IDEXX Laboratories, Inc. reported strong financial performance for the third quarter of 2025, with total revenue reaching $1.105 billion, a 13.3% increase from $975.5 million in the same period last year. For the nine months ended September 30, 2025, revenue totaled $3.213 billion, up 9.2% from $2.943 billion in 2024. The company's net income for the quarter was $274.6 million, or $3.40 per diluted share, compared to $232.8 million, or $2.80 per diluted share, in the prior year. Year-to-date net income was $811.3 million, reflecting a 20.8% increase from $671.7 million in 2024.
The growth in revenue was primarily driven by the Companion Animal Group (CAG), which saw a 13.5% increase in revenue to $1.013 billion, supported by higher volumes and realized prices in diagnostics and consumables. The CAG segment's recurring revenue rose by 11.5%, bolstered by a 10% growth in the active installed base of premium instruments. The Water segment also contributed to the overall growth, with revenues increasing by 8.2% to $54.3 million, while the Livestock, Poultry, and Dairy (LPD) segment reported a 17.1% increase in revenue to $33.9 million.
IDEXX's operational metrics showed positive trends, with gross profit margins improving to 61.8% for the quarter, up from 61.1% in the previous year. The company reported a total operating income of $354.8 million, a 16.8% increase from $303.9 million in Q3 2024. The increase in operating expenses was modest, with total operating expenses rising by 12.4% to $328.5 million, primarily due to higher personnel-related costs in sales, marketing, and research and development.
Strategically, IDEXX made a notable acquisition in September 2025, purchasing a customer relationship intangible asset from a privately-owned reference laboratory for approximately $15.6 million. This acquisition is expected to enhance IDEXX's existing capabilities in the diagnostics market. The company also continued to invest in its product offerings, including the successful launch of the IDEXX inVue Dx Analyzer, which contributed to increased instrument revenue.
Looking ahead, IDEXX remains optimistic about its growth trajectory, projecting continued revenue increases driven by strong demand in its core segments. The company anticipates that its ongoing investments in product development and strategic acquisitions will further enhance its market position. As of September 30, 2025, IDEXX had $208.2 million in cash and cash equivalents, with significant borrowing capacity remaining under its $1.25 billion credit facility, positioning the company well for future growth initiatives.
About IDEXX LABORATORIES INC /DE
IDEXX Laboratories develops and distributes diagnostic products and services for veterinary, livestock, poultry, water testing, and human medical sectors. Its core offerings include in-clinic and reference laboratory diagnostics, practice management software, imaging systems, and water microbiology tests. Serving global markets, IDEXX emphasizes innovation, integrated technology, and quality to enhance animal and human health, practice efficiency, and environmental safety. Its business model centers on product development, manufacturing, and worldwide distribution.
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