IDXXIdexx Laboratories

Health care · Diagnostics · Nasdaq

IDEXX was incorporated in Delaware in 1983. 10-K, Item 1

Headquarters: Westbrook, ME
CEO: Jonathan J. Mazelsky
Next results: around Feb 1, 2027

What the 10-K filed 2026-02-20 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-21.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

“In addition, we currently purchase many products, components, and materials from sole or single sources, such as Ortho.”
Read it in the 10-K ↗

“We seek to mitigate sole and single-source supplier risks on a risk-prioritized basis and in a variety of ways, including, when possible, by identifying and qualifying alternative suppliers, developing applicable in-house manufacturing capabilities and expertise, entering into escrow arrangements for manufacturing information for certain single or sole-sourced products, and strategically maintaining safety stock.”
Read it in the 10-K ↗

“In cases where we purchase sole and single-source products, components, or raw materials under purchase orders, we are more susceptible to unanticipated cost increases or changes in other terms of supply.”
Read it in the 10-K ↗

“If we are unable to obtain adequate quantities of products, components, or raw materials in the future from sole and single-source suppliers, or if such sole and single-source suppliers are unable to obtain the components or other materials required to manufacture the products, we may be unable to supply our customers, which could have a material adverse effect on our results of operations and damage our reputation, and any longer-term disruptions could potentially result in the permanent loss of customers, which could reduce our recurring revenues and long-term profitability.”
Read it in the 10-K ↗

Lawsuits and legal claims

2 new

Pending cases, settlements and what the company has set aside for them.

New “General and administrative expense decreased primarily due to a $61.5 million expense in the prior year and a reduction in accrued expense of approximately $9 million in the first quarter of the current year, related to a now-concluded litigation matter, partially offset by higher personnel-related and information technology and security costs.”
Read it in the 10-K ↗

New “During 2025, we paid approximately $80 million, which was accrued in prior years, to conclude a litigation matter, and the payment is included within the cash flow impacts from changes in other assets and liabilities.”
Read it in the 10-K ↗

Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

No specific sentence about this in the 10-K.

Debt covenants

1 new

Conditions in loan agreements that, if broken, can make debt due early.

“The financial covenant is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation, amortization, and share-based compensation not to exceed 3.5-to-1.”
Read it in the 10-K ↗

“As of December 31, 2025, we were in compliance with the covenants of our Credit Facility.”
Read it in the 10-K ↗

New “The obligations under our Credit Facility may be accelerated upon the occurrence of an event of default under our Credit Facility, which includes customary events of default including payment defaults, defaults in the performance of the affirmative, negative and financial covenants, the inaccuracy of representations or warranties, bankruptcy and insolvency related defaults, defaults relating to judgments, certain events related to employee pension benefit plans under ERISA, the failure to pay specified indebtedness, and a change of control default.”
Read it in the 10-K ↗

“The financial covenant is a consolidated leverage ratio test that requires our ratio of debt to earnings before interest, taxes, depreciation, amortization, and share-based compensation, as defined in the Senior Note Agreements and Credit Facility, not to exceed 3.5-to-1.”
Read it in the 10-K ↗

“As of December 31, 2025, we were in compliance with the covenants of the Senior Note Agreements and Credit Facility.”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“As of December 31, 2025, we had approximately $207.3 million in purchase obligations due in 2026.”
Read it in the 10-K ↗

“Our purchase obligations beyond 2026 are approximately $136.7 million.”
Read it in the 10-K ↗

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on IDXX in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/IDXX/export.csv") into a cell.