Idexx Laboratories · Earnings release · 8-K Exhibit 99

IDEXX Laboratories

Announces

Fourth Quarter

▪

Achieves fourth quarter revenue growth of 14% as reported and 12% organic, reflecting strong CAG Diagnostics recurring revenue,

growing 12% reported and 10% organic.

▪

Strong organic growth benefits from IDEXX execution and commercial performance, T1including over 1,900 IDEXX inVue Dx™ placements,

delivering a quarterly record of instrument placements and 12% year-over-year expansion of IDEXX's global premium instrument installed

base.

▪

Delivers fourth quarter EPS of $3.08, an increase of 18% as reported and 17% on a comparable basis, supported by T2operating margin

expansion of 150 basis points as reported and 120 basis points on a comparable basis.

▪

Provides T3initial outlook for 2026 revenue guidance range of $4,632 million - $4,720 million, reflecting growth of 7.6% - 9.6% reported

and 7.0% - 9.0% organic, led by CAG Diagnostics recurring revenue growth of 8.6% - 10.6% as reported and 8.0% - 10.0% on an organic

basis.

▪

increase of 9% - 13% as reported and 10% - 14% on a comparable basis.

WESTBROOK,

Maine, February 2, 2026 — IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation,

today announced fourth quarter and full year results.

Fourth Quarter and Full Year Results

The Company reports revenues of $1,091 million for the fourth quarter

of 2025, an increase of 14% compared to the prior year period as reported and 12% on an organic basis, driven by Companion Animal Group

("CAG") growth of 15% as reported and 13% organic and Water revenue growth of 12% as reported and 10% organic.

Earnings per diluted share (“EPS”) were $3.08 for the fourth

quarter, an increase of 18% as reported and 17% on a comparable basis. Results reflect operating margin expansion of 150 basis points

as reported and 120 basis points on a comparable basis. Fourth quarter EPS included $0.09 per share positive impact from currency changes

and $0.07 per share in tax benefits from share-based compensation.

Revenue for the full year of $4,304 million increased 10% as reported

and organically, driven by 9% as reported and 8% organic growth in CAG Diagnostics recurring revenue.

For the full year 2025, EPS of $13.08 increased 23% on a reported basis

and 14% on a comparable basis, including a ~7% EPS growth benefit from comparison to the prior years discrete litigation expense accrual.

EPS results reflect operating margin expansion of 270 basis points as reported, including a ~180 basis point positive impact from comparison

to the prior years discrete litigation expense accrual, and 90 basis points on a comparable basis. EPS results include lapping a $0.56

negative impact in 2024 and an $0.08 positive impact in the first quarter of 2025 from a discrete litigation expense accrual adjustment,

as well as $0.35 in tax benefits from share-based compensation, and $0.10 positive impact from currency changes.

IDEXX Announces Fourth Quarter and Full Year Results

“IDEXX delivered a strong finish to 2025, supported by consistently

high levels of execution by IDEXX teams around the world,” said Jay Mazelsky, President and Chief Executive Officer. “2025

was a pivotal year for the Company, marked by the successful launch of IDEXX Cancer Dx™ for canine lymphoma and meaningful adoption

of IDEXX inVue Dx well ahead of our initial goals. These innovations represent an important new phase of IDEXX’s growth, expanding

the role of diagnostics in earlier disease detection while helping veterinarians improve efficiency and manage workflow complexity. We

enter 2026 with an exciting innovation pipeline, expanding instrument and software installed bases, and strong momentum across our global

business.”

Fourth Quarter Performance Highlights

Companion Animal Group

CAG revenue growth was led by T5CAG Diagnostics recurring revenue growth

of 12% as reported and 10% organic, including 17% reported and 12% organic gains in international regions, and 9% reported and organic

growth in the U.S., outpacing sector growth levels. U.S. growth was aided by increased diagnostic frequency, including early benefits

from an aging pet population.

Additional

U.S. companion animal practice key metrics are available in the Q4 2025 Earnings Snapshot accessible on the IDEXX website, www.idexx.com/investors.

Sustained commercial execution - including net customer gains, growing

benefits from IDEXX innovation, and expansion of the premium instrument installed base - drove double-digit CAG Diagnostics recurring

revenue growth.

