Jonathan Ayers, Chairman and Chief Executive Officer ......*Non-GAAP financial measure, please refer to Appendix for footnotes. International CAG Growth • 2016 premium instrument

Jonathan Ayers, Chairman and Chief Executive Officer

Raymond James 38th Annual Institutional Investors Conference March 6, 2017

2 © 2017 IDEXX Laboratories, Inc. All rights reserved.

The following information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. You are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by the Company pursuant to United States securities laws contain discussions of these risks and uncertainties. The Company assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to review the Company’s filings with the United States Securities and Exchange Commission (which are available from the SEC’s EDGAR database at www.sec.gov and via the Company’s website at www.idexx.com).

We refer in this presentation to 2017 outlook communicated on February 2, 2017; these references speak only as of February 2, 2017 and shall not be deemed to be a reiteration or affirmation of the guidance or an indication that our expectations have not changed since that time.

Non-GAAP Financial MeasuresIn this presentation, we refer to some non-GAAP financial measures. For a reconciliation to the most comparable GAAP financial measures, we refer you to our footnotes and the Appendix to this presentation.

Safe Harbor Disclaimer

http://www.sec.gov/

http://www.idexx.com/


IDEXX: Our Strategy

• Exceptionally attractive market opportunities

• Global leadership

• Focus

• Innovation

• Recurring revenues

• Financial discipline


Pet Health Diagnostics and Software Contributes 86% of IDEXX’s Revenue

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2006 2011 2016

IDEXX Revenue* ($B)

Livestock Testing***Water Testing

Companion Animal Group (CAG)

*See Appendix for descriptive footnotes. **Compound Annual Growth Rate (CAGR). *** Livestock, poultry and dairy testing.

$

7%6%

86%

1% Other

*

10% Adjusted Constant

Currency CAGR*,**


In the U.S., Pet-related Spending Growth has Outpaced Personal Consumption

0

400

800

1,200

1,600

2,000

2,400

1980 1985 1990 1995 2000 2005 2010 2016

U.S. Personal Consumption Expenditure for Key Categories*

Indexed (1980 = 100)

Total Personal Consumption Expenditure (PCE)

Veterinary and Related Services

Pets and Related Products

* Analysis based on data from Bureau of Economic Analysis last revised on March 1, 2017.

Yet, veterinary services, pets and related products together still comprise only ~0.8% of total consumption expenditure

CAGR 1980-2016

8.9%

7.3%

5.7%


-4%

0%

4%

8%

12%

16%

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Pet Healthcare Thrives in a Positive Economic Growth Environment

Year-over-year Growth (%)*

Total Personal Consumption Expenditure

CAGR 1990-2016

8.4%

4.7%

Expansion(March, 1991 - March, 2001)

Expansion(Nov., 2001 - Dec., 2007)

Expansion(June, 2009 - ongoing )

*Analysis based on data from Bureau of Economic Analysis, Personal Consumption Expenditure, last revised on March 1, 2017.

Veterinary andRelated Services

Veterinary and Related Services CAGR ‘Premium’

+ 410 bps + 460 bps + 275 bps + 370 bps


Demographic Trends Support Continued Secular Growth in Demand for Pet Healthcare Services

* % of Respondents Strongly Agreeing or Agreeing with: “My pet is not just an animal, but a member of my family.” ** % of Respondents Strongly Agreeing or Agreeing with: “My pet(s) make me happier than almost anything else.” *** % of Respondents indicating they would be willing to make financial tradeoffs in their personal finances in order to pay for services and goods for their pets.Source: Analysis of data from survey of U.S. pet owners fielded in May, 2016 (n = 1,208 dog owners and 303 cat owners). Figures above calculated weighting dog owner responses and cat owner responses in proportion to their contribution to 2015 total U.S. veterinary practice revenue. Respondents were asked to rate his/ her agreement with a series of statements on a 6-point scale. Percentages represent total responding ‘Strongly Agree’ or ‘Agree’.

