Form 8-K

8-K — IDEXX LABORATORIES INC /DE

Accession: 0001104659-26-055203

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0000874716

SIC: 2835 (IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2613510d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2613510d1_ex99-1.htm)

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8-K — FORM 8-K

8-K (Primary)

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IDEXX LABORATORIES INC /DE

0000874716

2026-05-05

iso4217:USD

xbrli:shares

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xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

Date of report (Date of earliest event

reported): May 5, 2026

IDEXX LABORATORIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

000-19271

01-0393723

(State or other jurisdiction

(Commission File Number)

(IRS Employer Identification No.)

of incorporation)

One IDEXX Drive, Westbrook, Maine

04092

(Address of principal executive offices)

(ZIP Code)

207.556.0300

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction

A.2. below):

Written communications pursuant to Rule 425 under the Securities Act

(17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act

(17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the

Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b)

of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.10 par value per share

IDXX

NASDAQ Global Select Market

Indicate by

check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨

If an emerging

growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any

new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2026, IDEXX Laboratories, Inc. (the “Company”)

announced its financial results for the quarter ended March 31, 2026. The full text of the press release issued in connection with the

announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

In accordance with general instructions to Form

8-K, the information in this Form 8-K and the Exhibit 99.1 attached hereto is being furnished under Item 2.02 and shall not be deemed

“filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject

to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or

the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit relating to Item

2.02 shall be deemed to be furnished, and not filed.

Exhibit No. Description of Exhibit

99.1 Press Release entitled “IDEXX Laboratories Announces First Quarter Results,” issued by the

Company on May 5, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

IDEXX LABORATORIES, INC.

Date: May 5, 2026

By:

/s/ Andrew Emerson

Andrew Emerson

Executive Vice President,

Chief Financial Officer and Treasurer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2613510d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

IDEXX Laboratories Announces First

Quarter Results

▪ Achieves first quarter revenue growth of 14% as reported and 11% organic, and CAG Diagnostics recurring revenue growth of 14% as

reported and 11% organic.

▪ Double-digit organic revenue growth was driven by IDEXX execution and commercial performance, reflecting strong volume growth and

benefits from IDEXX's innovation.

▪ Delivers EPS of $3.47, an increase of 17% as reported and 15% on a comparable basis, including operating margin expansion of 10

basis points as reported and 100 basis points on a comparable basis.

▪ Increases 2026 revenue guidance to $4,675 million - $4,760 million, up $42 million or ~1% at midpoint, reflecting stronger CAG

Diagnostics recurring revenue performance.

▪ Raises outlook for 2026 reported revenue growth of 8.6% - 10.6% and CAG Diagnostics recurring revenue reported growth of 9.6% -

11.6%, with projected 2026 organic revenue growth of 7.7% - 9.7% and CAG Diagnostics recurring revenue organic growth of 8.7% - 10.7%.

▪ Raises 2026 EPS outlook to $14.45 - $14.90, reflecting an increase of $0.13 compared to prior guidance midpoint, supported by expectations

for increased revenue and comparable operating margin expansion, and updated foreign exchange estimates.

WESTBROOK, Maine, May 5, 2026— IDEXX Laboratories,

Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced first quarter results.

First Quarter Results

The Company reports revenues of $1,141 million for the first quarter

of 2026, an increase of 14% as reported and 11% organic, driven by Companion Animal Group ("CAG") growth of 15% as reported

and 12% organic.

First quarter earnings per diluted share (“EPS”) were $3.47,

an increase of 17% as reported and 15% on a comparable basis. First quarter EPS included a $0.05 per share impact from a loss on an equity

investment, $0.09 per share in tax benefits from share-based compensation, and $0.14 per share benefit from currency changes.

IDEXX Announces First Quarter Results

May 5, 2026

Page 2 of 17

“Excellent commercial execution delivered exceptional first quarter

results and positions IDEXX for continued strength through 2026,” said Jay Mazelsky, President and Chief Executive Officer. “IDEXX

Cancer Dx™ platform momentum continues to build with the recent International launch and growing adoption in the U.S.,

and our IDEXX inVue Dx™ roll-out further advances our innovation-driven growth strategy. Initial customer response to

the controlled launch of IDEXX inVue Dx FNA has been very encouraging and supports broadening access over the remainder of the year. As

I transition from the CEO role, IDEXX remains well-positioned for continued success, and I look forward to continuing to work with Mike

Erickson to drive long-term sustained growth in the business.”

First Quarter Performance Highlights

Companion Animal Group (“CAG”)

CAG revenue growth was led by CAG Diagnostics recurring revenue growth

of 14% as reported and 11% organic, including 21% reported and 12% organic gains in International regions, and 11% reported and organic

growth in the U.S., outpacing sector growth levels. U.S. growth was aided by a modest easing of clinical visit pressures and increased

diagnostic frequency.

Additional U.S. companion animal practice key metrics are available

in the Q1 2026 Earnings Snapshot accessible on the IDEXX website, www.idexx.com/investors.

Sustained commercial execution - including net customer gains, solid

volume gains, benefits from IDEXX innovation, and expansion of the premium instrument installed base - drove double-digit CAG Diagnostics

recurring revenue growth.