▪

IDEXX VetLab™ consumables generated

17% revenue growth as reported and 15% organically, led by recent product launches, 12% global premium instrument installed base growth,

and testing utilization expansion.

▪

Reference laboratory diagnostic and consulting services generated 11% revenue growth as reported and 9% organically, with benefits

from higher testing volumes, new customer acquisition, and net price gains.

▪

Rapid assay products revenues declined 2% as reported and 3% organically, as volumes continue to be impacted by the launch

of the Catalyst™ Pancreatic Lipase Test in late 2024, which shifted some testing volume across modalities.

CAG Diagnostics capital instrument revenues expanded 76% as reported

and 69% on an organic basis, led by record quarterly instrument placements, including benefits from over 1,900 IDEXX inVue Dx placements

and nearly 1,400 new and competitive Catalyst placements.

IDEXX Announces Fourth Quarter and Full Year Results

Veterinary software, services and diagnostic imaging systems revenue

growth increased 13% as reported and organically, led by continued cloud-native software installed base expansion.

Water

T6Water revenues grew 12% reported and 10% organic for the quarter, reflecting

solid growth in the U.S. and International regions.

Livestock, Poultry and Dairy (“LPD”)

LPD revenues increased 8% reported and 4% organic for the quarter,

led by solid gains in North and Latin America across major product categories.

Gross Profit and Operating Profit

Gross

profit increased 15% as reported and 13% on a comparable basis. Gross margin of 60.3% expanded 50 basis points as reported and

60 basis points on a comparable basis, supported by strong volume gains, reference laboratory productivity initiatives, and net price

realization, helping to offset inflationary impacts.

Operating margin was 28.9% in the quarter, 150 basis points higher

than the prior year period results on a reported basis and 120 basis points on a comparable basis. Operating margin results reflect an

11% operating expense increase as reported and 10% growth on a comparable basis. Operating expense growth was driven by investments in

commercial resources and higher R&D spend related to advancing the Company's innovation roadmap.

2026Growth and Financial Performance Outlook

The Company's initial 2026 revenue guidance range of $4,632 million

- $4,720 million, or reported growth of 7.6% - 9.6% and 7.0% - 9.0% on an organic basis, is supported by 8.6% - 10.6% reported and 8.0%

- 10.0% organic CAG Diagnostics recurring revenue growth. The guidance range for global CAG Diagnostics recurring revenue growth reflects

expectations for sustained benefits from execution drivers, supporting continued solid volume gains, and an estimated 4% full-year benefit

from net price improvement. 2026 EPS guidance of $14.29 - $14.80 reflects expectations for solid organic revenue gains and a targeted

40 - 90 basis points of reported operating margin improvement.

IDEXX Announces Fourth Quarter and Full Year Results

The following table provides the Company's initial estimates for annual

key financial metrics in 2026:

Amounts in millions except per share data and percentages

Growth and Financial Performance Outlook

G1Revenue

-

Reported growth

-

Organic growth

-

G2CAG Diagnostics Recurring Revenue Growth

Reported growth

-

Organic growth

-

G3Operating Margin

-

G4Reported operating margin expansion

-

G5Comparable operating margin expansion

-

G6EPS

-

Reported growth

9%

-

G7Comparable growth

-

Other Key Metrics

G8Net interest expense

G9Share-based compensation tax benefit

G10Share-based compensation tax rate benefit

~ 1%

G11Effective tax rate

G12Share-based compensation EPS impact

G13Reduction in average shares outstanding

1%

-

2%

G14Operating Cash Flow (% of Net Income)

G15Free Cash Flow (% of Net Income)

G16Capital Expenditures

IDEXX Announces Fourth Quarter and Full Year Results

The following table outlines estimates of foreign currency exchange

rate impacts, net of foreign currency hedging transactions, and foreign currency exchange rate assumptions reflected in the above financial

performance outlook for 2026.

