IDEXX Laboratories reported third quarter revenue of 1,214 million dollars, an increase of 10 percent as reported and organic, driven by Companion Animal Group growth of 10 percent. Earnings per diluted share were 4.01 dollars, up 18 percent as reported and 22 percent on a comparable basis. The quarter included a 0.03 dollar per share benefit from a non-operating gain on an equity investment, 0.01 dollar in tax benefits from share based compensation and 0.04 dollar from currency, while absorbing acquisition impacts.
Companion Animal Group diagnostics recurring revenue grew 11 percent as reported and organic, with international growth of 13 percent reported and 14 percent organic against 10 percent in the United States. VetLab consumables revenue grew 14 percent reported and 15 percent organic, reference laboratory revenue grew 10 percent, and rapid assay revenue rose 1 percent as price gains offset lower testing volumes. The company placed more than 1,900 inVue Dx analyzers in the quarter, taking the installed base to nearly 11,000 instruments, while capital instrument revenue was flat.
Gross margin reached 62.9 percent, up 110 basis points as reported, and operating margin was 33.1 percent, up 100 basis points as reported and 60 basis points on a comparable basis, on a 10 percent increase in operating expenses. Water revenue grew 8 percent and livestock, poultry and dairy revenue grew 3 percent.
IDEXX raised 2026 revenue guidance to 4,741 million to 4,767 million dollars, up 32 million dollars at the midpoint from the prior 4,700 million to 4,745 million dollar range, including 5 million dollars from the recent CoVet acquisition. Reported revenue growth guidance rose to 10.1 to 10.8 percent and organic growth guidance to 9.3 to 10.0 percent. The company raised its earnings per share outlook to 14.96 to 15.16 dollars, a 0.25 dollar increase at the midpoint, while trimming its full year operating margin outlook to 32.1 to 32.3 percent to reflect acquisition impacts.