IDEXX Laboratories: Key Takes from IDXX C-Suite - Innovation Flywheel In Motion

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IDEXX Laboratories: Key Takes from IDXX C-Suite - Innovation Flywheel In Motion

Idea

May 14, 2026 01:45 AM GMT

Morgan Stanley & Co. LLCMIDEXX Laboratories | North America Erin Wright

Equity Analyst

Key Takes from IDXX C-Suite - Erin.Wright1@morganstanley.comLinda Bolduc +1 212 761-6137

Linda.Bolduc@morganstanley.com +1 617 856-8009

Innovation Flywheel In Motion Michelle Foley

Research Associate

Michelle.Foley@morganstanley.com +1 212 761-4056

Post-1Q26 earnings, we hosted IDXX CEO Jay Mazelsky, Natasha Arya

incoming CEO Mike Erickson, & CFO Andrew Emerson for our Research Associate

Natasha.Arya@morganstanley.com +1 212 761-6294

2026 C‑Suite Series. We walked away from our discussion with Craig Hettenbach

greater conviction in IDXX's growth prospects, where mgmt EquityCraig.Hettenbach@morganstanley.comAnalyst +1 212 761-6435

framed IDXX as in its strongest spot in years. Reiterate OW. John Y Park

John.Park@morganstanley.com +1 212 761-4029

Key Takeaways Jialin Jin

IDXX is likely in one of its strongest positions in years, anchored by innovation- Jay.Jin@morganstanley.com +1 212 761-3913

led utilization, offering a bridge to growth even in a down vet visit market.

IDEXX Laboratories, Inc. (IDXX.O, IDXX US)

Durable recurring revenue drop‑through is also supporting improving Specialty Pharmaceuticals | United States of America

profitability and reinvestment. Stock Rating Overweight

Industry View In-Line

It noted vet visit green shoots, w/ 5+ year cohort improving across wellness/non- Price target $805.00

wellness. That said, we are conservative when it comes to any notable recovery. Shr price, close (May 13, 2026) $528.68

Mkt cap, curr (mm) $41,973

inVue Dx: utilization and revenue per analyzer are tracking in line with targets. 52-Week Range $769.98-496.61