Estimated Foreign Currency Exchange Rate Impacts

Revenue growth rate impact

CAG Diagnostics recurring revenue growth rate impact

Operating margin growth impact

EPS impact

EPS growth impact

~ 2%

Go-forward Foreign Currency Exchange Rate Assumptions

In U.S. dollars

euro

British pound

Canadian dollar

Australian dollar

Relative to the U.S. dollar

Japanese yen

Chinese renminbi

Brazilian real

Conference Call and Webcast Information

IDEXX

Laboratories, Inc. will host a conference call today at 8:30 a.m. (Eastern) to discuss its 2025 fourth quarter and full year

financial results and management’s outlook for 2026. To participate in the conference call, dial 1-800-330-6730 or 1-213-279-1575

and reference passcode 263206. Individuals can access a live webcast of the conference call on the IDEXX website, www.idexx.com/investors.

An archived edition of the webcast will be available after 1:00 p.m. (Eastern) on that day via the same link and will remain available

for one year.

About IDEXX Laboratories, Inc.

IDEXX

is a global leader in pet healthcare innovation. Our diagnostic and software products and services create clarity in the complex, constantly

evolving world of veterinary medicine. We support longer, fuller lives for pets by delivering insights and solutions that help the veterinary

community around the world make confident decisions—to advance medical care, improve efficiency, and build thriving practices.

Our innovations also help ensure the safety of milk and water across the world and maintain the health and well-being of people and livestock.

IDEXX Laboratories, Inc. is a member of the S&P 500™ Index. Headquartered in Maine, IDEXX employs approximately 11,000

people and offers solutions and products to customers in more than 175 countries and territories. For more information about IDEXX, visitwww.idexx.com.

IDEXX Announces Fourth Quarter and Full Year Results

Note Regarding Forward-Looking Statements

This earnings release and the statements to be made in the accompanying

earnings conference call contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including

forward-looking statements about the Company’s business prospects and estimates of the Company’s financial results for future

periods. Forward-looking statements are included under "2026 Growth and Financial Performance Outlook" and elsewhere in this

earnings release and can be identified by the use of words such as "expects", "may", "anticipates", "intends", "would", "will", "plans", "believes", "estimates", "projected", "should",

and similar words and expressions. Our forward-looking statements include statements relating to our expectations regarding financial

and business performance; revenue growth and EPS outlooks; operating and free cash flow forecast; projected impact of foreign currency

exchange rates and interest rates; projected operating margins and expenses and capital expenditures; projected tax, tax rate and EPS

benefits from share-based compensation arrangements; projected effective tax rates, reduction of average shares outstanding and net interest

expense; share repurchases; addition of mast cell tumor detection to IDEXX Cancer Dx panel, international launch of IDEXX Cancer Dx canine

lymphoma test and canine lymphoma monitoring opportunity; IDEXX inVue Dx instrument placements, premium instrument installed base expansion

and CAG instrument revenue; U.S. clinical visit levels and trends; net price realization; and impact of tariffs. These statements are

intended to provide management's expectations or forecasts of future events as of the date of this earnings release; are based on management's

estimates, projections, beliefs and assumptions as of the date of this earnings release; and are not guarantees of future performance.

These forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results, levels

of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements.

These risks and uncertainties include, among other things, the adverse impact, and the duration, of macroeconomic events, conditions,

and uncertainties, such as geopolitical instability (including wars, terrorist attacks, and armed conflicts), general economic uncertainty,

T7changes in U.S. and other countries’ tariff and trade policies, severe weather and other natural conditions, and supply chain challenges

on our business, results of operations, liquidity, financial condition, and stock price, as well as the other matters described under

the headings "Business," "Risk Factors," "Legal Proceedings," "Management's Discussion and Analysis

of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk" in the

Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the corresponding sections of the Company's

Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, as well

as those described from time to time in the Company’s other filings with the U.S. Securities and Exchange Commission available at

www.sec.gov. The Company specifically disclaims any obligation to publicly update any forward-looking statement, whether as a result of

new information, future events or otherwise.

