IDXX · 10-K filed 20 Feb 2026 · year to 31 Dec 2025

IDEXX Laboratories

30 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

National Veterinary Associates

earns fromnamed as a risk

Major corporate hospital owners in the U.S. include Mars, Incorporated (owner of Banfield Pet Hospitals, Blue Pearl Veterinary Partners, and VCA Inc.) and National Veterinary Associates.Risk factors (Item 1A)

Suppliers

Ortho-Clinical Diagnostics, Inc.

depends onnamed as a risk

We are obligated to purchase all of our requirements for our current menu of Catalyst chemistry slides from Ortho to the extent Ortho is able to supply those requirements.Business (Item 1)

Thermo Fisher Scientific Inc.

depends on

We also distribute certain water testing kits manufactured by Thermo Fisher Scientific, Inc. that complement our Cryptosporidium and Giardia testing products.Business (Item 1)

Also named by A, GLW, WAT

Partners and platforms

Cloud service providers

depends onnamed as a risk

Actions taken by third-party suppliers in operating their business, as well as any disruptions to their business operations (or their suppliers' business operations), could disrupt our supply chain or operations and materially negatively impact our ability to supply the market or deliver our cloud-based software solutions, substantially decrease sales, lead to higher costs, and damage our reputation with our customers.Risk factors (Item 1A)

Also named by ALLY, BAC, BX, C, EFX, HLT, LNC, MSCI and 5 more

Competitors

Mars, Incorporated

competes withnamed as a risk

VCA Inc.

competes withnamed as a risk

Our competitors in the veterinary diagnostic sector in the United States and abroad include companies that develop, manufacture, and sell veterinary diagnostic tests; commercial veterinary reference laboratories; certain large and well-funded animal health pharmaceutical companies; and corporate hospital chains that operate reference laboratories that serve both their hospitals and unaffiliated hospitals, such as VCA Inc., which is wholly-owned by Mars, Incorporated, another operator of corporate hospital chains that also sells veterinary point-of-care diagnostic instruments.Risk factors (Item 1A)

Zoetis Inc.

competes with

We compete with a number of companies in most geographic locations in North America including Mars, Incorporated brands Antech Diagnostics and Heska; and Zoetis Inc. (including its wholly-owned subsidiary Abaxis, Inc.).Business (Item 1)

Covetrus, Inc.

competes with

Our largest competitor in North America and the U.K. is Covetrus, Inc., which offers several systems and leverages its animal health distribution business in sales and service.Business (Item 1)

Neogen Corporation

competes with

Our competitors include smaller regional companies and larger companies with livestock and poultry diagnostics and water testing solution products, such as Neogen Corporation, Charm Sciences, Inc., BioChek, Innovative Diagnostics and Thermo Fisher Scientific Inc.Business (Item 1)

Places

International markets (outside U.S.)

earns from · approximately 36% of our overall revenue and approximately 34%, 81% and 50% of our CAG, LPD, and Water revenuesnamed as a risk

For the year ended December 31, 2025, approximately 36% of our overall revenue and approximately 34%, 81% and 50% of our CAG, LPD, and Water revenues, respectively, were attributable to sales of products and services to customers outside the U.S.Risk factors (Item 1A)

Also named by ABNB, ADSK, BSX, CROX, CRWD, DOCU, DXCM, EFX and 18 more

Southern Maine

concentrated innamed as a risk

We manufacture many of our significant companion animal products, including our rapid assay products and certain instruments and consumables, many of our water testing products and certain of our livestock, poultry, and dairy testing products in Southern Maine.Risk factors (Item 1A)

Roswell, Georgia

operates innamed as a risk

Certain of our companion animal products, as well as our human point-of-care products, are manufactured in Roswell, Georgia.Risk factors (Item 1A)

Montpellier, France

operates innamed as a risk

We also manufacture certain of our livestock and poultry testing products in Bern, Switzerland and Montpellier, France.Risk factors (Item 1A)

Memphis, Tennessee

operates in

We have a facility license for our manufacturing facility in Westbrook, Maine which also covers our distribution center in Memphis, Tennessee.Business (Item 1)

Also named by AZO, FDX, FFIV

Northern Hemisphere vector-borne disease season

concentrated in

Sales of our canine vector-borne disease tests are typically greater in the first half of our fiscal year due to seasonality of disease testing in the veterinary practices in the Northern Hemisphere.Business (Item 1)