77%

50%

80%

0% 20% 40% 60% 80% 100%

87%

57%

80%

0% 20% 40% 60% 80% 100%

Considers Pet a Member of the Family*

Believes Pet Makes Her Happier than almost Anything Else**

Is Willing to Make Financial Tradeoffs to Pay for Pet’s Products & Services***

Millennials(19 yrs to 35 yrs)

Baby Boomers(52 yrs to 70 yrs)U.S. Pet Owner Survey


The Pet-human Bond is Growing

41%

51%50%

65%

0%

25%

50%

75%

Percentage of U.S. Pet Owners Saying Their Pet Sleeps in a Human’s Bed in Their Household

2004 2014 2004 2014

Source: American Pet Products Association 2015-16 Pet Owners’ Survey. A total of 2,581 pet owner surveys were completed; Dog owner sample: 521, cat owner sample: 457; Surveys were conducted with a nationally representative sample of the Ipsos Online Panel.


Diagnostics are a Growing Category of Pet Healthcare Services

13%

39%35%

10%

3%0%

10%

20%

30%

40%

0% to 10% 10% to 15% 15% to 20% 20% to 25% > 25%

2015 Sample of U.S. Practices by Diagnostic Utilization Level*

*Average revenue statistics are weighted by practice size and census region. Lab revenue includes both in-house and reference lab charges. (n = 6,143 for years 2011 through 2015).Source: IDEXX Practice Intelligence Data.

Higher Diagnostic Utilization15.2%

Average Across Sample

% of Practice Revenue from Diagnostics


International Markets Present Even Greater Runway for Long-Term Growth

Number of Cared for Pets

GDP Companion Animal Medicines &

Vaccines Revenue

Companion Animal Dx & Software

Revenue

Estimated 2015 International Total as Multiple of U.S. Total

2.0 x

3.1 x

1.6 x

0.5 x


IDEXX Leads the ~$3.3B Global Companion Animal Diagnostic and Veterinary Software Market

Canada

LatinAmerica

EMEA

OtherAsia

Japan

Australia & New Zealand

China

U.S.40%

$1.35 B*

* Estimated 2015 total companion animal diagnostic and service spending at the veterinary practice level. Revenues include reference lab, in-house instruments and consumables, rapid assay, digital, ultrasound and veterinary software. Excludes bioresearch. Figures calculated in U.S. dollar to best reflect the estimated relative regional revenue figures.

Estimated 2015 Total Companion Animal Diagnostic and Software Spending*


2

12

76

1

13

82

1

15

98

2

18

100

2

19

101

0

20

40

60

80

100

IDEXX’s Leadership is Driven by a Sustained Investment in Innovation and New Products

IDEXX Invests More than 80% of Industry R&D

VCA Inc.* Heska Abaxis IDEXX Laboratories

* * * * *

* VCA does not report any R&D investments in its filings with the U.S. Securities and Exchange Commission (“SEC”). Sources: Company SEC filings; earnings releases.

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 20162012 2013 2014 2015 2016

Comparison of Annual R&D Investment of Major Veterinary Diagnostics Companies$ MM, calendar years shown


Our Focus on Innovation and Customer Presence Generates Sustainable Growth of Recurring Revenues

Annual Recurring Revenues*

($B)

% of Total IDEXX Revenues

81% 82% 85% 86% 87% 87%

IDEXX VetLab®***

Rapid Assay

Reference Labs

CAG Other

Water TestingLivestock Testing**

* Non-GAAP financial measure, please refer to Appendix for footnotes.** Livestock, poultry and dairy testing.*** IDEXX VetLab includes consumables, service and accessories.