Statement Regarding Non-GAAP Financial Measures

The following defines terms and conventions and provides reconciliations

regarding certain measures used in this earnings release and/or the accompanying earnings conference call that are not required by, or

presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"), otherwise referred

to as non-GAAP financial measures. To supplement the Company’s consolidated results presented in accordance with GAAP, the Company

has disclosed non-GAAP financial measures that exclude or adjust certain items. Management believes these non-GAAP financial measures

provide useful supplemental information for its and investors’ evaluation of the Company’s business performance and liquidity

and are useful for period-over-period comparisons of the performance of the Company’s business and its liquidity and to the performance

and liquidity of our peers. While management believes that these non-GAAP financial measures are useful in evaluating the Company’s

business, this information should be considered as supplemental in nature and should not be considered in isolation or as a substitute

for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the

same as similarly titled measures reported by other companies.

Constant

currency - Constant currency references are non-GAAP financial measures which exclude the impact of changes in foreign currency

exchange rates and are consistent with how management evaluates our performance and comparisons with prior and future periods. We estimated

the net impacts of currency on our revenue, gross profit, operating profit, and EPS results by restating results to the average exchange

rates or exchange rate assumptions for the comparative period, which includes adjusting for the estimated impacts of foreign currency

hedging transactions and certain impacts on our effective tax rates. These estimated currency changes impacted fourth quarter 2025 results

as follows: increased gross profit growth by 2.0%, decreased gross margin growth by 10 basis points, increased operating expense growth

by 0.7%, increased operating profit margin growth by 30 basis points, and increased EPS growth by 3.4%. Estimated currency changes impacted

full year 2025 results as follows: increased gross profit growth by 0.8%, decreased gross margin growth by 10 basis points, increased

operating expense growth by 0.6%, negligible operating profit margin growth of 0 basis points, and increased EPS growth by 0.9%. Constant

currency revenue growth represents the percentage change in revenue during the applicable period, as compared to the prior year period,

excluding the impact of changes in foreign currency exchange rates. See the supplementary analysis of results below for revenue percentage

change from currency for the three months and year ended December 31, 2025 and refer to the 2026 Growth and Financial Performance

Outlook section of this press release for estimated foreign currency exchange rate impacts on 2026 projections and estimates.

IDEXX Announces Fourth Quarter and Full Year Results

Growth

and organic revenue growth - All references to growth and organic growth refer to growth compared to the equivalent prior year

period unless specifically noted. Organic revenue growth is a non-GAAP financial measure that represents the percentage change in revenue,

as compared to the same period for the prior year, net of the impact of changes in foreign currency exchange rates, certain business acquisitions,

and divestitures. Management believes that reporting organic revenue growth provides useful information to investors by facilitating easier

comparisons of our revenue performance with prior and future periods and to the performance of our peers. Organic revenue growth should

be considered in addition to, and not as a replacement of or a superior measure to, revenue growth reported in accordance with GAAP. See

the supplementary analysis of results below for a reconciliation of reported revenue growth to organic revenue growth for the three and

twelve months ended December 31, 2025. Please refer to the constant currency note above for a summary of foreign currency exchange

rate impacts. The percentage change in revenue resulting from acquisitions represents revenues during the current year period, limited

to the initial 12 months from the date of the acquisition, that are directly attributable to business acquisitions. Revenue from acquisitions

is expected to increase projected full year 2026 revenue growth by an immaterial amount.

We exclude from organic revenue growth the effect of changes in foreign

currency exchange rates because changes in foreign currency exchange rates are not under management’s control, are subject

to volatility, and can obscure underlying business trends. We calculate the impact on revenue resulting from changes in foreign currency

exchange rates by applying the difference between the weighted average exchange rates during the current year period and the comparable

prior year period to foreign currency denominated revenues for the prior year period.

We also exclude from organic revenue growth the effect of certain business

acquisitions and divestitures because the nature, size, and number of these transactions can vary dramatically from period to period,

and because they either require or generate cash as an inherent consequence of the transaction, and therefore can also obscure underlying

business and operating trends. We consider acquisitions to be a business when all three elements of inputs, processes, and outputs

are present, consistent with ASU 2017-01, “Business Combinations: (Topic 805) Clarifying the Definition of a Business.” In

a business combination, if substantially all the fair value of the assets acquired is concentrated in a single identifiable asset or group

of similar identifiable assets, we do not consider these assets to be a business. A typical acquisition that we do not consider a business

is a customer list asset acquisition, which does not have all elements necessary to operate a business, such as employees or infrastructure.