▪ IDEXX VetLab™ consumables generated 20% reported and 15% organic revenue growth, supported by testing utilization

gains, including increasing benefit from recent product launches, 12% growth in IDEXX's global premium instrument installed base, and

net price gains.

▪ Reference laboratory diagnostic and consulting services generated

12% reported and 10% organic revenue growth, with benefits from higher testing volumes and net new customer gains.

▪ Rapid assay products revenues increased 1% as reported and were flat on an organic basis, driven by net price benefits with

volume continuing to be impacted from the growing adoption of the Catalyst™ Pancreatic Lipase Test, which continues to

shift some testing across modalities.

CAG Diagnostics capital instrument revenues expanded 33% as reported

and 28% on an organic basis, led by strong quarterly instrument placements, including benefits from 1,100 IDEXX inVue Dx placements.

IDEXX Announces First Quarter Results

May 5, 2026

Page 3 of 17

Veterinary software, services and diagnostic imaging systems revenues

grew 12% on a reported and 11% on an organic basis for the quarter, led by cloud-native software growth and continued installed base expansion,

including record diagnostic imaging system installations.

Water

Water revenues grew 11% as reported and 7% organic for the quarter,

reflecting solid organic growth in the U.S. and Latin America.

Livestock, Poultry and Dairy (“LPD”)

LPD revenues increased 14% as reported and 7% organic for the quarter,

led by strong growth across core product categories.

Gross Profit and Operating Profit

Gross profit increased 16% as reported and 13% on a comparable basis.

Gross margin of 63.4% increased 90 basis points as reported and comparable, supported by strong recurring revenue volume gains, operational

productivity initiatives, and net price realization, which was offset by inflationary impacts and investments.

Operating margin was 31.8% for the quarter, higher than the prior year

period by 10 basis points as reported and by 100 basis points on a comparable basis. Operating margin results reflect a 17% operating

expense increase as reported and 11% growth on a comparable basis, including a $5 million loss on an equity investment in the current

period and lapping a ~$9 million prior year benefit from a discrete expense accrual adjustment related to a concluded litigation matter.

Operating expense growth was driven by investments in commercial capabilities, higher R&D spend related to advancing the Company's

innovation agenda, further investment in the Veterinary Software and Services business, and higher employee benefit and incentive costs.

2026 Growth and Financial Performance Outlook

The Company is updating its full year revenue growth guidance range

to $4,675 million - $4,760 million, or reported growth of 8.6% - 10.6%, an increase of $42 million at midpoint. This reflects a positive

adjustment of ~1% at midpoint to full year estimates for reported revenue growth, reflecting strong CAG Diagnostics recurring revenue

performance and outlook for modestly improving clinical visit trends. The Company is increasing its outlook for organic revenue growth

to 7.7% - 9.7%, an increase of 0.7% at midpoint, reflecting the operational benefits highlighted above.

The Company increased its full year reported operating margin outlook

to 32.1% - 32.5%, bringing the projected full year operating profit margin expansion to 50 - 90 basis points as reported and on a comparable

basis. This outlook benefits from strong first quarter operating performance, while advancing strategic investment priorities.

IDEXX Announces First Quarter Results

May 5, 2026

Page 4 of 17

The Company updated its EPS outlook range to $14.45 - $14.90, reflecting

increased reported growth of 11% - 14% and 11% - 15% comparable growth. At midpoint this reflects benefits of $0.13 per share from operational

performance and $0.05 from updated estimates for foreign exchange impacts, offset by $0.05 impact from a loss on an equity investment.

The following table provides the Company's updated outlook for annual

key financial metrics in 2026 with a comparison to the prior outlook:

Amounts in millions except per share data and percentages

2026 Growth and Financial Performance Outlook

Updated

Prior

Revenue

$4,675

$4,760

$4,632

$4,720

Reported growth

8.6%

10.6%

7.6%

9.6%

Organic growth

7.7%

9.7%

7.0%

9.0%

CAG Diagnostics Recurring Revenue Growth

Reported growth

9.6%

11.6%

8.6%

10.6%

Organic growth

8.7%

10.7%

8.0%

10.0%

Operating Margin

32.1%

32.5%

32.0%

32.5%

Operating margin expansion

50 bps

90 bps

40 bps

90 bps

Comparable margin expansion

50 bps

90 bps

30 bps

80 bps

EPS

$14.45

$14.90

$14.29

$14.80

Reported growth

11%

14%

13%

Comparable growth

11%

15%

10%

14%

Other Key Metrics

Net interest expense

~ $34

Share-based compensation tax benefit

~ $15

Share-based compensation tax rate benefit

~ 1.0%

Effective tax rate

~ 21.4%

~ 21.3%

Share-based compensation EPS impact

~ $0.19

Reduction in average shares outstanding

Operating Cash Flow (% of Net Income)

105%

115%

105%

115%

Free Cash Flow (% of Net Income)

85%

95%

85%

95%

Capital Expenditures

~ $180

IDEXX Announces First Quarter Results

May 5, 2026

Page 5 of 17

The following table outlines estimates of foreign currency exchange

rate impacts, net of foreign currency hedging transactions, and foreign currency exchange rate assumptions reflected in the above financial

performance outlook for 2026.

