愛德士 (IDXX) 2023 Q4 法說會逐字稿

Good morning, and welcome to the IDEXX Laboratories Fourth Quarter 2023 Earnings Conference Call. As a reminder, today's conference is being recorded.

早安，歡迎參加 IDEXX 實驗室 2023 年第四季財報電話會議。提醒一下，今天的會議正在錄製中。

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.

今天早上參加電話會議的有總裁兼執行長 Jay Mazelsky；布萊恩‧麥肯 (Brian McKeon)，財務長；約翰‧拉維斯 (John Ravis)，投資者關係副總裁。

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.

IDEXX 希望在今天的討論前對前瞻性陳述提出警告。請聽眾注意，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有重大差異。

Additional information regarding these risks and uncertainties is available under the forward-looking statements noticed 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.

有關這些風險和不確定性的更多信息，請參見我們今天上午發布的新聞稿中提到的前瞻性聲明，以及我們向美國證券交易委員會提交的定期文件，這些文件可以從美國證券交易委員會或透過造訪投資者以獲得我們網站 idexx.com 的關係部分。

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.

在本次電話會議中，我們將討論某些未依照公認會計原則或公認會計準則制定的財務指標。我們的收益報告中提供了這些非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的對賬，也可以透過造訪我們網站的投資者關係部分找到該報告。

In reviewing our fourth quarter 2023 results and initial 2024 guidance, please note all references to growth, organic growth and comparable growth refer to growth compared to the equivalent prior year period unless otherwise noted.

在審查我們的 2023 年第四季業績和 2024 年初步指引時，請注意，除非另有說明，所有提及成長、有機成長和可比成長的內容均指與去年同期相比的成長。

To allow broad participation in the Q&A, we ask that each participant limit their questions to one with one follow-up as necessary. We appreciate you may have additional questions, so please feel free to get back into the queue, and if time permits, we'll take your additional questions.

為了讓問答環節得到廣泛參與，我們要求每位參與者將他們的問題限制為一個，並根據需要進行一次後續跟進。我們感謝您可能還有其他問題，因此請隨時回到隊列中，如果時間允許，我們將回答您的其他問題。

Today's prepared remarks will be posted to IDEXX.com Investors after the earnings conference call concludes.

今天準備好的言論將在收益電話會議結束後發布給 IDEXX.com 投資者。

I would now like to turn the call over to Brian McKeon.

我現在想將電話轉給布萊恩麥肯 (Brian McKeon)。

Good morning, everyone. I'm pleased to take you through our fourth quarter and full year 2023 results and to provide an overview of our financial outlook for 2024. IDEXX had a strong finish to 2023, reflected in our fourth quarter performance. Revenues increased 8% organically, supported by 10% organic gains in CAG Diagnostic recurring revenues, net of a 1% growth headwind from fewer equivalent selling days.

大家，早安。我很高興向您介紹我們的 2023 年第四季度和全年業績，並概述我們 2024 年的財務前景。IDEXX 在 2023 年取得了出色的成績，這反映在我們第四季度的業績中。營收有機成長了 8%，這得益於 CAG Diagnostic 經常性收入有機成長 10%，扣除同等銷售天數減少帶來的 1% 成長阻力。

Operating profits increased 8% as reported and 10% on a comparable basis, benefiting from solid gross margin gains and OpEx leverage.

由於穩健的毛利率成長和營運支出槓桿，營業利潤按報告增長 8%，可比增長 10%。

These factors and a lower-than-expected effective tax rate supported delivery of $2.32 per share in EPS in Q4, up 17% on a comparable basis.

這些因素以及低於預期的有效稅率支持第四季度每股收益達到 2.32 美元，比去年同期成長 17%。

IDEXX execution enabled delivery of strong full year financial results reflected a 9% overall organic revenue growth and high comparable operating margin gains. This supported a 29% increase in EPS for the full year on a comparable basis, including 12% of combined EPS growth benefit from a customer contract resolution payment and the lapping of the discrete 2022 R&D investments.

IDEXX 的執行實現了強勁的全年財務業績，反映出 9% 的整體有機收入成長和較高的可比營業利潤率成長。這支持全年每股收益在可比基礎上增長 29%，其中 12% 的每股收益合併增長受益於客戶合約決議付款和 2022 年離散研發投資的整合。

These results were driven by a 10.5% full year organic growth in CAG Diagnostic recurring revenues, reflecting 11% organic gains in the U.S. and 10% organic growth in international regions, aligned with our original full year growth targets.

這些結果是由 CAG Diagnostic 經常性收入全年有機成長 10.5% 推動的，反映了美國 11% 的有機成長和國際地區 10% 的有機成長，與我們最初的全年成長目標一致。

We also achieved 19% full year organic growth in recurring software and digital imaging revenues, sustained high customer retention levels, and placed a record number of CAG premium instruments, which drove an 11% expansion of our global premium installed base.

我們的經常性軟體和數位成像收入也實現了19% 的全年有機增長，保持了較高的客戶保留水平，並放置了創紀錄數量的CAG 優質儀器，這推動了我們的全球優質安裝基礎擴大了11%。

These strong execution trends position us well as we enter 2024 and advance our growth strategy. This year, we're targeting 10% organic revenue growth, at the high end of our initial guidance range of 7% to 10% overall organic revenue growth, supported by 7.5% to 10.5% organic gains in CAG Diagnostic recurring revenues.

這些強勁的執行趨勢使我們在進入 2024 年並推進我們的成長策略時處於有利地位。今年，我們的目標是有機收入成長 10%，處於我們最初指導範圍 7% 至 10% 整體有機收入成長的高端，並得到 CAG Diagnostic 經常性收入 7.5% 至 10.5% 有機收益的支持。

We're also planning for solid comparable operating margin gains, building on our long-term track record supporting continued high comparable EPS growth. We'll walk through the details of our financial guidance later in my comments. Let's begin with a review of our fourth quarter results.

我們也計劃在支持可比每股收益持續高成長的長期業績記錄的基礎上，實現穩健的可比營業利潤率成長。我們將在稍後的評論中詳細介紹我們的財務指導。讓我們先回顧一下我們第四季的業績。

Fourth quarter organic revenue growth of 8% was driven by 9% organic gains in our CAG business. CAG Diagnostic recurring revenue increased 10% organically in Q4, reflecting 9% gains in the U.S. and 12% growth in international regions, net of a 1% global growth headwind from equivalent days effects. CAG Diagnostic organic recurring revenue growth in Q4 was supported by average global net price improvement of 6% to 7%, with U.S. net price gains at the low end of this range.

第四季 8% 的有機收入成長得益於我們 CAG 業務 9% 的有機收益。 CAG Diagnostic 經常性收入在第四季度有機成長 10%，其中美國成長 9%，國際地區成長 12%，扣除當量天數影響導致的 1% 的全球成長阻力。 CAG Diagnostic 第四季的有機經常性收入成長得益於全球平均淨價上漲 6% 至 7%，其中美國淨價漲幅處於該範圍的低端。

IDEXX execution drivers supported volume gains of 4% in both U.S. and international regions normalized for days effects, reflecting an improvement from Q3 volume growth levels and the strongest normalized volume growth quarter in 2023. IDEXX CAG Diagnostics recurring revenue growth remained solidly above sector growth levels.

IDEXX 執行驅動因素支持美國和國際地區的銷量增長4%（按天數效應正常化），反映了第三季度銷量增長水平的改善以及2023 年最強勁的標準化銷量增長季度。IDEXX CAG Diagnostics 經常性收入增長仍明顯高於產業成長水準。

In the U.S., CAG Diagnostic recurring revenue increased 9% organically, net of 1% negative growth rate impact from fewer equivalent selling days in Q4. This reflects a 1,050 basis point normalized growth premium compared to U.S. clinical visit growth levels, which declined an estimated 0.5% in the quarter on a same-store basis.

在美國，CAG Diagnostic 經常性收入有機成長 9%，扣除第四季同等銷售天數減少造成的 1% 負成長率影響。與美國臨床就診成長水準相比，這反映了 1,050 個基點的正常成長溢價，美國臨床就診成長水準在本季同店基礎上預計下降 0.5%。

IDEXX execution drivers drove solid U.S. volume growth in the quarter, reflecting benefits from new business gains, high customer retention levels, and sustained diagnostic frequency levels per visit.

IDEXX 執行驅動因素推動了本季度美國銷售的穩健成長，反映出新業務成長、高客戶保留率和每次造訪持續診斷頻率水準帶來的好處。

International CAG Diagnostic recurring revenue growth was 12% in Q4, reflecting benefits from higher net price realization and improved volume gains. International results were also supported by strong IDEXX execution, reflected in continued solid growth in premium instrument placements, which supported a 13% year-on-year increase in our international premium instrument installed base.

國際 CAG Diagnostic 第四季經常性營收成長 12%，反映出淨價實現更高和銷售成長改善的好處。國際績效也得到了強大的 IDEXX 執行力的支持，這反映在優質儀器安裝量的持續穩健增長，這支持了我們的國際優質儀器安裝量同比增長 13%。

IDEXX achieved solid organic gains across our major testing modalities in the fourth quarter. IDEXX VetLab consumable revenues increased 13% organically, reflecting double-digit gains across U.S. and international regions. Consumable gains were supported by an 11% increase in our global premium installed base in 2023, reflecting strong gains across our Catalyst, Premium Hematology and SediVue platforms.

