愛德士 (IDXX) 2023 Q1 法說會逐字稿

Good morning, and welcome to the IDEXX Laboratories First Quarter 2023 Earnings Conference Call. As a reminder, today's conference is being recorded. Participating in the call this morning are Jay Mazelsky, President and Chief Executive Officer; Brian McKeon, Chief Financial Officer; and John Ravis, Vice President, Investor Relations.

早上好，歡迎來到 IDEXX Laboratories 2023 年第一季度收益電話會議。提醒一下，今天的會議正在錄製中。參加今天上午電話會議的有總裁兼首席執行官 Jay Mazelsky；首席財務官 Brian McKeon；和投資者關係副總裁 John Ravis。

IDEXX would like to preface the discussion today with a caution regarding forward-looking statements. Listeners are reminded that our discussion during the call will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. Additional information regarding these risks and uncertainties is available under the forward-looking statements notice in our press release issued this morning as well as in our periodic filings with the Securities and Exchange Commission, which can be obtained from the SEC or by visiting the Investor Relations section of our website, idexx.com.

IDEXX 希望在今天的討論開始前對前瞻性陳述保持謹慎。提醒聽眾，我們在電話會議期間的討論將包括前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與今天討論的結果大不相同。有關這些風險和不確定性的更多信息，請參閱我們今天上午發布的新聞稿中的前瞻性聲明通知以及我們向美國證券交易委員會定期提交的文件，這些文件可以從美國證券交易委員會或訪問投資者關係部獲得我們網站 idexx.com 的一部分。

During this call, we will be discussing certain financial measures not prepared in accordance with generally accepted accounting principles, or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is provided in our earnings release, which may also be found by visiting the Investor Relations section of our website. In reviewing our first quarter 2023 results, please note all references to growth, organic growth and comparable growth refer to growth compared to the equivalent period in 2022, unless otherwise noted. (Operator Instructions)

在本次電話會議中，我們將討論某些未根據公認會計原則 (GAAP) 編制的財務指標。我們的收益發布中提供了這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬，也可以通過訪問我們網站的投資者關係部分找到。在回顧我們 2023 年第一季度的業績時，請注意，除非另有說明，否則所有提及的增長、有機增長和可比增長均指與 2022 年同期相比的增長。 （操作員說明）

Today's prepared remarks will be posted to the Investor Relations section of idexx.com after the earnings call concludes. I would now like to turn the call over to Brian McKeon.

今天準備好的評論將在財報電話會議結束後發佈到 idexx.com 的投資者關係部分。我現在想把電話轉給 Brian McKeon。

Good morning, and welcome to our first quarter earnings call. IDEXX had a solid start to 2023. In terms of highlights for the quarter, overall revenues increased 10% organically, supported by nearly 12% organic growth in CAG Diagnostic recurring revenues. CAG Diagnostic recurring revenue gains were driven by nearly 14% organic growth in the U.S., supported by solid volume gains and benefits from a higher net price realization.

早上好，歡迎來到我們的第一季度財報電話會議。 IDEXX 在 2023 年開局良好。就本季度的亮點而言，在 CAG Diagnostic 經常性收入近 12% 的有機增長的支持下，總收入有機增長 10%。 CAG Diagnostic 的經常性收入增長是由美國近 14% 的有機增長推動的，這得益於穩固的銷量增長和更高的淨價實現帶來的好處。

Key execution metrics remain strong globally, reflected in record first quarter premium instrument placements, continued solid new business gains and sustained high growth and recurring veterinary software revenues. Operating profits and EPS increased 18% on a comparable basis, reflecting solid organic revenue growth, better-than-expected gross margin gains and benefits from a $16 million customer contract resolution payment. These strong results reflect the durability and resiliency of the IDEXX business model and benefits from our ongoing focus on execution.

關鍵執行指標在全球範圍內依然強勁，反映在創紀錄的第一季度優質儀器安置、持續穩定的新業務收益以及持續的高增長和經常性獸醫軟件收入。營業利潤和每股收益在可比基礎上增長了 18%，反映出穩健的有機收入增長、好於預期的毛利率增長以及 1600 萬美元的客戶合同解決付款帶來的收益。這些強勁的業績反映了 IDEXX 商業模式的持久性和彈性，並得益於我們對執行的持續關注。

We've incorporated our Q1 results and positive adjustments to our full year financial outlook, which we'll discuss later in my comments. Let's begin with a review of our first quarter results. First quarter organic revenue growth of 10% was driven by 11% CAG gains and solid 8% growth in Water. Overall organic revenue gains were moderated by 2% declines in our LPD business and approximately $4 million of revenue headwind related to lower human COVID testing revenues, a business area that we winded down completely in Q1.

我們已經將第一季度的業績和對全年財務前景的積極調整納入其中，我們將在稍後的評論中對此進行討論。讓我們首先回顧一下我們的第一季度業績。第一季度 10% 的有機收入增長是由 11% 的 CAG 收益和水業務 8% 的穩健增長推動的。總體有機收入增長因我們的 LPD 業務下降 2% 以及與人類 COVID 測試收入減少相關的約 400 萬美元收入逆風而有所緩和，這是我們在第一季度完全關閉的業務領域。

CAG Diagnostic recurring revenue increased 12% organically, reflecting 14% gains in the U.S. and 8% growth in international regions. CAG Diagnostic recurring revenue growth was supported by global net price gains in the 8% to 9% range, consistent with our expectations. Overall organic revenue gains were also supported by 14% organic growth in veterinary software and diagnostic imaging revenues. CAG instrument revenues were down 7% organically, reflecting comparisons to high prior year levels, program pricing effects and global mix. IDEXX CAG Diagnostic recurring revenue growth remained solidly above sector growth levels.

CAG Diagnostic 經常性收入有機增長 12%，反映了美國 14% 的增長和國際地區 8% 的增長。 CAG Diagnostic 的經常性收入增長受到 8% 至 9% 範圍內的全球淨價格上漲的支持，這與我們的預期一致。獸醫軟件和診斷影像收入 14% 的有機增長也支持了總體有機收入增長。 CAG 儀器收入有機下降 7%，反映出與上一年的高水平相比、項目定價效應和全球組合。 IDEXX CAG Diagnostic 的經常性收入增長仍然穩固地高於行業增長水平。

In the U.S., we achieved a 1,350 basis point growth premium compared to relatively flat same-store U.S. clinical visit growth levels in Q1. These results reflected benefits from execution drivers, including higher net price realization. Solid U.S. volume growth was supported by new business gains, high customer retention levels and continued increases in diagnostic frequency and utilization at the practice level.

在美國，與第一季度相對平穩的美國同店臨床就診增長水平相比，我們實現了 1,350 個基點的增長溢價。這些結果反映了執行驅動因素帶來的好處，包括更高的淨價實現。新業務收益、高客戶保留水平以及實踐級別診斷頻率和利用率的持續增加支持了美國銷量的穩健增長。

International CAG Diagnostic recurring revenue gains were also supported by strong IDEXX execution reflected in higher net price realization, sustained new business gains and a double-digit expansion of our premium instrument installed base. Double-digit growth rate benefits from these drivers were moderated by impacts from challenging international macro conditions, which continue to pressure same-store volume growth trends in the quarter.

International CAG Diagnostic 的經常性收入增長也得益於 IDEXX 強勁的執行力，這體現在更高的淨價實現、持續的新業務收益以及我們高端儀器安裝基礎的兩位數擴張。這些驅動因素帶來的兩位數增長率收益受到具有挑戰性的國際宏觀環境的影響而有所緩和，這些環境繼續對本季度的同店銷量增長趨勢構成壓力。

Globally, IDEXX achieved strong organic revenue growth across our modalities in Q1. IDEXX VetLab consumable revenues increased 12% organically with double-digit gains in the U.S. and international regions. Consumable gains were supported by 11% year-on-year growth in our global premium instrument installed base, reflecting double-digit increases across our Catalyst, Premium Hematology and SediVue platforms. We placed 4,425 CAG premium instruments in Q1, an increase of 3% year-on-year compared to very strong prior year levels, building on the record placement levels achieved in the fourth quarter of 2022. The quality of instrument placements continues to be excellent, reflected in 7% growth in new and competitive Catalyst placements.

在全球範圍內，IDEXX 在第一季度通過我們的方式實現了強勁的有機收入增長。 IDEXX VetLab 耗材收入有機增長 12%，在美國和國際地區實現兩位數增長。我們的全球高端儀器安裝基數同比增長 11%，這反映了我們的 Catalyst、Premium Hematology 和 SediVue 平台實現了兩位數的增長，從而支持了消耗品收益。在 2022 年第四季度創下的創紀錄配售水平的基礎上，我們在第一季度配售了 4,425 種 CAG 優質工具，與去年同期的強勁水平相比增長了 3%。工具配售的質量依然出色，反映在新的和有競爭力的 Catalyst 佈局中增長了 7%。

ProCyte One momentum also continues to be strong globally, reflected in a global installed base that more than doubled over the last year to 9,400 units. Global Rapid Assay revenues expanded 12% organically, driven by strong growth in the U.S., reflecting solid volume gains and benefits from higher net price realization. Global lab revenues increased 11% organically, reflecting strong gains in the U.S. and mid-single-digit growth in International, with growth in key international regions moderated by macroeconomic impacts, which have pressured same-store sales.