Estimated Foreign Currency Exchange Rate Impacts

2026

Revenue growth rate impact

~0.9%

CAG Diagnostics recurring revenue growth rate impact

~0.9%

Operating margin growth impact

~ 30 bps

EPS impact

~ $0.27

EPS growth impact

~ 2%

Go-Forward Foreign Currency Exchange Rate Assumptions

2026

In U.S. dollars

euro

$1.16

British pound

$1.33

Canadian dollar

$0.72

Australian dollar

$0.70

Relative to the U.S. dollar

Japanese yen

¥160

Chinese renminbi

¥6.90

Brazilian real

R$5.15

Conference Call and Webcast Information

IDEXX Laboratories, Inc. will host a conference call today at 8:30

a.m. (ET) to discuss its first quarter 2026 results and management’s outlook. Individuals can access a live webcast of the conference

call through a link on the IDEXX website, www.idexx.com/investors. An archived edition of the

webcast will be available after 1:00 p.m. (ET) via the same link and will remain available for one year. The live call also will be accessible

by telephone. To listen to the live conference call, please dial 1-800-330-6730 or 1-213-279-1575 and reference passcode 492760.

2026 Annual Meeting of Shareholders

IDEXX Laboratories, Inc. will hold its 2026 Annual Meeting of Shareholders

(the “2026 Annual Meeting”) on Tuesday, May 12, 2026 at 10:00 a.m. (ET). The 2026 Annual Meeting will be a virtual meeting

via a live audio webcast at www.virtualshareholdermeeting.com/IDXX2026. The online pre-meeting

forum can be accessed before the 2026 Annual Meeting at www.proxyvote.com. At this online pre-meeting

forum, you can submit questions in writing in advance of the 2026 Annual Meeting, vote, view the Rules of Conduct and Procedures relating

to the 2026 Annual Meeting and access copies of the Company's proxy materials and annual report.

IDEXX Announces First Quarter Results

May 5, 2026

Page 6 of 17

Shareholders as of the close of business on March 16, 2026 are

entitled to attend the 2026 Annual Meeting, vote their shares electronically and submit questions before and during the live audio

webcast. As part of the 2026 Annual Meeting, the Company will answer the questions submitted by our shareholders during a live

Q&A session, as time permits. The Company will publish the answer to each question, including those which we are unable to

address during the meeting due to time constraints during the 2026 Annual Meeting, on the Company’s Investor Relations website

as soon as practicable after the meeting. An archived replay will be available at www.virtualshareholdermeeting.com/IDXX2026

after the conclusion of the 2026 Annual Meeting. Further information on the 2026 Annual Meeting can be found in the Company’s

proxy materials.

About IDEXX Laboratories, Inc.

IDEXX is a global leader in pet healthcare innovation. Our diagnostic

and software products and services create clarity in the complex, constantly evolving world of veterinary medicine. We support longer,

fuller lives for pets by delivering insights and solutions that help the veterinary community around the world make confident decisions—to

advance medical care, improve efficiency, and build thriving practices. Our innovations also help ensure the safety of milk and water

across the world and maintain the health and well-being of people and livestock. IDEXX Laboratories, Inc. is a member of the S&P

500™ Index. Headquartered in Maine, IDEXX employs approximately 11,000 people and offers solutions and products

to customers in more than 175 countries and territories. For more information about IDEXX, visit www.idexx.com.

Contact

John Ravis, Investor Relations

investorrelations@idexx.com

IDEXX Announces First Quarter Results

May 5, 2026

Page 7 of 17

Note Regarding Forward-Looking Statements

This earnings release and the statements to be made in the accompanying

earnings conference call contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including

statements about the Company’s business prospects and estimates of the Company’s financial results for future periods. Forward-looking

statements are included above under "2026 Growth and Financial Performance Outlook" and elsewhere and can be identified by the

use of words such as "expects", "may", "anticipates", "intends", "would", "will",

"plans", "believes", "estimates", "projected", "should", and similar words and expressions.

Our forward-looking statements include statements relating to our expectations regarding financial performance; revenue growth (including

instrument revenue growth in 2026) and EPS outlooks; operating and free cash flow forecast; projected impact of foreign currency exchange

rates and interest rates; projected operating margins and expenses and capital expenditures; projected tax, tax rate and EPS benefits

from share-based compensation arrangements; projected effective tax rates, reduction of average shares outstanding and net interest expense;

projected impact of tariffs; trends and other factors impacting the pet healthcare industry, including U.S. clinical visits; IDEXX inVue

Dx analyzer placements; future IDEXX Cancer Dx testing panel addition; rollout of Fine Needle Aspiration to the IDEXX inVue Dx analyzer

and future commercial and menu expansions; and future advancements in artificial intelligence. These statements are intended to provide

management's expectations or forecasts of future events as of the date of this earnings release; are based on management's estimates,

projections, beliefs, and assumptions as of the date of this earnings release; and are not guarantees of future performance. These forward-looking

statements involve known and unknown risks and uncertainties that may cause the Company's actual results, levels of activity, performance

or achievements to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties

include, among other things, the adverse impact, and the duration, of macroeconomic events, conditions, and uncertainties, such as geopolitical

instability (including wars, terrorist attacks, and armed conflicts), general economic uncertainty, changes in U.S. and other countries’

tariff and trade policies, severe weather and other natural conditions, and supply chain challenges on our business, results of operations,

liquidity, financial condition, and stock price, as well as the matters described under the headings "Business," "Risk