第四季度，IDEXX 在我們的主要測試模式中取得了堅實的有機效益。 IDEXX VetLab 耗材收入有機成長 13%，反映美國和國際地區的兩位數成長。 2023 年，我們的全球優質安裝基數成長了 11%，這支撐了消耗品的成長，反映出我們的 Catalyst、Premium Hematology 和 SediVue 平台的強勁成長。

For the full year 2023, we achieved a record 19,000 premium instrument placements with excellent quality, reflected in sustained high new and competitive Catalyst placements. In Q4, we placed 5,241 premium instruments, up 3% from high prior year levels, driven by strong gains in SediVue placements and continued expansion of ProCyte One.

2023 年全年，我們以卓越的品質實現了創紀錄的 19,000 個優質工具安置，這反映在持續的高新和有競爭力的 Catalyst 安置中。在 SediVue 配售量的強勁增長和 ProCyte One 的持續擴張的推動下，我們在第四季度配售了 5,241 個優質工具，比去年同期的高水平增長了 3%。

Overall CAG instrument revenues declined 3% organically in the quarter, reflecting comparisons to high prior year levels, program pricing effects and global mix. Rapid Assay revenue grew 9% organically in Q4, supported by benefits from net price increases and solid volume gains in the U.S. Global Lab revenues expanded 7% organically, reflecting high single-digit gains in the U.S. and sustained solid organic revenue growth in international regions.

本季 CAG 儀器整體收入有機下降 3%，反映了與去年高水準、專案定價效應和全球組合的比較。受淨價格上漲和美國銷量穩健增長的推動，第四季度快速檢測收入有機增長 9%。全球實驗室收入有機增長 7%，反映了美國的高個位數增長和國際地區持續穩健的有機收入增長。

CAG veterinary software and diagnostic imaging revenues increased 6% organically in Q4 compared to strong prior year levels. Results continued to be supported by double-digit growth in recurring revenues and ongoing momentum in cloud-based software placements. For the full year, veterinary software and diagnostic imaging revenues increased 11% organically, supported by 19% organic gains in recurring revenues.

與去年的強勁水平相比，第四季度 CAG 獸醫軟體和診斷成像收入有機增長了 6%。經常性收入的兩位數成長和基於雲端的軟體放置的持續勢頭繼續支撐著業績。全年，獸醫軟體和診斷影像收入有機成長 11%，經常性收入有機成長 19%。

In our other business segments, water revenues increased 5% organically in Q4 compared to strong prior year levels, supported by continued solid gains in the U.S. and Europe. Overall growth in the quarter was moderated by lower China revenues and year-end order timing.

在我們的其他業務部門，在美國和歐洲持續穩健成長的支撐下，第四季水收入與去年的強勁水平相比有機成長了 5%。本季的整體成長因中國收入下降和年終訂單時間放緩而放緩。

For the full year, Water revenues grew 8% overall and 7% organically.

全年水務收入整體成長 8%，有機成長 7%。

Livestock, Poultry and Dairy revenues decreased 4% organically in Q4 as solid gains in the U.S., Europe and Latin America were offset by declines in food health screening revenues and comparisons to higher prior swine testing levels in China. For the full year, LPD revenues were down 1% organically as solid gains across our core ruminant poultry and swine businesses were offset by declines in areas like herd health screening, reflecting regional macro dynamics. We expect to work through comparison issues in herd health screening post the first quarter of 2024.

第四季畜牧業、家禽和乳製品收入有機下降 4%，原因是美國、歐洲和拉丁美洲的強勁增長被食品健康篩檢收入的下降以及與中國之前較高的生豬檢測水平相比所抵消。全年，LPD 收入有機下降 1%，因為我們核心反芻家禽和生豬業務的穩健成長被牛群健康篩檢等領域的下降所抵消，反映了區域宏觀動態。我們預計在 2024 年第一季後解決牛群健康篩檢的比較問題。

Turning to the P&L. Q4 operating profit increased 8% as reported and 10% on a comparable basis, supported by solid comparable operating margin gains. Gross profit increased 9% as reported and on a comparable basis. Gross margins were 58.4%, up 50 basis points on a comparable basis, adjusting for 70 basis points of negative FX impact, primarily related to the lapping of the prior year hedge gains.

轉向損益表。在可比營業利潤率穩健成長的支撐下，第四季營業利潤按報告成長 8%，以可比計算成長 10%。根據報告和可比較數據，毛利成長 9%。毛利率為 58.4%，在可比較基礎上成長 50 個基點，調整了 70 個基點的外匯負面影響，主要與上一年對沖收益的重疊有關。

Gross margin gains reflected benefits from net price improvement, which offset inflationary cost impacts, favorable business mix impacts from strong consumable growth, and higher software service gross margins.

毛利率成長反映了淨價格改善的好處，抵消了通貨膨脹成本的影響、消費品強勁增長帶來的有利業務組合影響以及軟體服務毛利率的提高。

Operating expenses were up 9% as reported and 7% on a comparable basis in the quarter, reflecting growth in commercial investments and increases in R&D spending aligned with advancing our innovation initiatives, including our new instrument platforms.

本季營運費用成長 9%，年增 7%，反映出商業投資的成長以及研發支出的增加，這與推進我們的創新計畫（包括新儀器平台）一致。

For the full year 2023, operating margins were 30%, including approximately 40 basis points of benefit from the Q1 customer contract resolution payment. On a comparable basis, full year operating margins increased 390 basis points, including 280 basis points of combined benefit from the customer contract resolution payment and the lapping of discrete 2022 R&D investments.

2023 年全年，營業利益率為 30%，其中包括第一季客戶合約決議付款帶來的約 40 個基點的收益。在可比較基礎上，全年營業利潤率增加了 390 個基點，其中包括客戶合約決議付款和 2022 年離散研發投資的綜合收益增加 280 個基點。

For the full year, foreign exchange reduced operating margin gains by 60 basis points, primarily related to the lapping of prior year hedge gains.

就全年而言，外匯使營業利潤率收益減少了 60 個基點，主要與上一年對沖收益的重疊有關。

Q4 EPS was $2.32 per share, up 17% on a comparable basis. In Q4, EPS benefited from a lower effective tax rate. This reflected the release of valuation allowances in certain jurisdictions, which lowered our full year effective tax rate by approximately 100 basis points and increased EPS by $0.10 per share. Fourth quarter EPS included $0.02 in tax benefits from share-based compensation activity and $0.04 in headwind from foreign exchange changes, primarily related to the lapping of 2022 hedge gains. FX hedge gains were $2 million in the quarter.

第四季每股收益為 2.32 美元，年增 17%。第四季度，每股收益受益於較低的有效稅率。這反映了某些司法管轄區釋放的估值津貼，這使我們的全年有效稅率降低了約 100 個基點，每股收益增加了 0.10 美元。第四季每股收益包括來自股權激勵活動的 0.02 美元稅收優惠和來自外匯變化的 0.04 美元逆風，主要與 2022 年對沖收益的重疊有關。本季外匯對沖收益為 200 萬美元。

Full year EPS was $10.06 per share, an increase of 29% on a comparable basis, including 12% of combined EPS growth benefit from the Q1 customer contract resolution payment and the lapping of discrete 2022 R&D investments.

全年每股收益為 10.06 美元，可比增長 29%，其中 12% 的綜合每股收益增長受益於第一季客戶合約決議付款和 2022 年離散研發投資的整合。

For the full year, stock-based compensation activity provided $14 million or $0.16 per share in tax benefit, lowering our effective tax rate by 130 basis points. As noted, full year comparable EPS growth also benefited by $0.10 per share or approximately 1% from the release of tax valuation allowances in certain jurisdictions.

全年，股票補償活動提供了 1,400 萬美元或每股 0.16 美元的稅收優惠，使我們的有效稅率降低了 130 個基點。如前所述，全年可比每股收益成長也受益於某些司法管轄區稅收估價津貼的釋放，每股收益成長 0.10 美元，約 1%。

Foreign exchange increased Q4 and full year revenue growth by approximately 1% and 0%, respectively. For the full year, foreign exchange reduced operating profits by $25 million and EPS by $0.24 per share, primarily related to the lapping of 2022 hedge gains. In 2023, full year foreign exchange hedge gains were $4 million.

外匯使第四季和全年營收成長分別約為 1% 和 0%。全年而言，外匯導致營業利潤減少 2,500 萬美元，每股收益減少 0.24 美元，主要與 2022 年對沖收益的重疊有關。 2023年全年外匯對沖收益為400萬美元。

Free cash flow was $773 million for 2023 or 91% of net income. Free cash flow conversion was above the high end of earlier projections, reflecting timing and control of capital spending. Capital spending was $134 million for the full year or 3.7% of revenue.

2023 年自由現金流為 7.73 億美元，佔淨利的 91%。自由現金流轉換高於早期預測的上限，反映了資本支出的時機和控制。全年資本支出為 1.34 億美元，佔收入的 3.7%。

Our balance sheet remains in a strong position. We ended 2023 with leverage ratios of 0.7x gross and 0.4x net of cash. Our 2024 interest expense outlook incorporates recent forward interest rates and expectations for similar leverage ratios this year.

我們的資產負債表仍處於強勢地位。截至 2023 年末，我們的總槓桿率為 0.7 倍，扣除現金後的槓桿率為 0.4 倍。我們對 2024 年利息支出的展望包含了近期的遠期利率和今年類似槓桿率的預期。

We allocated $38 million to repurchase 90,000 shares in the fourth quarter. For the full year 2023, we allocated $83 million to repurchase 175,000 shares. Targeted deployment of cash to share repurchases supports our projected 0.5% to 1% reduction in diluted shares outstanding for the full year 2024.