ProCyte One 的勢頭在全球範圍內也繼續保持強勁勢頭，這反映在全球安裝基數上，去年翻了一番多，達到 9,400 台。在美國強勁增長的推動下，全球快速檢測收入有機增長了 12%，反映出穩定的銷量增長和更高淨價實現帶來的好處。全球實驗室收入有機增長 11%，反映了美國的強勁增長和國際的中個位數增長，主要國際地區的增長受到宏觀經濟影響的放緩，這對同店銷售造成壓力。

In terms of other areas of our CAG business, veterinary software and diagnostic imaging revenues increased 14% organically. Results were supported by continued high levels of organic growth and recurring software and digital imaging revenues and ongoing momentum in cloud-based software placements. Water revenues increased 8% organically in Q1, reflecting solid gains in the U.S., Europe and Latin America, including benefits from net price improvement. The integration and performance of our recent Tecta PDS acquisition has progressed well, expanding our capabilities in water safety testing. Livestock poultry and dairy revenue decreased 2% organically as solid gains in the U.S. and Europe were offset by comparisons to high prior year sales levels in herd health screening reduced revenues from non-core food and safety products in certain regions.

就我們 CAG 業務的其他領域而言，獸醫軟件和診斷影像收入有機增長了 14%。結果得到持續高水平的有機增長和經常性軟件和數字成像收入以及基於雲的軟件安置的持續勢頭的支持。第一季度水務收入有機增長 8%，反映出美國、歐洲和拉丁美洲的強勁增長，包括淨價格改善帶來的好處。我們最近收購的 Tecta PDS 的集成和性能進展順利，擴大了我們在水安全測試方面的能力。畜禽和奶製品收入有機下降 2%，原因是美國和歐洲的穩健增長被某些地區非核心食品和安全產品的收入與去年較高的畜群健康篩查銷售水平相比所抵消。

Turning to the P&L. Q1 profit results were supported by a 150 basis point improvement in reported operating margins reflecting 10% organic revenue growth, solid gross profit gains and benefits from a $16 million customer contract resolution payment. Gross profit increased 9% in the quarter as reported and 12% on a comparable basis. Gross margins were 60.3%, up 120 basis points on a comparable basis. Benefits from higher net price realization, lab productivity initiatives, improvement in software service gross margins and business mix offset inflationary cost effects. Later timing of lab staffing increases and select operational upsize also supported Q1 gross profit results. As expected, reported gross margin gains were moderated by a 50 basis point negative impact related to foreign exchange changes, including lapping of prior year hedge gains.

轉向損益表。第一季度的利潤結果得到報告營業利潤率提高 150 個基點的支持，反映出 10% 的有機收入增長、穩健的毛利潤增長以及 1600 萬美元的客戶合同解決付款帶來的收益。據報告，本季度毛利潤增長 9%，可比增長 12%。毛利率為 60.3%，可比增長 120 個基點。更高的淨價實現、實驗室生產力計劃、軟件服務毛利率的提高和業務組合帶來的好處抵消了通貨膨脹成本的影響。實驗室人員增加和部分運營規模擴大的後期時間也支持了第一季度的毛利潤結果。正如預期的那樣，報告的毛利率收益因與外匯變化相關的 50 個基點的負面影響而有所緩和，包括上一年對沖收益的重疊。

Operating expenses increased 5% year-on-year as reported in the quarter and 7% on a comparable basis. This was net of a $16 million or 6% operating expense growth offset related to the customer contract resolution payment. As planned, we saw higher growth in sales and marketing, and R&D expense in the quarter related to specific factors, including the return of in-person sales meetings this year and advancement of key innovation initiatives. EPS was $2.55 per share in Q1, an increase of 12% as reported and 18% on a comparable basis. Foreign exchange reduced operating profits by $12 million and EPS by $0.11 per share in the quarter, including impacts from the lapping of prior year hedge gains.

本季度報告的運營費用同比增長 5%，可比增長 7%。這扣除了與客戶合同解決付款相關的 1600 萬美元或 6% 的運營費用增長抵消。按照計劃，我們看到本季度銷售和營銷以及研發費用的更高增長與特定因素有關，包括今年現場銷售會議的回歸和關鍵創新計劃的推進。第一季度每股收益為 2.55 美元，報告增長 12%，可比增長 18%。本季度外匯交易使營業利潤減少 1200 萬美元，每股收益減少 0.11 美元，包括上一年對沖收益的重疊影響。

Free cash flow was $144 million in the first quarter. On a trailing 12-month basis, our net income to free cash flow conversion ratio was 65%. For the full year, we're maintaining our outlook for free cash flow conversion of 80% to 90%, including estimated capital spending of $180 million.

第一季度的自由現金流為 1.44 億美元。在過去 12 個月的基礎上，我們的淨收入與自由現金流的轉換率為 65%。對於全年，我們維持 80% 至 90% 的自由現金流轉換前景，包括估計 1.8 億美元的資本支出。

Our balance sheet remains in a strong position. We ended the quarter with leverage ratios of 1.1x gross and 1x net of cash, down modestly from Q4 levels. Share repurchases over the last year supported a 1.9% reduction in diluted shares outstanding. We did not allocate capital to share repurchases in the first quarter as we manage our balance sheet relatively more conservatively in the current interest rate environment.

我們的資產負債表仍然處於強勢地位。本季度結束時，我們的槓桿率為 1.1 倍的總槓桿率和 1 倍的淨現金槓桿率，略低於第四季度的水平。去年的股票回購支持稀釋後流通股減少 1.9%。我們在第一季度沒有分配資金用於股票回購，因為我們在當前利率環境下相對保守地管理資產負債表。

Turning to our 2023 P&L outlook. We're refining our full year outlook to incorporate our solid Q1 operating results and updated estimates for foreign exchange impacts. We're updating our full year reported revenues to $3,615 million to $3,700 million. This includes a $10 million positive adjustment for foreign exchange impacts which we now estimate will provide a relatively modest full year headwind to reported revenue growth. Our updated outlook for overall organic revenue growth is 7.5% to 10%.

轉向我們的 2023 年損益展望。我們正在完善我們的全年展望，以納入我們穩健的第一季度經營業績和對外匯影響的最新估計。我們將全年報告的收入更新為 36.15 億美元至 37 億美元。這包括 1000 萬美元的外匯影響積極調整，我們現在估計這將為報告的收入增長帶來相對溫和的全年逆風。我們對整體有機收入增長的最新展望為 7.5% 至 10%。

Our Q1 results track towards the high end of this range, and we're maintaining consistent high-end targets for our performance this year, reflecting benefits from execution drivers and the potential for reduced clinical visit growth headwinds. As part of our financial management approach, we incorporated risk estimates to our targeted growth performance in the low end of our organic revenue growth range, including potential effects for macroeconomic conditions. We raised the low end of our full year organic revenue growth outlook by 0.5% in our updated guidance, incorporating our solid start to the year.

我們的第一季度業績接近這一範圍的高端，我們今年的業績保持一致的高端目標，反映出執行驅動因素帶來的好處以及減少臨床就診增長阻力的潛力。作為我們財務管理方法的一部分，我們將風險估計納入有機收入增長范圍低端的目標增長績效，包括對宏觀經濟狀況的潛在影響。我們在更新後的指引中將全年有機收入增長預期的下限提高了 0.5%，體現了我們今年的良好開端。

We're maintaining our outlook for solid operating margin performance in 2023 with an expectation for reported operating margins in the range of 29% to 29.5% for the full year. At the high end, this reflects an outlook for approximately 340 basis points in comparable operating margin expansion. This includes approximately 280 basis points in combined benefit from the $16 million Q1 customer contract resolution payment and the lapping of $80 million of discrete R&D investment in the second quarter of 2022. We now estimate that foreign exchange will reduce reported operating margins by approximately 60 basis points this year, slightly higher than earlier projections, which included impacts from the lapping of $26 million in 2022 hedge gains.

我們維持對 2023 年穩健營業利潤率表現的展望，預計全年報告的營業利潤率將在 29% 至 29.5% 之間。在高端，這反映了可比營業利潤率增長約 340 個基點的前景。這包括 1600 萬美元的第一季度客戶合同決議付款和 2022 年第二季度 8000 萬美元的離散研發投資帶來的綜合收益約 280 個基點。我們現在估計，外匯將使報告的營業利潤率降低約 60 個基點今年的點數略高於早先的預測，其中包括 2022 年對沖收益減少 2600 萬美元的影響。

Our updated EPS outlook is $9.33 to $9.75 per share, reflecting a $0.06 per share increase in our low-end estimate. We continue to estimate that foreign exchange impacts will decrease EPS by approximately $0.23 per share for the full year with the bulk of this impact in the first half.

我們更新後的每股收益預期為每股 9.33 美元至 9.75 美元，反映出我們的低端估計每股增加 0.06 美元。我們繼續估計，外匯影響將使全年每股收益減少約 0.23 美元，其中大部分影響發生在上半年。

In terms of our operational outlook for Q2, we're planning for overall organic revenue growth consistent with the midpoint to higher end of our full year growth outlook range with approximately 1% of reported growth headwind from year-on-year FX changes. In terms of Q2 operating margins, we're planning for reported operating margins in the range of 29% to 29.5%. This reflects expectations for relatively consistent operating margin performance year-on-year adjusting for about 70 basis points in negative foreign exchange impacts and benefits from comparisons to prior year results, which included $80 million in discrete R&D investment.

就我們第二季度的運營前景而言，我們計劃整體有機收入增長與我們全年增長前景範圍的中點到高端一致，報告的增長逆風來自同比外匯變化約 1%。就第二季度的營業利潤率而言，我們計劃將報告的營業利潤率控制在 29% 至 29.5% 之間。這反映了對相對一致的營業利潤率業績的預期，同比調整約 70 個基點的負面外匯影響和與上一年業績比較的收益，其中包括 8000 萬美元的離散研發投資。

We provided details on our updated outlook in the press release tables and earnings snapshot. Overall, we're applying a disciplined financial approach that advances our growth strategy and mitigates potential macro risk to ensure delivery of continued strong financial performance. That concludes our financial review.

我們在新聞稿表和收益概況中提供了有關我們最新展望的詳細信息。總體而言，我們正在採用一種紀律嚴明的財務方法，以推進我們的增長戰略並減輕潛在的宏觀風險，以確保實現持續強勁的財務業績。我們的財務審查到此結束。

I'll now turn the call over to Jay for his comments.