Factors," "Legal Proceedings," "Management's Discussion and Analysis of Financial Condition and Results of Operations"

and "Quantitative and Qualitative Disclosures About Market Risk" in the Company’s Annual Report on Form 10-K for the year

ended December 31, 2025 and in the corresponding sections of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31,

2026, as well as those described from time to time in the Company’s other filings with the U.S. Securities and Exchange Commission

available at www.sec.gov. The Company specifically disclaims any obligation to publicly update any forward-looking statement, whether

as a result of new information, future events or otherwise.

Statement Regarding Non-GAAP Financial Measures

The following defines terms and conventions and provides reconciliations

regarding certain measures used in this earnings release and/or the accompanying earnings conference call that are not required by, or

presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"), otherwise referred

to as non-GAAP financial measures. To supplement the Company’s consolidated results presented in accordance with GAAP, the Company

has disclosed non-GAAP financial measures that exclude or adjust certain items. Management believes these non-GAAP financial measures

provide useful supplemental information for its and investors’ evaluation of the Company’s business performance and liquidity

and are useful for period-over-period comparisons of the performance of the Company’s business and its liquidity and to the performance

and liquidity of our peers. While management believes that these non-GAAP financial measures are useful in evaluating the Company’s

business, this information should be considered as supplemental in nature and should not be considered in isolation or as a substitute

for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the

same as similarly titled measures reported by other companies.

Constant currency - Constant currency references are non-GAAP

financial measures which exclude the impact of changes in foreign currency exchange rates and are consistent with how management evaluates

our performance and comparisons with prior and future periods. We estimate the net impacts of currency on our revenue, gross profit, operating

profit, and EPS results by restating results to the average exchange rates or exchange rate assumptions for the comparative period, which

includes adjusting for the estimated impacts of foreign currency hedging transactions and certain impacts on our effective tax rates.

These estimated currency changes impacted first quarter 2026 results as follows: increased gross profit growth by 3.3%, no impact to gross

margin expansion, increased operating expense growth by 2.0%, increased operating profit growth by 4.5%, increased operating profit margin

growth by 40 basis points, and increased EPS growth by 4.6%. Constant currency revenue growth represents the percentage change in revenue

during the applicable period, as compared to the prior year period, excluding the impact of changes in foreign currency exchange rates.

See the supplementary analysis of results below for revenue percentage change from currency for the three months ended March 31, 2026

and refer to the 2026 Growth and Financial Performance Outlook section of this earnings release for estimated foreign currency exchange

rate impacts on 2026 projections and estimates.

IDEXX Announces First Quarter Results

May 5, 2026

Page 8 of 17

Growth and organic revenue growth - All references to growth

and organic growth refer to growth compared to the equivalent prior year period unless specifically noted. Organic revenue growth is a

non-GAAP financial measure that represents the percent change in revenue, as compared to the same period for the prior year, net of the

impact of changes in foreign currency exchange rates, certain business acquisitions, and divestitures. Management believes that reporting

organic revenue growth provides useful information to investors by facilitating easier comparisons of our revenue performance with prior

and future periods and to the performance of our peers. Organic revenue growth should be considered in addition to, and not as a replacement

of or a superior measure to, revenue growth reported in accordance with GAAP. See the supplementary analysis of results below for a reconciliation

of reported revenue growth to organic revenue growth for the three months ended March 31, 2026. Please refer to the constant currency

note above for a summary of foreign currency exchange rate impacts. Please refer to the 2026 Growth and Financial Performance Outlook

section of this earnings release for estimated full year 2026 organic revenue growth for the Company and CAG Diagnostics recurring revenue

growth. The percentage change in revenue resulting from acquisitions represents revenues during the current year period, limited to the

initial 12 months from the date of the acquisition, that are directly attributable to business acquisitions. Revenue from acquisitions

is expected to have an immaterial impact on projected full year 2026 revenue growth and no impact on CAG Diagnostics recurring revenue

growth. Projected second quarter 2026 organic revenue growth for the Company and CAG Diagnostics recurring revenue each reflects adjustment

to projected second quarter 2026 organic revenue growth for the Company and CAG Diagnostics recurring revenue, as applicable, for a positive

~60 basis point impact from year-over-year foreign currency exchange rate changes at noted exchange rates; no impact to either of these

projected growth measures is expected from acquisitions.

We exclude from organic revenue growth the effect of changes in foreign

currency exchange rates because changes in foreign currency exchange rates are not under management’s control, are subject to volatility,

and can obscure underlying business trends. We calculate the impact on revenue resulting from changes in foreign currency exchange rates

by applying the difference between the weighted average exchange rates during the current year period and the comparable prior year period

to foreign currency denominated revenues for the prior year period.