我們在第四季撥款 3,800 萬美元回購 90,000 股股票。 2023 年全年，我們撥款 8,300 萬美元回購 175,000 股股票。有針對性地部署現金進行股票回購，支持我們預計 2024 年全年稀釋後流通股減少 0.5% 至 1%。

Turning to our 2024 full year outlook. We're providing initial guidance for revenues of $3.930 billion to $4.04 billion, an increase of 7.5% to 10.5% on a reported basis. On an organic basis, this reflects a growth range of 7% to 10% overall, supported by 7.5% to 10.5% organic growth in CAG Diagnostic recurring revenues. Current exchange rates, we expect foreign exchange to have limited impact on full year revenue growth.

轉向我們的 2024 年全年展望。我們提供的初步指導收入為 39.30 億美元至 40.4 億美元，按報告增長 7.5% 至 10.5%。從有機角度來看，這反映了整體成長範圍為 7% 至 10%，這得益於 CAG Diagnostic 經常性收入 7.5% 至 10.5% 的有機成長。目前的匯率，我們預期外匯對全年營收成長的影響有限。

Our reported revenue growth outlook includes approximately $15 million of projected revenue from our recent software acquisition, which Jay will highlight in his comments.

我們報告的收入成長前景包括我們最近收購的軟體帶來的約 1500 萬美元的預期收入，Jay 將在他的評論中強調這一點。

In terms of the key drivers of our 2024 organic growth outlook. The midpoint of our CAG Diagnostic recurring revenue growth range incorporates expectations for global net price gains of approximately 5% and volume gains of approximately 4%, aligned with assumptions for relatively flat U.S. clinical visit same-store growth levels post Q1. As we'll discuss, we have seen some effects from severe U.S. weather trends in January, which we expect will impact overall Q1 clinical visit growth levels.

就我們 2024 年有機成長前景的主要驅動因素而言。我們的 CAG 診斷經常性收入增長範圍的中點包含對全球淨價格增長約 5% 和銷量增長約 4% 的預期，這與第一季後美國臨床就診同店增長水平相對平穩的假設一致。正如我們將討論的，我們已經看到 1 月份美國惡劣天氣趨勢的一些影響，我們預計這將影響第一季整體臨床就診成長水準。

Our full year outlook reflects a U.S. volume growth premium to U.S. clinical visits aligned with our trends in the second half of 2023, supported by expectations for continued solid global growth benefits from IDEXX execution drivers. The higher end of our CAG Diagnostic recurring revenue growth outlook range captures the potential for improved sector visit and same-store growth trends and overall IDEXX volume growth potential. The lower end of the range calibrates for potential risk to our targeted growth goals, including effects from macroeconomic conditions.

我們的全年展望反映了美國的銷售成長溢價於美國的臨床就診量，這與我們 2023 年下半年的趨勢一致，這得益於 IDEXX 執行驅動因素對全球持續強勁成長效益的預期。我們的 CAG Diagnostic 經常性收入成長前景範圍的高端體現了部門客流量和同店成長趨勢以及整體 IDEXX 銷售成長潛力的潛力。此範圍的下限用於校準我們目標成長目標的潛在風險，包括宏觀經濟條件的影響。

The high end of our overall organic revenue growth guidance of 10% is aligned with our long-term goals. We expect overall organic growth to be constrained somewhat by expectations for modest organic growth in LPD and comparisons to strong prior year instrument placement levels.

我們整體有機收入成長指引的上限為 10%，這與我們的長期目標一致。我們預計整體有機成長將在一定程度上受到 LPD 適度有機成長的預期以及與去年強勁的工具投放水準的比較的限制。

Our reported operating margin guidance for the full year of 2024 is 30.2% to 30.7%. On a comparable basis, this reflects an outlook for 20 to 70 basis points of improvement in comparable annual operating margins, net of a negative 40 basis point operating margin impact related to the lapping of the Q1 2023 customer contract resolution payment.

我們報告的 2024 年全年營業利潤率指引為 30.2% 至 30.7%。在可比較基礎上，這反映了可比較年度營業利潤率改善 20 至 70 個基點的前景，扣除與 2023 年第一季客戶合約決議付款相關的 40 個基點營業利潤率負面影響。

We're planning for solid gross margin gains on a comparable basis in 2023, supported by continued strong growth in CAG Diagnostic recurring revenues, expansion of our cloud-based software business, and benefits from lab productivity initiatives.

我們計劃在 2023 年在可比基礎上實現穩健的毛利率增長，這得益於 CAG Diagnostic 經常性收入的持續強勁增長、基於雲端的軟體業務的擴展以及實驗室生產力計劃的好處。

We expect limited impact from foreign exchange on 2024 revenue growth and operating margin at the rates assumed in our press release. We estimate foreign exchange will increase full year EPS by $0.02 per share given current hedge positions. In terms of sensitivities to changes to the foreign exchange rates assumed in our press release, we projected that a 1% change in the value of the U.S. dollar would impact full year reported revenue by approximately [$30] million and operating income by approximately $4 million net of hedges.

根據我們新聞稿中假設的比率，我們預期外匯對 2024 年營收成長和營業利潤率的影響有限。鑑於目前的對沖頭寸，我們估計外匯交易將使全年每股收益增加 0.02 美元。就我們新聞稿中假設的外匯匯率變化的敏感性而言，我們預計美元價值 1% 的變化將影響全年報告收入約 3000 萬美元，營業收入約 400 萬美元套期保值淨額。

Our 2024 EPS outlook is $10.84 to $11.33 per share. This reflects an increase of 8% to 13% as reported and, on a comparable basis, net of a 2% EPS growth headwind from the lapping of the customer contract resolution payment and 1% of headwind related to lapping and benefits from tax valuation reserve releases in 2023.

我們對 2024 年每股收益的預期為 10.84 美元至 11.33 美元。這反映了報告中8% 至13% 的增長，並且在可比基礎上，扣除了客戶合約決議付款的研磨帶來的2% 的每股收益增長阻力以及與研磨和稅收估價儲備收益相關的1%的阻力。將於 2023 年發布。

Our EPS outlook factors in a 1.5% increase in our overall effective tax rate to approximately 22% in 2024, reflecting these lapping impacts and lower projected benefits from share-based compensation activity.

我們的每股盈餘展望考慮到 2024 年我們的整體有效稅率將增加 1.5%，達到約 22%，反映了這些重疊影響以及基於股份的薪酬活動的預期收益降低。

Our EPS outlook captures expected benefits in 2024 from lower interest expense compared to 2023, as well as expectations for reductions in average share count.

我們的每股盈餘展望反映了 2024 年利息支出較 2023 年下降帶來的預期收益，以及平均股票數量減少的預期。

Our 2024 free cash flow outlook is for a net income to free cash flow conversion ratio of 90% to 95%, aligned with our long-term goals. This reflects estimated capital spending of $180 million or approximately 4.5% of revenues.

我們對 2024 年自由現金流的展望是淨利潤與自由現金流的轉換率為 90% 至 95%，這與我們的長期目標一致。這反映了預計資本支出為 1.8 億美元，約佔收入的 4.5%。

Overall, we're well positioned to deliver continued strong financial performance in 2024. In terms of our operational outlook for Q1, we're planning for overall organic revenue growth of 6% to 8%, factoring in approximately 1% of negative growth impact from severe weather in the U.S. in January, and constraints on Q1 growth in areas like LPD related to tougher year-on-year comparisons. Reported revenue growth should be largely in line with organic revenue growth estimates.

總體而言，我們有能力在 2024 年實現持續強勁的財務業績。就第一季度的營運前景而言，我們計劃整體有機收入增長 6% 至 8%，考慮到約 1% 的負增長影響美國1 月份的惡劣天氣以及LPD 等地區第一季成長的限制與更嚴格的同比比較有關。報告的收入成長應與有機收入成長預期基本一致。

In terms of our profit outlook, we're planning for reported operating margins of 29.4% to 29.8% in Q1. This reflects an outlook for flat to moderate expansion in comparable operating margins, adjusting for the lapping of the prior year $16 million customer contract resolution payment recorded in Q1 2023 as an offset to operating expense.

就我們的利潤前景而言，我們計劃第一季的營業利潤率為 29.4% 至 29.8%。這反映了可比營業利潤率持平至適度擴張的前景，並對 2023 年第一季度記錄的上一年 1600 萬美元客戶合約決議付款進行了調整，作為營業費用的抵消。

That concludes our financial review. I'll now turn the call over to Jay for his comments.

我們的財務審查到此結束。我現在將電話轉給傑伊徵求意見。

Thank you, Brian, and good morning. IDEXX delivered strong performance in the fourth quarter, capping a year where we advanced our strategic priorities while driving strong business growth and excellent financial results. Our high-touch commercial model, the focus on the customer, and accelerated innovation drivers supported ongoing sector development. The use of growth in relevant diagnostic testing generates important clinical insights that informed veterinarians' mission to deliver better medical care while growing their businesses in a highly profitable diagnostics category.

謝謝你，布萊恩，早安。 IDEXX 在第四季度取得了強勁的業績，為我們推進戰略重點、同時推動強勁的業務增長和出色的財務業績的這一年畫上句號。我們的高接觸商業模式、對客戶的關注以及加速的創新驅動力支持了產業的持續發展。相關診斷測試的成長產生了重要的臨床見解，為獸醫的使命提供了訊息，即提供更好的醫療服務，同時在高利潤的診斷類別中發展業務。

High levels of execution against our strategy drove double-digit CAG Diagnostics recurring revenue growth in the fourth quarter and for the full year 2023. This was aligned with our original full year growth targets and reflected strong gains across our major regions. High growth in our durable high-return annuity revenues included strong growth in our recurring software and digital imaging annuity streams.

