IDEXX Laboratories: Growth Remains Despite Weak Clinical Visits

  • IDEXX Laboratories, Inc. delivered strong Q1 FY25 results with 4.7% organic revenue and 7% adjusted EPS growth, despite weak US clinical visits. I see catalysts ahead: potential U.S. tax cuts, normalization of consumer spending, and robust pricing power supporting profit growth. Management guides for 6%-9% organic revenue and 8%-12% adjusted EPS growth in FY25; I model 8.2% revenue growth and margin expansion.