We believe the efforts required to convert and retain these acquired customers are similar in nature to our existing customer base and

therefore are included in organic revenue growth.

Comparable

growth metrics - Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth,

comparable operating profit growth and comparable operating margin gain (or growth) are non-GAAP financial measures and exclude the impact

of changes in foreign currency exchange rates and non-recurring or unusual items (if any). Please refer to the constant currency note

above for a summary of foreign currency exchange rate impacts. Management believes that reporting comparable gross profit growth, comparable

gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin

gain (or growth) provides useful information to investors because it enables better period-over-period comparisons of the fundamental

financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding key

metrics used by management. Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth,

comparable operating profit growth and comparable operating margin gain (or growth) should be considered in addition to, and not as replacements

of or superior measures to, gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin

gain reported in accordance with GAAP.

IDEXX Announces Fourth Quarter and Full Year Results

The reconciliation of these non-GAAP financial measures is as follows:

Three Months Ended

Year-over-Year

Twelve Months Ended

Year-over-Year

Change

Change

Dollar amounts in thousands

Gross profit and growth (as reported)

$

$

%

$

$

%

Gross margin and margin gain

%

%

bps

%

%

bps

Less: comparability adjustments

Change from currency

—

—

Comparable gross profit and growth

$

$

%

$

$

%

Comparable gross margin and margin gain

%

%

bps

%

%

bps

Operating expenses and growth (as reported)

$

$

%

$

$

4

%

Less: comparability adjustments

Change from currency

—

—

Now-concluded litigation matter

—

—

)

Comparable operating expense and growth

%

9

%

Operating profit and growth (as reported)

$

$

%

$

$

%

Operating margin and margin gain

%

%

bps

%

%

bps

Less: comparability adjustments

Change from currency

—

—

Now-concluded litigation matter

—

—

)

Comparable operating profit and growth

$

$

%

$

$

%

Comparable operating margin and margin gain

%

%

bps

%

%

bps

Amounts presented may not recalculate due to rounding.

Projected 2026 comparable operating margin expansion outlined in the

2026 Growth and Financial Performance Outlook section of this earnings release reflects: (i) full year 2025 reported operating margin

adjusted for 20 basis point favorable impact of discrete expense accrual related to now-concluded litigation matter in the first quarter

of 2025; and (ii) projected full year 2026 reported operating margin adjusted for estimated positive year-over-year foreign currency

exchange rate change impact of approximately 30 basis points.

These impacts described above reconcile reported gross profit growth,

gross margin gain, operating expense growth, operating profit growth and operating margin gain (including projected 2026 operating margin

expansion) to comparable gross profit growth, comparable gross margin gain, comparable operating expense growth, comparable operating

profit growth and comparable operating margin gain for the Company.

Comparable

EPS and growth - Comparable EPS and growth are non-GAAP financial measures that represents the percentage change in earnings

per share (diluted) ("EPS") for a measurement period, as compared to the prior base period, net of the impact of changes in

foreign currency exchange rates from the prior base period and excluding the tax benefits of share-based compensation activity under ASU

2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, and non-recurring

or unusual items (if any). Management believes comparable EPS and growth are a more useful way to measure the Company’s business

performance than EPS and growth because it enables better period-over-period comparisons of the fundamental financial results by excluding

items that vary independent of performance and provides greater transparency to investors regarding a key metric used by management. Comparable

EPS and growth should be considered in addition to, and not as a replacement of or a superior measure to, EPS and growth reported in accordance

with GAAP. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts.

IDEXX Announces Fourth Quarter and Full Year Results

The reconciliation of this non-GAAP financial measure is as follows:

Three Months Ended

Year-over-Year

Twelve Months Ended

Year-over-Year

Growth

Growth

Earnings per share (diluted) and growth

$

$

%

$

$

%

Less: comparability adjustments

Share-based compensation activity

Now-concluded litigation matter

—

—

)

Change from currency

—

—

Comparable EPS and growth

$

$

%

$

$

%

Amounts presented may not recalculate due to rounding.