我們策略的高水準執行推動了 CAG Diagnostics 在第四季度和 2023 年全年實現兩位數的經常性收入成長。這與我們最初的全年成長目標一致，並反映出我們主要地區的強勁成長。我們持久的高回報年金收入的高速成長包括我們的經常性軟體和數位成像年金流的強勁成長。

These gains reflected the cumulative impact of double-digit growth in our global premium instrument installed base, supported by high-quality instrument placements, solid new business gains, expansion of integrated cloud-based software solutions, and net price realization aligned with the value we deliver.

這些收益反映了我們的全球優質儀器安裝基數兩位數成長的累積影響，這得益於高品質的儀器放置、穩定的新業務收益、基於雲端的整合軟體解決方案的擴展以及與我們的價值一致的淨價格實現。遞送。

IDEXX commercial teams delivered improved volume gains this quarter as we continued to work through factors constraining clinical visit levels. The solid growth momentum we carried through 2023 demonstrates that customers of all types appreciate IDEXX's purpose-built solutions and seek these tools and services to achieve sought-after efficiency gains. We're excited to build on this momentum in 2024.

隨著我們繼續努力解決限制臨床就診水準的因素，IDEXX 商業團隊本季的銷售成長有所改善。我們在 2023 年實現的穩健成長動能表明，各類客戶都欣賞 IDEXX 的專用解決方案，並尋求這些工具和服務來實現廣受歡迎的效率提升。我們很高興能夠在 2024 年繼續保持這一勢頭。

Today, I'll highlight the key capabilities and initiatives that have advanced our strategy to address the long-term growth opportunity for our business through direct commercial partnership and innovation to enhance care delivery.

今天，我將重點介紹推動我們策略的關鍵能力和舉措，透過直接商業夥伴關係和創新來增強護理服務，為我們的業務提供長期成長機會。

I'll start with a review of our global commercial execution and its foundational role in creating awareness, education and, ultimately, the increased use of IDEXX Diagnostics.

我將首先回顧我們的全球商業執行情況及其在提高意識、教育以及最終增加 IDEXX Diagnostics 的使用方面所發揮的基礎作用。

IDEXX's commercial teams bring deep subject matter expertise and a partnership mindset that has resulted in gains above sector growth levels. Solid premium instrument placement growth in Q4 capped off a year of record premium instrument placements. Outstanding full year performance was reflected in sustained high levels of Catalyst placements at new and competitive accounts, including record new and competitive placement levels in the U.S.

IDEXX 的商業團隊帶來了深厚的主題專業知識和合作夥伴心態，從而帶來了高於行業增長水平的收益。第四季優質工具配售量穩健成長，為這一年的優質工具配售量創下了紀錄。出色的全年業績體現在新的和有競爭力的客戶的 Catalyst 安置水平持續高水平，包括在美國創紀錄的新的和有競爭力的安置水平。

We also realized double-digit expansion of our premium hematology and SediVue installed bases, high-quality, high EVI placements, coupled with sustained customer retention rates in the 97% to 99% range for the U.S. And, similarly, high levels globally set a solid foundation for future CAG Diagnostics recurring revenue growth. It also demonstrates our customers' appreciation for IDEXX is easy to use in clinic platforms that provide them with deep diagnostic insights necessary to delivering high levels of pet health care, while managing workflow effectively in a busy and dynamic clinic backdrop.

我們也實現了優質血液學和SediVue 安裝基礎的兩位數擴張、高品質、高EVI 安置，以及美國97% 至99% 範圍內的持續客戶保留率。同樣，全球範圍內的高水平也設定了為未來 CAG Diagnostics 經常性收入成長奠定堅實的基礎。它還表明了我們的客戶對IDEXX 易於在診所平台中使用的讚賞，該平台為他們提供了提供高水平寵物醫療保健所需的深入診斷見解，同時在繁忙和動態的診所背景下有效管理工作流程。

Our effectiveness in growing the installed base for premium instruments not only benefits our consumables' recurring revenue stream, but also drives growth across our diagnostic modalities as testing begets testing, and our customers are inspired to expand their use of IDEXX solutions.

我們在增加優質儀器安裝基礎方面的有效性不僅有利於我們的耗材的經常性收入流，而且隨著測試引發測試，也推動了我們診斷模式的增長，並且我們的客戶也受到啟發，擴大了IDEXX解決方案的使用。

This adoption of our multi-modality offering is supported by strong customer interest and marketing programs like IDEXX 360, which makes the adoption of IDEXX technology easy and financially appealing. The adoption of these technologies help support sector diagnostics revenue growth in the U.S. in the fourth quarter, which benefited from diagnostic frequency expansion and wellness visits and diagnostics utilization gains overall.

我們多模式產品的採用得到了客戶強烈興趣和 IDEXX 360 等行銷計劃的支持，這使得 IDEXX 技術的採用變得容易且具有經濟吸引力。這些技術的採用有助於支持美國第四季度診斷行業收入的成長，這得益於診斷頻率的擴大以及健康就診和診斷利用率的整體提高。

Diagnostics remains one of the fastest-growing areas in the veterinary practice, reflected in solid and sustained high single-digit same-store revenue growth at the practice level. Our long-term investments in commercial and R&D resources positions IDEXX well to help our customers build on this momentum.

診斷仍然是獸醫實踐中成長最快的領域之一，這反映在實踐層面同店收入的穩定且持續的高個位數成長。我們對商業和研發資源的長期投資使 IDEXX 能夠很好地幫助我們的客戶鞏固這一勢頭。

Our growing global direct commercial capability is an important element of this strategy to sustain strong CAG Diagnostics recurring revenue growth. Our most recent commercial expansion was completed in the U.S. during Q4, and is the first in 4 years as many of our territories have become very large. It complements the 7 targeted international expansions we've advanced since 2021 in countries around the world.

我們不斷成長的全球直接商業能力是這項策略的重要組成部分，以維持 CAG Diagnostics 經常性收入的強勁成長。我們最近的商業擴張於第四季度在美國完成，這是四年來的第一次，因為我們的許多地區已經變得非常大。它補充了我們自 2021 年以來在世界各國推進的 7 項有針對性的國際擴張。

These are attractive, high-return investments that support future growth by delivering high-touch commercial engagement in our fastest-growing regions, and our commercial teams have consistently shown the ability to complete these expansions while still delivering strong business results.

這些都是有吸引力的高回報投資，透過在我們成長最快的地區提供高接觸度的商業參與來支持未來的成長，並且我們的商業團隊始終表現出完成這些擴張的能力，同時仍然提供強勁的業務成果。

Our international business performance is showing the benefits of our expanded global commercial capability. We continue to achieve strong new business gains, reflected in the 13% expansion of our international premium installed base this year, driven by double-digit installed base growth across our chemistry, hematology and urine sediment in clinic platforms. These gains drove improved international CAG Diagnostics recurring revenue growth, specifically for sequential quarters of volume growth normalized for days despite macro headwinds that have pressured same-store sales levels.

我們的國際業務表現顯示了我們擴大的全球商業能力的好處。我們繼續實現強勁的新業務成長，這反映在我們的國際優質安裝基數今年增長了 13%，這得益於我們診所平台的化學、血液學和尿沉渣安裝基數兩位數的增長。這些收益推動了國際 CAG Diagnostics 經常性收入成長的改善，特別是儘管宏觀阻力對同店銷售水準造成壓力，但連續幾季的銷售成長已經正常化。

The expanded footprint of our VDC based commercial model in international regions, customer-friendly marketing programs like IDEXX 360 and an expanded international lab network gives us the right tools to successfully address the approximately 2/3 of the total opportunity estimate, which exists outside the U.S.

我們基於VDC 的商業模式在國際地區的擴張、客戶友好型行銷計劃（如IDEXX 360）以及擴大的國際實驗室網絡為我們提供了正確的工具，可以成功解決總機會估計的大約2/3，而這些機會存在於外部我們。

In addition to growth in CAG Diagnostics recurring revenues, IDEXX also delivered very strong performance this year in expanding our veterinary software services and diagnostic imaging segment. Our software and imaging solutions provide busy customers with an intuitive and efficient way to access diagnostic insights and manage important workflow and communications across our clinics.

除了 CAG Diagnostics 經常性收入的成長之外，IDEXX 今年在擴展我們的獸醫軟體服務和診斷影像領域也取得了非常強勁的業績。我們的軟體和影像解決方案為忙碌的客戶提供直覺、高效的方式來獲取診斷見解並管理整個診所的重要工作流程和通訊。

Clinics continue to embrace the opportunity to embed software in many aspects of their business and use technology to generate diagnostic insights, eliminate pain points across back-end areas of the clinic, and open meaningful lines of communication with their increasingly younger customer demographic.

診所繼續抓住機會，將軟體嵌入到其業務的許多方面，並使用技術來產生診斷見解，消除診所後端區域的痛點，並與日益年輕的客戶群體建立有意義的溝通管道。

By adopting these contemporary software solutions, clinicians and their staff are significantly better able to focus on providing high levels of care for their patients and reduce their time spent on unrewarded administrative activities that either help them practice medicine or help them drive business growth.

透過採用這些現代軟體解決方案，臨床醫生及其員工能夠更好地專注於為患者提供高水準的護理，並減少花在無回報的管理活動上的時間，這些活動可以幫助他們行醫或幫助他們推動業務增長。

Supported by excellent commercial engagement and performance, fourth quarter PIMS placements continue to be driven by interest in cloud native products, which represented over 90% of placements in the fourth quarter and for the full year 2023, supporting strong double-digit cloud PIMS installed base growth for the year.