我現在將電話轉給 Jay，徵求他的意見。

Thank you, Brian, and good morning. I'm pleased to share that IDEXX had a very strong start to 2023, driven by sustained execution of our growth strategy. Demand for companion animal medical services continues to grow, supported by IDEXX innovation and direct customer engagement. Veterinarians continue to focus on meeting these high levels of demand with the best possible medical care with diagnostics as an essential component of this care equation. IDEXX remains a chosen trusted partner to veterinarians, who appreciate how our world-class products and connected ecosystem enable high standard of care while resulting in growth of a significant profit center within their clinics.

謝謝你，布賴恩，早上好。我很高興與大家分享，在持續執行我們的增長戰略的推動下，IDEXX 在 2023 年開局非常強勁。在 IDEXX 創新和直接客戶參與的支持下，對伴侶動物醫療服務的需求持續增長。獸醫繼續專注於通過盡可能最好的醫療服務來滿足這些高水平的需求，並將診斷作為該護理方程式的重要組成部分。 IDEXX 仍然是獸醫選擇的值得信賴的合作夥伴，他們欣賞我們世界一流的產品和互聯生態系統如何實現高標準護理，同時在他們的診所內實現重要利潤中心的增長。

IDEXX's strong execution is reflected in double-digit total company organic revenue growth, supported by strong expansion of global CAG Diagnostics recurring revenues. Growth in this recurring revenue annuity was supported by solid contribution for new business gains, sustained high customer retention rates and net price realization aligned with our expectations.

在全球 CAG Diagnostics 經常性收入強勁擴張的支持下，IDEXX 的強大執行力反映在兩位數的公司總有機收入增長上。這一經常性收入年金的增長得益於對新業務收益的堅實貢獻、持續的高客戶保留率和符合我們預期的淨價格實現。

Our commercial teams drove another record quarter for global premium instrument placements and excellent levels of cloud-based software placements. IDEXX products and services offer solutions to improve clinic productivity and support the significantly expanded and underserved demand we've seen for pet health care in recent years, including net pet additions in the U.S. of 2% in 2022, twice the pre-pandemic trend line. These efforts supported strong IDEXX growth as we continue to work effectively through the near-term sector headwinds related to clinic capacity constraints and global macro conditions.

我們的商業團隊在全球優質儀器安置和基於雲的軟件安置方面取得了又一個創紀錄的季度。 IDEXX 產品和服務提供的解決方案可提高診所生產力並支持我們近年來對寵物醫療保健顯著擴大和服務不足的需求，包括 2022 年美國寵物淨增 2%，是大流行前趨勢線的兩倍.這些努力支持了 IDEXX 的強勁增長，因為我們繼續有效地應對與診所容量限制和全球宏觀條件相關的近期行業逆風。

Today, I'll discuss how IDEXX sustained execution against our strategy to drive the adoption and utilization of diagnostics, helped deliver continued strong financial results. First, I'll provide an update on our commercial execution, which through education and customer engagement drives relevant utilization of IDEXX's innovative solutions. IDEXX's commercial teams delivered another record first quarter global premium instrument placements to start of 2023, building on very strong prior year results. Our commercial teams demonstrated a continued ability to advance placement, quantity and quality. This is reflected in strong growth in Catalyst placements at new and competitive accounts globally, driving solid EDI achievement. These commercial results are highly encouraging as we address the significant opportunity for an estimated 220,000 worldwide premium instrument placements and give us confidence that we have the right strategic playbook in place.

今天，我將討論 IDEXX 如何根據我們的戰略持續執行以推動診斷的採用和利用，從而幫助實現持續強勁的財務業績。首先，我將提供有關我們商業執行的最新情況，通過教育和客戶參與推動對 IDEXX 創新解決方案的相關利用。 IDEXX 的商業團隊在去年非常強勁的業績的基礎上，在 2023 年初的第一季度全球優質儀器配售中再創新高。我們的商業團隊展示了持續推進佈局、數量和質量的能力。這反映在 Catalyst 在全球新客戶和競爭客戶中的強勁增長，推動了穩健的 EDI 成就。這些商業成果非常令人鼓舞，因為我們抓住了全球約 220,000 個優質儀器安置的重要機會，並讓我們相信我們已經制定了正確的戰略手冊。

IDEXX professionals provide world-class software-enabled products that are in high demand and supported by a wide menu of customer-friendly marketing programs that enable adoption of new technology. These results also reflect continued strong clinical interest in using IDEXX's products and services to not only meet the increased demand for pet health care but to deliver the best possible level of care.

IDEXX 專業人員提供世界一流的軟件產品，這些產品需求量很大，並得到廣泛的客戶友好型營銷計劃的支持，從而能夠採用新技術。這些結果還反映了臨床對使用 IDEXX 的產品和服務的持續強烈興趣，不僅可以滿足對寵物保健日益增長的需求，還可以提供盡可能最好的護理水平。

Our commercial execution is supported by the multiplier benefits of flow from IDEXX innovations, as evidenced by the success of our newest hematology analyzer, ProCyte One. ProCyte One provides customers with an attractive in-clinic hematology solution, its small footprint, easy paper run model and lower cost come without sacrificing CBC performance. IDEXX premium placements that benefited from strong ProCyte One adoption to date, thanks to sustained high attach rates with Catalyst as defined by ProCyte One placements either with a Catalyst or at an existing Catalyst customers.

我們的商業執行得到了 IDEXX 創新流的倍增優勢的支持，我們最新的血液分析儀 ProCyte One 的成功證明了這一點。 ProCyte One 為客戶提供了一種有吸引力的臨床血液學解決方案，其占地面積小、紙質運行簡單且成本較低，同時不會犧牲 CBC 性能。由於 ProCyte One 與 Catalyst 或現有 Catalyst 客戶所定義的 Catalyst 的持續高附著率，IDEXX 優質安置受益於迄今為止 ProCyte One 的強勁採用。

The result is a multiplier benefit supported by clinics who choose to outfit their in-clinic suite with IDEXX products. As a result, we are nearly halfway to the incremental 20,000 premium hematology placement objective we shared at Investor Day following ProCyte One's launch, while the strong attach rate should also help IDEXX penetrate the long-term worldwide placement opportunity.

其結果是選擇為其診所套件配備 IDEXX 產品的診所支持的乘數收益。因此，我們在 ProCyte One 推出後的投資者日分享的增量 20,000 個優質血液學安置目標已接近一半，而強大的附加率也應該有助於 IDEXX 滲透長期的全球安置機會。

Key to developing this long-term opportunity will be increasing customer engagement in international regions. We're leveraging our successful BDC model to build strong relationships with international customers as evidenced by sustained strong new business gains and a 19% increase in Catalyst placements. The strong performance is allowing us to deliver solid CAG Diagnostics recurring revenue growth in international regions despite continued macro headwinds, which are pressured same-store clinic visit levels.

開發這一長期機會的關鍵將是增加國際地區的客戶參與度。我們正在利用我們成功的 BDC 模型與國際客戶建立牢固的關係，持續強勁的新業務收益和 19% 的 Catalyst 安置就證明了這一點。強勁的業績使我們能夠在國際地區實現穩健的 CAG Diagnostics 經常性收入增長，儘管持續存在宏觀逆風，這對同店診所的訪問水平造成了壓力。

Customer engagement remains excellent, as evidenced by high reach to revenue levels in the first quarter, including benefits from our expanded commercial sales force in targeted regions. The flywheel is beginning to turn in these countries, where we've seen excellent gains from new business, strong interest in engaging with customer marketing programs and solid overall volume growth. Commercial expansion is an important early step in our international strategy, supporting recent efforts to optimize our reference lab network, roll out highly relevant products like ProCyte One and drive further adoption of software tools like VetConnect PLUS, our cloud-based diagnostics portal.

客戶參與度仍然很高，第一季度的收入水平很高就證明了這一點，包括我們在目標地區擴大的商業銷售隊伍帶來的好處。在這些國家/地區，飛輪開始轉動，我們從新業務中看到了出色的收益，對參與客戶營銷計劃的濃厚興趣以及穩健的整體銷量增長。商業擴張是我們國際戰略的重要早期步驟，支持最近優化我們參考實驗室網絡的努力，推出 ProCyte One 等高度相關的產品，並推動進一步採用我們基於雲的診斷門戶 VetConnect PLUS 等軟件工具。

Software innovation continues to be a key driver of our growth strategy globally. IDEXX software solutions are a key enabler of diagnostics utilization, creating a connected ecosystem that helps improve diagnostics workflow while providing deeper clinical insights in supporting pet owner communication. It's an attractive stand-alone business as well. Strong PIMS placements in the first quarter were supported by continued preference for cloud-native products with IDEXX well positioned to address this trend. Placements of cloud-based products maintained the strong velocity we saw coming out of 2022 and represented greater than 90% of total placements, supported by continued high interest in our ezyVet and Neo solutions, which are seamlessly integrated into our product offering. This provides customers with options when it comes to picking the best, most relevant PIMS solution for their clinic size and workflow complexity.

軟件創新仍然是我們全球增長戰略的關鍵驅動力。 IDEXX 軟件解決方案是診斷利用的關鍵推動因素，它創建了一個互聯的生態系統，有助於改進診斷工作流程，同時提供更深入的臨床見解以支持寵物主人的溝通。這也是一個有吸引力的獨立業務。對雲原生產品的持續偏好支持了第一季度強勁的 PIMS 佈局，IDEXX 很好地應對了這一趨勢。基於雲的產品的安置保持了我們在 2022 年看到的強勁速度，佔總安置的 90% 以上，這得益於對我們無縫集成到我們的產品中的 ezyVet 和 Neo 解決方案的持續高興趣。這為客戶提供了選擇最佳、最相關的 PIMS 解決方案以滿足其診所規模和工作流程複雜性的選擇。

Our strong first quarter placement performance supported double-digit recurring revenue growth with an attractive gross margin profile, and we're on track to achieve this year a PIMS footprint that is over 50% cloud-based. This milestone is especially important in the current veterinary clinic environment, where productivity is a priority in addressing the sustained high levels of demand through the pandemic.