We also exclude from organic revenue growth the effect of certain business

acquisitions and divestitures because the nature, size, and number of these transactions can vary dramatically from period to period,

and because they either require or generate cash as an inherent consequence of the transaction, and therefore can also obscure underlying

business and operating trends. We consider acquisitions to be a business when all three elements of inputs, processes, and outputs are

present, consistent with ASU 2017-01, “Business Combinations: (Topic 805) Clarifying the Definition of a Business.” In a business

combination, if substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or group of similar

identifiable assets, we do not consider these assets to be a business. A typical acquisition that we do not consider a business is a customer

list asset acquisition, which does not have all elements necessary to operate a business, such as employees or infrastructure. We believe

the efforts required to convert and retain these acquired customers are similar in nature to our existing customer base and therefore

are included in organic revenue growth.

Comparable growth metrics - Comparable gross profit growth,

comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating

margin gain (or growth) are non-GAAP financial measures and exclude the impact of changes in foreign currency exchange rates and non-recurring

or unusual items (if any). Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. Management

believes that reporting comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth,

comparable operating profit growth and comparable operating margin gain (or growth) provides useful information to investors because it

enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance

and provides greater transparency to investors regarding key metrics used by management. Comparable gross profit growth, comparable gross

margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain

(or growth) should be considered in addition to, and not as replacements of or superior measures to, gross profit growth, gross margin

gain, operating expense growth, operating profit growth and operating margin gain reported in accordance with GAAP.

IDEXX Announces First Quarter Results

May 5, 2026

Page 9 of 17

The reconciliation of these non-GAAP financial measures is as follows:

Three Months Ended

Year-over-Year

March 31,

Change

Dollar amounts in thousands

2026

2025

Gross profit and growth (as reported)

$ 722,739

$ 623,379

16%

Gross margin and margin gain

63.4%

62.4%

90 bps

Less: comparability adjustments

Change from currency

20,471

—

Comparable gross profit and growth

$ 702,268

$ 623,379

13%

Comparable gross margin and margin gain

63.3%

62.4%

90 bps

Operating expenses and growth (as reported)

$ 360,153

$ 306,845

17%

Less: comparability adjustments

Change from currency

6,270

—

Loss on equity investment

5,000

—

Now-concluded litigation matter

—

(8,600 )

Comparable operating expense and growth

$ 348,883

$ 315,445

11%

Operating profit and growth (as reported)

$ 362,586

$ 316,534

15%

Operating margin and margin gain

31.8%

31.7%

10 bps

Less: comparability adjustments

Change from currency

14,201

—

Loss on equity investment

(5,000 )

—

Now-concluded litigation matter

—

8,600

Comparable operating profit and growth

$ 353,385

$ 307,934

15%

Comparable operating margin and margin gain

31.8%

30.8%

100 bps

Amounts presented may not recalculate due to rounding.

Projected 2026 comparable operating margin expansion outlined in the

2026 Growth and Financial Performance Outlook section of this earnings release reflects the following adjustments: (i) full year 2026

reported operating margin adjusted for $5 million unfavorable impact of loss on an equity investment; and (ii) adjustment to projected

2026 operating margin for a positive impact from year-over-year foreign currency exchange rate changes at noted exchange rates; and (iii)

adjustment to 2025 operating margin for positive impact of the approximately $9 million discrete litigation expense accrual adjustment

in the first quarter of 2025.

Projected second quarter 2026 comparable operating margin expansion

reflects adjustment to projected second quarter 2026 operating margin expansion for a positive ~10 basis point impact from year-over-year

foreign currency exchange rate changes at noted exchange rates.

These impacts described above reconcile reported gross profit growth,

gross margin gain, operating expense growth, operating profit growth and operating margin gain (including projected 2026 and second quarter

2026 operating margin expansion) to comparable gross profit growth, comparable gross margin gain, comparable operating expense growth,

comparable operating profit growth and comparable operating margin gain for the Company.

Comparable EPS growth - Comparable EPS growth is a non-GAAP

financial measure that represents the percentage change in earnings per share (diluted) ("EPS") for a measurement period, as

compared to the prior base period, net of the impact of changes in foreign currency exchange rates from the prior base period and excluding

the tax benefits of share-based compensation activity under ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements

to Employee Share-Based Payment Accounting, and non-recurring or unusual items (if any). Management believes comparable EPS growth

is a more useful way to measure the Company’s business performance than EPS growth because it enables better period-over-period

comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency

to investors regarding a key metric used by management. Comparable EPS growth should be considered in addition to, and not as a replacement

of or a superior measure to, EPS growth reported in accordance with GAAP. Please refer to the constant currency note above for a summary

of foreign currency exchange rate impacts.

IDEXX Announces First Quarter Results

May 5, 2026

Page 10 of 17

The reconciliation of this non-GAAP financial measure is as follows:

Three Months Ended

Year-over-Year

March 31,

Growth

2026

2025

Earnings per share (diluted) and growth

$ 3.47

$ 2.96

17%

Less: comparability adjustments

Share-based compensation activity

0.09

0.01

Loss on equity investment

(0.05 )

—

Now-concluded litigation matter

—

0.08

Change from currency

0.14

—

Comparable EPS and growth

$ 3.30

$ 2.87

15%

Amounts presented may not recalculate due to rounding.