在出色的商業參與度和業績的支持下，第四季度PIMS 投放量繼續受到對雲原生產品的興趣的推動，雲原生產品佔第四季度和2023 年全年投放量的90% 以上，支持強勁的兩位數雲PIMS 安裝基礎年度成長。

This high adoption of IDEXX software solutions drove 19% of organic gains in our highly profitable recurring revenues in the veterinary software diagnostic imaging segment this year. These gains provide a growing attractive profit stream to the company and delivers a multiplier benefit as loyal software customers grow their diagnostic revenues faster.

IDEXX 軟體解決方案的廣泛採用使我們今年在獸醫軟體診斷影像領域的高利潤經常性收入中實現了 19% 的有機收益。這些收益為公司提供了越來越有吸引力的利潤流，並隨著忠誠的軟體客戶更快地成長其診斷收入而帶來乘數效益。

Our veterinary software services and diagnostic imaging recurring revenues benefit from growth in our PIMS installed base and from our focus on expanding IDEXX's subscription-based service portfolio. IDEXX Web PACS, our cloud native workflow engine for digital imaging, is a great example. We're pleased with the continued double-digit Web PACS subscriber growth, which thousands of practices have adopted and fully integrated into the IDEXX software technology stack.

我們的獸醫軟體服務和診斷影像經常性收入受益於我們 PIMS 安裝基礎的成長以及我們對擴展 IDEXX 基於訂閱的服務組合的關注。 IDEXX Web PACS 是我們用於數位影像的雲端原生工作流程引擎，就是一個很好的例子。我們對 Web PACS 用戶持續兩位數的成長感到高興，數千種實踐已採用這種成長方式並將其完全整合到 IDEXX 軟體技術堆疊中。

We recently added advanced dental imaging workflows to Web PACS, addressing a major pain point for the 75% of practices who regularly take dental X-rays. These integrated dental imaging workflows, including full dental charts and 2 specific image sorting, streamlines what is otherwise a complicated and time-intensive process for practices.

我們最近在 Web PACS 中添加了先進的牙科影像工作流程，解決了 75% 定期進行牙科 X 光檢查的診所的主要痛點。這些整合的牙科影像工作流程，包括完整的牙科圖表和 2 個特定影像分類，簡化了原本複雜且耗時的實踐過程。

These results demonstrate the benefits from our innovative integrated software offering that is globally relevant to a wide variety of clinics. We're building on our momentum with existing platforms such as VetConnect PLUS and with new solutions to further drive efficiencies within the clinic, one example of which is an updated user experience for the IDEXX VetLab Station, which is a practice team's one-stop control panel and workflow engine. Announced recently at VMX and coming to our customers in the second half of 2024, this new interface will deliver 2x faster in-clinic diagnostic workflows for all instruments across the IDEXX VetLab suite.

這些結果證明了我們創新的整合軟體產品的優勢，該產品與全球各種診所相關。我們正在利用 VetConnect PLUS 等現有平台和新解決方案進一步提高診所的效率，其中一個例子是 IDEXX VetLab Station 的更新用戶體驗，這是一個實踐團隊的一站式控制面板和工作流程引擎。這個新介面最近在 VMX 上發布，將於 2024 年下半年向我們的客戶提供，將為 IDEXX VetLab 套件中的所有儀器提供 2 倍更快的臨床診斷工作流程。

Additionally, while both our diagnostics and software businesses rely primarily on organic growth, we continue to look for attractive and strategic acquisitions to deliver more value to our customers and their clients. We recently closed the acquisition of a private U.S.-based software and data platform that enhances our software ecosystem and further accelerates our growth in that business.

此外，雖然我們的診斷和軟體業務主要依賴有機成長，但我們仍在繼續尋找有吸引力的策略性收購，以便為我們的客戶及其客戶提供更多價值。我們最近完成了對一家美國私人軟體和數據平台的收購，該平台增強了我們的軟體生態系統，並進一步加速了我們在該業務中的成長。

This acquisition extends our PIMS cloud-native workflow and deliver strategic data solutions to our customers and their clients. As we integrate its capabilities deeply inside PIMS platforms, we believe there will be sector growth benefits for deeper engagement between manufacturers, customers and pet owners to drive adoption of highly relevant clinical offerings.

此次收購擴展了我們的 PIMS 雲端原生工作流程，並為我們的客戶及其客戶提供策略性資料解決方案。隨著我們將其功能深入整合到 PIMS 平台中，我們相信製造商、客戶和寵物主人之間的更深入接觸將帶來行業成長效益，從而推動高度相關的臨床產品的採用。

Innovation is a bedrock of how IDEXX has been able to provide our customers with critical diagnostic insights that enable and drive the medical care envelope. We've invested over $2 billion over the last 20-plus years in instrument platform development, differentiated assay discovery and customer-facing software, data and connectivity. Our commitment and leadership and innovation has driven sector development through higher standards of care in global animal health.

創新是 IDEXX 能夠為我們的客戶提供關鍵診斷見解的基石，從而實現並推動醫療保健發展。過去 20 多年來，我們在儀器平台開發、差異化檢測發現以及面向客戶的軟體、數據和連接方面投資了超過 20 億美元。我們的承諾、領導力和創新透過提高全球動物健康護理標準推動了產業發展。

The most recent example of our commitment to transformational innovation is within our point-of-care business. The IDEXX inVue Dx cellular analyzer is an advanced optics and AI platform, cellular imaging that removes the need for clinic staff to prepare and interpret size, delivering clinically insightful diagnostic test results while giving valuable time back to the practice. It works by interrogating and interpreting cells in intracellular structures in their natural state, providing spectacular 3D images that enables differential diagnosis to slide-based methods.

我們致力於轉型創新的最新例子是在我們的護理點業務中。 IDEXX inVue Dx 細胞分析儀是一種先進的光學和人工智慧平台，細胞成像使臨床工作人員無需準備和解釋細胞大小，提供具有臨床洞察力的診斷測試結果，同時為實踐提供寶貴的時間。它的工作原理是詢問和解釋處於自然狀態的細胞內結構中的細胞，提供壯觀的 3D 影像，從而能夠對基於玻片的方法進行鑑別診斷。

The near-term menu for this new platform will address highly relevant, high-volume established categories, including ear cytology and blood morphology, both available when we begin shipping the product in Q4 of this year with fine needle aspirate testing on lumps and bumps to be available next.

這個新平台的近期菜單將涉及高度相關、大容量的既定類別，包括耳細胞學和血液形態學，當我們在今年第四季度開始發貨時，這兩個類別都可用，並對腫塊和腫塊進行細針抽吸測試接下來就可以使用了。

With built-in advanced optics, powerful AI leveraging our global pathology expertise, and 2-way connectivity, the IDEXX inVue Dx analyzer allows for continued menu expansion, building off our proven track record of increasing value over time of IDEXX products and service offerings.

IDEXX inVue Dx 分析儀具有內建的先進光學元件、利用我們全球病理學專業知識的強大AI 以及2 路連接，可實現持續的菜單擴展，從而奠定了我們IDEXX 產品和服務產品價值隨時間不斷增加的良好記錄。

We estimate a 20,000 global placement opportunity over 5 years from the point of shipment in Q4 of this year, driven by a highly relevant menu and intuitive time-saving workflow. Customer response to initial trials into our announcement at VMX were overwhelmingly positive.

我們預計，在高度相關的菜單和直觀的省時工作流程的推動下，從今年第四季度發貨後的 5 年內，全球佈局機會將達到 20,000 個。客戶對我們在 VMX 上宣布的初步試驗反應非常積極。

In addition to the IDEXX inVue Dx analyzer, we also recently announced the latest addition to our fecal Dx antigen platform at our reference labs. Already the gold standard for fecal diagnostics, the Fecal Dx antigen platform now identifies Cystoisospora, a common intestinal parasite that typically impacts young dogs and cats, representing the second extension in as many years. Available at no additional costs starting next month, the addition of Cystoisospora will make the best even better and help clinicians have even greater confidence when they choose IDEXX's reference labs for one of the most common time-consuming preventive screening tests.

除了 IDEXX inVue Dx 分析儀之外，我們最近還宣佈在我們的參考實驗室中添加最新的糞便 Dx 抗原平台。 Fecal Dx 抗原平台已成為糞便診斷的黃金標準，現在可以識別囊等孢子蟲（Cystoisospora），這是一種常見的腸道寄生蟲，通常影響幼犬和貓，這是多年來的第二次擴展。從下個月開始，Cystoisospora 的添加將讓最好的產品變得更好，並幫助臨床醫生在選擇 IDEXX 的參考實驗室進行最常見的耗時的預防性篩檢測試之一時更有信心。

In addition to this expansion on our Fecal Dx antigen panel as planned, we have successfully launched of IDEXX Cystatin B in North America in December, adding kidney injury detection to what is already the most comprehensive menu for kidney health in the industry. Since launch, about 10,000 IDEXX customers have benefited from over 200,000 IDEXX Cystatin B test in North America.

除了按計劃擴展我們的 Fecal Dx 抗原組合外，我們還在 12 月在北美成功推出了 IDEXX Cystatin B，為業界最全面的腎臟健康菜單添加了腎損傷檢測。自推出以來，北美約 10,000 名 IDEXX 客戶已從超過 200,000 項 IDEXX 胱抑素 B 測試中受益。

Overall, we're very proud of the accomplishments we've been able to advance this year in expanding our business capabilities and value-added partnerships with our customers. Our focus on attractive investment and innovation opportunities, while delivering strong financial results, helped drive exceptional return on invested capital in 2023.