我們強勁的第一季度配售業績支持了兩位數的經常性收入增長和極具吸引力的毛利率，我們有望在今年實現超過 50% 基於雲的 PIMS 足跡。這一里程碑在當前的獸醫診所環境中尤為重要，在該環境中，生產力是解決大流行期間持續高水平需求的優先事項。

By embracing IDEXX's cloud-based ecosystem, customers gain the advantage of an easy-to-use software stack that touches every area of the veterinary clinic. And the benefit of these tools is enduring for our customers, evidenced by strong engagement metrics across applications, including increasing rates of our Web PACS user base that are power users as well as sustained rates of VetConnect PLUS users who use the software as part of their daily routine.

通過採用 IDEXX 基於雲的生態系統，客戶可以獲得觸及獸醫診所各個領域的易於使用的軟件堆棧的優勢。這些工具的好處對我們的客戶來說是持久的，跨應用程序的強大參與度指標證明了這一點，包括我們的網絡 PACS 用戶群中高級用戶的比例增加以及使用該軟件作為其一部分的 VetConnect PLUS 用戶的持續比例日常工作。

Adoption and continued use of these products allow veterinarians and their staff spend more time focused on the care they deliver to their patients rather than on costly, time-intensive administrative activities. Our software strategy is to increase cloud adoption and build increased business and clinical functionality into IDEXX software solutions.

採用和繼續使用這些產品可以讓獸醫及其員工將更多時間花在為患者提供的護理上，而不是花在昂貴、耗時的行政活動上。我們的軟件戰略是提高雲的採用率，並將增強的業務和臨床功能構建到 IDEXX 軟件解決方案中。

Another use case of our innovation agenda is our 4Dx Plus test, the gold standard test for canine vector-borne disease testing. The current 4Dx Plus test is our fourth version of a multiplexed canine vector-borne disease diagnostics over the past 20-plus years with improved sensitivity of anaplasma and 2x increase in the ability to store the product at room temperature. This is a true testament to our technology for life strategy and supported 12% global organic rapid assay recurring revenue growth and solid customer gains in the first quarter.

我們創新議程的另一個用例是我們的 4Dx Plus 測試，這是犬類媒介傳播疾病測試的黃金標準測試。當前的 4Dx Plus 測試是我們在過去 20 多年中開發的第四版多重犬媒介傳播疾病診斷，提高了無形體的敏感性，並將產品在室溫下儲存的能力提高了 2 倍。這是對我們生命科技戰略的真實證明，並在第一季度支持了 12% 的全球有機快速檢測經常性收入增長和穩固的客戶收益。

A full vector-borne screen using 4Dx Plus is recommended over a heartworm-only tests, given significant increases in incidence and prevalence of vector-borne diseases over the past 10-plus years And yet, in 2022, less than 1 in every 5 dogs received this comprehensive level of testing. 4Dx plus enables [Siberians] to deliver this higher standard of care with follow-up testing and care protocol guidance provided through Decision IQ, which aim to drive better health outcomes while encouraging increased diagnostic testing.

考慮到在過去 10 多年中媒介傳播疾病的發病率和流行率顯著增加，建議使用 4Dx Plus 進行完整的媒介傳播篩查，而不是僅進行心絲蟲檢測。然而，到 2022 年，每 5 隻狗中只有不到 1 只接受了這種綜合水平的測試。 4Dx plus 使 [Siberians] 能夠通過 Decision IQ 提供的後續測試和護理協議指南提供更高標準的護理，旨在推動更好的健康結果，同時鼓勵增加診斷測試。

Furthermore, our entire Rapid Assay franchise is supported by the SNAP Pro analyzer. The analyzer not only simplifies the workflow when running a SNAP test, but also ensure the diagnostic results flow seamlessly to VetConnect PLUS and ultimately result in charge capture and invoicing at the point of sale. This is a clear case of how our products, integral components of our connected software ecosystem and proving value over time while delivering a multiplier benefit to our customers and drive IDEXX CAG diagnostics recurring revenue.

此外，我們的整個 Rapid Assay 特許經營權均由 SNAP Pro 分析儀提供支持。該分析儀不僅在運行 SNAP 測試時簡化了工作流程，而且還確保診斷結果無縫地流向 VetConnect PLUS，並最終導致在銷售點進行費用捕獲和開票。這是一個清晰的案例，說明我們的產品，我們連接的軟件生態系統的組成部分，如何隨著時間的推移證明價值，同時為我們的客戶提供乘數利益並推動 IDEXX CAG 診斷的經常性收入。

The sustained execution against our commercial and innovation agenda is made possible by an unrelenting focus on our customers and ensuring they have world-class experience with IDEXX. This takes multiple forms. I'll focus to ensure our customers have the resources they need to provide the best possible levels of medical care. Continued 99%-plus product availability and reliable, fast reference lab service turnaround times provide them with important business continuity and are the result of our investment in manufacturing and supply chain logistics teams, facilities and relationships. Additionally, the support of the high-touch, highly knowledgeable sales teams that we have built out over the decades ensures they have the products and services that are right for their busy clinics.

通過堅持不懈地關注我們的客戶並確保他們擁有世界一流的 IDEXX 體驗，我們的商業和創新議程得以持續執行。這有多種形式。我將專注於確保我們的客戶擁有提供最佳醫療水平所需的資源。持續 99% 以上的產品可用性和可靠、快速的參考實驗室服務周轉時間為他們提供了重要的業務連續性，這是我們對製造和供應鏈物流團隊、設施和關係進行投資的結果。此外，我們幾十年來建立的高接觸、知識淵博的銷售團隊的支持確保他們擁有適合其繁忙診所的產品和服務。

Our customers realize the benefits of the IDEXX partnership every day and, in turn, reward us with their business and their enduring loyalty as measured by another quarter of consistent high customer retention rates. Providing our customers with reliable, consistent support is even more essential right now given the dynamic backdrop of our sector. High demand for animal medical services, combined with sustained labor supply constraints continue to create productivity and growth challenges at the clinic level. Taking our customer support efforts a step further we recently published an empirically based study, which examined the drivers of productivity within a practice and helps customers to understand their productivity strengths and areas for opportunities.

我們的客戶每天都意識到與 IDEXX 合作夥伴關係的好處，反過來，他們以他們的業務和持久的忠誠度回報我們，這是通過另外四分之一的持續高客戶保留率來衡量的。鑑於我們行業的動態背景，現在為我們的客戶提供可靠、一致的支持變得更加重要。對動物醫療服務的高需求，加上持續的勞動力供應限制，繼續給診所層面的生產力和增長帶來挑戰。為了進一步加強我們的客戶支持工作，我們最近發布了一項基於實證的研究，該研究調查了實踐中生產力的驅動因素，並幫助客戶了解他們的生產力優勢和機會領域。

Through this rigorous effort, we found 3 key drivers of practice productivity. Number one, workflow, which includes staffing models like optimized technician to veterinarian mix and staff and patient-friendly physical layout of the practice. Number two, technology or digitizing each step of the patient workflow to remove high-effort, administrative routines. And number three, the role of culture, including clarity of roles and responsibilities, investments in training and staff effectiveness and aligned incentives to drive teamwork and achievement of practice goals.

通過這種嚴格的努力，我們發現了 3 個提高實踐效率的關鍵驅動因素。第一，工作流程，其中包括人員配置模型，例如優化的技術人員到獸醫的組合以及員工和患者友好的實踐物理佈局。第二，技術或數字化患者工作流程的每個步驟，以消除高強度的管理程序。第三，文化的作用，包括角色和責任的明確性、對培訓和員工效率的投資以及推動團隊合作和實現實踐目標的一致激勵。

As a result of this initiative, we believe there's still great opportunity for clinics to improve productivity measures, and we look forward to educating and supporting our customers in these efforts. Opportunities to do so could result in 30% or more incremental visit capacity, even for practices that are in the top cohort of productivity. We are integrating elements of these efforts into our strategy and commercial approaches here.

由於這一舉措，我們相信診所仍有很大的機會提高生產力措施，我們期待在這些努力中教育和支持我們的客戶。這樣做的機會可能會導致 30% 或更多的增量訪問容量，即使對於生產力最高的實踐也是如此。我們正在將這些努力的要素整合到我們的戰略和商業方法中。

With that, I'll now conclude the prepared remarks portion of the call by thanking our nearly 11,000 IDEXX colleagues for the commitment and passion they bring to our purpose-driven work every day. Your efforts not only help provide a better future for animals, people and our planet, but you also supported IDEXX in starting 2023 on a strong financial note. We have an attractive sector and a strong track record and the opportunity ahead of us, which is significant, is to work with our customers to elevate the companion animal health care standards to increase diagnostics utilization.

就此，我現在將通過感謝我們近 11,000 名 IDEXX 同事每天為我們以目標為導向的工作所付出的承諾和熱情來結束電話會議的準備發言部分。您的努力不僅有助於為動物、人類和我們的星球創造更美好的未來，而且您還支持 IDEXX 在 2023 年以強勁的財務狀況開始。我們擁有一個有吸引力的行業和良好的業績記錄，我們面臨的重要機遇是與我們的客戶合作，提高伴侶動物保健標準，以提高診斷利用率。

The tireless work of the IDEXX team has positioned us well to deliver solid growth and financial results into the future. So on behalf of the management team, thank you for your continued focus on enhancing the health and well-being of pets, people and lifestyle. Now let's open the line for Q&A.