Projected 2026 comparable EPS growth outlined in the 2026 Growth and

Financial Performance Outlook section of this earnings release reflects the following adjustments: (i) full year 2025 reported EPS

adjusted for positive benefit of share-based compensation activity of $0.35 and $0.08 positive impact from a discrete expense accrual

release related to a now-concluded litigation matter in the first quarter of 2025; and (ii) projected full year 2026 reported EPS

adjusted for positive benefit of estimated share-based compensation activity of $0.19 and estimated positive year-over-year foreign currency

exchange rate change impact of $0.22.

These impacts and those described in the constant currency note above

reconcile reported EPS growth (including projected 2026 reported EPS growth) to comparable EPS growth for the Company.

Segment

and Other Income from Operations - We report segment income from operations in our Segment Information table below. Segment

income from operations is a non-GAAP financial measure that adjusts for the impact of foreign currency transaction gains and losses and

should be considered in addition to, and not as a replacement for, or superior measure to, income from operations. We exclude foreign

currency transaction gains and losses for each reportable segment (CAG, Water, and LPD) from segment income from operations and report

the full amount of foreign currency transaction gains and losses in Other. We believe that reporting segment income from operations provides

supplemental analysis to help investors further evaluate each reportable segment’s business performance by excluding foreign currency

transaction gains and losses, which are centrally managed by our corporate treasury function and which we do not consider relevant for

assessing the results of each reportable segment’s operations. In addition, we believe that reporting segment income from operations

provides information to investors regarding key metrics that are used by management, including our chief operating decision-maker, in

evaluating the performance of each reportable segment.

The reconciliation of this non-GAAP financial measure is as follows

Three Months Ended December 31,

Amounts in thousands

Income from

Operations

Impact from

Foreign

Currency

Segment and

Other Income

from

Operations

Income from

Operations

Impact from

Foreign

Currency

Segment and

Other Income

from

Operations

CAG

$

$

$

$

$

$

Water

LPD

Other

)

)

)

)

)

Total

$

$

—

$

$

$

—

$

Twelve months ended December 31,

Amounts in thousands

Income from

Operations

Impact from

Foreign

Currency

Segment and

Other Income

from

Operations

Income from

Operations

Impact from

Foreign

Currency

Segment and

Other Income

from

Operations

CAG

$

$

$

$

$

$

Water

LPD

Other

)

)

)

)

Total

$

$

—

$

$

$

—

$

IDEXX Announces Fourth Quarter and Full Year Results

Free cash

flow - Free cash flow is a non-GAAP financial measure and means, with respect to a measurement period, the cash generated from

operations during that period, reduced by the Company’s investments in property and equipment. Management believes free cash flow

is a useful measure because it indicates the cash the operations of the business are generating after appropriate reinvestment for recurring

investments in property and equipment that are required to operate the business. Free cash flow should be considered in addition to, and

not as a replacement of or a superior measure to, net cash provided by operating activities. See the supplementary analysis of results

below for our calculation of free cash flow for the years ended December 31, 2025 and 2024. To estimate projected 2026 free cash

flow, we have deducted projected purchases of property and equipment (also referred to as capital expenditures) of ~180 million. Free

cash flow conversion, or the net income to free cash flow ratio, is a non-GAAP financial measure that is defined as free cash flow, with

respect to a measurement period, divided by net income for the same period. To calculate the free cash flow conversion for the twelve

months ended December 31, 2025, we have deducted purchases of property and equipment of approximately $125 million from net cash

provided from operating activities of approximately $1,182 million, divided by net income of approximately $1,059 million.

Debt to

Adjusted EBITDA (Leverage Ratios) - Adjusted EBITDA, gross debt, and net debt are non-GAAP financial measures. Adjusted EBITDA

is a non-GAAP financial measure of earnings before interest, taxes, depreciation, amortization, non-recurring transaction expenses incurred

in connection with acquisitions, share-based compensation expense, and certain other non-cash losses and charges. Management believes

that reporting Adjusted EBITDA, gross debt and net debt in the Debt to Adjusted EBITDA ratios provides supplemental analysis to help investors

further evaluate the Company's business performance and available borrowing capacity under the Company's credit facility. Adjusted EBITDA,

gross debt, and net debt should be considered in addition to, and not as replacements of or superior

measures to, net income or total debt reported in accordance with GAAP. For further information on how Adjusted EBITDA and the Debt to