Projected 2026 comparable EPS growth outlined in the 2026 Growth and

Financial Performance Outlook section of this earnings release reflects the following adjustments: (i) adjustment to projected full year

2026 reported EPS for estimated positive year-over-year foreign currency exchange rate change impact of $0.27 at noted exchange rates;

and (ii) adjustment to projected full year 2026 reported EPS for estimated positive impact of share-based compensation activity of ~$0.19;

and (iii) adjustment to projected full year 2026 EPS of $0.05 for unfavorable impact of a loss on an equity investment; and (iv) adjustment

to full year 2025 reported EPS for a positive $0.08 impact from the discrete litigation expense accrual adjustment in the first quarter

of 2025; and (v) adjustment to full year 2025 reported EPS for positive impact of share-based compensation activity of $0.35.

These impacts and those described in the constant currency note above

reconcile reported EPS growth (including projected 2026 reported EPS growth) to comparable EPS growth for the Company.

Segment and Other Income from Operations - We report segment

income from operations in our Segment Information table below. Segment income from operations is a non-GAAP financial measure that adjusts

for the impact of foreign currency transaction gains and losses and should be considered in addition to, and not as a replacement for,

or superior measure to, income from operations. We exclude foreign currency transaction gains and losses for each reportable segment (CAG,

Water, and LPD) from segment income from operations and report the full amount of foreign currency transaction gains and losses in Other.

We believe that reporting segment income from operations provides supplemental analysis to help investors further evaluate each reportable

segment’s business performance by excluding foreign currency transaction gains and losses, which are centrally managed by our corporate

treasury function and which we do not consider relevant for assessing the results of each reportable segment’s operations. In addition,

we believe that reporting segment income from operations provides information to investors regarding key metrics that are used by management,

including our chief operating decision-maker, in evaluating the performance of each reportable segment.

IDEXX Announces First Quarter Results

May 5, 2026

Page 11 of 17

The reconciliation of this non-GAAP financial measure is as follows

for the three months ended March 31, 2026 and 2025:

Amounts in thousands

Three Months Ended March 31,

2026

2025

Income from Operations

Impact from Foreign Currency

Segment and Other Income from Operations

Income from Operations

Impact from Foreign Currency

Segment and Other Income from Operations

CAG

$ 337,165

$ 390

$ 337,555

$ 294,572

$ 583

$ 295,155

Water

23,643

23,669

20,774

20,817

LPD

1,262

1,290

125

Other

516

(444 )

1,108

(671 )

437

Total

$ 362,586

$ —

$ 362,586

$ 316,534

$ —

$ 316,534

Free cash flow - Free cash flow is a non-GAAP financial measure

and means, with respect to a measurement period, the cash generated from operations during that period, reduced by the Company’s

investments in property and equipment. Management believes free cash flow is a useful measure because it indicates the cash the operations

of the business are generating after appropriate reinvestment for recurring investments in property and equipment that are required to

operate the business. Free cash flow should be considered in addition to, and not as a replacement of or a superior measure to, net cash

provided by operating activities. See the supplementary analysis of results below for our calculation of free cash flow for the three

months ended March 31, 2026 and 2025. To estimate projected 2026 free cash flow, we have deducted projected purchases of property and

equipment (also referred to as capital expenditures) of approximately $180 million. Free cash flow conversion, or the net income to free

cash flow ratio, is a non-GAAP financial measure that is defined as free cash flow, with respect to a measurement period, divided by net

income for the same period. To calculate trailing twelve-month net income to free cash flow ratio for the twelve months ended March 31,

2026, we have deducted purchases of property and equipment of approximately $127 million from net cash provided from operating activities

of approximately $1,210 million, divided by net income of approximately $1,095 million.

Debt to Adjusted EBITDA (Leverage Ratios) - Adjusted

EBITDA, gross debt, and net debt are non-GAAP financial measures. Adjusted EBITDA is a non-GAAP financial measure of earnings before

interest, taxes, depreciation, amortization, non-recurring transaction expenses incurred in connection with acquisitions,

share-based compensation expense, and certain other non-cash losses and charges. Management believes that reporting Adjusted EBITDA,

gross debt, and net debt in the Debt to Adjusted EBITDA ratios provides supplemental analysis to help investors further evaluate the

Company's business performance and available borrowing capacity under the

Company's credit facility. Adjusted EBITDA, gross debt, and net debt should be considered in addition to, and not as replacements of

or superior measures to, net income or total debt reported in accordance with GAAP. For further information on how Adjusted EBITDA

and the Debt to Adjusted EBITDA Ratios are calculated, see the Company's Annual Report on Form 10-K for the year ended December 31,

2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

Notes and Definitions

Discrete litigation expense accrual - During the first quarter

of 2025, the Company reduced its previously established $89.0 million accrual related to a concluded litigation matter by approximately

$9 million, which represented our best estimate at that time of the amount of the loss.