IDEXX 團隊的不懈努力使我們能夠在未來實現穩健的增長和財務業績。因此，我代表管理團隊感謝您一直以來對提升寵物、人類和生活方式的健康和福祉的關注。現在讓我們打開問答環節。

(Operator Instructions) To ask a question, we'll take our first question from Nathan Rich.

（操作員說明）要問一個問題，我們將從 Nathan Rich 那裡提出第一個問題。

I had 2 on the updated guidance. Brian, on top line, I think you've talked about targeting the high end of the CAG Dx recurring revenue range at 11%. First quarter came in a bit better than expected. I guess any change in how you're thinking about getting to that for the full year? And any change in assumptions on either kind of the U.S. or international outlook based on what you've seen through the first quarter.

我有 2 個更新指南。布賴恩，最重要的是，我認為你已經談到將 CAG Dx 經常性收入範圍的高端目標定為 11%。第一季度的表現好於預期。我猜你想在全年實現這一目標的方式有什麼變化嗎？以及根據您在第一季度所看到的情況，對美國或國際前景的任何假設的變化。

Thanks for your question. We have a similar outlook at the high end. I think we feel very good about the start to the year, particularly in the U.S. And so I think the drivers of that, we highlighted pricing being a positive driver for us this year and the execution is consistent with what we had expected. And I think the executional drivers that help to deliver solid volume growth in the U.S., we're very encouraged by. And looking to build on that.

謝謝你的問題。我們對高端有類似的看法。我認為我們對今年的開局感覺非常好，尤其是在美國。所以我認為這是推動因素，我們強調定價是今年我們的積極推動因素，執行情況與我們的預期一致。我認為有助於在美國實現穩健銷量增長的執行驅動因素讓我們感到非常鼓舞。並希望以此為基礎。

I think internationally, we also saw excellent execution drivers I mentioned, we had double-digit growth benefit from things like new business gains, including benefits from strong instrument placements, higher pricing. We are seeing continued headwinds from macro factors in international markets. So the growth was somewhat below our higher end target. So on balance, we feel a good start to the year. I still think that's a good full year goal for the company and looking forward to continuing to execute well to deliver against it.

我認為在國際上，我們也看到了我提到的出色的執行驅動因素，我們從新業務收益等方面獲得了兩位數的增長收益，包括強大的工具配置、更高的定價帶來的收益。我們看到國際市場宏觀因素的持續不利因素。因此，增長略低於我們的高端目標。所以總的來說，我們覺得今年開局不錯。我仍然認為這對公司來說是一個很好的全年目標，並期待繼續良好執行以實現它。

Okay. And then I wanted to ask a follow-up on the operating margin guidance. I think you mentioned kind of unchanged outside of the FX impact. Gross margin, I think you said came in better than expected, but was offset I guess, by higher OpEx. Could you maybe just talk about how that plays out over the balance of the year? Especially sales and marketing, I think, was up meaningfully as a percent of revenue in the first quarter. As what drove that increase? And how should we think about the run rate for the full year?

好的。然後我想問一下關於營業利潤率指導的後續行動。我認為你提到了外匯影響之外的某種變化。毛利率，我想你說的好於預期，但我猜被更高的運營支出所抵消。你能不能談談這對今年餘下時間的影響？我認為，尤其是銷售和營銷佔第一季度收入的百分比顯著上升。是什麼推動了這種增長？我們應該如何考慮全年的運行率？

Yes. Let me try to break that down. We had an expectation for the first quarter for an improvement in reported operating margins of 50 to 100 basis points. We came in at 150. So that was better than expected. That was principally on the gross margin line. We saw some benefit in the quarter from kind of later than timed planned staffing in areas like our labs and some specific operational factors more Q1 related.

是的。讓我試著分解一下。我們預計第一季度報告的營業利潤率將提高 50 至 100 個基點。我們進來了 150。所以這比預期的要好。這主要是在毛利率線上。我們在本季度看到了一些好處，因為我們實驗室等領域的人員配置晚於計劃的時間，以及一些與第一季度相關的特定運營因素。

So I think we feel good about the overall performance and do think that the high-end goals that we have are still appropriate. We -- as we highlighted coming into the year, we knew that we had some costs coming back here, just more interface with our customers, more travel I think we're anticipating that to continue. We're trying to support our employees in a higher inflation environment as well. And we do have investments that we're advancing in areas like R&D. I know we've highlighted in the past in a couple of new platforms that we're advancing that we're investing behind.

所以我認為我們對整體表現感覺良好，並且確實認為我們擁有的高端目標仍然是合適的。我們——正如我們強調的那樣，進入這一年，我們知道我們有一些成本會回到這裡，只是與我們的客戶有更多的接觸，更多的旅行，我認為我們預計這種情況會繼續下去。我們也在努力在更高的通貨膨脹環境中支持我們的員工。我們確實在研發等領域進行了投資。我知道我們過去在我們正在推進的幾個新平台中強調了我們正在投資的平台。

So those are all captured in our outlook. I think on balance, our performance is very much in line with what we're targeting, again, a good start to the year. And we think we -- the full year goal is on a -- if we adjust out the R&D lapping and the customer contract resolution payment for a solid 60 basis point comparable improvement and right in line with what we were hoping to achieve this year, and we look forward to working to deliver on that.

所以這些都體現在我們的前景中。我認為總的來說，我們的表現非常符合我們的目標，今年又是一個良好的開端。我們認為我們 - 全年目標是 - 如果我們調整研發研磨和客戶合同解決方案付款以獲得可靠的 60 個基點可比改進並且符合我們今年希望實現的目標，我們期待著努力實現這一目標。

Our next question comes from Chris Schott from JPMorgan.

我們的下一個問題來自摩根大通的 Chris Schott。

Just 2 questions for me. The first was just any comments on the Mars Heska proposed acquisition and the impact that could have on the competitive landscape. And then my second one was just a question on price. Just trying to get my hands around just feedback you're getting on the moves you've made. And are you seeing any impact at all on demand from these changes? We think about whether it's wellness visits or less acute conditions. I know that's kind of -- seems to be kind of a topic that's top of mind for investors. So I just love to have any just directional comments of what you're hearing on price would be really appreciated.

只問我兩個問題。首先是對 Mars Heska 擬議收購的任何評論以及可能對競爭格局產生的影響。然後我的第二個只是關於價格的問題。只是想讓我的手只是反饋你對你所做的動作的反饋。您是否看到這些變化對需求有任何影響？我們考慮是健康訪問還是不那麼嚴重的情況。我知道這有點——似乎是投資者最關心的話題。因此，我很樂意對您所聽到的價格發表任何直接的評論，我們將不勝感激。

Yes. Chris, this is Jay. So let me take your second question first, and then I'll address the acquisition. Overall, we think pricing to our customers is appropriate within the current environment. From an overall demand standpoint, we see that holding up well relative to the macro conditions, as we've described it in the different pricing scenarios. From just a pet owner perspective, we think they've demonstrated willingness. We see this both from experience as well as just the survey work that they continue to prioritize health care for their pets. And keep in mind that diagnostics is a relatively small piece of the overall patient spend on their pets.

是的。克里斯，這是傑伊。所以讓我先回答你的第二個問題，然後我會解決收購問題。總體而言，我們認為在當前環境下向客戶定價是合適的。從整體需求的角度來看，正如我們在不同的定價情景中所描述的那樣，我們看到相對於宏觀條件保持良好狀態。從寵物主人的角度來看，我們認為他們已經表現出了意願。我們從經驗和調查工作中看到這一點，即他們繼續優先考慮寵物的醫療保健。請記住，診斷只佔患者在寵物身上花費的一小部分。

Specifically to your point around wellness versus non-wellness, we've seen the 2 pretty much move in lockstep over the last 5 quarters or so of course, if the macro -- when we see sort of the macro deterioration from an environmental standpoint during the pandemic, there was some divergence. But generally, at least over the last year plus, they've moved in lockstep.

具體到你關於健康與非健康的觀點，我們已經看到 2 在過去 5 個季度左右的時間裡幾乎步調一致，當然，如果宏觀 - 當我們從環境的角度看到宏觀惡化時大流行，有一些分歧。但總的來說，至少在過去一年多的時間裡，他們步調一致。

And just an interesting, I think, proof point of that, if you take a look at the 4Dx diagnostics testing, it's been highly durable. That's primarily a wellness test and we think indicative of the good end customer demand and pull-through.

我認為，這只是一個有趣的證據，如果你看一下 4Dx 診斷測試，它是非常耐用的。這主要是一項健康測試，我們認為這表明了良好的最終客戶需求和成功率。

From the standpoint of the Mars Heska acquisition, just as a matter of policy, we don't comment on specific customer relationships, except to say that no single customer comprises more than 10% of our consolidated revenues. Our customer base is very large and diversified. I think as you know and we maintain and have excellent relationships and a great long-term track record with our corporate customers. They, I think -- very much appreciate the broad solution portfolio both on the diagnostics as well as software side where we can support their objectives to grow and deliver great care. And it probably just as importantly, footprint-wise, to be where there.

從收購 Mars Heska 的角度來看，作為一項政策，我們不會對特定的客戶關係發表評論，只是說沒有一個客戶占我們合併收入的 10% 以上。我們的客戶群非常龐大且多元化。我想正如你所知，我們與企業客戶保持並擁有良好的關係和良好的長期業績記錄。我認為，他們非常欣賞診斷和軟件方面的廣泛解決方案組合，我們可以在這些方面支持他們的目標，以實現增長和提供優質護理。就足跡而言，可能同樣重要的是要在那裡。

I think the acquisition itself reflects what we've said all along, the attractiveness of the animal health sector, and more specifically diagnostics that we think -- long term, that it can help support the overall market or sector development of diagnostics.

我認為此次收購本身反映了我們一直以來所說的，動物健康領域的吸引力，更具體地說，我們認為的診斷——從長遠來看，它可以幫助支持整個市場或診斷領域的發展。

(Operator Instructions) We'll take our next question from Jon Block from Stifel.