Companion Animal Diagnostics

83%


The IDEXX VetLab Suite:The Standard for In-clinic Laboratory

Catalyst One®

Chemistry, T4

IDEXX CloudLocal Integration

ProCyte Dx®

HematologySediVue Dx®

UrinalysisSNAP Pro®

Infectious Diseases

Practice Information

Management System


SediVue Dx Instrument Introduced in 2016 First and only in-clinic urine sediment analyzer

• 5 drops of urine, results in 3 minutes

• Provides digital images and algorithmic interpretation

• Novel instrument and recurring consumable revenue stream

Urinary tract infection (“UTI”)

Early but active kidney injury (“AKI”)

Urinary tract stonesToxicity


0

100

200

300

400

500

600

700

2008 2009 2010 2011 2012 2013 2014 2015 2016

Global Reference Lab Revenues have Achieved Double-digit Growth

$ MM*

*Reference Laboratory and Diagnostic Consulting Services. **Non-GAAP financial measure, please refer to Appendix for footnotes.

+14%YoY Organic Growth**


IDEXX SDMA® – Driving Growth One Year Later

Newkidney

function test: SDMA

• Revolutionary, proprietary kidney disease marker

• Automatically added to all IDEXX reference lab chemistry panels since 2015

• Differentiates IDEXX’s diagnostic offering

• Supported by 30 clinical studies – and incorporated into profession’s Kidney Disease Guidelines*

* In 2015 SDMA was added to the International Renal Interest Society’s (IRIS) Guidelines for diagnosing, staging and treating chronic kidney disease.


Inspiring IDEXX Reference Lab Usage

Percentage of U.S. Practices using IDEXX Reference Lab Services*

55%56%

58%

62%

65%

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

* Defined as generating >$0 Reference Lab revenue in trailing 6 months. ** Veterinary Diagnostic Consultant

IDEXXSDMA Launch

Live on Fully Direct/VDC ExpansionAccount Manager (VDC**)

Role Established


Catalyst One® Catalyst Dx®

IDEXX SDMA® on Catalyst One and Catalyst Dx

Source: SDMA Acceptance Research April, 2016 (n = 395).

• Expands SDMA clinical experience

• Reinforces high Catalyst retention

• Grows Catalyst utilization

• Further differentiates IDEXX value to new customers

• Q4 2017 expected launch


Our U.S. Companion Animal Field Organization Is Hitting Their Stride

212 221

342 371

0

50

100

150

200

250

300

350

2013 2014 2015 2016

Total U.S. Companion Animal Group Field-Based Headcount*

* Includes all field-based sales and technical services headcount, excluding management.

+ 75%

Account Manager (VDC) Role Established

Preparation for Go-Direct

Launch of Go-Direct Jan. 1st

Continued Model

Refinement


International CAG Revenue in ($MM)

*Non-GAAP financial measure, please refer to Appendix for footnotes.

International CAG Growth

• 2016 premium instrument placement +13%

• Global leverage of innovation pipeline

- Catalyst One

- IDEXX SDMA, Fecal

- VetConnect® PLUS

• Expanding reference lab network

• New region developmentConstant Currency Revenue Growth %*

6% 6% 8% 8% 12% 12% 16% 16%


10% - 12%

10%+ CAGR

2016 Revenue

$1.775B

~2021IDEXX

Revenue

U.S. CAG Dx Recurring

Base6% - 8%

Greenfield 4% - 5%

6% - 8%

Int’l CAG Dx Recurring

Other

5% - 7%

~$200 MM

IDEXX SDMA

~$100 MM

SediVue®

~$100 MM

Fecal Antigen/ SNAP®

~$50 MM

Pregnancy

Market Growth, Innovation and Greenfield Diagnostics Drive 10%+ Constant Currency Revenue Growth Potential


Long-Term Financial Model: Well Positioned to Drive Sustainable, Strong Performance

Revenue Growth

10%+

Operating Margin Expansion

50-100 bps

Capital Allocation Leverage

+2%-3%IncrementalEPS Growth

Long-Term EPS Growth Potential

15%-20%+

Annual revenue growth, operating margin expansion and long-term EPS growth potential are all on a constant currency basis and non-GAAP financial measures. Please refer to Appendix for footnotes.


