IDEXX Laboratories develops, manufactures, and distributes diagnostic products and services primarily for companion animal veterinarians. IDEXX's core offering spans two diagnostic modalities: point-of-care (POC) in-clinic analyzers (chemistry, hematology, urinalysis, cytology, and rapid assay test kits) and a global network of roughly 80 reference laboratories that process samples with same-day or next-day turnaround. IDEXX also sells veterinary software, including cloud-based practice management systems (ezyVet, Neo) and client engagement tools (Vello), which deepen integration into vet practice workflows and drive broader diagnostic adoption. IDEXX's business model is a razor-and-blades model: instruments are placed in vet practices, often at subsidized prices, and generate a recurring stream of high-margin consumable revenue with every test run. Revenue growth is driven by installed base expansion, higher diagnostic utilization per visit, annual net price increases of roughly 4%, and continuous test menu additions to existing instruments — IDEXX argues its Catalyst chemistry analyzer is roughly 2.5x more valuable per instrument today than at its 2014 launch due to menu additions. Newer platforms, including the inVue Dx cellular analyzer and the Cancer Dx canine cancer screening test, represent incremental growth vectors. Beyond companion animal diagnostics, IDEXX operates smaller businesses in water quality testing and livestock, poultry, and dairy diagnostics. IDEXX sells directly in the U.S. through a large field sales organization and through a mix of direct and distributor channels internationally, where diagnostic utilization rates run well below U.S. levels and represent a meaningful long-term growth opportunity.