IDEXX Laboratories, Inc. reported a total revenue of $998.4 million for the first quarter of 2025, marking a 3.6% increase from $964.1 million in the same period of the previous year. The growth was driven by a rise in product revenue, which reached $573.1 million, up from $543.0 million, and service revenue, which increased slightly to $425.4 million from $421.0 million. The company's net income also saw an increase, rising to $242.7 million, or $2.96 per diluted share, compared to $235.6 million, or $2.81 per diluted share, in the prior year.
In terms of operational performance, IDEXX experienced a notable increase in its Companion Animal Group (CAG) segment, which generated $919.8 million in revenue, up from $889.3 million. This segment's growth was attributed to higher realized prices and increased volumes in IDEXX VetLab consumables, despite some constraints from macroeconomic factors. The Water segment also performed well, with revenues rising to $45.3 million from $43.1 million, driven by price increases and higher volumes. However, the Livestock, Poultry, and Dairy (LPD) segment saw modest growth, with revenues increasing to $28.6 million from $28.2 million.
The company reported a decrease in cash and cash equivalents, which fell to $164.0 million from $288.3 million at the end of 2024. This decline was primarily due to significant stock repurchases totaling $400.9 million during the quarter, compared to $154.8 million in the same period last year. IDEXX's total liabilities increased to $1.77 billion from $1.70 billion, largely due to higher borrowings under its credit facility, which stood at $319.5 million as of March 31, 2025.
Strategically, IDEXX completed the acquisition of a software and data platform business in early 2024, enhancing its practice management system capabilities. The company continues to focus on expanding its product offerings and geographic reach, with a strong emphasis on customer retention and new business gains. Looking ahead, IDEXX anticipates continued revenue growth driven by its core segments, although it remains cautious about potential impacts from macroeconomic conditions and foreign currency fluctuations. The company expects to maintain its strong market position while navigating these challenges.
About IDEXX LABORATORIES INC /DE
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