestock, Poultry, and Dairy (LPD) segment saw a more modest growth of 4.8%, reaching $31.8 million.
IDEXX's operational metrics showed a solid increase in customer engagement, with a 10% growth in the active installed base of premium instruments. The company reported a total employee headcount of approximately 8,000, reflecting its ongoing investment in talent to support growth initiatives. The company also noted a significant increase in its accounts receivable, which rose to $560.6 million from $473.6 million at the end of 2024, indicating strong sales performance.
Strategically, IDEXX has been active in managing its capital structure, with $579.0 million in outstanding borrowings under its credit facility as of June 30, 2025, compared to $250.0 million at the end of 2024. The company repurchased $738.9 million of its common stock during the first half of 2025, reflecting its commitment to returning value to shareholders. IDEXX's management remains optimistic about future growth, projecting continued revenue increases driven by new product launches and expanding market share, despite potential macroeconomic challenges.
About IDEXX LABORATORIES INC /DE
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