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IDEXX Laboratories, Inc. is a company engaged in the development, manufacturing, and distribution of products and services for various sectors, including companion animal veterinary, livestock, poultry and dairy, water testing, and human medical diagnostics . The company operates through three main business segments: Companion Animal Group (CAG), Water, and Livestock, Poultry and Dairy (LPD) . IDEXX's business model is heavily reliant on a recurring revenue structure, supported by strong customer loyalty and high retention rates .
- Companion Animal Group (CAG) - Provides diagnostic and information management-based products and services for the companion animal veterinary industry, including in-clinic diagnostic solutions, reference laboratory services, and veterinary software.
- Water - Develops products used to detect microbiological parameters in water.
- Livestock, Poultry and Dairy (LPD) - Offers diagnostic tests and services to manage livestock and poultry health and ensure milk quality and safety.
- OPTI Medical - Focuses on human medical diagnostics.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrew Emerson Executive | EVP, CFO, and Treasurer (effective March 1, 2025) | None | Joined IDEXX in 2015. Previously led CAG Finance and corporate finance functions. Assumes CFO role on March 1, 2025. | |
Brian P. McKeon Executive | EVP, CFO, and Treasurer (until March 1, 2025) | Director at Alkermes plc | Joined IDEXX in January 2014. Leads finance and investor relations. Announced retirement effective June 1, 2025, with transition to Andrew Emerson. | |
George J. Fennell Executive | SVP, Chief Revenue Officer | None | Joined IDEXX in 2011. Leads global commercial sales and field support teams. | |
Jonathan J. Mazelsky Executive | President and CEO | Board Member at Dentsply Sirona Inc. | Joined IDEXX in 2012; became CEO in October 2019. Focuses on innovation and sustainable growth. Previously EVP at IDEXX and led multiple business lines. | View Report → |
Michael Erickson, PhD Executive | EVP, Global Point of Care Diagnostics and Telemedicine | None | Joined IDEXX in 2011. Held multiple leadership roles, including SVP and GM of Veterinary Software and Services. | |
Michael J. Lane Executive | EVP, Global Reference Laboratories and IT | None | Joined IDEXX in 1997. Played a key role in strategic planning for the global reference laboratory market. | |
Michael P. Johnson Executive | EVP, Chief Human Resources Officer | None | Joined IDEXX in March 2022. Previously held senior HR roles at Abbott Laboratories. | |
Sharon E. Underberg Executive | EVP, General Counsel, and Corporate Secretary | None | Joined IDEXX in February 2019. Leads global legal, governance, and compliance functions. Previously General Counsel at Eastman Kodak. | |
Bruce L. Claflin Board | Independent Director | Director at Ciena Corporation | Joined IDEXX Board in 2015. Former CEO of 3Com Corporation and Non-Executive Chair at AMD. | |
Daniel M. Junius Board | Independent Director | Director at GlycoMimetics, Inc. | Joined IDEXX Board in 2014. Former CEO of ImmunoGen, Inc.. | |
Irene Chang Britt Board | Independent Director | Director at First Watch Restaurant Group, Inc.; Director at Victoria’s Secret & Co. | Joined IDEXX Board in 2023. Former President of Pepperidge Farm and senior executive at Campbell Soup Company. | |
Lawrence D. Kingsley Board | Independent Non-Executive Board Chair | Non-Executive Chair at Mirion Technologies, Inc.; Director at Polaris Industries Inc.; Advisory Director at Berkshire Partners LLC | Joined IDEXX Board in 2016. Former CEO of Pall Corporation and IDEX Corporation. | |
M. Anne Szostak Board | Independent Director | Founder and President of Szostak Partners; Director at Tupperware Brands Corporation | Joined IDEXX Board in 2012. Extensive experience in human resources and governance. | |
Sam Samad Board | Independent Director | EVP and CFO at Quest Diagnostics Incorporated | Joined IDEXX Board in 2019. Former CFO at Illumina, Inc.. |
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Mars, Incorporated | The company competes primarily on the basis of ease of use and speed of products, diagnostic accuracy, product quality, and other factors. In North America, the major competitors include brands such as Antech Diagnostics and Heska. In certain international geographies, the competition includes brands like Heska, Antech Diagnostics, Scil, and Asia Veterinary Diagnostics. |