Concluded litigation matter - The Company was a defendant in

a litigation matter involving an alleged breach of contract for underpayment of royalty payments made from 2004 through 2017 under an

expired patent license agreement, and the trial court ruled in favor of the plaintiff in 2020. Following appeals and in light of the appellate

court's April 3, 2025 decision, on April 17, 2025, the Company paid the judgment of approximately $80 million, and the plaintiff executed

a satisfaction and release of judgment, which was filed with the trial court on the same date, concluding this matter. For further information,

see the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

IDEXX Announces First Quarter Results

May 5, 2026

Page 12 of 17

IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations

Amounts in thousands except per share data (Unaudited)

Three Months Ended

March 31,

2026

2025

Revenue:

Revenue

$ 1,140,820

$ 998,427

Expenses and Income:

Cost of revenue

418,081

375,048

Gross profit

722,739

623,379

Sales and marketing

175,250

156,223

General and administrative

119,115

91,561

Research and development

65,788

59,061

Total operating expense

360,153

306,845

Income from operations

362,586

316,534

Interest expense, net

(7,144 )

(6,450 )

Income before provision for income taxes

355,442

310,084

Provision for income taxes

76,996

67,407

Net Income:

Net income attributable to stockholders

$ 278,446

$ 242,677

Earnings per share: Basic

$ 3.50

$ 2.98

Earnings per share: Diluted

$ 3.47

$ 2.96

Shares outstanding: Basic

79,648

81,319

Shares outstanding: Diluted

80,162

81,922

IDEXX Laboratories, Inc. and Subsidiaries

Selected Operating Information (Unaudited)

Three Months Ended

March 31,

2026

2025

Operating Ratios

Gross profit

63.4%

62.4%

(as a percentage of revenue):

Sales, marketing, general and administrative expense

25.8%

24.8%

Research and development expense

5.8%

5.9%

Income from operations1

31.8%

31.7%

1Amounts presented may not recalculate due to rounding.

IDEXX Announces First Quarter Results

May 5, 2026

Page 13 of 17

IDEXX Laboratories, Inc. and Subsidiaries

Segment and Other Information

Amounts in thousands (Unaudited)

Three Months Ended

March 31, 2026

Percent of Revenue

March 31, 2025

Percent of Revenue

Revenue:

CAG

$ 1,054,052

$ 919,836

Water

50,265

45,321

LPD

32,483

28,596

Other

4,020

4,674

Total

$ 1,140,820

$ 998,427

Gross Profit:

CAG

$ 667,509

63.3%

$ 574,823

62.5%

Water

36,537

72.7%

32,073

70.8%

LPD

16,910

52.1%

14,365

50.2%

Other

1,783

44.4%

2,118

45.3%

Total

$ 722,739

63.4%

$ 623,379

62.4%

Income from Operations:

CAG

$ 337,555

32.0%

$ 295,155

32.1%

Water

23,669

47.1%

20,817

45.9%

LPD

1,290

4.0%

125

0.4%

Other

1.8%

437

9.3%

Total

$ 362,586

31.8%

$ 316,534

31.7%

IDEXX Announces First Quarter Results

May 5, 2026

Page 14 of 17

IDEXX Laboratories, Inc. and Subsidiaries

Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets

Amounts in thousands (Unaudited)

Three Months Ended

Net Revenue

March 31, 2026

March 31, 2025

Dollar Change

Reported Revenue Growth1

Percentage Change from

Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

CAG

$ 1,054,052

$ 919,836

$ 134,216

14.6%

3.0%

—

11.6%

United States

690,900

623,889

67,011

10.7%

—

10.7%

International

363,152

295,947

67,205

22.7%

9.3%

—

13.4%

Water

$ 50,265

$ 45,321

$ 4,944

10.9%

3.8%

—

7.1%

United States

26,393

23,503

2,890

12.3%

—

12.3%

International

23,872

21,818

2,054

9.4%

7.5%

—

1.9%

LPD

$ 32,483

$ 28,596

$ 3,887

13.6%

6.4%

—

7.2%

United States

6,384

5,788

596

10.3%

—

10.3%

International

26,099

22,808

3,291

14.4%

7.9%

—

6.5%

Other

$ 4,020

$ 4,674

($ 654 )

(14.0% )

—

(14.0% )

Total Company

$ 1,140,820

$ 998,427

$ 142,393

14.3%

3.1%

—

11.2%

United States

725,232

654,861

70,371

10.7%

—

10.7%

International

415,588

343,566

72,022

21.0%

9.0%

—

11.9%

Three Months Ended

Net CAG Revenue

March 31, 2026

March 31, 2025

Dollar Change

Reported Revenue Growth1

Percentage Change from

Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

CAG Diagnostics recurring revenue:

$ 920,313

$ 806,267

$ 114,046

14.1%

3.1%

—

11.0%

IDEXX VetLab consumables

412,582

344,779

67,803

19.7%

4.2%

—

15.4%

Rapid assay products

84,938

84,034

904

1.1%

1.2%

—

(0.1% )

Reference laboratory diagnostic and consulting services

386,179

344,406

41,773

12.1%

2.5%

—

9.7%

CAG Diagnostics services and accessories

36,614

33,048

3,566

10.8%

3.6%

—

7.2%

CAG Diagnostics capital – instruments

$ 42,449

$ 31,994

$ 10,455

32.7%

4.7%

—

28.0%

Veterinary software, services and diagnostic imaging systems:

$ 91,290

$ 81,575

$ 9,715

11.9%

1.0%

—

10.9%

Recurring revenue

73,536

65,793

7,743

11.8%

1.1%

—

10.7%

Systems and hardware

17,754

15,782

1,972

12.5%

0.5%

—

12.0%

Net CAG revenue

$ 1,054,052

$ 919,836

$ 134,216

14.6%

3.0%

—

11.6%

Three Months Ended

March 31, 2026

March 31, 2025

Dollar Change

Reported Revenue Growth1

Percentage Change from

Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

CAG Diagnostics recurring revenue:

$ 920,313

$ 806,267

$ 114,046

14.1%

3.1%

—

11.0%

United States

594,483

536,977

57,506

10.7%

—

10.7%

International

325,830

269,290

56,540

21.0%

9.3%

—

11.7%

1See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.