Hazards

African swine fever

named as a risk

The outbreak of certain diseases (such as African swine fever) among livestock or poultry, or the adverse impact of climate change-related events (such as hurricanes, earthquakes, fires, and floods), could lead to the widespread death or precautionary destruction of such animals in the affected regions, reducing herd or flock sizes, which could reduce the demand for our testing products for such animals.Risk factors (Item 1A)

Also named by ADM, HRL, JBTM, TSN, ZTS

Commodities and inputs

Euro

exposed to its price · approximately 23% of our consolidated revenuenamed as a risk

Any strengthening of the rate of exchange for the U.S. dollar against foreign currencies, and in particular the euro, British pound, Canadian dollar, Chinese renminbi, Japanese yen, Australian dollar and Brazilian real, adversely affects our results, as it reduces the dollar value of sales and profits that are made in those currencies.Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Secured Overnight Financing Rate (SOFR)

exposed to its price · $398.0 millionnamed as a risk

Borrowings under our Credit Facility bear interest at variable rates, including rates based on the Secured Overnight Financing Rate (“SOFR”), exposing us to interest rate risk.Risk factors (Item 1A)

Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more

U.S. dollar

exposed to its price · a 1% strengthening of the U.S. dollar would reduce revenue by approximately $16 million and operating income by approximately $5 millionnamed as a risk

Excluding the impact of intercompany and trade balances denominated in currencies other than the functional subsidiary currencies, a 1% strengthening of the U.S. dollar would reduce revenue by approximately $16 million and operating income by approximately $5 million, net of hedge positions.Market risk (Item 7A)

Also named by A, AAPL, AEHR, CROX, CSCO, FWONA, KEYS, LECO and 4 more

Biological materials (antibodies, cells, sera)

depends onnamed as a risk

There can be no assurance that we will be able to maintain adequate sources of biological materials or that we will be able to consistently manufacture biologic products that satisfy applicable product release criteria and regulatory requirements.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

Our dairy testing products require approval by the FDA before they may be sold commercially in the U.S.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

The methods used by our water testing products must be approved by the EPA, as a part of its water quality monitoring program, before they can be used by customers in the U.S.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

USDA Animal and Plant Health Inspection Service (APHIS)

subject tonamed as a risk

These products must be approved by APHIS before they may be sold in and from the U.S.Business (Item 1)

Also named by CTVA

Laws and programs

EU Artificial Intelligence Act

subject tonamed as a risk

In August 2024, the European Union Artificial Intelligence Act, which establishes requirements for the provision and use of products that leverage AI, machine learning, and similar technologies was enacted and will become fully effective in August 2026, with some provisions effective February 2025.Risk factors (Item 1A)

Also named by ABNB, ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV and 24 more

EU-U.S. Data Privacy Framework

subject tonamed as a risk

A challenge to the EU-U.S. DPF adequacy decision, adopted in July of 2023, will be reviewed by the European Court of Justice, and international transfers to the U.S. and other jurisdictions generally continue to be subject to enhanced scrutiny by regulators.Risk factors (Item 1A)

Also named by ADBE, APP, CRM, CRWD, DDOG, DOCN, GTLB, INTU and 12 more

EU RoHS Directive

subject tonamed as a risk

In the European Union, our analyzers and certain associated equipment are subject to the requirements of the RoHS Directive, which regulates and restricts certain hazardous substances in electrical and electronic equipment.Business (Item 1)

Also named by FSLR, FTNT, SANM, SWKS, TER

EU REACH Regulation

subject tonamed as a risk

As part of the microplastics restrictions pursuant to REACH, some of our products, including Companion Animal products, may be subject to derogation, such as labeling and reporting.Business (Item 1)

Also named by ECL, GEV, VRT

Maine PFAS law

subject tonamed as a risk

For example, current law in Maine prohibits the sale in Maine of non-exempt products containing intentionally-added PFAS after January 1, 2032, unless the Maine Department of Environmental Protection has made an unavoidable use determination, and requires reporting after the applicable sales ban takes effect of the presence of PFAS in products that have received unavoidable use determinations.Risk factors (Item 1A)

Minnesota PFAS ban

subject tonamed as a risk

For example, Minnesota will implement a regulation banning PFAS in products that impact water products beginning in 2032.Business (Item 1)

National Conference on Interstate Milk Shipments (NCIMS)

subject to

All test methods used for drug residue testing require validation by the FDA and acceptance by the NCIMS.Business (Item 1)