（操作員說明）我們將從 Stifel 的 Jon Block 那裡回答下一個問題。

Its Jon from Stifel. Is it -- can you guys hear me okay?

是來自 Stifel 的喬恩。是——你們能聽到我說話嗎？

Yes, we can .

我們可以 。

Sorry, the operator jumped in, I guess as a routine -- sorry about that. First question, Brian, it was a good quarter. The CAG Dx revenue of $11.6 million was above the high end of your prior 8.5% to 11%. And I think you expect on the last call 1Q '23 to be more at the midpoint of the annual guide, and you came in above the high end. So maybe just talk to us on what drove the upside. I believe price was in line with your prior thoughts. So do you chalk it up more to U.S. than international? That would be my knee-jerk reaction. But would love to hear from you. And then if it is in the U.S., is it more specific to, call it, IDEXX drivers? Or did you see some upside, call it, industry visits relative to where your head was at 3 months ago?

抱歉，接線員插話了，我想這是例行公事——對此感到抱歉。第一個問題，布賴恩，這是一個很好的季度。 CAG Dx 收入為 1160 萬美元，高於之前 8.5% 至 11% 的上限。而且我認為你希望在 23 年第 1 季度的最後一次電話會議上更多地處於年度指南的中點，而你進入了高端之上。所以也許只是和我們談談是什麼推動了上漲。我相信價格符合你之前的想法。那麼你是否更多地將其歸因於美國而不是國際？那將是我下意識的反應。但很想听聽你的消息。然後，如果它在美國，它是否更具體地稱為 IDEXX 驅動程序？或者你是否看到了一些好處，稱之為與 3 個月前你的想法相關的行業訪問？

Yes. Thanks for the question, Jon. We did have a really good start to the year in the U.S. I think our pricing, as you pointed out, was globally in line with what we had planned. So we feel good about the execution there. The -- I would say that the U.S. clinical visits were overall for the quarter a little better than we anticipated. They were flat, as I mentioned, and we thought we'd still be working through some compares on that front. I think we got some benefit really early in the quarter, I think, with some positive growth that helped there.

是的。謝謝你的問題，喬恩。我們今年在美國確實有一個非常好的開端。正如您所指出的，我認為我們的定價在全球範圍內符合我們的計劃。所以我們對那裡的執行感覺很好。我要說的是，本季度美國的臨床就診總體上比我們預期的要好一些。正如我提到的，它們是持平的，我們認為我們仍然會在這方面進行一些比較。我認為我們在本季度初確實獲得了一些好處，我認為，一些積極的增長對此有所幫助。

And the -- our own volume execution, the difference between how much growth is coming from our volume relative to clinical visits was a solid 5%, that's kind of pre-pandemic level. So we -- that was in line with kind of what we're hoping to achieve. So on balance, U.S. combined came through quite well. I think international was in line, I would say, with what we were guiding towards. We had very good execution as noted and continue to see some macro headwinds that we're working through.

而且——我們自己的數量執行，我們的數量增長與臨床訪問之間的差異是穩定的 5%，這是大流行前的水平。所以我們 - 這符合我們希望實現的目標。所以總的來說，美國的綜合表現相當不錯。我認為國際化符合我們的指導方針。如前所述，我們執行得非常好，並繼續看到我們正在努力應對的一些宏觀逆風。

So on balance, I think we feel good about the start to the year, as I shared earlier. And we have some goals at the higher end that would help us deliver 10% overall organic growth, which is our goal, and we think we're working well towards that. And we're acknowledging that we're in an environment where there is some macro risk, and we think it's proven to have a range of estimates there and continue to monitor those trends as we work through the year. But I think on balance, we feel good about the start.

因此，總的來說，正如我之前分享的那樣，我認為我們對今年的開局感覺良好。我們有一些更高端的目標，可以幫助我們實現 10% 的整體有機增長，這是我們的目標，我們認為我們正在朝著這個目標努力。我們承認我們處於一個存在一些宏觀風險的環境中，我們認為它被證明有一系列的估計，並在我們全年的工作中繼續監測這些趨勢。但我認為總的來說，我們對開始感覺良好。

Yes. And I would just build on that to say that I would build on Brian's comments and just emphasize the excellent commercial drivers that we've talked about certainly pricing, as Brian mentioned, new customer acquisition has been strong, both U.S. and internationally. Customer retention rates continue to remain strong. I think the customer interest and appetite for technology, we see that in premium instrument placements as well as software. And I think that's really reflective of the -- some of the capacity challenges that they see. So overall, I think from an execution standpoint, a very strong quarter.

是的。我只想以此為基礎說我會以布賴恩的評論為基礎，並強調我們已經討論過的優秀商業驅動因素當然是定價，正如布賴恩提到的那樣，新客戶的獲取一直很強勁，無論是在美國還是在國際上。客戶保留率繼續保持強勁。我認為客戶對技術的興趣和胃口，我們在高級儀器佈置和軟件中看到了這一點。我認為這確實反映了他們看到的一些能力挑戰。所以總的來說，我認為從執行的角度來看，這是一個非常強勁的季度。

Perfect. That was helpful, guys. And then I still might have a couple of parts to it. But Brian, just below the line for the guide, is it essentially a wash like there's some less interest expense, but there's less share repo. You had some wording around the hedges and the way that flows through the change. So just broadly speaking, below the line, is it a wash when we think about your current '23 EPS versus where it was back in February. And then the second part of that question is, guys, even if you keep it at a high level, can you just talk about what needs to be done for the 2 new point-of-care systems? And are those initiatives running in parallel, just when we think about timing there?

完美的。伙計們，這很有幫助。然後我仍然可能有幾個部分。但是布賴恩，就在指南的下方，它本質上是一種清洗，就像利息支出減少了一樣，但股票回購也減少了。你有一些措辭圍繞著對沖和變化的流動方式。因此，從廣義上講，在線下，當我們考慮您當前的 '23 每股收益與 2 月份的情況相比時，它是否是一種洗禮。然後這個問題的第二部分是，伙計們，即使你保持高水平，你能談談這兩個新的床旁系統需要做什麼嗎？這些舉措是否是並行進行的，就在我們考慮時間安排的時候？

Yes. Just to clarify, on the profit guide, our operating margin outlook is consistent. We have a slightly higher headwind from FX. And so the -- on a comparable basis, the high end is the same and the low ends are up, I think, slightly. We obviously have some positive flow-through from raising the low end of the revenue. So that's the EPS adjustment. And you're correct. The -- we had lower interest expense projected to offset by relatively lower projected reductions in shares outstanding. So that was a net flat effect.

是的。澄清一下，在利潤指南上，我們的營業利潤率前景是一致的。外匯對我們的不利影響略大。因此 - 在可比的基礎上，高端是相同的，低端略有上升。顯然，我們通過提高收入的低端獲得了一些積極的收益。這就是 EPS 調整。你是對的。 - 我們預計較低的利息支出將被相對較低的已發行股票減少預期所抵消。所以這是一個淨平坦效應。

And I would just say from a product development standpoint, I'm not going to be specific, obviously, but we are running parallel programs. We continue to invest in software assays, instruments. We spend a lot of money on innovation. We think there's great opportunities across the portfolio, and we'll continue to provide updates as we get closer.

我只想說，從產品開發的角度來看，我不會具體說明，但我們正在運行並行程序。我們繼續投資於軟件檢測、儀器。我們在創新上投入了大量資金。我們認為整個投資組合中存在巨大的機會，我們將在接近時繼續提供更新。

Our next question comes from Michael Ryskin from Bank of America.

我們的下一個問題來自美國銀行的 Michael Ryskin。

Jay, Brian, I want to start on OUS specifically. Could you just clarify -- I think you said 8% OUS, was that CAG recurring or CAG total? And then just in general, -- did that come in line with expectations? Anything specific you can call out on OUS results? I think you just commented on the macro environment, but any more one that you can point to either by region or by sort of the factors that are driving that?

Jay、Brian，我想專門從 OUS 開始。你能澄清一下——我想你說的是 8% OUS，CAG 是重複發生的還是 CAG 總數？總的來說，這是否符合預期？您可以對 OUS 結果提出任何具體要求嗎？我想你只是評論了宏觀環境，但你還能按地區或按推動它的因素來指出更多嗎？

Yes. Let me clarify the numbers. I'll let Jay talk to the regional dynamics. It was 8% -- 7.6% CAG Dx recurring. And Mike, I would say that's pretty much in line with the outlook that we shared for the quarter. I think we -- the execution drivers were very -- were strong in line. We had 17% growth in instrument placements, double-digit benefit from things that weren't related to same-store sales dynamics. And we continue to see the kind of pressure that we've seen on macro -- for macro trends on the same-store side. But we've been building that into our outlook, and I think that was in line with what we were anticipating and kind of consistent with our full year view as well.

是的。讓我澄清一下數字。我會讓傑談談區域動態。這是 8% - 7.6% CAG Dx 重複出現。邁克，我想說這與我們對本季度的展望非常一致。我認為我們 - 執行驅動程序非常 - 非常強大。我們的樂器展示位置增長了 17%，與同店銷售動態無關的事物帶來了兩位數的收益。我們繼續看到我們在宏觀上看到的那種壓力——對於同店方面的宏觀趨勢。但我們一直在將其納入我們的展望，我認為這符合我們的預期，也與我們的全年觀點一致。

Yes. I mean just to support that, we've seen, relatively speaking, more macro impacts outside the U.S. The -- as I had mentioned previously, our execution drivers internationally have been excellent. We've done 7 commercial expansions. And when you take a look at those targeted expansions, we're doing well. We think we're bringing more focus. And from a frequency and visit standpoint, the type of successful model that we've implemented in the U.S. From an instrument and business-focused standpoint, we've seen excellent results in premium instrument placements to pick 19% on the Catalyst side, really strong -- the quality has been really strong from both competitive and new placements.

