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IDEXX Laboratories
IDXX · NASDAQHealthcare — Veterinary Diagnostics
The economic chain
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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
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Company details
Market cap
$44B
Revenue (FY25)
$4.3B
Rev. growth
+10%
Net income
$1.06B
Profit margin
~25%
EPS (FY25)
$13.08
Free cash flow
~$1.06B
Recurring revenue
~80%
In plain English
IDEXX is the dominant veterinary-diagnostics company: it places its Catalyst, ProCyte and inVue analyzers into vet clinics cheaply, then sells the test slides, cartridges and reference-lab work that those clinics run on every patient — a razor-and-blades model where ~80% of revenue recurs. The same playbook extends to water-quality and livestock/poultry/dairy testing, and a growing software stack (ezyVet practice management, VetConnect) locks the clinic in.
In simple terms
What IDEXX Laboratories really sells
IDEXX is the dominant veterinary-diagnostics company: it places its Catalyst, ProCyte and inVue analyzers into vet clinics cheaply, then sells the test slides, cartridges and reference-lab work that those clinics run on every patient — a razor-and-blades model where ~80% of revenue recurs. The same playbook extends to water-quality and livestock/poultry/dairy testing, and a growing software stack (ezyVet practice management, VetConnect) locks the clinic in.
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Risk read
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