Adjusted EBITDA Ratios are calculated, see the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

After-Tax

Return on Invested Capital, Excluding Cash and Investments (“ROIC”) - After-Tax Return on Invested Capital, Excluding

Cash and Investments, is a non-GAAP financial measure. After-tax return on invested capital, excluding cash and investments, represents

our after-tax income from operations, divided by our average invested capital, excluding cash and investments, using beginning and ending

balance sheet values. Management believes that reporting ROIC provides useful information to investors for evaluating the efficiency and

effectiveness of our use of capital. ROIC, after-tax income from operations and average invested capital, excluding cash and investments,

are not measures of financial performance under GAAP and should be considered in addition to, and not as replacements of or superior measures

to, return on assets, net income, total assets or other financial measures reported in accordance with GAAP. See the supplementary table

below for reconciliation of this non-GAAP financial measure.

Notes and Definitions

Discrete

litigation expense accrual - During the second quarter of 2024, the Company increased its previously

established $27.5 million accrual related to a now-concluded litigation matter by $61.5 million. During the first quarter of 2025, the

Company reduced this previously established $89.0 million accrual by approximately $9 million, resulting in a total accrual for this now-concluded

litigation matter of approximately $80 million as of March 31, 2025, which represented our best estimate at that time of the amount

of the loss.

Now-concluded

litigation matter - The Company was a defendant in a litigation matter involving an alleged breach of contract for underpayment

of royalty payments made from 2004 through 2017 under an expired patent license agreement, and the trial court ruled in favor of the plaintiff

in 2020. Following appeals and in light of the appellate court's April 3, 2025 decision, on April 17, 2025, the Company paid

the judgment of approximately $80 million, and the plaintiff executed a satisfaction and release of judgment, which was filed with the

trial court on the same date, concluding this matter. For further information, see the Company's Quarterly Report on Form 10-Q for

IDEXX Announces Fourth Quarter and Full Year Results

IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations

Amounts in thousands except per share data (Unaudited)

Three Months Ended

Twelve Months Ended

Revenue:

Revenue

$

$

$

$

Expenses and Income:

Cost of revenue

Gross profit

Sales and marketing

General and administrative

Research and development

Total operating expenses

Income from operations

Interest expense, net

)

)

)

)

Income before provision for income taxes

Provision for income taxes

Net Income:

Net income attributable to stockholders

$

$

$

$

Earnings per share: Basic

$

$

$

$

Earnings per share: Diluted

$

$

$

$

Shares outstanding: Basic

Shares outstanding: Diluted

IDEXX Laboratories, Inc. and Subsidiaries

Selected Operating Information (Unaudited)

Three Months Ended

Twelve Months Ended

Operating Ratios

Gross profit

%

%

%

%

(as a percentage of revenue):

Sales, marketing, general and administrative expense

%

%

%

%

Research and development expense

%

%

%

%

Income from operations 1

%

%

%

%

1 Amounts presented

may not recalculate due to rounding.

IDEXX Announces Fourth Quarter and Full Year Results

IDEXX Laboratories, Inc. and Subsidiaries

Segment Information

Amounts in thousands (Unaudited)

Three Months Ended

Three Months Ended

Percent of

Percent of

Revenue

Revenue

Revenue:

CAG

$

$

Water

LPD

Other

Total

$

$

Gross Profit:

CAG

$

%

$

%

Water

%

%

LPD

%

%

Other

%

%

Total

$

%

$

%

Income from Operations:

CAG

$

%

$

%

Water

%

%

LPD

%

%

Other

)

)%

)

)%

Total

$

%

$

%

Twelve Months Ended

Twelve Months Ended

Percent of

Percent of

Revenue

Revenue

Revenue:

CAG

$

$

Water

LPD

Other

Total

$

$

Gross Profit:

CAG

$

%

$

%

Water

%

%

LPD

%

%

Other

%

%

Total

$

%

$

%

Income from Operations:

CAG

$

%

$

%

Water

%

%

LPD

%

%

Other

)