是的。我的意思是只是為了支持這一點，相對而言，我們已經看到美國以外的更多宏觀影響——正如我之前提到的，我們在國際上的執行驅動力非常出色。我們已經進行了 7 次商業擴張。當您查看那些有針對性的擴展時，我們做得很好。我們認為我們帶來了更多的關注。從頻率和訪問的角度來看，我們在美國實施的成功模型類型。從儀器和以業務為中心的角度來看，我們已經看到在高級儀器安置方面取得了優異的成績，在 Catalyst 方面選擇了 19%，真的強——競爭性和新安置的質量都非常好。

And so we're optimistic. And I think the regions are working -- or other countries within the regions are working through their specific challenges. But we're optimistic that the long-term demand is there.

所以我們很樂觀。我認為這些地區正在努力——或者該地區內的其他國家正在努力應對他們的具體挑戰。但我們對長期需求存在感到樂觀。

Okay. Great. And then for the follow-up, going back to the organic growth guide for the year and some of your assumptions on vet visit growth. I think previously, you'd said that on the high end of the guide, you're baking in a relative flattening of clinical vet visit growth trends as you work through the year. And as you said, you kind of saw them in the first quarter already.

好的。偉大的。然後對於後續行動，回到當年的有機增長指南和你對獸醫訪問增長的一些假設。我想以前，你曾說過，在指南的高端，你正在烘烤一年中臨床獸醫訪問增長趨勢的相對平坦。正如您所說，您已經在第一季度看到了它們。

So what do you need to see from vet visit sort of clinic -- to say okay, we're here already, things have definitely improved ready to revise upward? Is that just a matter of seeing these trends continue for another quarter or so? Or is there something that you saw in between the numbers that gave you pause?

那麼你需要從獸醫訪問診所看到什麼 - 說好吧，我們已經在這裡，情況肯定有所改善準備向上修正？這只是看到這些趨勢再持續一個季度左右的問題嗎？或者您在數字之間看到了什麼讓您停下來？

Maybe I can provide a little color there. On the U.S. side, where -- we're more explicit on how we're thinking about the visit trends, as I mentioned, the overall, it was -- clinical visits were relatively flat in the quarter. I think we are encouraged that it appears that we're working through the headwinds that were related to capacity staffing. So that seems to be normalizing.

也許我可以在那裡提供一點顏色。在美國方面，我們更明確地說明了我們如何考慮訪問趨勢，正如我提到的，總體而言，本季度的臨床訪問相對平穩。我認為我們感到鼓舞的是，我們似乎正在克服與能力人員配置相關的不利因素。所以這似乎正在正常化。

I would point out it was stronger earlier in Q1 than how we exited the quarter. So the visits were down a bit in March, and that continued into early April. So I think this is an ongoing dynamic in terms of just the macro backdrop and the ongoing adaptation of clinics to adding staff and kind of getting back to their normal growth rates. But I think we're feeling good about kind of working through some of those headwinds that we highlighted. And an area that we'll continue to monitor and we're actively trying to help clinics through productivity improvement, get back to the positive growth rates that they've been able to support in the past.

我要指出的是，它在第一季度的早些時候比我們退出該季度的方式更強大。所以 3 月份的訪問量有所下降，這種情況一直持續到 4 月初。所以我認為，就宏觀背景和診所不斷適應增加員工以及恢復正常增長率而言，這是一個持續的動態。但我認為我們對克服我們強調的一些不利因素感覺很好。我們將繼續監控一個領域，我們正在積極嘗試通過提高生產力來幫助診所，恢復他們過去能夠支持的正增長率。

Yes. To Brian's point, the practices from our perspective, speaking now to the U.S. have largely stabilized. We've seen stabilization of ours, for example. I think there's been a really strong appetite and enthusiasm for technology, specifically with a focus on productivity and supporting capacity. Certainly, we've seen heightened interest in software as a way of supporting staff productivity, workflow optimization, removing the sort of high administrative unrewarded tasks.

是的。就布賴恩的觀點而言，從我們的角度來看，現在與美國交談的做法已基本穩定。例如，我們已經看到我們的穩定性。我認為人們對技術有著非常強烈的興趣和熱情，特別是對生產力和支持能力的關注。當然，我們已經看到人們對軟件的興趣越來越高，將其作為支持員工生產力、工作流優化、消除高管理無報酬任務的一種方式。

Keep in mind, if you take a look at 2022, there was a 2% net addition in pets in the U.S. That's twice the level of pre-pandemic. So I think there's a lot of underserved demand out there, and practices are working through how they serve that demand. So good progress. I think the other thing is finding the time study, we think identify some things that practices are doing and could do, and there's been a lot of receptivity and enthusiasm for that work and how they can find a couple of minutes here, a couple of minutes there that cumulatively make a big difference.

請記住，如果你看一下 2022 年，美國的寵物淨增 2%。這是大流行前水平的兩倍。所以我認為那裡有很多服務不足的需求，而實踐正在通過他們如何滿足這種需求來運作。這麼好的進展。我認為另一件事是找到時間研究，我們認為確定一些實踐正在做和可以做的事情，並且對這項工作有很多接受和熱情，以及他們如何在這裡找到幾分鐘，幾個那裡的分鐘數累積起來會產生很大的不同。

We'll take our next question from Ryan Daniels from William Blair.

我們將從 William Blair 的 Ryan Daniels 那裡接受我們的下一個問題。

This is Jack sent on for Ryan Daniels. I have 2 just pretty quick ones. First, can you remind us on the ProCyte One placement goals -- replacements goal. I believe the 20,000 goal is for 2026, correct? So I believe in your prepared remarks, you said that you're already over that -- you're already over 50% to that target. So just curious if you can touch on the good performance in these placements that seems to be almost ahead of schedule. And then 2, do you expect the adoption to slow down? Or is there a good amount of upside potential to that 20,000 target?

這是 Jack 為 Ryan Daniels 派來的。我有 2 個非常快的。首先，您能否提醒我們關於 ProCyte One 放置目標——替換目標。我相信 20,000 的目標是 2026 年，對嗎？所以我相信你準備好的發言，你說你已經超過了這個目標——你已經超過了這個目標的 50%。所以很好奇您是否可以談談這些似乎幾乎提前完成的展示位置的良好表現。然後 2，您預計採用速度會放緩嗎？還是說 20,000 點的目標有很大的上漲潛力？

Yes. So let me address the -- so we had said that we have 9,400 ProCyte One placements, which is nearly half of the goal itself. And I think what we're seeing is a really nice fit with the platform itself from both performance and cost and footprint standpoint. So there's been a lot of, I think, customer adoption based on the fact that it fits their practice needs.

是的。所以讓我來談談——我們說過我們有 9,400 個 ProCyte One 放置，這幾乎是目標本身的一半。而且我認為，從性能、成本和占地面積的角度來看，我們所看到的非常適合平臺本身。因此，我認為有很多客戶採用是基於它符合他們的實踐需求這一事實。

Keep in mind, internationally, which is where we think the larger part of the marketplace is, in many countries, it's hematology first. They do sort of a general body systems, diagnostic and then, in some cases, include chemistry or may include chemistry with it. So there is a -- it does hematology first marketplace. They see this as a key addition to their in-clinic diagnostic suite. And we've done well with that.

請記住，在國際上，我們認為在許多國家，市場的大部分是血液學。他們做一些一般的身體系統，診斷，然後在某些情況下，包括化學或可能包括化學。所以有一個 - 它首先是血液學市場。他們認為這是對其臨床診斷套件的重要補充。我們在這方面做得很好。

Yes. I'd just highlight the multiplier benefits to -- of the ProCyte One launch. If you look at the growth in the overall installed base, we had double-digit growth across Catalyst, Premium Hematology and SediVue. So it's -- and we had a very strong quarter for Catalyst and SediVue placements, building on the lapping of the launch last year that was very successful for ProCyte One. So I think the benefit of having additions to a platform isn't just related to the platform itself but to the overall business growth.

是的。我只想強調 ProCyte One 發布的乘數優勢。如果你看一下整體安裝基數的增長，我們在 Catalyst、Premium Hematology 和 SediVue 方面實現了兩位數的增長。所以它是——我們在 Catalyst 和 SediVue 的安置方面有一個非常強勁的季度，建立在去年對 ProCyte One 非常成功的發布的基礎上。所以我認為增加平台的好處不僅與平臺本身有關，而且與整體業務增長有關。

Perfect. Understood. And just as a quick follow-up. Over the past few quarters, the narrative of cloud within the animal health industry seems to have accelerated. And just given the financial hardships that practices currently face, can you just talk about the pricing differences between average cloud-based solutions versus like on-prem or hardware solutions? And then for new practices starting up, are they typically going just right into the cloud? Or I guess like what is the opportunity here?

完美的。明白了。就像快速跟進一樣。在過去的幾個季度中，動物保健行業對雲的敘述似乎加速了。考慮到實踐目前面臨的財務困難，您能否談談平均基於雲的解決方案與本地或硬件解決方案之間的定價差異？然後對於啟動的新實踐，他們通常會直接進入雲嗎？或者我想這裡的機會是什麼？

Yes. So new practices are generally going right into the cloud. So they're trying to buy and use contemporary technology. Cloud-based systems are obviously priced as SaaS services. So there's a monthly annuity. There's still upfront costs in terms of data migration and onboarding and training and those things associated with getting a practice. I think the big difference from a cost standpoint at least is in the life cycle of that solution itself. The practices don't worry about replacing servers every 3, 4, 5 years and paying for ongoing maintenance.