$2.1 billion capital deployed -

repurchases

31% cumulative share count reduction

$58 per share average purchase price

Disciplined Capital Allocation

Annual Capital Allocated to Share Repurchases ($MM)

• Emphasis on organic growth investment

• Limited acquisitions (core business fold-ins, distribution and technology)

• Allocation of excess capital to share repurchases (varied investment pace)


IDEXX: Our Strategy for Sustained Creation of Shareholder Value

• Exceptionally attractive market opportunities

• Global leadership

• Focus

• Innovation

• Recurring revenues

• Financial discipline


Appendix


FootnotesRestated and Adjusted Revenue - Prior to January 1, 2015, our CAG segment included herd testing diagnostic services processed within and managed by our CAG reference laboratories. We have transitioned the responsibility for these diagnostic services to our Livestock, Poultry and Dairy (“LPD”) segment to more effectively align our business with the nature and customers of these livestock services. Revenue and revenue growth calculations have been retrospectively revised to reflect this change in the composition of our reportable segments. 2006 revenue also excludes divested revenue (primarily attributed to our pharmaceutical business) totaling $15.3M. Reported revenues for 2014 adjusted to exclude the impact of distributor inventory draw-down of $25 million in Q4 2014 associated with our transition to U.S. all-direct sales strategy.

Adjusted constant currency CAGR - The adjusted constant currency compound annual growth rate (“CAGR”) excludes the impact of changes in foreign currency exchange rates, which had an unfavorable impact of 0.5% to the CAGR from 2006 to 2016.

Adjusted EPS, Adjusted EPS growth - Adjusted EPS and Adjusted EPS growth are non-GAAP financial measures. Adjusted EPS and Adjusted EPS growth excludes non-recurring items. Management believes that reporting Adjusted EPS and Adjusted EPS growth provides useful information to investors by facilitating easier comparisons of our EPS performance with prior and future periods. Refer to Exhibit A in the appendix for a reconciliation of reported to Adjusted EPS and Adjusted EPS growth.

Recurring Revenue - Annual recurring revenue for LPD, Water, Veterinary Software Services and Diagnostic Imaging Systems and IDEXX VetLab include and exclude the following as applicable: LPD excludes government sponsored eradication programs and herd health screening revenues, Water excludes sealer instruments, Veterinary Software and Diagnostic Imaging Systems excludes client server based placements and radiography instruments, and IDEXX VetLab includes consumables, service and accessories.

Organic revenue growth - Organic revenue growth is a non-GAAP financial measure. Organic revenue growth is the percentage change in revenue for a period over the prior period’s revenue after excluding the impact of changes in foreign currency exchange rates and revenue from business acquisitions. 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. Reference Laboratory and Diagnostic Consulting Services organic revenue growth for 2016 excludes the impact of changes in foreign currencyexchange rates, which had a 0.9% unfavorable impact on revenue growth, and revenue from business acquisitions, which contributed 0.8% to revenue. For 2016 and projected 2017 revenue growth for the total company, the impacts of revenue from acquisitions is immaterial.


FootnotesConstant Currency - Constant currency references are non-GAAP financial measures and exclude the impact of changes in foreign currency exchange rates. Management believes that constant currency information provides valuable supplemental information regarding our revenue, operating margin and EPS performance because it is consistent with how management evaluates our performance and facilitates comparisons with prior and future periods. We estimated the net impacts of currency on our revenue, EPS and Adjusted 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 reduced our 2017 outlook, provided on February 2nd, 2017 and included in this presentation, for projected 2017 revenue growth by ~1.5% and projected 2017 constant currency EPS growth by ~2-3%.

Constant currency adjusted annual revenue growth excludes the impact of distributor inventory draw-down of $25 million in Q4 2014 associated with our transition to a U.S. all-direct sales strategy, which negatively impacted 2014 reported growth and positively impacted 2015 reported growth by approximately 2%, and also excludes the impact of changes in foreign currency exchange rates on total Company revenue growth which had a negative impact on reported growth of 1.6% in 2012, 0.7% in 2013, 0.7% in 2014, 6.2% in 2015, and 0.8% in 2016.