IDEXX Announces First Quarter Results

May 5, 2026

Page 15 of 17

IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet

Amounts in thousands (Unaudited)

March 31, 2026

December 31, 2025

Assets:

Current Assets:

Cash and cash equivalents

$ 200,528

$ 180,070

Accounts receivable, net

603,544

552,378

Inventories

382,400

377,756

Other current assets

267,603

303,623

Total current assets

1,454,075

1,413,827

Property and equipment, net

740,382

747,380

Other long-term assets, net

1,191,040

1,189,552

Total assets

$ 3,385,497

$ 3,350,759

Liabilities and Stockholders'

Equity:

Current Liabilities:

Accounts payable

$ 129,974

$ 110,408

Accrued liabilities

453,552

530,147

Line of credit

530,000

398,000

Current portion of long-term debt

149,997

74,995

Deferred revenue

36,328

35,264

Total current liabilities

1,299,851

1,148,814

Long-term debt, net of current portion

299,854

374,842

Other long-term liabilities, net

229,689

221,720

Total long-term liabilities

529,543

596,562

Total stockholders' equity

1,556,103

1,605,383

Total liabilities and stockholders' equity

$ 3,385,497

$ 3,350,759

IDEXX Laboratories, Inc. and Subsidiaries

Selected Balance Sheet Information (Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Selected Balance Sheet Information:

Days sales outstanding1

46.2

46.8

46.5

44.7

45.7

Inventory turns2

1.4

1.6

1.5

1.3

1Days sales outstanding represents the average of the accounts receivable balances at the beginning and end of each quarter divided by revenue for that quarter, the result of which is then multiplied by 91.25 days.

2Inventory turns are calculated as the ratio of our inventory-related cost of revenue for the quarter multiplied by four, divided by the average inventory balances at the beginning and end of each quarter.

IDEXX Announces First Quarter Results

May 5, 2026

Page 16 of 17

IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Statement of Cash Flows

Amounts in thousands (Unaudited)

Three Months Ended

March 31, 2026

March 31, 2025

Operating:

Cash Flows from Operating Activities:

Net income

$ 278,446

$ 242,677

Non-cash adjustments to net income

77,550

55,972

Changes in assets and liabilities

(89,748 )

(60,687 )

Net cash provided by operating activities

266,248

237,962

Investing:

Cash Flows from Investing Activities:

Purchases of property and equipment

(31,984 )

(30,026 )

Acquisitions

(2,599 )

—

Proceeds from net investment hedges

1,039

416

Net cash used by investing activities

(33,544 )

(29,610 )

Financing:

Cash Flows from Financing Activities:

Borrowings under credit facility, net

132,000

69,500

Repurchases of common stock

(351,036 )

(400,890 )

Proceeds from exercises of stock options and employee stock purchase plans

18,161

7,193

Shares withheld for statutory tax withholding payments on restricted stock

(10,555 )

(6,124 )

Net cash used by financing activities

(211,430 )

(330,321 )

Net effect of changes in exchange rates on cash

(816 )

(2,327 )

Net increase (decrease) in cash and cash equivalents

20,458

(124,296 )

Cash and cash equivalents, beginning of period

180,070

288,266

Cash and cash equivalents, end of period

$ 200,528

$ 163,970

IDEXX Laboratories, Inc. and Subsidiaries

Free Cash Flow

Amounts in thousands (Unaudited)

Three Months Ended

March 31, 2026

March 31, 2025

Free Cash Flow:

Net cash provided by operating activities

$ 266,248

$ 237,962

Investing cash flows attributable to purchases of property and equipment

(31,984 )

(30,026 )

Free cash flow1

$ 234,264

$ 207,936

1See Statement Regarding Non-GAAP Financial Measures, above.

IDEXX Announces First Quarter Results

May 5, 2026

Page 17 of 17

IDEXX Laboratories, Inc. and Subsidiaries

Common Stock Repurchases

Amounts in thousands except per share data (Unaudited)

Three Months Ended

March 31, 2026

March 31, 2025

Shares repurchased in the open market

588

931

Shares acquired through employee surrender for statutory tax withholding

Total shares repurchased

605

945

Cost of shares repurchased in the open market

$ 360,833

$ 409,215

Cost of shares for employee surrenders

10,555

6,124

Total cost of shares

$ 371,388

$ 415,339

Average cost per share – open market repurchases

$ 613.87

$ 439.64

Average cost per share – employee surrenders

$ 629.35

$ 444.52

Average cost per share – total

$ 614.30

$ 439.71

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

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dei_SolicitingMaterial

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Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

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Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

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Namespace Prefix:

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