Sign in

    IDEXX Laboratories Inc (IDXX)

    CFO Change
    Board Change

    You might also like

    Business Description

    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 .

    1. 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.
    2. Water - Develops products used to detect microbiological parameters in water.
    3. Livestock, Poultry and Dairy (LPD) - Offers diagnostic tests and services to manage livestock and poultry health and ensure milk quality and safety.
    4. OPTI Medical - Focuses on human medical diagnostics.

    Key Metrics

    View all financials →

    Executive Team

    NamePositionStart DateShort Bio
    Jonathan J. MazelskyPresident and Chief Executive OfficerOctober 2019Jonathan J. Mazelsky has served as the President and CEO of IDEXX Laboratories, Inc. since October 2019. He was previously the Interim President and CEO from June 2019 to October 2019, and Executive Vice President from August 2012 to June 2019 .
    Brian P. McKeonExecutive Vice President, Chief Financial Officer, and TreasurerJanuary 2014Brian P. McKeon has been serving as the Executive Vice President, CFO, and Treasurer of IDEXX since January 2014. He will transition to Executive Vice President and Special Advisor on March 1, 2025, until his retirement on June 1, 2025 .
    Michael Erickson, PhDExecutive Vice President and General Manager, Point of Care DiagnosticsJanuary 2024Michael Erickson, PhD, has been serving as the Executive Vice President and General Manager of Point of Care Diagnostics and Telemedicine at IDEXX since January 2024. He joined IDEXX in 2011 and has held various leadership roles .
    Tina Hunt, PhDExecutive Vice President, Strategy, Sector Development, and Global OperationsJanuary 2023Dr. Tina Hunt has been serving as the Executive Vice President, Strategy, Sector Development, and Global Operations at IDEXX since January 2023. She joined IDEXX in 2006 and has held various leadership roles .
    Michael P. JohnsonExecutive Vice President and Chief Human Resources OfficerJanuary 2024Michael P. Johnson has been serving as an Executive Vice President and Chief Human Resources Officer at IDEXX since January 2024. He joined IDEXX in March 2022 as a Senior Vice President and Chief Human Resources Officer .
    Michael J. LaneExecutive Vice President and General Manager, Global Reference Laboratories and Information TechnologyJanuary 2020Michael J. Lane has been an Executive Vice President at IDEXX since January 2020. He has been the General Manager of IDEXX's Global Reference Laboratories business since November 2016. Effective January 1, 2025, he will assume oversight responsibility for the Water, Livestock, Poultry and Dairy, and OPTI Medical businesses .
    James F. PolewaczykExecutive Vice President and Chief Commercial OfficerJanuary 2020James F. Polewaczyk has been serving as the Executive Vice President and Chief Commercial Officer of IDEXX since January 2020. He is set to retire effective April 1, 2024 .
    Michael SchreckExecutive Vice President and General Manager, Veterinary Software and Services, Corporate Accounts and Customer ExperienceJanuary 2024Michael Schreck has been serving as the Executive Vice President and General Manager, Veterinary Software and Services, Corporate Accounts and Customer Experience at IDEXX since January 2024. He joined IDEXX in July 2020 .
    Martin Smith, PhDExecutive Vice President and Chief Technology OfficerAugust 2021Martin Smith, PhD, has been serving as the Executive Vice President and Chief Technology Officer at IDEXX Laboratories since August 2021 .
    Sharon E. UnderbergExecutive Vice President, General Counsel, and Corporate SecretaryFebruary 2019Sharon E. Underberg serves as Executive Vice President, General Counsel, and Corporate Secretary at IDEXX Laboratories, Inc. She joined the company in February 2019 .
    George J. FennellSenior Vice President and Chief Revenue OfficerJanuary 2024George J. Fennell has been with IDEXX since June 2011. He became the Senior Vice President in January 2020 and has served as the Chief Revenue Officer since January 2024 .
    Andrew EmersonSenior Vice President, Corporate and CAG Finance; Executive Vice President, Chief Financial Officer and Treasurer (effective March 1, 2025)January 2024Andrew Emerson joined IDEXX Laboratories, Inc. in November 2015. He has served as Senior Vice President, Corporate and CAG Finance since January 2024. He will assume the role of Executive Vice President, CFO, and Treasurer, effective March 1, 2025 .

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateAugust 13, 1999
    End Date/DurationNo specified expiration date
    Total additional amountN/A
    Remaining authorization amount1,696,986 shares as of September 30, 2024
    DetailsThe program is intended to return value to stockholders and offset the dilutive effect of share-based compensation programs. Shares are acquired through open market repurchases and employee share surrenders for tax withholding.

