IDEXX Laboratories: Great Company, But Too Expensive (Rating Downgrade)

IDEXX Laboratories continues to demonstrate robust growth, with Q3/26 results prompting an upward revision of FY26 revenue guidance to 10.1%-10.8%. VetLab consumables and CAG department revenues grew 16.1% and 11.3% respectively in the first nine months, underscoring core business strength. IDXX maintains pricing power, consistently passing on price increases and offsetting inflation, as evidenced by improved gross and operating margins.