總的來說，我們對今年在擴大業務能力和與客戶的增值合作夥伴關係方面取得的成就感到非常自豪。我們專注於有吸引力的投資和創新機會，同時實現強勁的財務業績，有助於在 2023 年實現卓越的投資資本回報。

With that, I'll conclude by thanking our nearly 11,000 IDEXX colleagues for their ongoing commitment to our purpose and their strong execution against our strategy. These business results require coordinated, intensive work across the organization and IDEXX teams rose to the challenge. High levels of performance across the company, both delivered today in 2023 and set us up well to build off this growth through 2024.

最後，我要感謝我們近 11,000 名 IDEXX 同事對我們目標的持續承諾以及對我們策略的強大執行。這些業務成果需要整個組織協調、密集的工作，IDEXX 團隊也勇敢面對挑戰。今天，我們在 2023 年實現了高水準的業績，並為我們在 2024 年實現這一成長奠定了良好的基礎。

There's a significant attractive opportunity to continue to inspire the adoption and utilization of diagnostic solutions and related products. Our IDEXX teams continue to work tirelessly to address this opportunity, while pursuing our mission to provide a better future for animals, people and our planet. It's an honor to report IDEXX's progress and results on behalf of our colleagues. So on behalf of the IDEXX management team, thank you for all your efforts this year.

這是一個非常有吸引力的機會，可以繼續鼓勵診斷解決方案和相關產品的採用和利用。我們的 IDEXX 團隊將繼續不懈地努力抓住這項機遇，同時追求為動物、人類和地球提供更美好未來的使命。我很榮幸能代表我們的同事報告 IDEXX 的進展和成果。因此，我謹代表 IDEXX 管理團隊感謝你們今年的所有努力。

With that, we'll now conclude our prepared remarks and open the line for Q&A.

現在，我們將結束準備好的演講並開始問答。

Our first question today comes from Chris Schott of JPMorgan.

我們今天的第一個問題來自摩根大通的克里斯·肖特。

Color on the remarks here. I guess my question here is just, it seems like you have a bit wider range on the 2024 revenue guidance than in the past. So I just would like a little bit more color in terms of what's driving that range and where you're seeing the most uncertainty in the year. And maybe just part of that, just latest thinking on the macro environment and how you're kind of reflecting kind of the broader macro environment and the guidance for this year.

此處備註上顏色。我想我的問題只是，你們對 2024 年收入指引的範圍似乎比過去更寬一些。因此，我只是想了解推動這一範圍的因素以及今年最不確定的因素。也許只是其中的一部分，只是對宏觀環境的最新思考，以及您如何反映更廣泛的宏觀環境和今年的指導。

Thanks, Chris. Yes, the guidance range represents about a 3% range. I think we highlighted in our comment some of the logic around the midpoint outlook, which largely captures, I think, the underlying sector trends that we've seen recently in the business, as well as the benefits that we're getting from our execution.

謝謝，克里斯。是的，指導範圍約為 3%。我認為我們在評論中強調了圍繞中點前景的一些邏輯，我認為這在很大程度上捕捉到了我們最近在業務中看到的潛在行業趨勢，以及我們從執行中獲得的好處。

The higher end of the range really builds in the potential for sector improvement. I think that we -- the clinical visit growth levels, same-store sales levels internationally have been below what we think will be the longer-term trends in our sector. And so that captures a potential for upside on that front as well as even stronger execution from our teams.

該範圍的高端確實增強了行業改進的潛力。我認為，我們的臨床就診成長水準、國際同店銷售水準一直低於我們認為的我們行業的長期趨勢。因此，這體現了我們團隊在這方面的上升潛力以及更強的執行力。

And I think the downside from that midpoint view is capturing risks, including macro risks. And so it's not all that different than I think where we started last year, and we ended up delivering at the higher end of our range, supported by strong execution. So we'll always strive to do that, but that will involve some improvement in the sector trends in terms of the assumptions that we laid out.

我認為中點觀點的缺點是捕捉風險，包括宏觀風險。因此，這與我認為我們去年開始的情況並沒有太大不同，並且在強有力的執行力的支持下，我們最終實現了我們範圍的高端。因此，我們將始終努力做到這一點，但這將涉及根據我們提出的假設來改善行業趨勢。

Our next question today comes from Nathan Rich of Goldman Sachs.

今天我們的下一個問題來自高盛的內森·里奇。

Maybe just kind of following up on that. I wanted to make sure I kind of understood the kind of underlying end-market assumptions that's embedded in guidance. I guess, could you maybe kind of talk us through how you see the year playing out? I know you said 100 basis point impact from weather. But I'd be kind of interested if you can maybe just detail your kind of clinical visit expectations for the first quarter. And then you said kind of flat same-store visits kind of post Q1. Would you expect to be around that level in Q2 and then over the balance of the year?

也許只是跟進一下。我想確保我理解指導中包含的潛在終端市場假設。我想，您能否跟我們談談您對這一年的看法？我知道你說過天氣影響 100 個基點。但如果您能詳細說明第一季的臨床就診預期，我會很感興趣。然後你說第一季後同店訪問量持平。您預計第二季以及今年剩下的時間會達到這個水準嗎？

And the other thing that I think stood out from your prepared remarks was just the strongest kind of normalized volume growth in the fourth quarter of 2023. Just any color you could share on kind of what drove that, and maybe what you're kind of expecting over the balance of '24?

我認為從您準備好的發言中脫穎而出的另一件事是 2023 年第四季度最強勁的正常化銷量增長。您可以分享推動這一增長的原因，以及您的看法期待 '24 的剩餘時間？

Thanks, Nate. Yes, maybe I can start with your last question just to set context. But we had a very good finish to the year in terms of our performance. As I mentioned, the volume trends when you normalize for days effects, we had 4% volume growth U.S. and internationally that was improved from a softer Q3 and actually was our strongest volume growth quarter for the year. So we feel very good about that, and reflects the ongoing benefits that we're getting from the strong execution by our teams.

謝謝，內特。是的，也許我可以從你的最後一個問題開始，只是為了了解背景。但就我們的表現而言，我們今年取得了非常好的成績。正如我所提到的，當你將天數影響標準化時，我們的銷售趨勢是，我們在美國和國際上的銷量增長了4%，這比第三季度的疲軟有所改善，實際上是我們今年最強勁的銷售成長季度。因此，我們對此感覺非常好，並反映出我們從團隊的強大執行力中獲得的持續收益。

As we thought about our outlook for -- and our plans, for 2024, we're looking to build on that. We highlighted that that's -- our volume growth expectation for the year at midpoint is roughly in line with the strong trends we have coming out of the second half. We'll get additional benefit from the pricing that we noted.

當我們思考 2024 年的前景和計劃時，我們希望在此基礎上再接再厲。我們強調，我們對今年中點的銷售成長預期大致與下半年出現的強勁趨勢一致。我們將從我們注意到的定價中獲得額外的好處。

I think before the weather impacts that we highlighted, we were -- our midpoint view was for largely flat clinical visits in 2024 in the U.S. and somewhat similar trends in international, which had improved in the second half last year, but were still somewhat of a headwind.

我認為在我們強調的天氣影響之前，我們的中點觀點是美國 2024 年的臨床就診量基本持平，而國際上的趨勢有些類似，去年下半年有所改善，但仍然有些許下降。逆風。

We explicitly factored in -- we're about $10 million of impact, we think, in the U.S. from the severe weather in January. So we're just trying to capture that in Q1 and flowing that through as well for the full year. But we think that's isolated to January. We're hopeful we'll see kind of -- or at least assuming we get a flattening of trends and hopefully we'll see some over time aligned with the long-term growth potential we see.

我們明確地考慮到了——我們認為，一月份的惡劣天氣給美國造成了約 1000 萬美元的影響。因此，我們只是試圖在第一季抓住這一點，並將其貫穿全年。但我們認為這只是一月份的情況。我們希望我們能看到某種趨勢——或至少假設我們的趨勢趨於平緩，並希望隨著時間的推移，我們會看到一些與我們看到的長期成長潛力一致的趨勢。

Yes. And then -- and just to add some color to Brian's remarks. Yes, the end-market appears to be stabilized and healthy. There's good underlying client and pet owner demand. If you take a look at both practice revenue and clinic revenue, it was about 5% in the fourth quarter.

是的。然後——只是為了給布萊恩的言論增添一些色彩。是的，終端市場似乎穩定且健康。潛在客戶和寵物主人的需求良好。如果你看一下診所收入和診所收入，第四季約為 5%。

From a positioning standpoint, I think customers appreciate the technology solutions that we bring across in all the diagnostic testing modalities. Even more so with software, I think there's a new hunger for really looking at tools that can help them run their practices better, whether it's workflow productivity play, communications, client and internal communications, but also as part of the delivery of care and the way it all integrates.

從定位的角度來看，我認為客戶欣賞我們在所有診斷測試模式中提供的技術解決方案。對於軟體來說更是如此，我認為人們對真正尋找能夠幫助他們更好地運行實踐的工具產生了新的渴望，無論是工作流程生產力發揮、通信、客戶和內部通信，還是作為提供護理和服務的一部分。一切都整合在一起的方式。

So I think the assumption is that customers continue to work through some of the capacity challenges that they've had and looking for tools and partnerships to be able to do that. And we're especially, I think, well positioned to help them.