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2025$75.02025 Series B Notes4.048.6% = (75 / 873.9) * 100
    2025$99.12025 Series C Notes1.78511.3% = (99.1 / 873.9) * 100
    2026$75.02026 Senior Notes3.728.6% = (75 / 873.9) * 100
    2027$75.02027 Series B Notes3.728.6% = (75 / 873.9) * 100
    2029$100.02029 Series C Notes4.1911.4% = (100 / 873.9) * 100
    2030$125.0MetLife 2030 Series D Notes2.5014.3% = (125 / 873.9) * 100
    2030$75.0Prudential 2030 Series D Notes2.508.6% = (75 / 873.9) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Mars, Incorporated brands Antech Diagnostics and Heska; and Zoetis Inc. (including its wholly-owned subsidiary Abaxis, Inc.) - Major competitors in most geographic locations in North America for companion animal veterinary diagnostic products and services .
    • Zoetis Inc.; Mars, Incorporated brands including Heska, Antech Diagnostics, Scil, and Asia Veterinary Diagnostics; Fujifilm Holdings Corporation; Samsung Electronics, Arkray, Inc.; Mindray; and BioNote, Inc. - Competitors in certain international geographies for companion animal veterinary diagnostic products and services .
    • Covetrus, Inc. - Largest competitor in North America and the U.K. for veterinary software, services, and diagnostic imaging systems .
    • Sound-Eklin, Antech Diagnostics, FUJIFILM, and Heska - Competitors in the diagnostic imaging systems sector .
    • Radiometer A/S, Siemens Medical Solutions Diagnostics, Instrumentation Laboratory Company, Abbott Diagnostics, a division of Abbott Laboratories, and Roche Diagnostics Corporation - Competitors in human point-of-care medical diagnostic products .

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2002 PresentCurrent auditor

    Latest news

    Recent developments and announcements about IDXX.

    Financial Reporting

      Earnings Call

      ·
      1 day ago

      IDEXX Laboratories has released its earnings call transcript, providing insights into its financial performance and strategic outlook for 2025. Key highlights include:

      • Revenue and Profit Performance: IDEXX is projecting revenue growth for 2025 in the range of $4.055 billion to $4.170 billion, representing a 4% to 7% increase on a reported basis and 6% to 9% on an organic basis. This growth is expected to be driven by strong execution and new innovations, particularly in the CAG Diagnostic recurring revenues, which are anticipated to grow by 5% to 8% organically.

      • Operating Margins: The company plans for Q1 operating margins between 30.2% and 30.6%, reflecting investments in recent and upcoming product launches. For the full year 2025, IDEXX expects operating margin improvements of 30 to 80 basis points year-over-year, primarily led by gross margin gains.

      • Management's Forward Guidance: IDEXX is optimistic about building on its solid 2024 performance with continued strong execution and a robust set of new product launches in 2025. The company is also planning significant investments in innovation, including the launch of the IDEXX inVue Dx platform and IDEXX Cancer Dx panel.

      • Market Conditions and Strategic Initiatives: IDEXX is navigating macroeconomic challenges, including inflation and sector-specific headwinds. The company is focusing on expanding its international footprint and enhancing its product offerings to drive growth. The launch of new diagnostic tools like the IDEXX inVue Dx and Cancer Dx panel is expected to support this strategy.

      • Analyst Questions and Management Responses: Analysts inquired about the impact of macroeconomic conditions on clinical visit trends and the company's pricing strategy. Management acknowledged the challenges but expressed confidence in their growth model and innovation pipeline. They also discussed the controlled launch of new products and the expected benefits from these innovations.

      Overall, IDEXX is positioning itself for continued growth in 2025 through strategic investments in innovation and expansion of its product offerings, despite facing some macroeconomic challenges.

    Corporate Leadership

      CFO Change

      ·
      Nov 21, 2024, 12:55 PM

      Brian P. McKeon, the Chief Financial Officer (CFO) of IDEXX Laboratories, Inc., has announced his retirement effective June 1, 2025. He will step down from his role as CFO on March 1, 2025, and will serve as Executive Vice President and Special Advisor until his retirement to ensure a smooth transition. Andrew Emerson, currently the Senior Vice President of Corporate and Companion Animal Group Finance, will succeed him as CFO effective March 1, 2025 .

      Leadership Change

      ·
      Nov 21, 2024, 12:55 PM

      Brian McKeon is retiring as CFO of IDEXX effective June 1, 2025. Andrew Emerson will step up as the new CFO on March 1, 2025. McKeon will serve as EVP and Special Advisor until his retirement to ensure a smooth transition. Emerson, with nearly 20 years of financial experience, has been with IDEXX since 2015 and has led the finance organization for the Companion Animal Group .

      Board Change

      ·
      Nov 12, 2024, 12:00 AM

      Jonathan W. Ayers resigned from the Board of Directors of IDEXX Laboratories, Inc. on November 8, 2024. He also stepped down from the finance committee. His resignation was not due to any disagreement with the company .