Exhibit 99.1

IDEXX Laboratories Announces

Fourth Quarter and Full Year 2024 Results

WESTBROOK, Maine, February 3, 2025 — IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced fourth quarter and full year results.

“IDEXX had a solid finish to 2024, supported by continued high levels of execution by IDEXX teams globally,” said Jay Mazelsky, President and Chief Executive Officer. "The Company is on the front end of a new wave of major innovation. In Q4, we began shipping the IDEXX inVue Dx™ Cellular Analyzer, our transformational slide-free cellular analyzer, and we plan to make IDEXX Cancer Dx™ screening for canine lymphoma available in late March 2025 in the U.S. and Canada. These types of innovations are highly sought-after by our customers and will dramatically enhance veterinarians' approaches to care management and address workflow bottlenecks in their practices.”

Fourth Quarter and Full Year Results

The Company reports revenues of $954 million for the fourth quarter of 2024, an increase of 6% compared to the prior year period on a reported and organic basis, driven by Companion Animal Group ("CAG") growth of 6% as reported and organically. CAG Diagnostics recurring revenue gains of 6% reported and 7% organic in the quarter were supported by continued benefits from IDEXX execution drivers, including high-quality placements of CAG Diagnostics capital instruments across regions, high customer retention, new business gains, and net price realization.

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Earnings per diluted share (“EPS”) were $2.62 for the fourth quarter, an increase of 13% as reported and 10% on a comparable basis. Results reflect operating margin expansion of 20 basis points as reported and 50 basis points on a comparable basis. Fourth quarter EPS included $0.03 per share negative impact from currency changes and $0.13 per share in tax benefits from share-based compensation. Fourth quarter EPS also benefited by $0.06 per share from a non-recurring tax reserve release as a result of the lapsing of an applicable statute of limitations, which lowered the full year effective tax rate by approximately 50 basis points.

Revenue for the full year of $3,898 million increased 6% as reported and organically, driven by 7% as reported and organic growth in CAG Diagnostics recurring revenue.

For the full year 2024, EPS of $10.67 increased 6% on a reported basis and 12% on a comparable basis, including a ~2% EPS negative growth benefit related to lapping a $16 million customer contract resolution in the first quarter of 2023. EPS results reflect operating margin contraction of 100 basis points as reported and expansion of 60 basis points on a comparable basis, including a ~40 basis point negative impact from lapping the customer contract resolution. EPS results include a $0.56 negative impact from a discrete expense accrual related to an ongoing litigation matter, a $0.05 negative impact from currency changes, $0.24 in tax benefits from share-based compensation, and $0.06 tax benefit from the already noted non-recurring tax reserve release.

The Company's initial 2025 revenue guidance range reflects full year growth of 4% - 7% as reported and 6% - 9% on an organic basis, supported by 3% - 6% reported and 5% - 8% organic CAG Diagnostics recurring revenue growth. The guidance range for global CAG Diagnostics recurring revenue growth reflects goals for sustained benefits from execution drivers, supporting continued solid volume gains, and an estimated 4% - 4.5% full year benefit from net price improvement. 2025 EPS guidance of $11.74 - $12.24 reflects expectations for solid organic revenue gains and a targeted 200 - 250 basis points of reported operating margin improvement, including a ~160 basis point benefit from lapping the 2024 discrete litigation expense accrual.

Fourth Quarter Performance Highlights

Companion Animal Group

The Companion Animal Group generated 6% organic growth for the fourth quarter. CAG Diagnostics recurring revenue organic growth of 7% reflects double-digit IDEXX VetLab® consumable gains and solid reference laboratory and consulting services growth.

Additional U.S. companion animal practice key metrics are available in the Q4 2024 Earnings Snapshot accessible on the IDEXX website, www.idexx.com/investors.

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Strong global growth was achieved across IDEXX's testing modalities.

Veterinary software, services and diagnostic imaging systems revenue growth increased 13% as reported and 7% organically compared to strong prior year performance levels.

Water

Water achieved revenue growth of 8% on a reported basis and 9% on an organic basis, reflecting benefits from net price improvement and solid gains in the U.S. and Europe.

Livestock, Poultry and Dairy (“LPD”)

LPD revenue grew 5% on a reported basis and 7% on an organic basis, supported by solid gains across U.S., Europe and Latin America regions.

Gross Profit and Operating Profit

Gross profits increased 8% as reported and 9% on a comparable basis. Gross margins of 59.8% expanded 140 basis points compared to the prior year on a reported basis and expanded 130 basis points on a comparable basis. Gross margin results reflect benefits from net price improvement which offset inflationary cost impacts, favorable business mix benefits from strong consumable growth, and higher Water gross margins.

Operating margin was 27.4% in the quarter, 20 basis points higher than the prior year period results on a reported basis and 50 basis points higher on a comparable basis. Operating expenses grew 10% as reported and 9% on a comparable basis. Operating expense growth reflects investments in commercial resources and R&D initiatives.

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February 3, 2025

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2025 Growth and Financial Performance Outlook

The following table provides the Company's initial estimates for annual key financial metrics in 2025:

Amounts in millions except per share data and percentages

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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 2025.

Conference Call and Webcast Information

IDEXX Laboratories, Inc. will host a conference call today at 8:30 a.m. (Eastern) to discuss its 2024 fourth quarter and full year financial results and management’s outlook for 2025. To participate in the conference call, dial 1-800-289-0462 or 1-323-794-2442 and reference passcode 803218. 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, visit www.idexx.com.

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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 "Fourth Quarter and Full Year Results" and "2025 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; product and service launches and expansions; IDEXX inVue Dx instrument placements and revenue; software enhancements; U.S. clinical visit levels; net price improvement; volume gains; anticipated benefits from new customer agreements; and impact of tariffs. These statements are intended to provide management's expectation 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 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, 2023 and in the corresponding sections of the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024, 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 2024 results as follows: decreased gross profit growth by 0.1%, increased gross margin growth by 10 basis points, increased operating expense growth by 1.1%, decreased operating profit margin growth by 30 basis points, and decreased EPS growth by 1.2%. Estimated currency changes impacted full year 2024 results as follows: decreased gross profit growth by 0.2%, increased gross margin growth by 0 basis points, negligible operating expense growth by 0.0%, negligible operating profit margin growth by 0 basis points, and decreased EPS growth by 0.6%. 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, 2024 and refer to the 2025 Growth and Financial Performance Outlook section of this press release for estimated foreign currency exchange rate impacts on 2025 projections and estimates.

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, 2024. 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 2025 revenue growth by an immaterial amount.

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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.

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

Amounts presented may not recalculate due to rounding.

Projected 2025 comparable operating margin expansion outlined in the 2025 Growth and Financial Performance Outlook section of this earnings release reflects: (i) full year 2024 reported operating margin adjusted for 160 basis point unfavorable impact of discrete expense accrual related to an ongoing litigation matter in the second quarter of 2024; and (ii) projected full year 2025 reported operating margin adjusted for estimated positive year-over-year foreign currency exchange rate change impact of approximately 10 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 2025 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 growth - Comparable EPS growth is a non-GAAP financial measure 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 growth is a more useful way to measure the Company’s business performance than EPS 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 growth should be considered in addition to, and not as a replacement of or a superior measure to, EPS growth reported in accordance with GAAP. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts.

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

Amounts presented may not recalculate due to rounding.

Projected 2025 comparable EPS growth outlined in the 2025 Growth and Financial Performance Outlook section of this earnings release reflects the following adjustments: (i) full year 2024 reported EPS adjusted for positive benefit of share-based compensation activity of $0.24 and $0.56 negative impact from a discrete expense accrual related to an ongoing litigation matter in the second quarter of 2024; and (ii) projected full year 2025 reported EPS adjusted for positive benefit of estimated share-based compensation activity of $0.10 and estimated negative year-over-year foreign currency exchange rate change impact of $0.21.

These impacts and those described in the constant currency note above reconcile reported EPS growth (including projected 2025 reported EPS growth) to comparable EPS growth for the Company.

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, 2024 and 2023. To estimate projected 2025 free cash flow, we have deducted projected purchases of property and equipment (also referred to as capital expenditures) of ~ $160. 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, 2024, we have deducted purchases of property and equipment of approximately $121 million from net cash provided from operating activities of approximately $929 million, divided by net income of approximately $888 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, 2024.

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.

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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 an ongoing litigation matter by $61.5 million.

Ongoing litigation matter - The Company is a defendant in an ongoing litigation matter involving an alleged breach of contract for underpayment of royalty payments made from 2004 through 2017 under an expired patent license agreement. The Company's total accrual of $89.0 million for this matter includes the discrete $61.5 million litigation expense accrual recorded in the second quarter of 2024 and represents our best estimate of the amount of the probable loss. The actual loss associated with this matter may be higher or lower than the accrued amount depending on the ultimate outcome of this matter. For further information, see the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.

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1 Amounts presented may not recalculate due to rounding.

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

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

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1 Days sales outstanding represents the average of the accounts receivable balances at the beginning and end of each quarter divided by revenue for that quarter, the result of which is then multiplied by 91.25 days.

2 Inventory turns represent inventory-related cost of product revenue for the twelve months preceding each quarter-end divided by the average inventory balances at the beginning and end of each quarter.

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1 See Statements Regarding Non-GAAP Financial Measures, above.

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1 After-tax income from operations represents income from operations reduced by our reported effective tax rate.

2 Average invested capital, excluding cash and investments, represents the average of the amount of total invested capital, excluding cash and investments.