IDEXX Laboratories targets $45B pet diagnostics opportunity with AI, Cancer tests. August 14, 2026 Key points. * IDEXX estimates a $45 billion companion-animal diagnostics opportunity, driven by longer pet lifespans and increased preventive screening; only 13% of U.S. wellness visits currently include blood work. * The company is expanding its diagnostic portfolio with Catalyst cardiac testing, inVue Dx cytology and a broader Cancer Dx panel targeting lymphoma, mast cell tumors and hemangiosarcoma, potentially covering 50% of canine cancers by 2028. * IDEXX is investing in cloud software and AI built on billions of diagnostic and medical records, while maintaining long-term targets of more than 10% organic revenue growth, 50-100 basis points of annual margin expansion and roughly 15% average annual EPS growth. * MarketBeat previews the top five stocks to own by September 1st. IDEXX Laboratories NASDAQ: IDXX outlined an innovation-led growth strategy at its 2026 Investor Day, highlighting a $45 billion global companion-animal testing opportunity, expanded commercial investments and a pipeline of diagnostic, software and artificial-intelligence offerings intended to increase testing utilization in veterinary practices. President and CEO Mike Erickson said the company sees a long-term opportunity to expand diagnostic testing as pets live longer and veterinary practices adopt more preventive screening. He said IDEXX estimates that blood work and urinalysis identify clinically meaningful abnormalities in roughly one in four apparently healthy pets, while diagnostic testing also drives broader practice activity, including medical services, therapeutics and prescription diets. Erickson said only 13% of U.S. wellness visits currently include blood work, leaving substantial headroom for growth. IDEXX estimates that sector-wide blood-work inclusion has increased by about 50 basis points annually, contributing roughly 150 basis points of incremental recurring CAG diagnostic revenue for the company each year. Diagnostic platforms and cancer testing. The company emphasized its "Technology for Life" approach of adding new testing capabilities to existing installed instruments. IDEXX introduced quantitative proBNP cardiac testing for both dogs and cats on its Catalyst point-of-care platform. The company said the test will help veterinarians evaluate cardiac risk and make referral or monitoring decisions during patient visits. IDEXX also discussed continued adoption of its inVue Dx cytology platform. Erickson said the company had placed more than 9,000 inVue Dx instruments globally through the second quarter, with utilization per instrument in the previously stated range of $3,500 to $5,500. The platform supports ear cytology, blood morphology and fine-needle aspirate testing, or FNA. Puja Pathak, senior vice president and general manager of IDEXX VetLab, said inVue Dx is designed to reduce hands-on work, standardize results and automatically integrate findings into practice records and invoices. She said practices adopting inVue Dx have seen 6% higher ProCyte CBC utilization. IDEXX expects broad availability of the inVue FNA application by the end of the year following a controlled rollout. Discover more EV market analysis Options profit calculator The company said FNA testing on inVue Dx can enable veterinarians to assess lumps and bumps in-practice, reducing the cost and complexity associated with traditional slide preparation and outside laboratory review. According to IDEXX, practices adopting the application are examining twice as many masses. Erickson also said IDEXX plans to provide further details on MultiCue Dx, a new point-of-care diagnostic platform, at VMX in Orlando in January. He described MultiCue as complementary to the existing VetLab suite and said it was designed and manufactured at IDEXX facilities in Maine. The company did not disclose launch timing or expected economics for the platform. Cancer Dx panel expansion. Oncology was a central focus of the event. IDEXX said Cancer Dx has been used by more than 11,000 practices globally and that 70% of test runs have been paired with reference-laboratory blood-work panels. The company also said 20% of practices using Cancer Dx had another provider as their primary reference laboratory. Mike Lane, executive vice president at IDEXX, said the company will expand Cancer Dx from lymphoma detection to a multi-cancer panel. Canine mast cell tumor detection is planned for September, followed by canine hemangiosarcoma detection in December. With lymphoma, those additions are expected to address 40% of canine cancers, according to the company. IDEXX said it aims to expand panel coverage to 50% of canine cancers by 2028. IDEXX said it plans to maintain a roughly $15 price point for the multi-cancer panel when run alongside blood work through an IDEXX Reference Laboratory. Lane said the lymphoma offering can also be used for monitoring remission during CHOP chemotherapy, creating potential for recurring testing. The company characterized hemangiosarcoma as a particularly urgent unmet need because the disease can remain undetected until internal tumors rupture. Lane cited a peer-reviewed study in which more than one-third of dogs identified before rupture survived a year or longer, while no dogs identified after rupture survived one year. Software, AI and commercial expansion. Tracy Byers, senior vice president of veterinary software, diagnostic imaging and telemedicine, said IDEXX is building an integrated, cloud-based software ecosystem spanning practice management, workflow, imaging, telemedicine and pet-owner engagement. She said nearly 70% of the company's practice-management installed base is cloud-based, while net recurring revenue retention across the software ecosystem is 105%. IDEXX reported that Vello users increased 37% over the prior six months. Byers said practices using IDEXX software have higher wellness blood-work inclusion, with a further 300-basis-point increase when Vello is combined with the company's practice-management tools. The company said it is using data from 35 billion diagnostic records, more than 750 million pet-lifespan medical records and more than 650,000 annual specialist-consulting calls to develop AI capabilities. Potential applications include workflow prompts, clinical recommendations, ambient voice tools, image-quality support and disease registries. George Fennell, executive vice president of global CAG commercial, said IDEXX's commercial model is centered on helping practices manage workflow changes required to adopt new technology. The company is expanding commercial investments in Spain, France, South Korea and Canada, along with targeted additions in the U.S., to increase customer proximity and support adoption. Long-term financial framework. CFO Andrew Emerson said IDEXX expects 2026 operating profit margin to exceed 32%. The company reiterated its long-term outlook for more than 10% organic revenue growth, 50 to 100 basis points of operating-margin expansion and average annual EPS growth of about 15%. Emerson said CAG diagnostic recurring revenue has expanded about 10% annually over the past five years, adding more than $1 billion in incremental revenue. IDEXX sees potential for 8.5% to 11% long-term CAG diagnostic recurring-revenue growth excluding any recovery in clinical visits, supported by utilization, innovation, instrument placements and net price realization. The company said it expects recurring software and diagnostic-services revenue growth of more than 15%, capital revenue growth above 5%, and mid- to high-single-digit growth from its water and livestock, poultry and dairy businesses. Emerson added that IDEXX has reduced its share count by about 20% over time through share repurchases and generated 25% compounded annual free-cash-flow-per-share growth since 2015. About IDEXX Laboratories (NASDAQ:IDXX). IDEXX Laboratories, Inc NASDAQ: IDXX is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide. IDEXX's product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Continue following MarketBeat Before you consider IDEXX Laboratories, you'll want to hear this. 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IDEXX Laboratories has launched the Catalyst proBNP Test, the first dual-species, in-clinic test for NT-proBNP biomarker to evaluate heart disease in cats and dogs. The test runs on IDEXX's Catalyst platform, which has nearly 80,000 analyzers installed globally. The test delivers results during patient visits, reducing reliance on referrals and expanding access to cardiac assessment where specialist services are limited. It supports screening, diagnosis, and monitoring of heart disease, which affects approximately one in six cats and one in 10 dogs. IDEXX estimates the global cardiac testing opportunity at approximately $4 billion. The test will be available in North America from October 2026, with international rollout to follow.