因此，我認為假設客戶將繼續解決他們所遇到的一些容量挑戰，並尋找能夠做到這一點的工具和合作夥伴關係。我認為，我們特別有能力幫助他們。

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

今天我們的下一個問題來自美國銀行的邁克爾·里斯金。

Congrats on the quarter, strong end to the year. I wanted to expand a little bit on the inVue. You guys had a great launch of VMX that was really informative. Just curious, you talked about late 2024 launch or 4Q launch. Are you embedding any contribution in numbers this year, obviously, since it's only going to be couple of months, it's not going to be meaningful? But I'm just wondering, of that revenue target, how much are you attributing to inVue already?

恭喜本季，今年底表現強勁。我想對 inVue 進行一些擴展。你們發佈了 VMX，內容非常豐富。只是好奇，您談到了 2024 年末發布或第四季度發布。顯然，今年你是否會在數字中嵌入任何貢獻，因為只有幾個月的時間，所以它不會有意義？但我只是想知道，在這個收入目標中，您將多少歸因於 inVue？

And then the other question, I'll just throw both at once. You talked about 5% net price this year. That compares to, I believe you ended last year at 7% to 8%. So you're kind of sort of moderate back down to historical levels. Just wondering what's sort of been the feedback to price recently as you've announced the 2024 price rollout? And if you could provide any difference on U.S. versus o-U.S. price, that would be helpful.

然後是另一個問題，我會同時拋出兩個問題。您談到今年淨價為 5%。相比之下，我相信去年的成長率為 7% 到 8%。所以你有點溫和地回到了歷史水平。只是想知道最近您宣布 2024 年價格推出後，價格回饋如何？如果您能提供美國與非美國的任何差異價格，這會很有幫助。

Mike, why don't I just briefly address the guidance question then let Jay talk more about the inVue launch? But we've included the assumption for the launch in our overall guidance. It will be principally instrument revenue benefits in the fourth quarter, as we build the annuity revenues over time from that instrument, that it's all captured in our outlook.

Mike，我為什麼不簡單地回答一下指導問題，然後讓 Jay 詳細談談 inVue 的發布呢？但我們已將發布的假設納入我們的整體指導中。第四季主要是工具收入收益，因為我們隨著時間的推移從該工具中獲得年金收入，這一切都在我們的展望中得到體現。

Yes. Just some follow-up commentary on the inVue launch. Customers, I think, very excited to learn more about that, as well as our commercial organization. Talking to the customers who are looking for help with those very high-volume relevant tests that they do today, I think, with the ear cytology and blood morphology, it certainly fits into that profile.

是的。只是對 inVue 發布的一些後續評論。我認為客戶非常高興了解更多相關資訊以及我們的商業組織。與那些正在尋求幫助進行大量相關測試的客戶交談時，我認為，透過耳細胞學和血液形態學，它肯定符合這一要求。

It helps address what I think is a gap from a care standpoint, especially on the blood morphology standpoint where they'd like to do more blood morphologies, but due to the complexities and variability and time constraints with slides, they don't always do as many as they would like to do. So we're very excited by that. And I think it fits the marketplace and it fits that need.

它有助於解決我認為從護理角度來看的差距，特別是從血液形態學的角度來看，他們想做更多的血液形態學，但由於幻燈片的複雜性、可變性和時間限制，他們並不總是這樣做他們想做多少就做多少。所以我們對此感到非常興奮。我認為它適合市場並且適合這種需求。

And importantly, it doesn't add work. It's not moving work around. It eliminates work that would otherwise practices are left with. So I think it hits on both the cylinders of delivering excellent medical care but also workflow productivity improvements.

重要的是，它不會增加工作量。它不會移動工作。它消除了原本需要練習的工作。因此，我認為它既影響了提供優質醫療服務的目標，也影響了工作流程生產力的提升。

Sorry, Michael, you had also asked about the pricing piece. Keep in mind that pricing is -- there's a mix of combination by different customer types. And so there's not a single way to talk about it. We obviously have corporate customers who may be under longer-term contracts, as well as different program effects.

抱歉，邁克爾，您還詢問了定價部分。請記住，定價是不同客戶類型的混合組合。所以沒有單一的方式來談論它。顯然，我們有可能簽訂長期合約的企業客戶，以及不同的計畫效果。

So we think that the 5% debt that we provided as a guide both reflects -- is commensurate with the value that we're delivering and very much in line with what customers see from an IDEXX contribution standpoint.

因此，我們認為我們提供的 5% 債務作為指導既反映了與我們正在交付的價值相稱，也非常符合客戶從 IDEXX 貢獻的角度看到的情況。

Keep in mind, we don't set the end pet owner price. That's up to the veterinarian to decide how they decide to price that and mark it up. And typically, there's an uplift that they factor into their practice management systems. And they obviously price through differentiation -- and not just differentiation in terms of the test itself, but also the medical services piece of it.

請記住，我們不會設定最終寵物主人的價格。這取決於獸醫決定如何定價和標記。通常，他們會將提升因素納入實踐管理系統中。顯然，他們透過差異化定價——不僅是測試本身的差異化，還包括醫療服務部分的差異化。

Thanks so much for coming back to me. Appreciate that, Jay.

非常感謝你回到我身邊。很欣賞這一點，傑伊。

Our next question comes from Navann Ty of BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Navann Ty。

Just a follow-up on inVue, if you could provide maybe the early KOL feedback regarding the slide-free and load-and-go technology or any other area of feedback and whether you're able to provide more information for modeling purposes, including the timing of additional indication. And I just have also a second question, whether we could expect further innovation to be announced on assays in 2024? And would you consider for M&A software?

只是 inVue 的後續行動，您是否可以提供有關無滑動和即裝即用技術的早期 KOL 反饋或任何其他領域的反饋，以及您是否能夠提供用於建模目的的更多信息，包括附加指示的時間。我還有第二個問題，我們是否可以期待 2024 年在檢測方面宣布進一步的創新？您會考慮併購軟體嗎？

Yes. So let me talk a little bit about inVue and some of the key opinion leader feedback. We've had a number of key opinion leaders involved as part of the upfront definition and development of inVue. So there's -- we typically do involve them when we're bringing something new to the market, new to the world like this. I think the exciting thing from their perspective is that you're looking at cellular structures, including intracellular structures within their natural state.

是的。那麼讓我來談談 inVue 和一些關鍵意見領袖的回饋。我們有許多關鍵意見領袖參與了 inVue 的前期定義和發展。因此，當我們向市場推出新產品、向世界推出這樣的新產品時，我們通常會讓他們參與其中。我認為從他們的角度來看，令人興奮的事情是你正在觀察細胞結構，包括自然狀態下的細胞內結構。

When you prepare a slide, it's a 2D, I don't want to use the word squish, but I'll use the word you're sort of squishing it. So you're getting a nonnatural look at it. When you have a 3-dimensional view and can interrogate it in that natural state, you see things that you don't otherwise -- you wouldn't otherwise see and are able to provide differential diagnosis from that.

當你準備一張幻燈片時，它是二維的，我不想使用“擠壓”這個詞，但我會使用“你正在擠壓它”這個詞。所以你會以一種不自然的方式看待它。當你擁有 3 維視圖並可以在自然狀態下對其進行詢問時，你會看到原本看不到的東西——否則你不會看到，並且能夠從中提供鑑別診斷。

So they're very excited by that. I think veterinarians, in general, are very excited by the fact that you don't have to prepare a slide. They know they spend 10 to 20 minutes on that. It's technique-sensitive, it's highly variable. Therefore, the output in interpretation is variable. So having a solution like that, that's relevant, that's something that they -- is well understood, I think they're very enthusiastic about that.

所以他們對此感到非常興奮。我認為獸醫一般都會因為不需要準備投影片而感到非常興奮。他們知道自己要花 10 到 20 分鐘。它對技術敏感，變化很大。因此，解釋的輸出是可變的。因此，擁有這樣的解決方案是相關的，這是他們很好理解的，我認為他們對此非常熱衷。

With respect to innovation this year and announcing innovation, not going to talk about that. At this point, we're constantly innovating our product development pipeline, and funnel is filled with very interesting activities. And as we get closer to launch of particular assay or software or instrument, then we talk about it and then we'll disclose more.

至於今年的創新和宣布創新，就不談了。目前，我們正在不斷創新我們的產品開發管道，漏斗中充滿了非常有趣的活動。當我們接近推出特定測定或軟體或儀器時，我們會討論它，然後我們將披露更多資訊。

Our next question today comes from Erin Wright of Morgan Stanley.

今天我們的下一個問題來自摩根士丹利的艾琳·賴特。

I just had another follow-up on inVue and then I have another follow-up after that. But on inVue, could the launch be expedited at all? Or could you do like an earlier soft launch with that instrument? And do you still have that other diagnostic platform in the pipeline? Is that more of a 2025 event or later?

我剛剛在 inVue 上進行了另一次跟進，之後我又進行了另一次跟進。但在 inVue 上，發布是否可以加快？或者您可以喜歡該儀器的早期軟發布？您還有其他診斷平台嗎？這更像是 2025 年或更晚的事件嗎？

Yes. So with respect to the point-of-care platform launches, we have a very well-defined tried and true method of developing platforms, putting it in the hands of customers, getting feedback in terms of how it works within a real operating environment. We know that there's a difference between benchtop development and what you see within the clinic when we launch something and begin shipping it.