)%

)

)%

Total

$

%

$

%

IDEXX Announces Fourth Quarter and Full Year Results

IDEXX Laboratories, Inc. and Subsidiaries

Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets

Amounts in thousands (Unaudited)

Three Months Ended

Reported

Percentage

Percentage

Organic

Dollar

Revenue

Change from

Change from

Revenue

Net Revenue

Change

Growth 1

Currency

Acquisitions

Growth 1

CAG

$

$

$

%

%

—

%

United States

%

—

—

%

International

%

%

—

%

Water

$

$

$

%

%

—

%

United States

%

—

—

%

International

%

%

—

%

LPD

$

$

$

%

%

—

%

United States

%

—

—

%

International

%

%

—

%

Other

$

$

$

)

)%

—

—

)%

Total Company

$

$

$

%

%

—

%

United States

%

—

—

%

International

%

%

—

%

Three Months Ended

Reported

Percentage

Percentage

Organic

Dollar

Revenue

Change from

Change from

Revenue

Net CAG Revenue

Change

Growth 1

Currency

Acquisitions

Growth 1

CAG Diagnostics recurring revenue:

$

$

$

%

%

—

%

IDEXX VetLab consumables

%

%

—

%

Rapid assay products

)

)%

%

—

)%

Reference laboratory diagnostic and consulting services

%

%

—

%

CAG Diagnostics services and accessories

%

%

—

%

CAG Diagnostics capital – instruments

%

%

—

%

Veterinary software, services and diagnostic imaging systems:

%

%

—

%

Recurring revenue

%

%

—

%

Systems and hardware

%

%

—

%

Net CAG revenue

$

$

$

%

%

—

%

Three Months Ended

Reported

Percentage

Percentage

Organic

Dollar

Revenue

Change from

Change from

Revenue

Change

Growth 1

Currency

Acquisitions

Growth 1

CAG Diagnostics recurring revenue:

$

$

$

%

%

—

%

United States

$

$

$

%

—

—

%

International

$

$

$

%

%

—

%

1 See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.

IDEXX Announces Fourth Quarter and Full Year Results

IDEXX

Laboratories, Inc. and Subsidiaries

Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets

Amounts

in thousands (Unaudited)

Twelve Months Ended

Reported

Percentage

Percentage

Organic

Dollar

Revenue

Change from

Change from

Revenue

Net Revenue

Change

Growth 1

Currency

Acquisitions

Growth 1

CAG

$

$

$

%

%

—

%

United States

%

—

%

%

International

%

%

—

%

Water

$

$

$

%

%

—

%

United States

%

—

—

%

International

%

%

—

%

LPD

$

$

$

%

%

—

%

United States

%

—

—

%

International

%

%

—

%

Other

$

$

$

%

—

—

%

Total Company

$

$

$

%

%

—

%

United States

%

—

%

%

International

%

%

—

%

Twelve Months Ended

Reported

Percentage

Percentage

Organic

Dollar

Revenue

Change from

Change from

Revenue

Net CAG Revenue

Change

Growth 1

Currency

Acquisitions

Growth 1

CAG Diagnostics recurring revenue:

$

$

$

%

%

—

%

IDEXX VetLab consumables

%

%

—

%

Rapid assay products

)

)%

%

—

)%

Reference laboratory diagnostic and consulting services

%

%

—

%

CAG Diagnostics services and accessories

%

%

—

%

CAG Diagnostics capital – instruments

%

%

—

%

Veterinary software, services and diagnostic imaging systems

%

—

%

%

Recurring revenue

%

—

%

%

Systems and hardware

%

)%

%

%

Net CAG revenue

$

$

$

%

%

—

%

Twelve Months Ended

Reported

Percentage

Percentage

Organic

Dollar

Revenue

Change from

Change from

Revenue

Change

Growth 1

Currency

Acquisitions

Growth 1

CAG Diagnostics recurring revenue:

$

$

$

%

%

—

%

United States

$

$

$

%

—

—

%

International

$

$

$

%

%

—

%

1 See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.

IDEXX Announces Fourth Quarter and Full Year Results

IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet

Amounts in thousands (Unaudited)

Assets:

Current Assets: