IDEXX Laboratories, Inc. (IDXX) Earnings Call Transcript & Summary

Good morning. Good morning, everybody, and welcome to the 2026 IDEXX Investor Day. A very warm welcome to all of you who are here in the room with me at our global headquarters in Westbrook, Maine and also to all of you who have joined virtually on the webcast. I'm Mike Erickson, President and CEO of IDEXX and I'm delighted to be with you here along with members of the IDEXX management team. And we have a very full agenda for you today, and so let me just walk through what we have planned. I'm going to get us started with an overview of our innovation-driven growth strategy and the very compelling opportunity that we see ahead of us. And then following me, Julie Godon will come on stage and she'll share an update on veterinary sector trends and some of our latest insights across pets, practices and owners. After Julie, George Fennell will come on stage and George will bring to life how our commercial team partners with customers and how we're executing on our global commercial expansion playbook. We'll then have our first short break and we'll come back and we'll go a little bit deeper into our IDEXX innovation drivers. Starting with Mike Lane. Mike will talk about our multi-modality diagnostics growth strategy across point-of-care and reference labs and he'll spotlight some really exciting innovations in the area of cancer diagnostics. And then after Mike will have Puja Pathik on stage. Poojis a newer member of the management team, and she'll go even deeper into how we're advancing diagnostics at the point of care. After Puja, Tracy buyers will come on stage. Tracy will talk about our software and imaging businesses powered by workflow and AI and how they act as a force multiplier for diagnostics utilization. We'll then have a second short break, and we'll come back for a very special customer conversation. I'm delighted to have Dr. Jo Malone with us this morning. Dr. Malone is the Founder and CEO of Vet Partners Europe. And she'll sit down with Michael Schreck for fireside chat on the state of the veterinary industry in Europe and how as IDEXX, we partner with large multi-hospital networks like vet partners. And Dr. Malone is an extraordinary leader. You're passionate. Joe is passionate about high-quality care, high-performance team culture and she's someone who really inspires me, and I know all of us here at IDEXX. So Joe, thank you so much for being here. We look forward to hearing what you have to say. After that conversation, Andrew will come on stage and he'll bring us home with a review of the financials and we'll wrap with Q&A. Now before we begin, I do want to share our safe harbor disclaimer, which you can also find on our website. So let's begin. And I want to start here with our purpose because as a growth company, it's our purpose that motivates us and inspires our growth mindset culture and connects on a deep personal level with all of us at IDEXX all around the world. And we know that we're making a difference with our customers. When it comes to advancing the health and well-being of pets and their families. When it comes to safeguarding our water -- our quality and ensuring the safety of our protein and dairy food product supply. Now today, I'm going to focus my comments on our Companion Animal Group, or CAG, area. That's the largest business area at IDEXX. And when it comes to CAG, we have a direct line of sight to a very compelling opportunity ahead of us. And we measure this in decades and is a $45 billion global testing opportunity that supports the expansion of care and well-being for pets as members of our families. And we understand that realizing this opportunity requires a highly intentional time over target focus on sector development. And this is the combination of deep partnership with our customers and relentless innovation. And we are in the early stages of a broad-based innovation cycle here at IDEXX across diagnostics, software and AI that's raising the bar for what's possible in the practice. And this is supported by a global commercial team that works side-by-side with our customers in their practices, helping them to incorporate these innovations into their everyday protocols. And the net result of this is long-term double-digit organic revenue growth with high ROIC, reflecting the differentiated value that we're bringing as IDEXX. Now I stated that our purpose is personal for us at IDEXX here, and it's personal for me. So this is a picture of me with my dog Loki. Loki has been a transformational force in my family, particularly for 1 of my daughters is she is going through some really challenging moments in her life. And it's not an overstatement to say that Loki helped to save our family. And that's what pets do. It's powerful. And like most pet parents, I want the very best for Loki. But here's the challenge. Loki, dogs, cats, they can't speak. They can't tell us how they feel they can't share how long it's hurt. It's diagnostics that give pets, the voice into their health care. It's diagnostics. And this opportunity to detect more disease through high-performing diagnostics to give pets more birthdays, is motivating for me and motivating for all of us here at IDEXX. And we wake up every day focused on this mission and doing that in partnership with our customers. This singularity of focus that we have on innovations and diagnostics and software solutions. This is a very important part of our success formula here at IDEXX. And we know that people all around the world love their pets. In these uncertain times that we're living in, that we're all experiencing, the unconditional love and stability of a pet in our lives and our families is more important than it's ever been. And we feel privileged to work in an industry and a sector with this at the core of long-term durable, attractive tailwinds that are further propelled by the fact that pets are living longer which is pretty profound when you think about that and the implications on their need for care and their need for diagnostics as part of that care. And while we know our industry is it immune to some of the macro pressures that we talk about, -- we do know that it's highly resilient. And we can look back and see this in the past during prior periods of economic uncertainty, we can see things go down for a period like pet replacements, but then they come back. And the reason why they come back is because the vast majority of pet owners self-identify as lifelong pet parents, committed to having a pet in their lives and committed to their pet's health. Now the key point is what I said earlier, pets can't speak. It's diagnostics that give them a voice. And when you test, you discover valuable insights across all the different age brackets here. This is even for dogs and cats that's -- that come into the practice seemingly perfectly well with nothing that you could detect by I or just observation that tells you that they're not well. And we know that in 1 out of 4 cases, if you test blood work and urinalysis, you'll find clinically meaningful abnormality that require action -- and we know that this rate of abnormalities increases dramatically as pets age, just like for people. It's the same thing for pets. And then if we look beyond detecting disease, diagnostics also drives the entire care envelope in the rest of the practice. We can trace 80% of all the activity in the practice back to diagnostics. I'm talking about things like medical services, therapeutics, prescription diets and so on. A good example of this is IDEXX SDMA. We know with IDEXX SDMA, you can detect kidney disease and cats as early as Stage 1. And if you get that cat onto a renal protective diet, you'll extend its life. I mean that's the kind of outcome that we get really excited about here at IDEX. Now diagnostics, we know also drives the economic health of the practice. It's the fastest-growing category in the practice, pound for pound, the biggest driver of practice EBITDA. And the headroom to grow diagnostics is very compelling. Today, we see significant variation across the adoption and utilization of diagnostics for sick and well visits in the U.S., on average, 13% of wellness visits get blood work today. We know that much higher standards of care much higher rates of blood work conclusion are possible because we see that. We see that happening today. You can see it up here on this chart. There's significant headroom to grow diagnostics regardless of what's happening with visit trends. And when we look outside the U.S., blood work conclusion today is even lower. So the headroom to grow is even that much higher. This is where we come in. Innovative software and diagnostics and a commercial team that helps customers to adopt these tools to advance the medicine in their practice. Across the sector, we're driving on average, each year, around a 50 basis point increase in blood work inclusion sector-wide. And that translates to about 150 basis points of incremental IDEXX CAG diagnostic recurring revenue each year. Now it's very important to appreciate that not all diagnostics are created equal. Customers that use more of our IDEXX innovations grow materially faster. They grow their diagnostic revenue faster, their clinical revenue, clinical visits and the question is why? Why is this happening? What's behind this? And we know, we know that our diagnostics discover more, and they discover more earlier in the disease process and in differentiated testing categories that we've built through decades of investment. And moreover, the practice of medicine is fundamentally 1 of workflow and we take the time to lean out all the steps of the workflow. We take the time to lean out the preparation of the sample with things like load and go technology on our instruments. And we drive workflow efficiency through our software and through deep integrations. Our innovations enable our customers to see more and do more in their practices. And this deep alignment that we have and objectives with our customer, advancing medicine shared growth. This is a key driver of our own growth. When we grow our customers, we grow. Our innovations, our commercial investments and our execution with our customers. All of this translates into highly durable double-digit organic revenue growth with over 80% of company revenue, driven by CAG Diagnostics recurring revenue. Now I want to go a little bit deeper into our strategic growth drivers, and I'm going to start with innovation. Let's go back to that question that I asked earlier around how do we drive higher diagnostics adoption and utilization. And for us, the answer begins with a multi-decade large scale and expanding investment into R&D that's focused on solving the biggest challenges that our customers face in their practices. We're the only company in veterinary with a full stack innovation engine, spanning leading-edge biomarker discovery and assay development, purpose-built, sophisticated instrument design and manufacturing and enterprise-class software, AI, data and connectivity. It's very unusual for a company in any industry. to be world-class in all 3 of these areas. And at IDEXX, we've scaled and develop these capabilities over decades of investment. We're a company of builders. And we harness this stack to build integrated solutions across point-of-care, reference labs and software. Our customers, they don't think in terms of modalities or point solutions in software or diagnostics. Our customers think in terms of patients and cases, and protocols and standards of care and medical outcomes and our integrated solution ecosystem addresses these real challenges that they face, and it all works better together. The result of this is high advocacy and high retention. And these outcomes are very important inputs into our own growth algorithm here at IDEXX. And we never take that for granted. We never take that for granted. We know that we've got to show up every day with our customers and earn their trust, working side by side with them. Now we -- we're applying this solution ecosystem approach to take on the biggest unmet need in veterinary medicine. And we you look across these categories, and we approach them through a comprehensive portfolio approach that can take up to a decade or more to fully develop. And IDEXX has played a lead role in building each of these categories through highly differentiated offerings. I'm talking about things like our FX platform available at the point of care on Snap or in our IDEXX reference labs. Fecal Dx antigen which finds up to 2x more infections than fecal flow. IDEXX SDMA, the statin B, now SDMA clips on Catalyst, cancer. The list goes on. And if we take a moment to pause and just consider the solutions that we have today from IDEXX, it's hard to imagine how some things used to get done in the practice. I want to take an example of hematology, the complete blood count or CBC. This is a standard part of blood work along with chemistry. And you don't want to go back very far, only around 20 years and the CBC was done with the microscope, counting cells and that little hand clicker that you can see there on the table. I'd exchanged all of that with the laser site, followed by ProCyte Dx, followed by ProCyte 1. And Procyte combines load and go sample technology, flow cytometry, lasers, 4-dimensional AI scatter analysis. It analyzes over 100,000 cells in just a few minutes to provide the most accurate CBC that you can get at the point of care with performance that matches the industrial scale hematology systems that we run in our reference labs. We changed the paradigm. And no 1 today could imagine going back to hand clicking their way to a CBC. You couldn't imagine doing that. Now we're doing this again in cytology within VDX. Let me take an example of blood -- it takes many years to hold the skill of doing a high-quality blood smear, knowing where to look in the feathered edge with a glass slide, it takes -- once you've honed those skills, 20 minutes or more to actually do 1 of these and then put it on to a microscope or a slide scanner. InVeDX change that paradigm. It's slide free. The sample goes on the cartridge and you insert it just like a credit card. It's got precision tagged fluorescence stains that illuminate different parts of the sales structure, advanced optics, sophisticated NVIDIA chips, AI that's been trained on over 60 million images. It takes 20 glass slides worth of blood smears to equal the diagnostic content of just 1 run on VDX. We changed the paradigm. And in the future, we're going to look back and say, "How is it that we did this without MVX. Now today already, nvDX is addressing very large categories of cytology with a tremendous amount of unmet need all around the world. Erocytology, blood morphology, finitelasperite or F&A and we know we're hitting the bull's eye. We placed through Q2 over 9,000 instruments around the world, well on track to our goal for the year, but more importantly, to our 5-year goal here. Utilization per instrument is comfortably in the range that we've talked about of $3,500 to $5,500. And that's even before we really have a lot of contribution from F&A. We know there's a tremendous amount of headroom for growth here in every 1 of the applications that MDX supports. I'm particularly excited about the opportunity with F&A to expand screening for lumps and bumps. So let me describe a scenario that plays out literally every day. You've got a dog owner cuddling with their dog. Maybe some of you in the room can see yourself in this story. And you feel a bump, maybe a couple of bumps. And so you bring your dog into the veterinarian and's what's the question on your mind? You have 1 question. Is this cancer? You want to know is that cancer. And today, answering that question requires the complexity of manually making a glass slide and all the technique sensitivity associated with doing that. And also, frankly, the cost, in most cases, is sending that out to a lab. As a consequence, less than or around 10% -- only 10% of all the lumps and bumps that are coming into the practice ever get looked at. There are 12 million of these happening all around the world, and that's only around 10% or less of what's actually coming into the practice. F&A and MDX eliminates all that. Eliminates the cost and complexity of glass lights and you get an answer on mass cell tumor in real time while the pet still in the practice, and you can do something about it. The cost is around 85% less than sending into the lab. And what we're seeing is with customers that move on to F&A within VDX, they're looking at twice as many masses, twice as many. So this is an example of IDEXX innovation, of IDEXX AI, bending the cost curve to expand care. And by the way, this is growing our reference labs. Because if you want a deeper look from 1 of our pathologists, you just push the button and the image is in most cases, already there for a review. Or if you find a mass that has cancer, you're going to want to cut it out and send it into histopath for a review to look at the margin. So it grows the lab also. Now Puja will come on stage here in a little bit and talk more about F&A and VDX and the platform within a platform nature of each of these applications on the VDX instrument. But let me now turn to Catalyst. Catalyst is the standard bearing platform for point-of-care chemistry, immunoassay and electrolyte testing. And we have continuously innovated on this platform with our technology for life, drumbeat of menu expansion, adding new capabilities that our customers value, like pancreatic lipase and cortisol. And I'm very, very proud and excited this week to announce the introduction of Pro BNP on Catalyst, bringing quantitative cardiac testing to the point of care in the first ever dual species format. And like all of these innovations on Catalyst, we can push these through the software. So our customers just show up and their instrument has these capabilities, they don't have to lift a finger to get access to this. Now there's significant unmet need in the area of cardiac for dogs and cats across a whole wide variety of use cases. One of the common cases is what's called the Murmur moment. The Murmur moment. That's when, let's say, a dog comes in, and the doctor detects a murmur. And then is faced with the difficult decision of do I just monitor or should I refer for some more expensive work up. And ProBNP on Catalyst helps to answer that question. It's quantitative, and it helps the doctor decide what to do. Now Loki had his first Merer moment in December. And as you can imagine, that introduced some anxiety into the family trying to reconcile with what does that mean? We knew it would come, it's common to us breed. But I'm grateful because Loki is getting amazing care from his doctor and from his cardiologist and we've been using IDEXX proBNP to help guide that care. Now these examples that I'm talking about of platform innovation on catalyst, on MDX, they extend to our entire VetLab instrument suite. This combination of lab level accuracy, load and go ease of use, end-to-end integration across the suite and back into the practice software, technology for life, menu expansion, unmatched reliability. All these things together, all of these things together make the IDEXX Lab instrument suite, the leader in point-of-care diagnostics. And next, we have Multi-QDX. Multi-QDX promises to yet again establish a new paradigm in point-of-care testing. It will address diagnostic categories that we know are highly relevant to our customers. And it's going to do that in a way that sets new standards. And it's entirely additive to what we're doing today in our VetLab suite. Now the design and manufacturing of multi-cDx all happens here, at our IDEXX facilities in Maine USA. And I'm excited to share more about all of this with you at a very special event at VMX in January in Orlando, Florida, and I hope that you can join us for that. Now if I step back and just look across our VetLab suite, we have a line of sight to tripling our installed base with significant opportunity here in the U.S. and very significant opportunity looking abroad. Every time we place an instrument, it adds to the recurring revenue flywheel for our customers and for IDEXX. And every time we do that, it also expands the surface area of value creation as we bring forward new menu like pancreatic lipase, cortisol and proBNP. And placing instruments also helps to support and pull through reference lab testing volume through our integrated solution approach. So let me turn and talk a little bit about our reference labs. We bring over 3 decades of experience and innovation investment in the reference labs with over 80 labs around the world and over 65,000 customers that rely on this service every day. We built a scaled global network through deep science and transportation and logistics expertise and state-of-the-art automation with AI enablement. And our customers, they describe their IDEXX lab experience as being like an extension of their practice accessing our testing capabilities and our expert specialist consulting with world-class service levels. And delivering this level of service at this scale is complicated. This is challenging to do, but this is what our teams do every day all around the world. And if we look beyond logistics and service levels, the other really critical part of our overall lab value proposition for customers is category creating testing platform innovation that fills big gaps in veterinary medicine. Cancer DX is a great example of that. Simply put, we're on a mission to make cancer history with our customers, we intend to make cancer history. It's the #1 cause of death for dogs. 1 out of 4 dogs will be diagnosed. There are 25 million dogs at risk all around the world. And there just aren't enough oncologists to even come close to meeting the demand. Now probably many of you in this room have been impacted by this. In our family, we've lost 2 dogs to cancer. And in both cases, by the time we had answers, it was too late to do anything. And that's a heartbreaking situation, and it's just far, far too common in veterinary medicine. Cancer Dx addresses that. It fills that gap for diagnosis, for monitoring and for screening. It supports the work that specialists do but also it provides tools that general practitioners can use to find cancer early. It picks up those subtle signals that arise long before symptoms so that a doctor can take action and actually change the course of that pet's life. Now we started this mission with canine lymphoma, truly breakthrough performance matched by breakthrough pricing. We priced it at around $15 when paired with blood work in the IDEXX Reference Labs for most lab panels. We didn't want doctors or pet owners to be faced with this false choice. Do I run the blood work on my dog? Or do I find out if my dog has cancer? I mean that's a false choice. We're trying to inspire blood work. So we didn't want that to be the case. We've hit an all-new milestone with cancer DX with well over 11,000 practices now having run cancer DX globally, 70% of those runs paired with a panel in the reference labs and 20% of those practices or practices that had been using a different lab provider as their primary laboratory service. You have to reflect on what that means. That's a scenario where a doctor is breaking their workflow and prioritizing their patient in order to get access to this valuable innovation from IDEXX. Customers are they're captivated by this. You can see a quote up here on the screen. One customer share. This is changing how I practice in ways I never thought possible. Another customer shared, I do not expect to have anything like this in the scope of my career. This is what our customers are telling us. And now we're taking the next steps with cancer DX. With cancer DX expanding from a test to a multi-cancer panel, we're adding canine mast cell tumor detection in September and canine hamangiosarcoma in December. Along with lymphoma, these are 2 of the most common canine cancers with very poor outcomes, if not detected early. We specifically have tuned our mast cell tumor detection for the more aggressive and more dangerous forms of the tumor. That's what our customers care most about. And then hemangiosarcoma. Hemangiosarcoma very often gets missed. It grows internally, typically within an Oregon. And every veterinarian's worst nightmare is a dog that comes in that's not doing well, and they start feeling around and they palpate an enlarged spleen. And as they're feeling that spleen, they can feel it just dissolve as the splenic hemangiosarcoma ruptures and the dog dies within the hour. It's that urgent and dangerous. So as we add these 2 cancers to lymphoma, cancer Dx, we'll address 40% of all canine cancers, 40%. And I am exceptionally proud that we're sticking with our $15 price point when run with blood work in the IDEXX Reference Lab, for this multi-cancer panel. Now this is one important way that we at IDEXX are doing our part to support wide access to affordable early cancer detection in a manner that also supports expanded blood work. And if we just step back and look at the performance of cancer DX and compare it to what we all have in human medicine. I mean its performance exceeds most of the screening tests that we can talk about, typically used in human medicine. The exception would be the more recent innovations around liquid biopsies. The performance is on par with those liquid biopsy offerings. But those -- those offerings in human medicine cost $800, $900 up to $1,000, and they require 1 to 2 weeks to get results back. This is a tipping point. This is a tipping point in veterinary medicine when it comes to cancer and when it comes to cancer as a part of screening. Over time, we expect that multi-cancer screening with cancer DX will become a de facto standard for wellness screening for all at-risk dogs. And our customers, they see this opportunity too. They appreciate like we do, like probably many of you do, that cancer is an emotional topic. It creates a lot of pull. It helps to create even more demand for blood work. And we're seeing that as well. One of our large partners in Australia, corporate group, they, on their own, added Cancer DX into one of their senior dog wellness programs, and they're seeing higher enrollments and higher utilization. We are just at the very beginning here. We're at a tipping point. And Mike Lane in a little bit will come on stage and talk more about the road map and the path ahead in cancer DX. But let me now talk about another way that we're working to close the gap in wellness bloodwork inclusion. Now as you can imagine at IDEXX, this is a topic that we're keenly interested in, and we spend a lot of time deeply studying this area. And what we consistently find is that doctors intend to include blood work exceeds their actual inclusion by a significant margin. So doctors want to do this. So why aren't they? Why isn't this happening? Well, you could maybe ask, is this a question of belief. And that's a reasonable question. But I showed you the data for why you want to do this. And here, doctors are saying they want to do this. So that's not the primary issue. The bigger issue is the friction in the practice associated with disparate protocols or workflows or setting the right pricing for wellness and getting all of that properly sorted in the practice management software. The care team, they've got a lot on their shoulders. They want this to be easier. And that's an opportunity that we share with them. And then when it comes to the conversation with the pet owner, sometimes doctors make assumptions about who's coming through the door. And they might shy away from making the offer. Even though we know that the majority of pet owners say, yes, when blood work is offered. And so knowing how to position the value, knowing how to price wellness appropriately, casting a broad net with the right diagnostic panels, adding things like cancer into the panel, which creates even more value and demand. These are some of the building blocks for successfully advancing wellness programs in the practice. And these are things we understand well. And our software, our IDEXX software is a critical part of the solution for closing these gaps. Now when it comes to software at IDEXX, we apply a business system approach. We look across the entire end-to-end practice workflow. And we're working to try to reduce that cognitive load on the care team. And we see AI embedded in the digital workflow as a critical unlock here for doing things like recommending protocols or ambient voice to action or providing clinical insights right there in the care team's fingertips when they need them. We're hard at work building to this vision with effort underway on a large-scale clinical intelligence engine that can feed insight and every step of this workflow for the care team and every one of their digital surfaces. And we're open-minded to considering innovations that are outside IDEXX as well if they can help to bolster this vision. Now our own work in AI is powered by a tremendous amount of data. I'm talking about $35 billion full pet diagnostic records, including IDEXX differentiated biomarker insights. Over 750 million full pet lifespan medical records, over 650,000 calls into our expert specialist medical consulting service line every single year. This is just an example of some of the data that we're harnessing to advance AI innovations that can help our customers, close this gap that I'm talking about. And some examples up here on the screen, like the AI that I talked about within VDX adding AIs we've done into our radiology interpretation services to add quality, a whole another layer of quality to what we produce there, using AI to help build large-scale disease registries in areas like cancer or renal disease, we can bring forward new insights to the industry and this clinical intelligence engine work that I talked about. These are just some some of the good examples. And importantly, when we deliver AI capabilities, we work hard to deliver them embedded in the care team's existing workflows across our integrated enterprise-class software ecosystem, including VetConnect, ezyVet and Vella with over 65,000 practices around the world using some or all of this system. We see significant opportunity here over time through the convergence of diagnostics, software and AI to help our customers close this gap. And we don't have to imagine the impact. We can see it today with practices that are using our software configured for wellness, they're doing a much higher level of blood work inclusion. We can see that today. And we expect to see even higher levels being possible as we continue to add in intelligence and personalization. Now a little bit Tracy buyers will come on stage and she'll share more of this vision and work that we're doing in the area of software. But I now want to turn to our IDEXX commercial model. And our commercial model stands side-by-side with our products, and our services and our innovations as an integral part of our value proposition for customers. We take a commercial ecosystem approach with a whole complement of experts, subject matter experts that can help practices with the different types of problems that they face every day. And our teams on the ground partner closely with customers in their practices, working shoulder to shoulder to help them achieve their practice goals. Now just in June, I've been doing a lot of travel to meet with team members and customers. And in June, I was outside Baltimore with our team meeting with one of our customers there, Dr. Bailey. She's an extraordinary and dynamic veterinarian, owner of 2 practices. She also happens to be a mom with 4 young kids at home. So she is very busy. She took some time just to explain to me what a day in her life looks like. Throughout the day, she's got people coming to her asking her questions, Dr. Bailey, I've got a tough case. What should I do? Dr. Bailey, what should I do with this patient? Dr. Bailey, I've got a question. And that's happening all through the day. And then she wraps up her day, and she goes home -- and what do you think happens at home. Mom "Mom, I've got some homework. Can you help me with my mom, I've got a question. Mom, -- so this is what she every day is wrestling with. It's a lot. And then she turned to me and said, "So who do I turn to when I have a question, when I have a tough case that I need help with when I'm trying to do something truly new in my practice, and I need help. That's when I turn to IDEXX. That's when I look to you. We take that responsibility very seriously. We take that seriously. We know that we best serve that need when we're present, when we're there, when we have high customer proximity. This is the driver behind our IDEXX direct commercial model and our ongoing investments into commercial expansions that bring us even closer to our customers all around the world. We have a proven playbook for doing these expansions with very reliable financial returns. As I shared on our Q2 call, we are advancing incremental investments in the second half of this year to further expand in 4 important countries: Spain, France, South Korea and Canada, also with targeted additions here in the U.S., and we're going to keep doing this. We're going to keep doing this because this supports proximity and this supports our wave of innovations coming through. Now in a little bit, George will come on stage and really bring this whole playbook further to life for you. The combined impact of these commercial investments, our investments also into innovation and the sector tailwinds that I talked about, the combined impact of these things provide for an attractive long-term growth opportunity. We see the opportunity ahead for consistent, high single-digit growth for the sector based on continued increase in blood work utilization, which -- as I've shared, is at the very core of our strategy. And as a leader, we're going to continue to play a key role in advancing this goal through our focus on sector development through expanding the pie. And as a leader, we also benefit through the value that we deliver and through a growth premium that Andrew will come on and talk a little bit about later this morning. And so in closing, I'm rounding the bend on my first 3 months as CEO. I have never been more excited about the path ahead for IDEXX and for the industry that we have the privilege to serve. We're out executing the tailwinds and -- the headwinds rather that we've been talking about, we're out executing those in the field. through commercial execution, through paradigm changing innovation. This opportunity that I showed you to grow blood work inclusion, it's very significant and removing that needle. The long-term prospects for the sector remain very strong. Now this picture on the screen that you're looking at. This is Brian. Brian is a member of our R&D team. He's on the team that's bringing cancer DX forward. And I am grateful for what Brian is doing, his whole team and all of our 11,000 IDEXXers all around the world who are living our growth mindset culture and advancing innovations that we know are making a difference in the lives of our customers, of pets and their families. There's a tremendous opportunity ahead of us, and we are highly motivated to go make it happen and deliver strong returns for our shareholders. So with that, I want to thank you very much. And now it is my pleasure to invite Julie Godon to the stage to share an update on sector insights and opportunities. Julie?

Thank you, Mike, and a warm welcome from me as well. I really enjoyed last night getting to spend some time with some of you who have been coming to Ida longer than I have and also some folks that are coming to IDEXX headquarters for the first time today. So thank you for being here. I joined IDEXX about 6 years ago, and I came here from the human health side, and I came here for a reason. I wanted to come over to Animal Health because I knew what a resilient and purpose-driven sector this was. You see my dad's a veterinarian, my daughter aspires to be one. And we, as a family, we're pet people. We consider ourselves to be permanent pet parents. I'm going to come back to this notion of pet permanence a little bit later. But what I mean by this is pet owners are telling us that they don't think about owning a pet is something they just do. They think about it as a part of who they are. I'm excited to say I was bragging about it last night, we're getting a puppy in a couple of weeks, so I am counting down the days and we're really excited to have that new addition to our family. The human and animal bonds continues to grow stronger year-over-year. There's no question that this connection with people and their pets. This is really a foundation for strong sector fundamentals. This is really great runway for diagnostic opportunity. Around the globe, pets are increasingly a part of our family. This is really supported by an expanding Medicalis PET population. They're aging and like us, they -- when you age, you need to go to the doctor more, you need to get more testing. And we're seeing an evolution in an emerging new segment of pet owners. We know that millennials are the largest group of pet owners and Gen Z is the fastest growing. And these pet owners are raising their hand for diagnostics. They're making sacrifices for their pet care. We also know that in the veterinarian's office, we are seeing meaningful games with blood work. We're seeing that aging, COVID cohort is starting to age up and they're coming back to the practices and they need more testing. There's a clear role for IDEXX in all of this. As our evolving -- as we hear these care expectations and they evolve around us, we're committed to helping our practices succeed. And we're going to do this by deepening those relationships with our pet parents by enabling clinical care through innovation and helping really raise the standard of care overall. To understand where we're headed next, let's look at the underlying sector trends. And I think a great place to start will be the total pet population. So the total pet population and total clinical visits are above prepandemic levels. And this is important to say, the underlying care base is still expanding. Despite some softening in recent years, we're seeing that pets are on the rise. And if you look at on the left, we can see the historical trend is that we grow 1% on an annual basis. We all know during 2020, something happened and millions of pets joined our families. Despite some macro conditions that happened after that point, we're still above where we were before COVID. And importantly, we continue to see the demand for care, and this is reinforcing the larger term opportunity created by an expanded pet population. Let's double-click on Medicaid species, and let's look at both dogs and cats. We can see both dogs and cats are net higher than pre-pandemic. They just got there in a slightly different way. So dogs are steadily rising and then we saw a step-up during the pandemic. The population remains elevated and has returned to historical growth levels. Cats have taken a steady pace over this whole time horizon, and cats are a much smaller base. It's important to note we do not see fee lines at the expense of canines. An important thing to look at next is how our pets are engaging in care. And so we spoke about the fact that the pet population has expanded 1% annually over time. But we can see adoption trends over the past 2 decades. They haven't been linear. While pet health care is highly resilient, it's not immune to macroeconomic pressure. And looking back, you can see the rapid expansion of the pet population during the pandemic with significant growth in canine. More recently, we've seen canine adoptions have been more muted, reflecting the inflationary environment. The cat population has expanded, but at a lower rate, and we see modest impacts to the recent adoption rates. These impacts are consistent with what we've been seeing historically during periods of economic uncertainty, pet owners may be slower to add or replace a pet. We remain confident that the pet population will continue to expand over time. And underpinning this conviction is a concept we're calling pet permanents. So let me just take a minute and unpack that. Based on a survey that we did with 9,000 pet owners across multiple geographies, this new concept emerged. We're seeing that for the vast majority of pet owners, they're telling us that owning a pet and caring for that pet, it's part of their core identity. This is reshaping how people think about their pets and how they're engaging in veterinary care and this is the notion of pet permanent. This really matters because pet owners not only have strong belief and conviction like you can see on this slide, but it's also changing their behaviors. We know that this segment is leaning into preventive care. They're more opt in to advance diagnostics, and they're telling us that they will make trade-offs with their own household spend in order to make sure that their pet has better health. I've already shared with you, we're 100% in this camp in my family. And an example of this is our last family pet Honey. We were able to give her more care in the late stages of her life when she had cancer. And due to those early interventions, we got a couple of extra years with her, and I'm so grateful for that. And so whether you identify as a permanent pet owner or not, I have great news for you and for the industry. And that's that our pets lifespans are expanding. It's fantastic to see that just in the last decade, we're seeing the average pet is living 1.5 years longer. That's above a 10% increase for both cats and dogs. And that's meaningful because it's not only more time with you as the pet owner, but it's more visits, it's more care opportunities. And that equates to a 16% increase in lifetime diagnostic spend per patient. Both species are realizing these gains, and it's a true testament to the veterinary industry and pet health care in general. And this is where diagnostics really come in as our pets get older, we get new diseases, and that's a great time to detect early and put our pets on a better care path. Cats are such a great example of this because fee line diseases really do progress silently and many times our cats, they're under-indexed in terms of care. And the industry is starting to take notice of this. So you are starting to see around the globe. We're seeing more cat friendly clinics. We're seeing low stress environments I have some colleagues trying out the new self-cleaning litter boxes. There's all sorts of stuff for cats today. And IDEXX is playing our role in this as well, and I'd love to share with you some great news with a new study that we just published this year. This really speaks to how diagnostics can help improve outcomes and contribute to longevity. We followed about 1,500 cats that had early-stage CKD. So that's chronic kidney disease. And we watch them to see the progression of the disease and to watch for survival rates. And we saw the cats that were fed that renal diet stayed in the early stages of the disease for a year versus those that didn't. So in other words, we weren't only detecting that disease early, we were actually changing the progression of this disease. The survival rates back it up. So we saw that on average, the renal diet group that was said the renal diet excuse me, they were surviving for 5 months longer on average over this 3-year follow-up period. So this is real meaningful extension of life that is directly tied to catching it early and putting an action plan into place. This is the value of diagnostics. And this is why we have our SDMA. We have it as part of our core reference lab panel, and we added it to the point-of-care clips just recently. And we're not just talking about SDMA and kidney health, and we're not just talking about cats. IDEXX is very much carrying this dual species commitment across our entire portfolio. We have many examples of this in just a few here. So at the point of care, Mike spoke this morning about proBNP being added to our Catalyst analyzer, very excited about that because that's going to add cardiac insight for both cats and dogs. And our rapid assay line, we take this dual approach as well. So we offer both dual species solutions that can help simplify workflows, and we also offer species specific tests that can get to unique clinical needs for both dogs and cats. And of course, as we expand our diagnostic capabilities at the reference lab, we're going to continue to think about both species as well, and Mike shared a couple of great innovations in the pipeline ahead. No one else has the breadth of canine and feline Care as IDEXX does in terms of diagnostics. And ultimately, our goal is to help make sure that our practitioners have the tools they need to elevate care whatever patient is walking through the door. So these diseases, it's an important thing to think about early detection, especially right now because those puppies and kittens that we adopted during COVID are aging, and this is exactly when these diseases are starting to emerge. Let's think a little bit about the sector and what that means. We know that diagnostics become increasingly important as our pets age. And what you're seeing here is puppies and kittens and seniors and geriatrics, they go to the vet around the same number of times. So if you're younger and you're older, you're going to go to the doctor more often because you need more check ups. But we can clearly see that when our pets are aging. They just need more diagnostic increasing frequency and intensity. And this total view shows you a couple of things. It shows you, number one, there is headroom here to elevate care across all of these age cohorts, massive opportunity in front of us. Number two, we know that diagnostics help improve outcomes but we're also seeing that diagnostics are doing a great job driving diagnostic revenue at the practice. So that's important. And number three, this is only going to accelerate as we look at that COVID cohort and they age up. because we can follow that age profile and see what's been happening and where to look in the future, we can really see the wave of utilization demand in front of us. So if you did adopt a puppy or kitten during those years, they're about 5 or 6 years old. I think I spoke to a couple of you last night that might have a 5- or 6-year-old and you're sitting right in the middle of this chart. So this is when diagnostic increase really spikes. What you're seeing is a point in time here, 2020 and 2025 clinical visits and the bubbles at the bottom, they're showing you percentage of clinical visits with diagnostics. And the story here is clear. Those puppies and kittens we adopted are now supporting a much larger adult population who's about to become a senior and they are really driving increased diagnostic gains. As we discussed earlier, we are in a cycle with puppies and so we are seeing some normalization versus those pandemic highs. The overall picture is demand is in front of us. We're understanding where these pets are in their health care journey. It can really help us clarify where future diagnostic demand will emerge. So let's take a look at the most common and foundational test that is run in the clinic, and that's blood work. Takeaway here is that diagnostic growth is not limited to visits alone. We have a lot of opportunity in front of us with the visits that are already happening. We can see that the total visits, yes, we have made meaningful gains year-over-year with art blood work inclusion. But we also know that it's only 1 in 5 of these clinical visits where they're using blood work. You can see there's even more opportunity when we look at wellness. So nice step-ups and we're very happy to see that. And the majority of preventive care business today still don't include Budworktests. So this is a story of consistent progress and significant opportunity. Our strategy is to develop the sector globally through innovation and commercial execution and help our practices connect those needs that our pet owners are asking us for with delivering more advanced care. This is where we really can help our customers move from episodic testing to more proactive screening. And you're going to hear a little bit more later today, and Jo Malone and Michael Schreck talk about wellness at a corporate account. We'll hear about what that's like that partners. Another important dynamic that is shaping health care demand is the type of pets that are entering the population. So when it comes to pet health care spending, costs really vary significantly by breed. And if you normalize this over a patient lifespan, what we see is that there are breeds increasing popularity that have higher care needs over the course of their lifetime. Now an important thing to say here bread mix is driven by consumers. So you might have a neighbor who loves burner Doodles, and he'll have burner Godles for most of his life. I am going to get another standard because I enjoy standard poodles. Consumers are driving these choices. So if we think about that higher spend set. So these are dogs like Golden Retrievers, labor Doodles, French bull dogs to name a few. They are trending up. They're more popular and they cost more on an annual basis because they have more well-known health risks. On the flip side, we see that the other -- the lower side of medical spend that they're actually starting to take a smaller share of the population. And overall, this is showing a mix in shift to breed. And over time, we expect to see more dogs that need higher care and therefore, will be spending more on an annual basis. I'll give you a quick example of one of these higher spend breed dogs, maybe some of you in the audience might have a golden. So if you do, it's the second most popular dog today and your golden is living about half year more than they did a decade ago. And if you're a golden owner, you're also spending about 20% more than the average dog owner because your golden is prone to some medical conditions. One of these conditions is lymphoma. And so we at IDEXX are doing our part. We want to raise awareness that cancer is out there and that there's an ability to get that earlier and take a look at that. So cancer screening is really at the core of many of the trends that I've spoken about today. And no matter what bread you have as your dog ages, they're at a higher risk of cancer. And that's exactly where early detection and the emotional stakes of pet parents come into focus. There's very few words that land as heavily on a pet owner as that word cancer. And the emotional weight of that, that is why screening matters. We know that our preventive care protocols are helping our clinicians provide good information and put our pets on good care paths, but our pet owners are telling us it means a lot more. It's giving them confidence. It's helping them get peace of mind about the situation, and it's really giving them a sense of control to help better care for their pet. We're seeing that the majority of pet owners are interested in cancer screening, and this is particularly resonating with those at-risk breed owners I just spoke to you about. Let's also think about those aging COVID cohorts. They are aging into the time where we're going to start to see cancer is going to surface and be more prevalent and screening is going to be more of something that they will be interested in. So Mike said it this morning, we are super passionate here at IDEXX to make cancer history. We are committed to help bring awareness about cancer and we really are at a tipping point. Mike Lean is going to share a little bit more of the road map in more detail in his section later today. So the final sector , I'd love to cover off with you is durability of pet spent. You see on the chart on the left, we are seeing remarkable consistency in pet spending across both time and across cohorts. We do know consumers are facing pressure, but what this data is showing us is that they're spending a steady share of wallet for pet spent. On the right, you can see veterinary care is a fraction of this spend and diagnostics is even smaller yet. While levels may vary by income as expected, the commitment to pet spend is showing a durability across all the cohorts. And I think this is to be expected given some of the trends that we've outlined today. To continue to understand how pet health care spend is stacking up across the economic spectrum, we did something new at IDEXX, and we matched our IDEXX PIMS data with a new anonymized consumer set of data. This is a large data set, 30 million consumers and spans 15 million households. And it's a pretty clear picture when you look at this slide. What we're seeing is that pet health care spending absolutely remains an important category of household spend and prioritizing spend for our pets, it's not limited to one income cohort. Growth is broad-based, whether you're lower, middle or high income. And we're seeing both clinical and diagnostic revenue is increasing. You can see that diagnostics continues to be an important contributor. Medical insight is helping provide clinical care, and our pet owners are looking to spend on this. This doesn't mean that all consumers experience the market the same way. We do know affordability matters and some of our practices are navigating this in communities. But the broader point is that pet health care demand has remained remarkably resilient across a range of household income segments, and in this case, the lower income is even outpacing some of the rest. This supports our view that the sector's long-term growth drivers are durable and not concentrated in only 1 income segment. So in sum, these trends create a compelling opportunity for IDEXX and for the industry. The pet population remains elevated. Pets are living longer and aging cohorts are aging up into higher care need stages. Our pet parents continue to show a deep commitment to their pets, and they're willing to make sacrifices. IDEXX is positioned to translate these durable tailwinds and into better care and long-term growth for the sector. And we'll do that by expanding the standard of care through our innovation and increasing diagnostic utilization and frequency. We're also advancing our preventive and diagnostic care envelope, whether it's wellness screening, early detection or ongoing patient monitoring. And we're helping our practices deliver more personalized focused care by integrating our diagnostics workflow, software and clinical pathways. This is how IDEXX will help grow the sector globally by partnering with our practices to succeed to make sure that we help them succeed and expanding access to high-quality care, improving outcomes for our pets and driving long-term growth. And it's my extreme pleasure to introduce George to the stage. George will talk a little bit more about our customers and where we're going next. Thanks.

Thank you. considerably younger George Fennel in that picture there. Good morning, everybody. It's great to be with you. Welcome to those of you joining along on our webcast. It stands to reason after Mike has confirmed our IDEXX innovation growth strategy, and Julie has provided great sector backdrop, that the next reasonable place to go is to the central figure in all of this, the IDEXX customer, the health care teams that support veterinarians around the world. So I have the privilege this morning of sharing a little bit about our commercial motion, how we show up with innovation, how we present and talk to customers. And importantly, how we translate the value of IDEXX innovation into adoption. It is easy to fit on a slide and it is decidedly a great commercial challenge in the field. The commercial organization broadly described are those teams that work on the front lines with our customers every single day. It's happening now. It's happening right now in the East Coast of the United States. It's mid-afternoon in Europe. It's still going on. We are doing that work right now as we gather and that's incredibly exciting to think about. Translating the value of products and services is a process. It is not an event. Point number one. I'll leave that out there. And our organization is fundamentally built for demand generation. Demand generation is different than revenue generation. Revenue happens after you generate demand. The work of demand gen is difficult. It's a proper challenge, but innovation provides a pathway to a few essential elements to generating demand. But that's what the commercial organization here at IDEXX does. It's the aggregation point of all of our ideas, all of our products, all of our services, it all aggregates within the commercial team and then we turn and we face the markets in which we serve. Importantly, not unlike biomarker research, assay development or instrument design, we think of commercial execution as a discipline, a set of tools, with a set of skills, with a set of capabilities that we operationalize at scale and constantly refine. Commercial activities and just work with customers, it's a discipline. And we bring that mindset to everything that we do with our customers around the world. So what I want to do now is just build a little bit more texture on Julie's backdrop as we think about commercial execution in the field. So what do our realities look like today in the field? Well, certainly, veterinary care sophistication is growing. Looked at from a patient care perspective, this is wonderful. New diagnostic tests got more diagnostic capabilities coming since 8:00 this morning. Since 8:00 this morning, more capabilities are coming. So when you think about this from a pet care perspective, this is wonderful, new tools, new opportunities, new care sophistication. Increasingly, you've got a client who is incredibly interested and deeply empowered and engaged in the exam room with the health care teams with their own sets of curiosity, their own sets of information, oftentimes present with that information when they talk to veterinary health care teams, an increasingly important stakeholder. Now I'm coming up on nearly 25 years in our industry. I have never seen the pet owner as engaged in the health care equation as they are right now. And that's growing. That's a part of the backdrop. Can opt out of that. We have to lean into it. So it's a really important dynamic to think about. And these clients come in with very high expectations. And it's not a bridge too far to believe that, in some cases, they're more interested in Scout's health then their own. That's not a bridge too far. I can tell by the nonverbal reactions in the room that, that's reasonable to conclude. When you think about this also, and you think about this through the veterinary health care team lens, customers are balancing this care complexity with veterinary capacity. We've had a lot of discussions about veterinary capacity and complexity over the last several years. And that balance continues. That balance continues. And interestingly enough, I sort of described this as a daily resilience test is happening in veterinary medicine. That's what's happening every single day, this balancing act between care client, the tenderness of the health care team or are we caring for our employees, those dynamics continue to play out literally in real time. This is part of the moment that we need to meet. And interestingly enough, veterinary medicine, all of my time in this industry always found this incredible deep emotional pull to the rewarding nature of providing veterinary care. Many of our customers feel like the profession of veterinary medicine was a calling something invited them into this space from an early age. And it's incredibly rewarding to do the hard work that they do. That said, because I'm fond of saying that several things can be true at once, it's also emotionally demanding. There's no question about it. So just a little bit more texture in terms of what we see in the field. This is now the backdrop. So the question is, how does the commercial organization at IDEXX show up in this space? Well, the way we meet this moment begins with a level of empathy and understanding, empathy and understanding, it's about our ability collectively around the world to read the room, to read the room, to know whether to advance old still or retreat. That's a thing. That's a thing, your ability to read the room because you just do not know what happened 15 minutes before you walk in that hospital. You don't. So you have to have the presence of mind to be able to read the room and understand how to bring the IDEXX commercial agenda and our innovation ideas to life. IDEXX teams around the world, bless you, are highly professional and deeply experienced, growing tenure from consistency of face in front of customer allows them to understand customers' needs at new and more profound levels. We're meeting this moment. Julie described, Mike set up, and I just talked about a moment ago with a growth mindset and this notion that it's really important to bring both subject matter expertise and ability to read the room, effectively relate with customers, and understand how to deliver value in translating innovation. All of those things are important, but with a partnership mindset. Now partnership is a word that's very often used in veterinary medicine, perhaps even overused. But let me just talk about what that mindset is in the IDEXX commercial organization. What that means is that we find mutually agreeable pathways for both parties to grow based on patient care first. Some of you have heard me say this, I'm going to repeat it intentionally because I share it with my own teams. The fastest way to agree on nothing is when you try to agree on everything, okay? So we find places along the care continuum to create agreement. Why? Because we have deeply internalized that veterinary customers are a part of their communities very likely to be there for a long period of time. And we also deeply internalized that to the companion animal veterinary customer around the world, veterinary diagnostics and software is not some of what we do. It is all that we do. That is all that we do. The customers are going to be there for a long time, and this is all we do. It stands to reason with those notions in your consciousness, you're going to try to find points of agreement and try to eliminate points of friction, as Mike noted, to constantly advance why? Because we're always going to be back in the veterinary hospital. Why are we always going to be back at the veterinary hospital, because the IDEXX innovation machine gives the commercial organization, new novel products, tests and services. And so if you know you're always going to be back, and you know they're always going to be there. And you can read the room at all times, you will find those points of agreement and build a layered relationship over time. Our commercial teams are advanced practitioners of this. This is the way we speak to one and another and to our customers about this. What you see is a picture in Montreal, Canada of one of our colleagues truly working as a partner in the room shoulder to shoulder with our customers talking about the value of IDEXX products and services. This is truly how it happens and how it's happening literally in real time, a very important notion. Now Mike talked about our commercial ecosystem. That's an IDEXX term, and I'm going to bring that to life a little bit for you. You've got in the practice resources on the left and you have what we call Backstage resources on the right. It's not about having the resources, it's how they work together in a tightly integrated way. This is a unique motion with respect flowing across the IDEXX ecosystem with the customer truly at the center of this. In the practice, you have account managers at the core of all of this. You have specialists based on the unique needs. It could be laboratory specialization. It could be software specialization. It could be instrumentation specialization. It might even be a peer for our customer. It might be a professional services veterinarian. These are the folks on the stage, in the practice, bringing innovation to life. It's not the having. It's how you work together, really, really important. Mike talked about this with Dr. Bailey. There's a lot of Dr. Bailey's in the world, which is great. That's why we love this business because there's a lot of Dr. Baileys. And when IDEXX's ecosystem performs well, we truly become an extension of Dr. Bailey's practice. And it turns out that she likes that support. It turns out IDEXX teams like providing that level of support. So there's 2 notions here that are important that the customer needs this activity and the IDEXX teams enjoy this. Now let me just talk a little bit about Backstage. Internal medicine consultant on the phone, the clinical pathologist working through a case with a veterinarian is as important to the value proposition we extend to our customers as the account manager who may be articulating a growth strategy through care expansion, with the professional services veterinarian, soon to talk about the addition of homangiosarcoma to the cancer panel, okay? It's all important and it's carefully coordinated. And this model is what we are scaling globally because it's effective delivering results. And our business results and we measure the rate of agreement we forged with the customer. Not about us. They're about the value we deliver to the customer and they check that with their growth in diagnostics. And so it's important, as you think about our innovation-based growth strategy, as Mike articulated it, why we would want to have the commercial capacity and capabilities globally to scale this. Now let me just talk a little bit about innovation, looked at through the commercial lens. Confronting commercial organizations at IDEXX around the world are 2 questions every day from customers. How are you? And what's new? They're not really waiting for the how are you. They're really interested in the what's new. Every single day, customers ask, what's new. Now let's talk about why that's important and what IDEXXers have the privilege of saying in response to what's new. And it might begin with a look at their phone or look at their watch. Well, how much time do you have? Because IDEXX teams have a lot of innovation to bring to customers on a daily basis. But the reality is those 2 questions come every single day. And innovation, looked at commercially is a pathway to access. Now any commercial leader in our business will tell you that access to veterinarians is not a right, that is not an entitlement, that must be earned. But what we activate with innovation is curiosity. Curiosity is what opens up the access gap and then there's an opportunity to perform. So let me just provide 3 lenses of IDEXX innovation and how the commercial teams think about this around the world. Let's begin with Catalyst, okay? Catalyst, slide, expansion, new menu is incredibly important for a handful of reasons. One, it gives us an immediate reason to talk to the more than 80,000 Catalyst customers around the world and let them know and remind them that the catalyst is not a product, but rather a platform A product is an asset that tends to depreciate in value over time. The IDEXX catalyst has just taken on additional capability over time. It's a platform with extensibility and adding new capability regardless of when the customer put the catalyst on the bench, might be Catalyst One in 2014. It could be 2019. It might even be 2025. That analyzer now has more capability than it did last week. That's a great message because that builds long-term loyalty with our customers. And loyalty, obviously, is the foundation for growth. So while we're opening up new care pathways, and that's important, it's also a loyalty driver and a business driver. It's a chance to remind the customer of the wisdom associated with their decision to put the catalyst on the bench whenever they made the call, whenever they made the call. So that's important if you're an account manager in the field to build that long-term loyalty. InViDx fundamentally is, as Mike described, paradigm-shifting technology. This is now about having the commercial scale and capability and partnership mindset to help customers not adopt but go through a change management process. This is about training, this is about new workflows. This is about extensibility of the platform over time. This is about driving relevance in testing categories where technology now is going to provide incremental clinical insight to our customers. That's a moment if you're in a commercial organization, you want to be in that conversation. You want to be in that conversation. It's a proper challenge but it's not hard. It's a proper challenge, but it's not hard. What's hard is making something old appear new. That's hard. This isn't that. This is about technology and paradigm shifting technology that we're a part of every single day. Now let's just talk about cancer. Mike touched on it. Julie did as well. Commercially, the cancer evolution, the addition of hemangiosarcoma to the cancer panel. Looked at through the commercial team's lens. We are deeply internalized with this notion that IDEXX is leading from the front here. We're leading from the front. This is a privilege. Sometimes the hardest moment to see is the 1 you're in. We try to help commercial teams understand what this cancer journey is all about. It's very hard to see it in the moment. It was 2035, we could probably look back with greater clarity and understand what's happening in 2026. But right now, you can see that IDEXX is trying to work together with the veterinary profession on a profound journey to make cancer history. This, again, is another opportunity for access to customers, to talk about what IDEXX technologies can bring an opportunity to focus on what we have, not what we do, not what we don't. And because the IDEXX teams are so professional, this notion activates their own sense of purpose about why they're in the industry, about why they're working with customers. They're out here to try to make a mark, to try to make a contribution, and this cancer story is particularly profound. The point here is that innovation absent commercial capacity and capability only gets you so far. One thing to have the innovation, it's another thing to translate it and scale it. Let's just spend a minute talking about how this happens in practice. This is sort of George's lens on what happens in the real world at the street level. We walk in with IDEXX innovation. We are convinced, new care pathways, new opportunities, et cetera. That is what we talk about when the customer says, what's new. It activates veterinary curiosity. But increasingly, we think about innovation a little bit differently than maybe we did years ago. Innovation doesn't first require that you do something new, requires something a lot harder. It requires the customer and the health care team actually to let go of something. Now humans run on routines. It's hard to let go of things that are essential to our routines. What if what we're asking the customer to let go of is what they were taught at Cornell or at the Royal College of Veterinary Medicine. What if we're asking the customer to let go of something that's been the only way they've practiced for 13 years. Now you've got a view on the proper challenge in front of the IDEXX commercial team. In order to adopt something new you must be willing to let go of something to make room for it. Now it sounds like a challenge and not like, well, all right, I get the question all the time. George, you guys have all these new products. I'm like, yes, just think about what this means. What this means is having the trust, the credibility and the subject matter expertise to ask the customer if they're open-minded to learning something new. Now you're in a conversation. But this is the conversation you want to be in because the customer has invited you into this space, they're curious. They want to know what you have. And so when you show up, you've got to bring clinical evidence, the right answers in the room, the right perspectives, the right thoughts so that the customer can start to process this. Again, innovation adoption and translation of value is not an event, it's a process. It takes time. And therefore, the commercial model has to be built in such a way that allows teams to spend more time with customers to go through this process. But it's an important part of the way we think about this. Now commercial teams are either gaining ground or losing ground. No one's standing still. You're the gaining ground or you're losing ground. So your ability to read the room and bring change management programs and ideas and thoughts to the entire health care team, not just the owner veterinarian, not just the practice manager, but all the associates, all of the para professionals everybody at the hospital goes through change management when innovation presents. So you must have the capabilities and the capacity to do this globally to get this innovation adoption taken. And that's what our commercial model has been designed for. Fundamentally, it's a change management endeavor. It's great breakthrough science, but you've got to ask the customer to put aside what they learned at UC Davis and say, Okay, I hear you on that. And yes, this is what you've been doing for 22 years in the hospital, but we have a different idea. We have a different idea. Now you see what confronts the IDEXX commercial teams and why we need scale. So here's a bit of a take, and I'm going to unpack this a little bit on the cancer piece of this. This is incredibly exciting work, what we're doing. On the left, is a pictorial of Mike's comment. 20% of the customers who have submitted a cancer DX test to an IDEXX reference lab are from customers who do not consider IDEXX their primary reference. Now why is that? Why is that? If hospitals run on routine, tell me why now this customer will send those samples to the IDEXX reference lab. Well, my own personal take and is only a personal take is that all innovation adoption in veterinary medicine tends to happen the same way. It begins with a specific product or in this case a test, a profile, a set of efficacy requirements, how does it perform, veterinary curiosity and willingness and a pet, that's how innovation adoption begins. Those 4 factors together product with a set of requirements and profile, veterinary curiosity and willingness and a specific patient. That's where it begins. And so cancer DX and in this case, for lymphoma, those pets that activate that veterinary curiosity and willingness happen in customers who don't necessarily use the IDEXX Reference Lab as primary and they break their workflow. They set up an account with the IDEXX reference lab and they send that sample to us to provide them with a result. That is a profound statement. And looked at commercially, that opens up opportunity. We're in the face of record reference laboratory conversions as a commercial business right now globally, record. We're just getting started. This mass cell tumor at the reference lab hasn't arrived, angiosarcoma hasn't arrived. This is just lymphoma activating customers who don't consider IDEXX their primary reference lab. Now on the right, 2 really important notions. It's the Net Promoter Score of customers who use the IDEXX Reference Lab, that's in blue. And the Net Promoter Score of the IDEXX Reference Lab for customers who are not primary users of the IDEXX reference lab in green. Those scores are nearly identical, which is almost unheard of. IDEXX customers think extremely highly of the IDEXX reference lab. We performed well. IDEXX customers who have IDEXX customers who are non-primary to the lab who have used the lab think it's highly of the IDEXX Reference Lab is their own. That is a stunning finding, a stunning finding. What does that mean for the commercial team. Well, that means the funnel of opportunity is wider than we ever gave ourselves credit for. So between capacity, innovation and the fact that the lab has clearly performed so highly has earned nearly identical Net Promoter Scores. And as a reminder, the Net Promoter Score is a willingness to recommend to a peer. Let's just say, scores or points -- but what does it really mean? It means I'm willing to recommend this to a peer of mine and 50 is world class. So the backdrop of opportunity looked at globally here as cancer arrives at corn West time, and in Brisbane is bright. And so you want to make sure if you know what's coming and you know the tailwinds behind you that you install the capacity to do this well ahead of time. Mike shared this slide, I cut off the far right, okay? This is all about our motivation to drive greater adoption of IDEXX innovation faster. We accept these as truths, IDEXX customers that adopt more, grow faster. That's the message. That's the message. So if you accept this as a truth, you'll install the commercial capacity to do it and do it well. Now the next 2 slides go together. This is an -- I describe it as an opportunity dense global landscape. This is utilization benchmarked against the United States, okay? Mike has made the case persuasively that the opportunity for utilization in U.S.A. and North America is still extraordinary, the headroom. We've just benchmarked against the U.S. and looked at the next 14 countries, and we see utilization opportunity, significant utilization opportunity. But if it involves change management, it's about having the commercial capacity and capabilities to do this and do this well. Taken together with this opportunity lens, the Venn diagram, customers that use IDEXX chemistry and IDEXX reference laboratory services. You can see even in the North America context, how much additional opportunity there is to have customers partner with us in those 2 diagnostic modalities, more opportunity in Europe, even more in the Asia Pacific theater. On the right, you see a stacked bar of instrument placement opportunities approaching 400,000. Now that will become my goal at some point, not yet, but it will become my goal at some point. And the point is the mine tends to find what it seeks. If you're looking for opportunity, you can find opportunity. There are incredible placement opportunities here. And placement opportunities, again, are not about the instrument and what the instrument itself does at the present time. It's a platform that is going to grow over time in capability. It will be a renewal asset in those countries where we use contracting as an element, not the element an element of how we do business with customers. And this opportunity lens is why we're installing commercial capacity globally to pursue it, both now and into the future as these platforms take on the extensibility that they have in the past. This is a snapshot another reason to believe what's been happening in our international business these last 5 years. Strong double-digit growth in recurring revenue, and we've nearly doubled -- nearly doubled our customers from an instrument placement perspective. And that's with the capacity that we have. And when you look at the last 2 slides strung together, you would see why we want to get, as Mike described, more proximity to these customers. Why? Because we've internalized the notion of change management. Why? Because we've understood that that's a process and not an event. Why? Because we know we have to ask the customer to first let go of something before they adopt something new. And that, that is a proper commercial challenge, requiring trust, subject matter expertise, credibility and an ecosystem to bring that to life. And that's what we're scaling globally. Now originally, and only to have fun with you, we were going to de-identify the flags and see how well you knew your global flags. See if everybody understood that the Netherlands and France had the same colors, but differently organized. Anyway, we labeled them for you. And the point here is the playbook on the left is what we're doing. We understand territory loading. We understand the optimal balance of customers in any given geography. We know the ratio and match up of the job systems and the job types. We know how to work carefully with 1 another. We have specialization where necessary in order to drive that subject matter expertise that we talk about. And this ecosystem approach is not about having the roles. It's how they work together and we train the teams to bring value and deliver value to customers globally. One really, really important part of this is not necessarily the motion itself but the profile of the colleagues, the talent that drives this business. This is a people-based model matching up with our customers. And we believe we have truly identified the right professional profile across these job types to optimize the way we deliver value to our customers. Increasingly powered by AI-enabled commercial tools to help colleagues answer the 3 fundamental questions of the IDEXX commercial model. I've said this for now almost 15 years. The model is about where to go, who to see and what to say and the more efficient we can make them with AI-enabled commercial tools, the more time they can spend with our customers in the field. Fundamentally, this is about reach. This is about reach. This is about getting to the customer to be able to spend the quality time to talk about just what we talked about here. Change management and staying with the customer throughout this journey, this is not transactions. This is partnership, agreeing on what we can agree on and extending from there and reaching our customers. Our investments in commercial capacity are designed to do this, but in a very thoughtful, calibrated way. This is not an arms race. This is not bedlam hiring people at breakneck speed just to have them. This is not that. This is a measured view of what we're doing constantly with a pipeline ready to go based on organizational capacity, leadership readiness and all of the right commercial attributes. There's 2 stakeholders that love this. One is the customer is Dr. Michael Stief, on the left, those are his words, not mine. This is how he thinks about this. The best possible care ladders up from the best possible diagnostics. That is how he is thinking about the business and its impact on his teams. On the right, another colleague of ours in the purple sweater, that's Onca Shaller, in the Leipzig Germany territory. This is how she describes her own work. Support is important, but it's really about jointly developing solutions, not selling a customer something. If I'm trying to bring anything to life, it's this idea that what we're doing is working with customers, working with customers. That's what this is all about. And in fact, she loves this. I love this. This is where the action is. It is where the action is. This is what we like. This is why we do this. And so we end where we began. This is an opportunity-rich environment. We see endless decades of opportunity to expand and deliver value to customers. Our offer is clarity in the face of complexity, our offer is a commercial ecosystem tightly integrated, delivering value through the change management programs that are necessary to move innovation into adoption and long-term utilization. We're using a well-established commercial playbook, scaling it globally in the moment, proven with high returns, good efficacy, well accepted by customers and we bring a growth mindset to commercial execution. All of those things taken together produce a highly engaged global commercial organization. You need high engagement at the point of the customer, and that's what we present to our customers around the world. And while quantity has a quality all of its own long term, this is about both quantity and quality to be able to do the work of paying off IDEXX innovation. And so at this point, I will thank our global commercial organization for the great work they do bringing value to our customers every day. And my phone is beginning to blow up because I've communicated to them what Mike shared just an hour ago. They're already more excited than they were to start their day. So I'll thank them there, and I will conclude our opening segment. Mike Lane will have the wheel on the other side of a 15-minute break. So I will ask everybody to be punctual. Our Investor Relations team will gather everybody here in the room. So 15 minutes for those on the webcast. And we'll take a break. Thank you. [Presentation]

Good morning. I want to start by thanking Golden Retriever, Lemon and our parent Abby, and Dr. Lindquist at Louville Animal Hospital and our Louisville lab team, our global pathology team and our R&D team to bring to life what we do every day and why we do it. It's my pleasure this morning to share the progress we are making in spot like cancer Dx as an example of how we turn innovations into recurring revenue and highlight why the period we are in is the most exciting, in my time at IDEXX. It all starts with the patient. Patients like Lemon in the moment of need with the right diagnostics at the time -- with world-class efficacy in a connected experience. Our customers don't just purchase products and services, they recommend them. because our innovations change what's possible, supporting them in their pursuit of providing the best health and well-being for the pets in their care. Let's talk about how we do this. It starts with novel biomarkers. Our R&D teams have a long track record of developing markers, Lime -- SDMA, statin B, fecal antigens, more recently cardiac and of course, cancer. Biomarkers that see disease earlier and more precisely than ever before. And value multiplies when we combine these markers into integrated panels, in protocols as part of a connected experience. This is how one scientific advancement on our R&D team generates revenue and multiplies value across modalities at IDEXX and generates value over decades from the initial day of introduction. Whether it be at the point of care, with our real-time diagnostics and chemistry and immunology, hematology, urinalysis and now cytology. Real-time diagnostics don't just generate great insights. They support very productive conversations between veterinarians and pet parents. Conversations with answers and insights in hand helping to turn recommendations into care. And we're introducing innovations at the point of care at an accelerating pace. Pooja Pathak right after me, will share how we're transforming diagnostics at the point of care. We're also transforming diagnostics at our global reference laboratory with 80 labs around the world, forming a sophisticated hub-and-spoke network and over 260 pathologists that together form a fall of the sun model of coverage to support our clinical pathology customers, 24/7, 365 including our IDEXX InView customers. Automation, digitization in AI work together with our proprietary limbs to simultaneously provide service quality, productivity for our lab teams and margin expansion. We take a technology and talent approach to innovation in AI. So our technicians and our specialists can spend time on only what they can do in supporting as an extension of the practice, veterinarians. We have over 800 medical specialists in oncology, radiology, pathology, internal medicine that often for a general practitioner who's seeing such a wide range of species and ages and disease states, often reach out to our medical consulting team, often with their most difficult cases. This is what world-class service looks like. And when you measure it, you've seen some Net Promoter Score results. These are the Net Promoter Score results in that same survey for the customer groups, our largest customer groups, our largest installed base, pro site, catalyst, IDEXX Reference Labs, SNAP, VetConnect all above the threshold of 50 considered world-class across industries. This does not happen by accident. It's the elegant load-and-go workflows on our point-of-care instruments. It's a 5.9 and a 5-star experience at our reference lab. It's these differentiated diagnostic menu across modalities. This is a leading indicator behind retention and loyalty in price realization in the foundation of our recurring revenue growth. Let me share a couple of examples of how diagnostics work together. The highest value for customers is not to have 1 modality or even the same 2 modalities from the same provider. It's about how the diagnostics work together in integrated solutions. We've been doing this for decades. Let's take Lyme disease, for example, ticks and line bites or tick bites and in lyme disease or surgeon. Veterinarians need the tools the technology to diagnose, quantify, manage and monitor. This protocol typically starts with Snap 40x at the point of care for heartworm, elite in a plasma and lime. And when there's a line positive, IDEXX customers have the opportunity to reflex to the IDEXX Reference Laboratory for what we call IDEXX Lime Quant. So this is a quantitative test for antibodies, supporting veterinarians with their care decisions and recommendations for treatment with pet parents, all integrated together in VetConnect Plus. In the cloud, available anywhere, anytime in the practice, on the phone, even on the watch with 1 connected experience. 1 clinical question, revenue across both modalities. This is 1 example of numerous of multi-modality integrated diagnostic solutions from IDEXX. Here is a more recent mast cell the most comprehensive integrated solution. Cancer DX as a liquid biopsy looking at the entire body of the dog for signals of mast cells in view with the ability to interrogate specific lumps and bumps. Now this could start either way. It could start perhaps with cancer DX as part of a wellness panel. And a signal is found. Maybe it's a pet with a thick coat in or maybe the lumps just weren't visible or could start with a concerned pet parent coming in about a particular lump that they saw. Could start on either side, and it's all supported by our global pathology team, with one click reflex from InView. It's important to note that all inview F&A customers our IDEXX customers, they're either already IDEXX customers or they become IDEXX customers as part of the installation of in-view and training to access this highly integrated, comprehensive solution. Now George shared this, and you can see both progress and opportunity with 40% of customers in North America, still single modality with IDEXX in over half internationally, single modality, but we continue to make progress as customers value the integrated multi-modality diagnostic solutions that I shared. Now we often get asked. There's one modality does reference lab or point-of-care pull volume from the other. And our experience is, no. Testing begets testing. And you can see this big data, thousands of IDEXX customers that use both modalities with IDEXX. And as they use more of one, they more use more of both. You can also see the opportunity here with a fivefold difference between the first decile and the tenth decile, and overall, just 18% of these clinical visits. These are U.S. clinical visits, including a chemistry panel. A significant opportunity for us to continue to partner as George described, partner with our customers to support them in their mission to provide care. Now we do this innovation in significant unmet disease category areas, whether it be vectorborne renal, parasitology, oncology and cardiac and Pooja will talk more about cardiac -- in Renal, I'll talk a little bit more deeply on parasitology and cancer. Now another lens on this opportunity is to look at the underlying -- it's about a dozen highly differentiated diagnostic categories, this is combined across point-of-care and reference lab, everything from immunology, chemistry, hematology, cytology, radiology and of course, cancer. And as you look from the left to the right, that white space, those are existing IDEXX customers that just have not yet adopted the breadth and depth of this diagnostic menu. They're already on our systems. They're already using some of our point-of-care instruments. They're already set up with courier service. This is an opportunity as we partner for them to adopt more of this highly differentiated menu. Now parasitology is an example where we've run the technology life play technology for life play, end-to-end, transforming fecal testing. For over a century, this testing was done by looking through a microscope. Now whether you're looking through a microscope at another reference laboratory or in the practice or with a traditional microscope or even an automated microscope. If you're looking through a microscope, you're looking for eggs and you're going to miss infections. We changed this paradigm of testing by looking for the protein and as a result, we discover 2x the parasitic infections because the eggs are not always there based on the infection cycle. And you can see over a decade, starting with Giardia and then to most recently, TiniaTapeorm just a couple of months ago, the technology for life approach we've taken. Tania was one of the parasites that customers ask for quite a bit because it's zoonotic. And not surprising, we've already run 1 million fecal antigen panels just in the past 2 months since adding Tina taper. So we redefined what's possible for parasitology. We're doing it again with cancer, 1 in 4 dogs, 1 in 5 cats a tremendous disease burden, representing a $2.5 billion addressable opportunity. Starting with lymphoma, which covered about a quarter of the canine cancer cases, now mastcell next month, 35%; and then Hemangio will be at 40%. We're not done. We're then going to continue to add cancers to the canine cancer panel to 50% in 2028. And we're still not done. We're going to find more cancers to address then we're going to go to other species as well. We, as you have heard, are on a mission to make cancer history. Now, lymphoma now has claims across wellness, aid in diagnosis and monitoring. And as you heard, already over 11,000 purchasers of cancer DX, just about almost 1,000 additional customers just in the month of July. It's the breakthrough performance and pricing that helps earn this adoption with our customers. And it doesn't stop at diagnosis. It can now be used also for monitoring remission during CHOP chemotherapy, resulting not just in one testing event but recurring testing. And then mast cell, as you've heard about a bit already. This is 1 of the most requested, one of the most diagnosed. You can picture the number. If you're a general practitioner, it's top of mind, the number of pet parents that are coming with concerns about lumps and bumps. And what we've done is we've optimized this test to be most aggressive to the aggressive tumors. Some are benign, some are cancerous, but there's degrees of aggressiveness. And it's the aggressive ones that we want to be most concerned about, and it's important because we also take, veterinarians take different approaches to surgery and treatment. And this all works together, as I described previously, along with the integrated mastcell cancer detection capability combined with InView combined with our global pathology team. And as you've heard, lots of excitement about hamangiosarcoma, the silent killer. This is perhaps the most heartbreaking situation in veterinary medicine, and not just for the pet parent but for the whole team. When there's an emergency, and there's a pet and there's internal bleeding, and this pet looked and act healthy the day before, even maybe that morning. And suddenly, within hours, they're gone. These tumors typically form on the spleen and once ruptured, in 1 peer reviewed study, if you find it pre-rupture, over 1/3, 35% survived a year or longer. Sadly in that study, no pets lived a year. And again, typically within hours. This one's personal I've been there. We've had 4 dogs in our family. This is most with my son, 1 of my sons. And -- 2 of our 3 dogs side of cancer, 2 from homangiosarcoma and all in this heartbreaking way where they were acting and looked healthy the day before, and then they were gone. And my veterinarian shared words like these that you see on the slide. Now here's the good news. Even with disease this aggressive, when found early it can make a huge difference in the outcomes, as I mentioned, in the study I shared. 35% is found early, which is what this test has made to do had survival a year and longer. But not found before rupture. Sadly, no pets in that study lived a year. So here's some more good news. There's a wide range. When you look at these 3 common cancers that will be in the panel this year as we move from a test to a multi-cancer panel, there's a broad range of therapeutic testing -- excuse me, therapeutic options. For mast cell and Homangio,that may start with -- typically start with surgery followed by chemotherapy, immunotherapy as well as other treatments for all 3, the outlook for veterinary cancer care is very promising. Now let me translate this innovation-led growth strategy into the business impact it's having. You've heard about the 20%, the non-IDEXX customers that are accessing cancer DX. And some of the implications of that. The implications from a lab perspective, it means these customers are now set up with our courier service. They're now experiencing the Five9s, 5-star service we aim to deliver with every sample. They're getting introduced to the broader menu of the IDEXX reference laboratory. And then as also mentioned, 70% of all the submissions to date, coming with broader blood work. And as we look at the adopters, we're seeing higher wellness diagnostic utilization among the adopters relative to nonadopters. Cancer DX is a powerful growth driver and multiplier, and we're just getting started. Further translating this innovation-led growth strategy and to the impact it is having. Here you see the VetLab and reference lab recurring revenue, combined nearly doubling over the past 5 years. Two modalities, similar growth as customers value this integrated diagnostic capability. The model is straightforward here, we partner with customers to bring these first-in-world innovations with world-class service levels to help them with advancing care and help them grow. And when they grow, we grow. And when we grow based on our investment of decades in lab network and logistics and extensible point-of-care platforms. We have high profit drop-through on incremental growth. And we're able to reinvest that in all the elements of the strategy that we talked about today, biomarkers, software, workflow, connected experience, technology and talent. In summary, we delivered diagnostics at the point of need. The right diagnostics at the right time for the patient right there based on their age, based on their breed, based on their situation. In veterinary confidence turns the diagnostic insight into action. And I want to thank all my IDEXX colleagues around the world for all they do every day to support our customers and earn the trust of customers as we partner with them. Cancer DX is at a tipping point. As you've heard, and the opportunity -- the care gap. You've seen the decile chart. You've seen it got a variety of ways. The opportunity to close that gap is what I'm most excited about. We know how to do this. We are uniquely positioned across point-of-care diagnostics, reference laboratory, software, to partner with our customers to close that care gap. So in closing, it's the needs of those you see on this slide. It's the needs of Lemon and our parent Abby and doctors like Dr. Lindquist that inspire us every day to advance our purpose of enhancing the health and well-being of pets around the world. Thank you. I'd now like to introduce Puja Pathak, who leads our VetLab point-of-care business, and we'll discuss more how we're transforming diagnostics at the point of care.

