Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

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<ul><li>IDEXX Laboratories reported its first quarter 2026 financial results with revenue increasing 14% as reported and 11% organically, driven primarily by the Companion Animal Group (CAG) Diagnostics business.</li><li>Recurring revenue in CAG Diagnostics grew over 11% organically, including nearly 11% growth in the U.S. and approximately 12% growth internationally.</li><li>Despite a roughly 1% decline in U.S same-store clinical visits—mainly due to a 3% drop in wellness visits—IDEXX highlighted improvements in diagnostic frequency and utilization per visit, reflecting greater integration of diagnostics into care protocols.</li></ul>

IDEXX Laboratories reported its first quarter 2026 financial results with revenue increasing 14% as reported and 11% organically, driven primarily by the Companion Animal Group (CAG) Diagnostics business.Recurring revenue in CAG Diagnostics grew over 11% organically, including nearly 11% growth in the U.S. and approximately 12% growth internationally.Despite a roughly 1% decline in U.S same-store clinical visits—mainly due to a 3% drop in wellness visits—IDEXX highlighted improvements in diagnostic frequency and utilization per visit, reflecting greater integration of diagnostics into care protocols.

IDEXX Laboratories Targets $4.760 Billion Revenue As Diagnostics Demand Holds But Is It Achievable?

<ul><li>IDEXX Laboratories, in its fourth quarter of 2025, showcased a robust financial performance with significant growth across its core business sectors.</li><li>The company reported a 14% increase in total revenue for the quarter, with 12% growth on an organic basis, primarily driven by the Companion Animal Group (CAG) Diagnostics recurring revenues, which grew organically by 10%.</li><li>This growth was strengthened by the record placement of premium instruments, notably the IDEXX inVue Dx, leading to a 69% organic growth in CAG Diagnostic instrument revenues.</li></ul>

IDEXX Laboratories, in its fourth quarter of 2025, showcased a robust financial performance with significant growth across its core business sectors.The company reported a 14% increase in total revenue for the quarter, with 12% growth on an organic basis, primarily driven by the Companion Animal Group (CAG) Diagnostics recurring revenues, which grew organically by 10%.This growth was strengthened by the record placement of premium instruments, notably the IDEXX inVue Dx, leading to a 69% organic growth in CAG Diagnostic instrument revenues.

IDEXX Lab’s Installed Base Advantage Is Getting Stronger — And It’s Showing Up in Utilization!

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Here’s your monthly look at the analysts’ investment ideas – and how they’ve done so far. Plus, the plays that Russell, Theodora, Reda, and Stéphane are watching now.
Every month, we round up how our picks and strategies are performing, and the performance data and links to the original Research Drops.
Our investing ideas have delivered an average absolute annualized return of 46%, outperforming their benchmarks by 22%, with a “hit rate” of 84%.


How Our Research Picks Have Held Up: December 2025

<ul><li>IDEXX Laboratories, in their third quarter financial review, reported robust performance anchored in their Companion Animal Group (CAG) business.</li><li>The company experienced a 13% increase in overall revenues, with a 12% organic growth, primarily driven by the CAG Diagnostics recurring revenues.</li><li>This growth was particularly notable in the international regions, achieving double-digit growth, while the U.S. saw over 8% growth despite a minor setback of a 1.2% decline in same-store clinical visits.</li></ul>

IDEXX Laboratories, in their third quarter financial review, reported robust performance anchored in their Companion Animal Group (CAG) business.The company experienced a 13% increase in overall revenues, with a 12% organic growth, primarily driven by the CAG Diagnostics recurring revenues.This growth was particularly notable in the international regions, achieving double-digit growth, while the U.S. saw over 8% growth despite a minor setback of a 1.2% decline in same-store clinical visits.

IDEXX Accelerates Its Cancer Dx Revolution With Breakthrough Tools for Early Detection; What's Next?

<ul><li>IDEXX Laboratories, Inc. reported robust financial results for the second quarter of 2025, underpinned by strong execution, particularly in their Companion Animal Group (CAG) business.</li><li>The company's revenue increased 11% as reported and 9% organically.</li><li>Growth was driven notably by advancements in their CAG Diagnostic Recurring Revenues, which benefited from significant CAG instrument sales and a strong international performance.</li></ul>

IDEXX Laboratories, Inc. reported robust financial results for the second quarter of 2025, underpinned by strong execution, particularly in their Companion Animal Group (CAG) business.The company's revenue increased 11% as reported and 9% organically.Growth was driven notably by advancements in their CAG Diagnostic Recurring Revenues, which benefited from significant CAG instrument sales and a strong international performance.

United States

IDEXX Laboratories, Inc. provides diagnostic, detection, and information systems for veterinary, food, and water testing applications. The Company also operates an international network of veterinary reference laboratories. IDEXX offers its products to customers worldwide.

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IDEXX Laboratories (IDXX US)

IDEXX Laboratories Targets $4.760 Billion Revenue As Diagnostics Demand Holds But Is It Achievable?

IDEXX Laboratories reported its first quarter 2026 financial results with revenue increasing 14% as reported and 11% organically, driven primarily...

Baptista Research

IDEXX Lab’s Installed Base Advantage Is Getting Stronger — And It’s Showing Up in Utilization!

IDEXX Laboratories, in its fourth quarter of 2025, showcased a robust financial performance with significant growth across its core business...

Baptista Research

How Our Research Picks Have Held Up: December 2025

Here’s your monthly look at the analysts’ investment ideas – and how they’ve done so far. Plus, the plays that Russell, Theodora, Reda, and...

Finimize Research

IDEXX Accelerates Its Cancer Dx Revolution With Breakthrough Tools for Early Detection; What's Next?

IDEXX Laboratories, in their third quarter financial review, reported robust performance anchored in their Companion Animal Group (CAG)...

Baptista Research

IDEXX Laboratories Hits 10

IDEXX Laboratories, Inc. reported robust financial results for the second quarter of 2025, underpinned by strong execution, particularly in their...

Baptista Research

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