是的。因此，新的實踐通常會直接進入雲端。所以他們試圖購買和使用現代技術。基於雲的系統顯然按 SaaS 服務定價。所以有每月年金。在數據遷移、入職和培訓以及與獲得實踐相關的那些方面仍然存在前期成本。我認為至少從成本的角度來看，最大的不同在於該解決方案本身的生命週期。這些做法不用擔心每 3、4、5 年更換一次服務器並支付持續維護費用。

The other big benefit is they get software updates pushed to them on a pretty frequent basis without having to necessarily send somebody out to the site and take the system offline, whether it's a couple of hours or more. So there's a lot of -- I think there's a lot of cost benefits over the life cycle of the solution as well as feature functionality improvements that they get. And therefore, that's driving, I think, at least in the veterinary industry a newfound appreciation for updating to more modern or contemporary software solutions.

另一個很大的好處是，他們可以非常頻繁地獲得推送給他們的軟件更新，而不必派人到現場並使系統脫機，無論是幾個小時還是更長時間。所以有很多 - 我認為在解決方案的生命週期中有很多成本效益以及他們獲得的功能改進。因此，我認為，這至少在獸醫行業推動了對更新到更現代或現代軟件解決方案的新認識。

Our next question comes from Erin Wright from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Erin Wright。

Oncology diagnostics -- sorry, hopefully, you can hear me now. So...

腫瘤學診斷——抱歉，希望你現在能聽到我的聲音。所以...

We missed the beginning of -- yes, sorry, we missed the beginning...

我們錯過了開始——是的，抱歉，我們錯過了開始……

No worries. No worries. So can you talk a little bit about the pet oncology diagnostics opportunity? Why does it make sense for you to partner in this category versus buy? And do you think that this could be a more meaningful driver for you longer term or more limited? Just curious how you're thinking about that at this juncture.

不用擔心。不用擔心。那麼你能談談寵物腫瘤學診斷的機會嗎？為什麼在這個類別中合作而不是購買對您來說更有意義？你認為這對你來說是一個更有意義的長期驅動力還是更有限的驅動力？只是好奇你在這個時候是怎麼想的。

Yes. Thank you, Erin. We think it's a very significant opportunity, just based on the number of pets that develop cancer. It's the biggest cause of death, mortality of -- within the pet population. So if you take a look at the U.S., there's 6 million dogs a year that get cancer, 3x mortality rate of the next sort of greatest cause of death. The diagnosis and staging and treatment protocols today are very fragmented. They tend to be late by the time it's very critically obvious and then you have to pick the sample and send it out to the pathology lab. And at that point, cancer may be Stage 3, Stage 4 difficult to treat.

是的。謝謝你，艾琳。我們認為這是一個非常重要的機會，僅基於患癌症的寵物數量。這是導致寵物死亡的最大原因。所以如果你看看美國，每年有 600 萬隻狗患癌症，死亡率是下一種最大死因的 3 倍。今天的診斷、分期和治療方案非常分散。他們往往會在非常明顯的時候遲到，然後你必須挑選樣本並將其發送到病理實驗室。到那時，癌症可能處於難以治療的第 3、4 階段。

The other piece is that there aren't a lot of oncology specialists. If you take a look at North America, it's 350 to 400. So most of the camps are diagnosing, and treatment is happening through the general practitioner who aren't specialists. They have a lot of other responsibilities. And so being able to provide diagnostics as a testing regime for them, we think is a really attractive opportunity, we both partner and have internal development efforts.

另一點是沒有很多腫瘤學專家。如果你看看北美，它是 350 到 400。所以大多數營地都在診斷，治療是通過非專科醫生的全科醫生進行的。他們還有很多其他責任。因此，能夠為他們提供診斷作為測試機制，我們認為這是一個非常有吸引力的機會，我們都合作並進行內部開發工作。

Keep in mind that from a cancer standpoint, just our pathology submissions on a global basis, over [1.3] million a year. So this isn't a new area for us. This is something that we're well versed in and provide a service across the globe for us. So this is just really expanding or enhancing so that we move earlier into being able to support our customers to diagnose cancer while it's still -- you have better chances at being able to treat it.

請記住，從癌症的角度來看，僅我們在全球範圍內提交的病理學報告每年就超過 [130 萬]。所以這對我們來說不是一個新領域。這是我們精通的領域，並在全球範圍內為我們提供服務。因此，這只是真正的擴展或增強，以便我們能夠更早地支持我們的客戶在癌症仍然存在時診斷癌症——你有更好的機會能夠治療它。

Great. And on -- I know you commented a little bit on the Heska Mars deal. But do you anticipate more opportunities in terms of corporate relationships coming up outside of, obviously, Mars? With a couple of their relationships on the Heska side coming up for bid within the next year, is that meaningful at all? What's the competitive response?

偉大的。還有——我知道你對 Heska Mars 的交易發表了一些評論。但你是否預計在企業關係方面會有更多機會出現在火星之外？他們在 Heska 方面的一些關係將在明年進行競標，這是否有意義？什麼是競爭性反應？

Yes. I mean we have -- generally, we have relationships with both corporate accounts across some of our different testing modalities or product lines. We do think there are some customers who may be sensitive continuing with our competitors. It still comes down -- it's a very competitive market. It still comes down to -- we're going to have to compete customer to customer. And we think that the broadest possible solution to support their growth objectives is what, at the end of the day, wins. And we'll continue to focus on that.

是的。我的意思是我們有——一般來說，我們在一些不同的測試模式或產品線中與兩個公司賬戶都有關係。我們確實認為有些客戶可能對繼續使用我們的競爭對手很敏感。它仍然下降——這是一個競爭非常激烈的市場。它仍然歸結為 - 我們將不得不與客戶競爭。我們認為支持他們的增長目標的最廣泛的解決方案最終會獲勝。我們將繼續關注這一點。

And our last question comes from David Westenberg from Piper Sandler.

我們的最後一個問題來自 Piper Sandler 的 David Westenberg。

Sorry if it went over my head in terms of the FX here. I think on the change in guide, it was from 500 -- or 50 basis points on revenue to 200 -- to 20 basis points on revenue. But then on EPS, it went up. Sorry, I might be a little thickheaded here. Can you explain what's happening on the top line? I think of you as an exporter. So I'm just a little bit confused there. I know you've given commentary, but maybe I'm a little slower than others.

很抱歉，如果它在 FX 方面超出了我的理解範圍。我認為關於指南的變化，它是從 500 - 或收入的 50 個基點到 200 - 收入的 20 個基點。但隨後在 EPS 上，它上升了。抱歉，我在這裡可能有點笨。你能解釋一下頂行發生了什麼嗎？我認為你是出口商。所以我在那裡有點困惑。我知道你已經發表了評論，但也許我比其他人慢了一點。

And then I'll just ask my second one upfront here. Can you talk about -- again, another one on the Mars Heska thing, but I want to go at a different angle. Your win rate against Antech has been pretty high. And at least my checks from -- with veterinarians tend to see that they kind of have -- don't like going against their competitor. So is there any chance you can have additional win rates in the inside lab here with kind of that angle and kind of how to think about that dynamic?

然後我會先在這裡問我的第二個問題。你能再談談——再一次，關於火星赫斯卡的另一個問題，但我想從另一個角度談談。你對 Antech 的勝率一直很高。至少我的支票——獸醫傾向於看到他們有點——不喜歡與他們的競爭對手對抗。那麼，您是否有機會在這裡的內部實驗室中以那種角度和那種如何思考這種動態來獲得額外的獲勝率？

Yes. So David, just on your FX questions, you're correct on revenue. We think the full year is relatively flat now versus what we thought was a 0.5 point headwind. That's the $10 million positive adjustment in revenue. It didn't flow through to EPS, just given mix of currencies and hedge positions. So it's -- we have a share of all the assumptions relative to rates, but we have a model that we go through looking at all those factors, and it didn't have a net impact just because we're largely hedged at this point, and just the mix of the impacts weren't as favorable.

是的。所以大衛，就你的外匯問題而言，你對收入的看法是正確的。我們認為與我們認為的 0.5 點逆風相比，全年相對平穩。這是 1000 萬美元的收入正調整。它沒有流入每股收益，只是考慮了貨幣和對沖頭寸的組合。所以它 - 我們擁有與利率相關的所有假設的份額，但我們有一個模型，我們通過查看所有這些因素，並且它沒有產生淨影響只是因為我們在這一點上基本上被對沖了，只是這些影響的組合併不那麼有利。

Yes. And then to answer the -- your second question, we don't think about it necessarily as migration of one modality to the other based on the competitive landscape. Customers use both clinic as well as reference labs. They choose partners based on a variety of your product and solution differentiation, cost, service, footprint, all those things. So we think there's still going to be the primary drivers of who corporate customers and independent customers choose, and I'll leave it at that.

是的。然後回答 - 你的第二個問題，我們並不認為它必然是基於競爭格局將一種方式遷移到另一種方式。客戶同時使用診所和參考實驗室。他們根據您的產品和解決方案的各種差異化、成本、服務、足蹟等所有這些因素來選擇合作夥伴。因此，我們認為企業客戶和獨立客戶選擇誰的主要驅動因素仍然存在，我就此打住。

So with that, we'll conclude the Q&A portion of the call. Thank you for your participation this morning. And to summarize, I'll reiterate that IDEXX is committed to the significant multi-decade opportunity to increase the standard of care for companion animal health care. We look forward to executing our organic strategy to address this opportunity.

因此，我們將結束電話的問答部分。感謝您今天上午的參與。總而言之，我要重申，IDEXX 致力於利用這個重要的數十年機會來提高伴侶動物保健的護理標準。我們期待著執行我們的有機戰略來抓住這個機會。

IDEXX teams continued to perform at a high level building of the investments we made over the past decades to develop our sector. And we look forward to continuing strong progress against our strategy through 2023. And now we'll conclude the call. Thank you.

IDEXX 團隊繼續以高水平執行我們過去幾十年為發展我們的行業所做的投資。我們期待在 2023 年之前繼續根據我們的戰略取得重大進展。現在我們將結束電話會議。謝謝。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。