The company competes with this entity in most geographic locations in North America and in certain international geographies. | |
The company competes with this entity in certain international geographies. | |
Samsung Electronics | The company competes with this entity in certain international geographies. |
Arkray, Inc. | The company competes with this entity in certain international geographies. |
Mindray | The company competes with this entity in certain international geographies. |
BioNote, Inc. | The company competes with this entity in certain international geographies. |
Covetrus, Inc. | The largest competitor in North America and the U.K. in the veterinary software, services, and diagnostic imaging systems sector. This competitor offers several systems and leverages its animal health distribution business in sales and service. |
Sound-Eklin | A competitor in the diagnostic imaging systems sector. |
Radiometer A/S | A competitor in the human point-of-care medical diagnostic products sector. |
Siemens Medical Solutions Diagnostics | A competitor in the human point-of-care medical diagnostic products sector. |
Instrumentation Laboratory Company | A competitor in the human point-of-care medical diagnostic products sector. |
A division of Abbott Laboratories, competing in the human point-of-care medical diagnostic products sector. | |
Roche Diagnostics Corporation | A competitor in the human point-of-care medical diagnostic products sector. |
VCA Inc. | A corporate hospital chain that operates reference laboratories serving both their hospitals and unaffiliated hospitals, wholly owned by Mars, Incorporated. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
U.S. privately-owned software and data platform | 2024 | Deal value: Approximately $77 million in cash with up to $30 million in contingent payments; structure: Detailed purchase price allocation for technology, customer relationships, non-compete, trademark, goodwill, and net tangible assets. Strategic rationale: Enhances IDEXX’s cloud-native practice management workflow and expands its strategic data solutions within the Companion Animal Group. |
GreenLine Pet | 2024 | Deal details: Completed in Q1 2024, this acquisition strengthens IDEXX’s portfolio with a leading digital platform for practice workflow solutions focused on coupon and rebate redemptions. Strategic rationale: It supports enhanced partnerships with major manufacturers in animal health and drives integrated vertical SaaS adoption in IDEXX’s cloud practice management systems. |
International water testing company (Canada) | 2022 | Deal value: Approximately $12.8 million in cash (including a $1.3 million holdback) with purchase price allocation across technology intangibles, customer relationship intangibles, tangible assets, and goodwill. Strategic rationale: The acquisition is aimed at broadening the Water segment’s product portfolio by leveraging synergies from the water testing business. |
Recent press releases and 8-K filings for IDXX.
- The company reiterated its consistent share repurchase strategy, targeting approximately $1.5 billion in buybacks for 2025 with a 2-3% diluted share count reduction, maintaining a stable capital structure ( ).
- Executives emphasized a strong focus on recurring diagnostic revenue growth driven by innovations such as the launch of inVue Dx and the introduction of Cancer Dx, which are expected to enhance clinical adoption and expand service offerings ( , ).
- The call also highlighted strategic capital allocation toward software investments and acquisitions like ezyVet and GreenLine to support automation and digitization initiatives ( ).
- Updated full‑year guidance now calls for reported revenues of $4,095–$4,210M, organic growth of 6–9%, operating margins of 31.1–31.6%, and full‑year EPS of $11.93–$12.43, factoring in favorable foreign exchange impacts and litigation adjustments .
- In Q1 2025, the company delivered a solid performance with organic revenue up 5% and EPS of $2.96 (4% as reported and a 7% comparable increase), driven by strong recurring revenue in key segments .
- The innovation portfolio expanded with the North American launch of IDEXX Cancer Dx and the transition of inVue Dx from controlled rollout to broad availability, receiving orders from over 1,000 unique customers .
- Strong performance in key segments, including the Companion Animal Group and Water, further underpinned the Q1 results .