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- **Revenue Growth**: Q3 organic revenue up 12%, driven by 10% CAG Diagnostics growth and 14% international expansion. InVue Dx placements +37% YoY to 1,753 units, with 6,000+ 2025 target.
- **Profitability**: Operating margin +160bps to 31.6%, free cash flow $371M. EPS guidance raised to $12.81-$13.01, +$0.33 midpoint.
- **Risks**: Wellness visits down 1.2% YoY, offset by non-wellness (+1.2%) and InVue Dx workflow benefits.
- **Innovation Momentum**: Catalyst Cortisol adoption 25% within 3 months, Cancer Dx menu expansion in 2026.
- **Investment**: 12% opex growth for R&D/salesforce, 95%-100% free cash flow conversion.


**【CEO Summary Section】**
- **Revenue Growth and Instrument Placements**: Q3 organic revenue growth of 12%, driven by 10% growth in CAG Diagnostics recurring revenue and 14% in international markets. InVue Dx placements reached 1,753 units, exceeding prior expectations, with 6,000+ placements forecasted for 2025. Catalyst Cortisol adoption was record-fast, with 25% of customers adopting within 3 months.
- **Innovation Momentum**: Expansion of Cancer Dx menu with mast cell tumor detection in Q1 2026. InVue Dx placements grew 37% YoY, supporting workflow efficiency and customer retention.
- **Customer Engagement**: 95%+ retention in CAG Diagnostics recurring revenue, with 10%+ net price realization. International expansion efforts, including 11 consecutive quarters of double-digit growth, reflect strategic investments in salesforce and product localization.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income $420M, Non-GAAP EPS $3.40 (15% YoY growth). Free cash flow $371M, with $242M in share repurchases. Operating margin expanded 160bps to 31.6%, driven by cost control and recurring revenue growth. Full-year EPS guidance raised to $12.81-$13.01, reflecting $0.33 increase at midpoint.
- **Risk Management**: 1% FX headwind on revenue, offset by hedge positions. Capital spending $140M for 2025, supporting R&D and commercial expansion.

**【Q&A Highlights】**
- **InVue Dx Adoption**: 1,753 units placed in Q3, 37% YoY growth. 25% of Catalyst customers adopted Cortisol within 3 months. FNA launch in Q1 2026 expected to drive additional growth.
- **International Growth**: 14% organic growth in international CAG Diagnostics, supported by 11 consecutive quarters of double-digit growth. Aging pet trend (5+ years) driving non-wellness visits (+1.2% YoY), offsetting wellness visit decline (-2.5% YoY).
- **Investment Strategy**: 12% YoY opex growth for R&D and salesforce expansion. Free cash flow conversion rate 95%-100% for 2025, supporting share buybacks and innovation pipeline.
- **Challenges**: Wellness visit decline (-1.2% same-store) due to macroeconomic pressures, but non-wellness visits (+1.2%) and InVue Dx placements mitigate impact.


IDEXX Laboratories, Inc. (IDXX) Q3 2025 Earnings Call Transcript

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IDXX

IDXX fundamentals

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