Thank you, Mike, and good morning, everyone. I joined the team earlier this year, so I have 2 quarters under my belt. So I'm new to IDEXX, but I'm not new to diagnostics. I spent most of my career in point of care and diagnostic imaging on the human health side. I led the mammography business for breast cancer screening at GE Healthcare. Julie and I were part of the team that launched the very first molecular platform at the point of care in the United States. And more broadly, I've built point-of-care testing programs in cardiology and infectious diseases globally. I really believe in the impact of prevention in real-time care, and it's my pleasure and privilege to lead our VetLab business. So that's me. You met Lemon earlier today or just a couple of minutes ago. So Lemon came in with a lump and she left with an answer. There was no slide, no courier, no waiting for a call back. That's the window that we operate in at the point of care. It's 1 visit, 1 diagnostic workup, 1 conversation with the family and decision before they go home. Most of the time the answer is reassuring and the family can go home just knowing. But sometimes it's not. And that's when the answer in the room changes the outcome. I will show you some truly incredible innovations in the next few minutes, but all of it exists to do what happened to Lemon. Give our clinicians a result that they can trust and act on give the pet parent clarity on what happens next and give the technician some time back with the patient, more time back with the patient. Let's widen out from that exam room and look at the innovative platforms that make this all possible. This is what has been built over the past decade, delivered to roughly 100,000 practices globally. Multi-Q will be -- DX will be an exciting addition to the family. We already covered the first principles of each of these: real-time results, reference lab accuracy and loading go simplicity. What matters as much as each analyzer is how they come together. Chemistry, hematology, urinalysis and now cytology, all designed to work with 1 another, a single interface across the entire suite, 1 workflow, 1 integrated report. A technician trained on 1 can easily operate any of the other analyzers. That's key. And every result flows into the record and onto the invoice without anyone touching it. Catalyst is at the heart of this suite. Catalyst is the sector's most versatile, highest-performing chemistry analyzer. It is the workhorse of any in-clinic diagnostic program. You may have caught the loading go workflow above me. It takes seconds. And this is the slide next to it. A single form factor across a majority of our tests. Dry flight technology, combined with a modular platform design, drive that breadth and menu. It's how we put chemistry electrolytes and immunoassay on a single analyzer with reference lab accuracy. Anywhere else, it would take 2 or 3. It's also how we add menu without touching the hardware. Super sophisticated technology, super simple for the user with a Net Promoter Score of 63, customers love it. Today, Catalyst runs 43 parameters across 11 prepackaged clips and 34 high-value singles. The prepackaged clips are the foundation of in-house testing run on nearly every patient and every presurgical patient. The single answer specific clinical questions either alone or in combination with the claim. And we keep adding to it, which is how the platform becomes more valuable every year it sits on the customer's counter. This is technology for life in a single picture. We add roughly 1 menu item to Catalyst every year. We've had 2 innovations just this year and 5 in the last 3 years. Pancreatic glyphase, cortisol and SmartQC are seeing strong adoption globally. And this year, we introduced SDMA inclusive Clips as well as proBNP. Each menu item lands across the entire installed base of 80,000 analyzers, not just the next one. So again, the platform value continues every year for the customer. 2.5x expansion of economic value per placement since the launch of Catalyst One. The 2 additions this year expand our largest disease franchises, renal and cardiac and I want to spend a moment on each of them. IDEXX redefined the management of kidney disease with the discovery of SDMA. SDMA rises earlier than creatinine during the onset of kidney disease and unlike creatinine, it is not distorted by muscle mass. So it finds kidney function loss sooner in patients who look unremarkable on a standard panel. A decade later, customers have run more than 120 million SDMA tests. In sick pets with reduced kidney function, a standard panel misses about 30% of cases. SDMA catches them. And in cats, early diagnosis and treatment delays disease progression by about a year. So in June, we did the obvious thing and build SDMA directly into our most common chemistry panels across North America. No separate slide, no separate decision. It's simply included, and it drives compliance to care guidelines. Early adoption has been strong, and international markets will follow in the first quarter. Our second launch this year takes us into a category that we haven't yet served fully at the point of care. Heart disease affects nearly 1 in 10 dogs and 1 in 6 cats, and it remains underserved in general practice. Today, cardiac evaluation is limited a little bit to specialists. Echocardiography is the gold standard, but access to echo can be limited with about only 420 cardiologists in the country, for more than 23 million cats and dogs with heart disease. General practice needs better tools. In October, we bring Catalyst ProBNP to our customers in North America. It is the first and only dual species NT-proBNP test at the point of care. With reference lab accuracy and quantitative results during the patient visit. The test helps doctors understand risk and make clinical decisions in real time. Think of an older cat with preanesthetic blood work, where heart disease is often silent, and finding it changes the plan or a small breed dog with the heart mermer, where ProBNP helps evaluate the likelihood of clinically significant disease and earlier treatment can gain about 15 months of healthy life. And it builds on our connected cardiac offering, reference lab testing, ECG, advanced imaging, AI-assisted tools and specialist expertise. So a doctor can know who to treat, who to image and who to refer. Both launches reinforce the value proposition of catalysts to our customers over time. New menu is a key driver of catalyst economic value expansion. As I mentioned, 2.5x since the launch of CATALYST 1. That extensibility has been designed in from the start and it's what enables the breadth of menu across chemistry, immunoassay and electrolytes. With Catalyst proBNP, we pushed the platform further agai delivering a precise quantitative immunoassay across a wide dynamic range. That IMMUDxin Multi-Q are also designed with that same extensibility in other large existing test categories. For VDX, that means utility across cytology. There are 150 million of them done every year. And we're only at the beginning with in DX so that blue bar has a lot of opportunity to grow. Let me show you what this looks like in the practice, why customers choose inVue Dx today and where we're going from here. Mike and George talked about the change in transformation in cytology with inVue Dx. That change is directly tied to improve clinical, operational and financial outcomes for the practice. The first is improved consistency. With load and go workflow, there's no slide to make and no subjective read. So the result isn't dependent on who ran it. The consistency and quality is built into the analyzer. With ear cytology, it's 96%. The second and perhaps the one customers care the most about is the time savings. More than 90% of hands-on time is freed up within inVue Dx. That's about 10 to 20 minutes per patient. That's a technician back in the room with the patient rather than on the bench and a clinician with more practice time to practice medicine. The third is the integration. A microscope result lives nowhere unless someone types it in. Within inVue Dx, 100% of the results are recorded and invoiced automatically. For one practice, this matters across a corporate group running hundreds of practices, it translates into a standard of care that's actually implemented. You've seen these inVue Dx categories before. There are roughly 150 million cytology readings done a year on the microscope. So this is work already happening today. If we look at ear cytology, blood morphology and F&A, they're completely different areas of care. But the needs that we just discussed around consistency, around operational efficiency, around integration, these are common across all of them. And this is reflected in the adoption rates for inVue Dx. A vast majority of inVue Dx customers are running both ear and blood and have expressed interest in F&A as well. FNA is a significant category in its own right, 12 million tests run on the microscope. And that's only a fraction of the opportunity because, as Mike mentioned, only 1 in 10 lumps and bumps is actually tested today. And then beyond these 3, there are 100 million more other in-clinic cytologies that are run every year. That's our runway. And none of these categories is a single test. Each one of them is a platform within the platform. Let's take blood morphology. We launched in December 2024 with a core menu focused on sick pets, CBC reflex and presurgical testing. Since then, we've added new morphologies continuously. I won't go into each one. The point is that each addition is enhancing the clinical decision-making at the point of care. And the depth inside each one of these categories is something no one else has, a global network of board-certified pathologists training our deep learning AI across 60 million samples, plus the engineering and software capability to put this all on a benchtop analyzer. Every addition reaches our customers through a software update over the air, so there's no service visit or no additional hardware required. And we're nowhere close to done here. We are keep adding menu to blood morphology, ear and, of course, FNA. I am pleased to share that in Q4 for blood morphology, we'll be adding nucleated red blood cells to the menu. They point to severe regenerative anemia, toxin exposure and sometimes narrow disease. And together with CBC, they also ensure more accurate and reliable blood counts, which is exactly why CBC blood morphology belong together. Every veterinarian is trained on this. But in practice, blood morphology often gets skipped because as [ Joyce ] says, time is precious and the technique is variable but put ProCyte and inVue Dx together and the problem goes away, the first comprehensive hematology solution at the point of care. It works because the interfaces are linked. An abnormal CBC links directly to a morphology that needs to be run and both results come back in a single report. The prompt is built into the workflow. Testing begets testing. As customers see the value of the comprehensive hematology, testing volumes increase. Practices that adopt inVue Dx see 6% higher utilization of CBC on their ProCyte. And there are 50,000 ProCytes in the field globally. Every one of them is a candidate to be paired with inVue Dx, which brings me back to FNA. FNA is progressing well through our controlled launch process. We meaningfully expanded our customer base entering into the third quarter. Practice team training on the integrated workflow is a key part of the continued rollout, and we're planning broad availability by the end of the year. Stepping back, though, FNA shows what happens when we take both cost and complexity out of a test. With inVue FNA, we simplified the sample prep, we created a 5-minute alert to confirm sample viability, and we priced it for access. So the doctor never has to think about whether a lump is worth interrogating as doctors are testing twice as many lumps and bumps. And as we talked about, every inVue Dx customer is an IDEXX reference lab customer. After the inVue Dx run is complete, with one click and inside the same workflow, the clinician can have the case reviewed by an IDEXX pathologist and a malignant result can be immediately followed up on. This is how a test becomes a protocol rather than an exception. And as this happens, the standard of care rises and testing volumes increase both at the point of care and also in the reference lab. And inVue Dx is growing quickly. And with every placement, it multiplies across IDEXX, more CBCs run, more cytologies done in the reference lab and more of the diagnostic pathway being completed. All of this innovation scales with our installed base. So let me just end with a forward look on that. We have visibility to 10% or better growth over the long term, and this opportunity is weighted towards international and towards new platforms. In closing, real-time reference lab quality answers at every visit produce a step change in practice productivity and growth because it's built into the workflow. We are innovating at a pace that we have never seen, opening categories of testing that did not exist in general practice. Technology for life keeps raising the value of every analyzer already placed without new hardware. And this execution compounds high-quality placements, expanding utilization and world-class customer loyalty are what make this recurring revenue stream durable, and that's what generates value for our customers and for our shareholders. Mike ended with the note that behind every innovation is a pet parent and a clinician who needed an answer. Behind every innovation is also an IDEXX colleague who was inspired by that need and figured out a solution. That curiosity is what discovered SDMA and built in inVue Dx. And my thanks goes to those cross-functional colleagues around the world doing that work every day. And with that, I'll hand over to Tracy Beyers. Tracy is going to review with us our software and AI strategy and how it multiplies our diagnostic opportunity.

Thank you, Puja. So I love my son and soon to be daughter-in-laws cat [ Munk ] here, but what's funny about this photo is I'm allergic to cats. So good morning. My name is Tracy Beyers, and I lead the software and diagnostic imaging portfolio for IDEXX. I joined about 4 months ago, and I brought with me about 25 years of experience in people medicine. I spanned a number of big tech companies like Philips, IBM and Optum. And my dedication is really to the mission of driving health care impact, and it's been a great match here at IDEXX. I've been able to bring my experience in software, artificial intelligence, diagnostics and medical imaging to IDEXX and the team, and I'm super happy to be here. Veterinarian software has the privilege of playing a very vital role in the mission of helping pets live longer and healthier lives. And the software is an enabler of great care delivery, and it's also the benefit of serving as a strategic growth lever for IDEXX. More importantly, though, we view it as a critical part of allowing practices to operate at their best, both helping the veterinarian practice the care they want to practice and helping pet parents engage and advocate for the care that they want to receive for their pet health. Over the last few years, we've been building the first intelligent integrated ecosystem for veterinarian practice. [ Lun ] that helps serve as an operating system to achieve those core goals. Over the last few years, when I think about the power of artificial intelligence, the impact of having -- that's having on things like pet prompts, parent prompts and the impact they can have on the future of innovation, both inside and outside the company to help raise the standard of care at scale. When I think about the goals to build an integrated intelligent AI-driven platform, I think about it through the lens of our customers and the problems that they're trying to solve. Veterinarian practices are incredibly busy with swiveling chairs to use different systems to run their practice. Our enterprise customers are looking for ways to standardize and scale the practices and our pet parents are looking for easy ways to engage and manage their pet's health. We know that the time of care, the consistency of care and the confidence in care are three of the most major pain points that are experienced across the board. And what we're really seeking to do is take the work out of workflow. Our integrated ecosystem enabled by AI allows for smoother workflows, more reliable care and higher care acceptance, and I'm excited to get into a little bit more of the why. When I think about solving those problems, time, consistency and confidence in care, this slide helps capture our unique approach to building the ecosystem, and it's engineered end-to-end for the health of the pets we serve. We're addressing the needs of three key populations involved in the care continuum, the practice, the enterprise and the pet parent. And the tight connection of our software solutions to our diagnostic ecosystem supports delivery of incredible care to pets. Now the platform is purpose-built for veterinarian care. It's designed end-to-end workflow across clinical, operational and financial journey, and this is relevant both for general practice and emergency and specialty hospitals. And it's built on an expandable ecosystem that enables hundreds of our partners and future modules to plug in seamlessly. And it's powered by a domain-specific data model that understands veterinarian context, and that's critical for AI deployment and deep insight into our customer. Corporate groups have enterprise scale needs that legacy PIMS largely were not built to handle, but ezyVet is. With ezyVet, we offer enterprise-grade platforms that enable standardization across multisite operations. Our software delivers centralized controls, real-time insights across multisite operations, and it helps them drive wellness at scale for their network. It's built with enterprise-grade security to meet the standards of PE-backed and global organizations. It's backed by a world-class software team, including talent from Google and lots of other tech leaders, and it's designed to meet the unique and complex needs for emergency and specialty hospitals as well as the general practitioner. On the right side, the impact is clear. The growth is being driven by corporate demand for platforms that scale and have world-class security and innovation. Bottom line, our value for enterprise is clear, and it fuels accelerated growth across the enterprise segment. Now our data shows a surge of momentum, and it's a validation that we're constantly improving in our ability to solve those customer needs. Nearly 70% of our IDEXX PIMS installed base is in the cloud, and it delivers on a scalable seats environment. We have net recurring revenue that we're really proud of at 105% across our ecosystem. And in the past 6 months, we've seen meaningful user growth with 37% with Vello. Now I'd like to turn to something we're really excited here at IDEXX. We've identified key moments along the care continuum where our platform is already having an impact today. And then when you layer AI on top of those moments, it's an area of huge opportunity to unlock value for clinicians and practices. Think about the impact of prompting the pet parent to consider a wellness test or Cancer Dx for an at-risk read or a post-visit prompt with a follow-up on a visit. I know I really probably would have remembered to bring in my fecal sample if I had been prompted the morning I was walking my dog to bring it in and it really would have been helpful. But the good news is that we have really immense scale. We have more than 107 million clinical visits a year across our practice management platform. So we have more to do. There's a great opportunity ahead of us with AI and the ability to drive moments such as configuration, appointment reminders, summarization and real-time prompts in the visit, not only more efficiently, but faster and delivering real value both the veterinarian and the pet parents. Our software brings meaningful impact for customers, but it's also showing significant impact on blood work inclusion. Practices that use our system have higher wellness inclusion, but it's another 300 basis points higher when it's combined with Vello. This is an impact that's not simply prompting the pet parent with bloodwork reminder, but it's reinforcing the importance of engaging directly with pet parents. The impact of -- the impact that AI is having across our portfolio extends to our imaging and telemedicine business as well. When it comes to imaging, we know that image quality is the largest driver to better diagnosis. And for IDEXX, we're applying a layer of AI across the entire imaging portfolio, and that's delivering improved quality to every image. We have AI applied to the new ImageVue DR50+, the Web PAC workflow software and with our board-certified radiologists in telemedicine. The result is IDEXX Web PACS imaging workflow software and telemedicine are driving meaningful productivity and image quality in the industry. Each of our products in the imaging portfolio deliver customer value on its own. And then it brings even more value when it's combined with the broader imaging portfolio. And then again, when you combine it with the example Puja gave with the cardiology test and the diagnostics. Our imaging solutions are just another instance of innovative platforms across the entire ecosystem. Having spent more than 25 years in human imaging, I'm really proud to see the deep commitment to dose and staff safety here at IDEXX. The good news is that veterinarians don't need to trade dose for image quality. You can see in this image, the ImageVue DR50+, we have an unmatched digital X-ray image quality at a lower dose. In fact, it's 60% lower than the premium competitors. We know how critical to maximize the safety of our health care colleagues and while we still allow for the highest tier of quality. These solutions are embedded directly into the practice workflow, and they drive better productivity. Now before closing, I wanted to turn to some of our high-level financial outcomes. The bottom line is this is a great business, and we're delivering. We're driving cloud migration, expanding ARR, driving pet parent engagement that delivers diagnostic synergy and it's fueled a high-growth software business within IDEXX. These durable, high-quality revenue streams supported investments in new software features and also deliver solid profit gains. This is exactly the business we set out to build, and we're really proud of the customer response and the strong financial outcomes. What you've seen today here is how our ecosystem is unlocking enterprise standardization. And it's driving higher practice revenue through a combined power of software and diagnostics. Our corporate customers are leaning in and pet parents are engaging digitally, and it's leading to higher compliance, stronger wellness uptake and better pet health and more sustained growth. As we scale new innovations like Cancer Dx, software becomes even more critical. It's how we educate, embed into the workflow, engage with the pet parent and help make new standards of care stick. This is not just a tech shift. It's a transformation in how care is delivered and how IDEXX captures and delivers value with software at the center, diagnostics scaling and the profession evolving. IDEXX is not just building an integrated intelligent ecosystem, we're redefining the future of veterinarian practice and pet care. Thank you. So next up, Michael Schreck will interview and have a discussion, fireside chat, I guess, with Dr. Jo Malone from Vet Partners Group, but we'll have a 15-minute -- or a short break, I think, here, and we'll hand it over to you.

We're going to take a short 5-minute break. So a quick break, and we'll be back for the great customer conversation. Thank you. [Break]

Well, good morning. Welcome back from break. It's good to see you. My name is Michael Schreck, and one of the privileges I have as a part of my responsibilities is to support our largest strategic partners around the world. And with that capacity, it's in that capacity, I'm delighted to introduce Jo Malone, who's the Founder and CEO of VetPartners Europe and is one of the largest hospital networks in the world. And we'll talk about that in a moment. I also wanted to share in context of Jo, maybe you could share a little bit about yourself just to give us some background. But before you do that, I have a public concession, which is I asked your team, your team mentioned that you had a night job, and we really wanted to know what it was. And apparently, it's running ultramarathons as part of your night job. Now it's not like you had enough to do already, but maybe you could share a little bit about the awareness that you're raising for this as well as a part of your background. So I'd love to hear a little bit about your journey as a DVM. I didn't mention that also a DVM and Founder and CEO of VetPartners.

Thank you, Michael. Yes, I'm a vet. Someone said earlier on, have a calling. Well, I am typical of that. I can't remember when I didn't want to be a vet. So I worked in clinical practice for 18 years before I founded VetPartners in 2015. And yes, I Marathon. I'm raising money for two charities close to my heart. One is Vetlife that provides mental health support for all vets in the U.K., and they do a phenomenal job. And the other is McMillan Cancer. My mom had cancer twice in the last 10 years, both diagnosed through screening. So another topic close to my heart. And very fortunately, she has survived both and she's now cancer-free. So raising money for both of those charities. So yes, it's 6 weeks away, so I'm still getting up very early in the morning and running late at night.

I know you ran twice since you've been here in Portland, Maine. So I know you're on a different body clock, but that's impressive. So we're excited to hear about this event. Maybe a little bit of background on Vet Partners and its footprint in Europe and how you're thinking about its development and impact in Europe.

So 2015, Partners started 5 sites, GBP 8 million revenue [indiscernible]. And fast forward 10.5 years, we've got 800 sites-ish, about 13,000 employees. and revenues of about GBP 1 billion. So really been a will-wind 10 years, probably even slightly better than my 18 years of clinical work actually, and you can make an even bigger impact on the patients that we serve. When we started VetPartners, we were quite clear in our intent. We wanted to be the veteran group of choice for our team, our clients and our patients and all the partners that we work with. And really, quite simply, our key strategies have broken down to four real areas: be a great place to work, number one, most important; number two, provide an excellent experience for our clients; three, provide outstanding patient care; and four, grow our business in an ethical, sustainable and profitable way. And actually, that fourth one is delivered by focusing on the first three. That sounds super simple, and most groups can probably say that. It is simple, simple to write down, that's for sure. What's complex is actually delivering that and doing that whilst you're scaling and at scale. Someone said earlier that change management is a huge part of delivery of the innovation into practice for IDEXX. Well, it's certainly change management at scale when you're growing this quickly. And really, for me, there's two key elements. We focus from the very start on how we do it, how we behave, it's all about our culture, looking after our teams and delivering what we want to try and do through them. And we do that secondly, through training them, training them on how to be the best they can possibly be across all our strategic pillars. We actually see ourselves really as a training company. So yes, it's been a [ whirlwind ].

Wow, impressive. Congratulations. We're -- you've had a big impact on IDEXX. You spoke from this stage a little over a year ago to our global team. And you did mention that you saw yourself as a value-add platform in part through training and in part through standardization with kindness, I think, was your quote. And I know IDEXXers around the world still use that in talking to each other about how we can serve you better. I think maybe sharing with the audience a bit about what standardization with kindness looks like and maybe how you see that projecting forward.

For me, as a vet, I understand that vets want their clinical freedom. They want their professional autonomy. But actually, they also want us to make their lives easier. So some element of standardization helps them, whether that's standardizing our wellness programs, whether it's standardizing estimates and giving treatment options to clients. All of those things, how we send reminders, standardizing those things, standardizing the messaging, the wording just makes it so much easier for them, but not losing the bits that they really, really care about because for them, they like some freedom. Again, someone said earlier today, it's about treating the patient that's in front of you and the client that's in front of you. And each one is unique and different. If we can give a safety framework of the standardization, but give them some flexibility of flexing the treatments that are important to that client and that patient, that I believe how can standardize with kindness and help our teams without taking away the bit that they really care about.

As you've thought about both recruitment and retention around that with your clinicians and you're doing that across many, many countries. How is that -- I guess, that philosophy landed? And how are they -- how are your teams responding to that?

Yes. So I would say they responded incredibly well. Our retention rate is excellent. We are market-leading across our geographies. We have the benefit of recruitment being slightly easier in Europe than it is in the U.S. varies a little bit by country. Germany is the most challenging. But really, our reputation then grows and grows within the profession. The profession is tiny. And it takes a long time to build up your profession, your reputation and you can do it very quickly. So really, it's continuing to do what we say we do or what we're going to do and sticking to that. But it absolutely is the right approach.

As we sort of maybe migrate into some of your growth plans and initiatives, one of the things that is a unique feature of the European environment and particularly the United Kingdom, is the wellness plans and the membership components of that and how wellness gets woven into an annual cycle. So perhaps you could share a little bit about your wellness plans. And I know you've thought a bit about how those get expanded annually and some of the countries in which you've launched them. Maybe we could hear a little bit about that as well.

Yes. So pet health plans are incredibly important for us. Our clients love them. It helps them spread the cost of care, and it helps them be reassured they're doing the right thing for their pet. So it includes vaccination and annual extra check with the vet, parasiticide treatment if it's needed. And we have seen it grows our revenues by 1.5% roughly in the United Kingdom year-on-year-on-year. Roughly 32% of our clients currently or our patients are on a plan, and it grows, and we're expecting it probably to get to about 50% penetration in the end. So it's hugely important to us. Some of our European colleagues were thinking in their culture, it wouldn't work. I'm pleased to say it does work. And the benefit of being a group across multiple countries is you can share best practice and show how to do it. So in Spain, it launched a year ago, they're already at 6% to 7% penetration of their active client base, and it's delivering GBP 1 million of revenue per annum already, and they've just started. And really, clients love it and clinicians love it. And more importantly, it gives our teams the reason to have a preventative health conversation, a wellness conversation. There's a reason and it's also saving the clients' money. If they were to purchase everything on the plan independently of the plan, it would cost them about 25% more. So it's a great good news story for our clients. And what we have also discovered through this is you can communicate directly with clients. So we send a lot of reminders to them, we send them prompts. So a year ago, we included wellness blood testing to our plans at a 50% reduction. This July, from the 1st of July, we wrote to our clients and said, great news from the 1st of July this year, wellness blood testing is now included free of charge on the plan. And our numbers of wellness blood testing went up 15x what they were before. More than 15. 15x the number that we were doing before. And our teams in the practice didn't really have to do anything. It's because we let the clients know about it. So clients want this. So it comes down to how we support our teams. We support our teams by letting clients know by educating them. That's absolutely shown me that this is what clients are looking for, and we see that more than ever.

Wow. Maybe two reflections on that. One is, as you've looked at the Gen Z rising generation -- are you seeing them adopt the wellness plan and this approach more readily? Are you seeing also perhaps how they're reacting to your expansion of wellness, including bloodwork?

So I would say when we've looked at our client base, it's across all generations. They want this for their pet. It was said earlier on today, I can't emphasize enough, people love their pets more than they have ever loved their pets. So across all age profiles, but I think the younger generation and actually the generation to come next. The outlets. I have two myself. They are into wellness like I have never been really are. So when they become pet owners, I know this is the sort of thing they'll be looking for, for their pet. So everything you've heard this morning, I see play out in our practices with our clients. It's what our clients want.

I don't -- your children must be ultimately well for an ultramarathon to say that their children are focused on wellness, that's amazing. I do think it's fascinating that, that generation is focused on their own wellness and that translates to their pet. Maybe thinking a little bit about your journey with cancer. You mentioned your mother. Naturally, you've been in clinic and had to face the cancer dynamic. Maybe you could share a little bit about how that plays out as a clinician. And then perhaps we'll talk about how Cancer Dx might play a role in supporting your clinicians in that dynamic?

Okay. I mean, certainly, for us, most definitely in the U.K., but across most of our European countries, there's a lack of oncologists. Actually, we're seeing cases like lymphoma being referred less because we can't access appointments with oncologists. And it's such an emotive and difficult time when a pet is diagnosed with cancer. And actually, our first opinion clinicians are being asked more and more to deal with these really upsetting cases. They're having to manage them, diagnose and treat them, guide clients through it. So it's really challenging. And as of that, even when I qualified more than 25 years ago, clients asked if there was a blood test for cancer, what could they do to understand and know. So actually, the innovation that IDEXX is bringing out is absolutely fantastic. This is something we've been looking for, for a very long time. And the disease is coming. Hemangiosarcoma is as traumatic as discussed. These patients can die within an hour or 2 of being presented, and this has come as a total shock to pet owners. So it's going to be hugely helpful.

Yes. Wonderful. As you put your CEO hat back on and think about Cancer Dx and its connection potentially to your wellness plans and how do you think about, especially now that in Europe, it will be a panel in Q1. How do you reflect on that as an opportunity to drive wellness inclusion with bloodwork?