Constant currency adjusted EPS growth excludes the adjustments above as well as the impact of changes in foreign currency exchange rates, which had a negative impact on Adjusted EPS growth of 2.9% in 2012, 3.2% in 2013, 2.8% in 2014, 8.0% in 2015, and 6% in 2016.

International CAG constant currency revenue growth excludes the impact of changes in foreign currency exchange rates, which had a positive/(negative) impact on reported growth of (6.5%) in 2009, 1.5% in 2010, 6.7% in 2011, (4.0%) in 2012, (2.5%) in 2013, (2.2%) in 2014, (15.4%) in 2015, and (2.0%) in 2016. International CAG organic revenue growth for 2016 also excludes the impact of revenue from business acquisitions, which contributed 0.5% to revenue growth.

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, including tax benefits attributable to share-based compensation arrangements, 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. Refer to Exhibit B for our reconciliation of free cash flow to net cash provided by operating activities for years ending December 31, 2011 through December 31, 2016. Upon our adoption of ASU 2016-09 in 2017, the tax benefit from share-based compensation arrangements will be included in cash generated from operations and will no longer be an adjustment in our free cash flow calculation. To estimate projected 2017 free cash flow we have deducted projected purchases of property and equipment (also referred to as capital expenditures) of $90 million.


Reported to Adjusted Summary P&L ReconciliationExhibit A

Adjusted Operating Margin and EPS Growth

(Dollars in millions)2011 2012 2013 2014 2015 2016

Oper Oper Oper Oper Oper Oper Oper Oper Oper Oper Oper OperRev Profit Marg EPS Rev Profit Marg EPS Rev Profit Marg EPS Rev Profit Marg EPS Rev Profit Marg EPS Rev Profit Marg EPS

Reported $1,218.7 236.2 19.4% $1.39 $1,293.3 262.6 20.3% $1.59 $1,377.1 266.8 19.4% $1.74 $1,485.8 260.3 17.5% $1.79 $1,601.9 299.2 18.7% $2.05 $1,775.4 350.2 19.7% $2.44Reported EPS Growth 14% 9% 3% 15% 19%

Impairment charge 8.2 0.06Impact of distributor inventory drawdown 25.1 20.8 0.14Non-recurring expenses associated with transition to all-direct sales strategy

9.5 0.06

Expense ramp-up in advance of transition to new sales strategy

5.0 0.03

Non-recurring income tax benefit related to the deferral of intercompany profits

-0.02

Third-party service provider bankruptcy 3.9 0.03Pharmaceutical milestone payment -3.5 -0.02Pharmaceutical milestone payment and gain from sale of raw material inventory

-4.1 -0.02

Adjusted $1,218.7 232.1 19.0% $1.37 $1,293.3 259.1 20.0% $1.57 $1,377.1 270.7 19.7% $1.77 $1,510.9 295.6 19.6% $2.00 $1,601.9 307.4 19.2% $2.11 $1,775.4 350.2 19.7% $2.44Adjusted EPS Growth 15% 13% 13% 5% 16%


Operating to Free Cash Flow ReconciliationExhibit B

Years Ended December 31

Amounts in thousands 2011 2012 2013 2014 2015 2016

Net cash provided by operating activities 220,700 230,282 245,996 235,846 216,364 334,571

Royalty prepayment to obtain exclusive patent rights - 6,250 - - -

Financing cash flows attributable to tax benefits from share-based compensation arrangements 16,007 14,676 14,158 16,078 11,315 14,702

Investing cash flows attributable to purchases of property and equipment (52,464) (65,492) (77,612) (60,523) (82,921) (64,787)

Free Cash Flow 184,243 185,716 182,542 191,401 144,758 284,486

Documents

Jonathan Ayers, Chairman and Chief Executive Officer ......*Non-GAAP financial measure, please refer to Appendix for footnotes. International CAG Growth • 2016 premium instrument