是的。因此，關於護理點平台的發布，我們有一個非常明確的、經過驗證的、可靠的方法來開發平台，將其交付給客戶，並獲得有關其在真實操作環境中如何工作的反饋。我們知道，當我們推出產品並開始出貨時，桌上型開發與您在診所中看到的情況之間存在差異。

We want to make sure that the average time between support events are 4, 5, 6 years. These are world-class levels of performance. And where our customers expect that of us, we don't want to premature launch and maybe have issues that are disruptive to the practice environment.

我們希望確保支持事件之間的平均時間為 4 年、5 年、6 年。這些都是世界一流的性能水準。當我們的客戶對我們有這樣的期望時，我們不想過早啟動，以免出現破壞實踐環境的問題。

So we're comfortable with what we've guided to in terms of the timing of that and making sure that it fits within software ecosystem and the overall operating environment of the practice itself. We're not further disclosing our next point-of-care platform other than what we've talked in the past, and we have one, it's outside of the existing testing categories, and when we get closer to launch, we'll talk about it.

因此，我們對我們所指導的時間安排感到滿意，並確保它適合軟體生態系統和實踐本身的整體操作環境。除了我們過去談論過的內容之外，我們不會進一步披露我們的下一個護理點平台，我們有一個，它不在現有的測試類別之內，當我們接近發佈時，我們會談論關於它。

Okay. And then a bigger picture question. Just has there been any sort of changes or evolving opportunities as it relates to the competitive landscape, I guess, particularly in the U.S.? Could disruptions in sort of new ownership of one of your competitors or changes in distribution for the other -- one of your competitors, is that presenting opportunities for you to take share at this point that you may not have seen previously in either across individual accounts or corporate accounts too?

好的。然後是一個更大的問題。我想，特別是在美國，與競爭格局相關的變化或不斷變化的機會是否存在？您的一個競爭對手的新所有權可能會出現中斷，或者另一個競爭對手（您的競爭對手之一）的分配發生變化，這為您提供了在這一點上獲取份額的機會，而您以前可能在個人帳戶中沒有見過這種機會還是公司帳戶？

Yes. Our markets have been very competitive for a long time. I think new ownership hasn't really changed that dynamic. Some of our competitors were also partners with clinical services and equipment side. Customers have a choice.

是的。長期以來，我們的市場競爭非常激烈。我認為新的所有權並沒有真正改變這種動態。我們的一些競爭對手也是臨床服務和設備的合作夥伴。客戶有選擇。

Our focus is on continuing to innovate to help address the challenging problems they have in the practice, whether it's capacity constraints, whether it's introducing new testing solutions to give them better medical results.

我們的重點是繼續創新，幫助解決他們在實踐中遇到的挑戰性問題，無論是能力限制，還是引入新的測試解決方案來為他們提供更好的醫療結果。

What we find at the end of the day is customers appreciate the integrated nature of our offering, the ability to generate in a seamless user-friendly, customer-friendly way these critical insights that inform great medical decisions that help produce outcomes and do it productively. That's where our focus is and that's where our focus is going to remain.

最終我們發現，客戶欣賞我們產品的整合性，以及以用戶友好、客戶友好的方式無縫生成這些關鍵見解的能力，這些見解為偉大的醫療決策提供信息，有助於產生結果並高效地完成工作。這就是我們的重點所在，也是我們的重點。

We will now take a question from Jon Block of Stifel Financial.

現在我們將回答 Stifel Financial 的 Jon Block 提出的問題。

Brian, maybe just from a modeling perspective. Any way to think about the gross margin versus op margin expansion this year? Do we get GM expansion because another decent year with price? And then if you look at OpEx, R&D was up for the fourth quarter in a row, actually, the R&D was up 20% year-over-year, G&A down 2 quarters in a row. So just anything on the GM or OpEx to detail as we sort of sharpen our pencils on '24?

Brian，也許只是從建模的角度來看。有什麼辦法可以考慮今年的毛利率與營業利益率的擴張嗎？我們是否會因為價格又一個不錯的一年而獲得通用汽車的擴張？然後，如果你看一下營運支出，研發費用連續第四個季度成長，實際上，研發費用年增 20%，G&A 連續兩季下降。那麼，當我們在 24 世紀削尖鉛筆時，是否有關於 GM 或 OpEx 的詳細資訊？

Sure. Thanks for the question, Jon. Just to revisit what we shared was we're targeting 20 to 70 basis points of comparable improvement net of the 40 bps from -- headwind from the customer contract resolution payment. So normalized for that, that's 60 to 110 basis points. We think that will primarily be driven by gross margin gains, consistent with the progress that we supported our 110 basis point improvement in 2023. We benefit as we help our customers grow faster and CAG Diagnostic recurring revenues grow. That includes price benefits that help us to offset inflationary impacts.

當然。謝謝你的提問，喬恩。回顧我們分享的內容，我們的目標是在扣除客戶合約解決付款帶來的 40 個基點的阻力後，實現 20 到 70 個基點的可比較改善。因此標準化後，即 60 至 110 個基點。我們認為這將主要受到毛利率成長的推動，這與我們在 2023 年支援 110 個基點改善的進展一致。我們受益於我們幫助客戶更快成長和 CAG Diagnostic 經常性收入成長。這包括幫助我們抵消通膨影響的價格優勢。

We're also continuing to benefit as we grow our cloud-based software business. It's an excellent business for us, and we're doing a great job expanding that business and improving our profitability in the software front. And also have an ongoing focus on improving our lab operations, including benefits from expanding our business. So we think we have a number of drivers that will help us to build on our gross profit gains.

隨著我們基於雲端的軟體業務的發展，我們也將繼續受益。這對我們來說是一項出色的業務，我們在擴展該業務並提高軟體方面的盈利能力方面做得非常出色。並且持續專注於改善我們的實驗室運營，包括擴大我們的業務帶來的好處。因此，我們認為我們有許多驅動因素可以幫助我們增加毛利。

In terms of our investment profile, I think you highlight where our priorities are. We want to support our innovation agenda. That's an area that's been very high return for us over time. We obviously have the platform that we're launching this year and ongoing innovation that we're supporting.

就我們的投資概況而言，我認為您強調了我們的優先事項。我們希望支持我們的創新議程。隨著時間的推移，這個領域對我們來說回報非常高。顯然，我們擁有今年推出的平台以及我們支援的持續創新。

We're continuing to invest in our commercial operations. We had a U.S. expansion recently that we invested in. And we'll continue to look at opportunities to enhance our commercial capability globally and be efficient overall and try to manage our OpEx largely in line with revenue growth. I think that's a reasonable assumption.

我們將繼續投資我們的商業營運。我們最近在美國進行了投資擴張。我們將繼續尋找機會來增強我們的全球商業能力並提高整體效率，並努力根據收入成長來管理我們的營運支出。我認為這是一個合理的假設。

I think if we do a better job of growing, grow faster, that always there's an opportunity to get some leverage on that front. But I think our plans are to sustain the OpEx investment in line with revenue and prioritize the innovation and commercial agenda.

我認為，如果我們在成長方面做得更好、成長得更快，那麼總是有機會在這方面獲得一些影響力。但我認為我們的計劃是根據收入維持營運支出投資，並優先考慮創新和商業議程。

Okay. Great. That was very helpful. And then just sort of a long second question, more clarification. So it seems like the 2024 vet visit growth expectation is 0, if I had that right, at the midpoint of your 7.5% to 10.5% CAG Dx recurring. I just want to make sure I got that right. And then what's the expectation for 1Q '24 visits? Was that the negative 1% for full quarter? I'm just trying to sort of get at the implied 2Q to 4Q vet visit assumption.

好的。偉大的。這非常有幫助。然後是一個很長的第二個問題，更多澄清。因此，如果我沒記錯的話，2024 年獸醫就診成長預期似乎為 0，處於 7.5% 至 10.5% CAG Dx 經常性的中點。我只是想確保我做對了。那麼對 24 年第一季訪問的預期是什麼？這是整個季度的負 1% 嗎？我只是想了解隱含的第二季到第四季獸醫就診假設。

And then just sort of a quick miscellaneous tack-on, anything for price to call out U.S. versus international when we think about the 5% global? And then what about days? Do you get an extra day this year? And does that have any tailwind to the growth rates?

然後，當我們考慮全球 5% 的市場份額時，有什麼價格可以區分美國與國際市場嗎？那麼幾天呢？今年你有額外的一天嗎？這對成長率有什麼推動作用嗎？

Okay. So just on the first one, maybe a simple way to understand this is post Q1, we're, I think I said this in my comments, the midpoint assumes largely flat clinical business in the U.S. So we're trying to capture that there's about $10 million of headwind that we saw from January weather. That's principally going to impact the U.S. business, it is U.S. risk, and that will -- we think we'll be seeing in the clinical visit numbers. So we're not trying to estimate that for Q1, but that's obviously a headwind that we're trying to factor in.

好的。因此，就第一個而言，也許是第一季後的一個簡單理解方法，我想我在評論中說過這一點，中點假設美國的臨床業務基本上持平，所以我們試圖捕捉到這一點我們從一月份的天氣中看到了大約1000 萬美元的逆風。這主要影響美國的業務，這是美國的風險，我們認為我們會在臨床就診數量中看到這一點。因此，我們並不是試圖估計第一季的情況，但這顯然是我們試圖考慮的不利因素。

But I think the bigger picture, Jon, is midpoint, is the midpoint assumptions are largely flat, u.S. clinical visits Q2 to Q4 time frame.

但喬恩，我認為更大的前景是中點，中點假設基本上持平，美國第二季到第四季的臨床就診時間範圍。

I think you had a question on price U.S. versus international. We're not guiding regionally, but the 5%, we're expecting solid net price realization globally consistent with what we're able to execute this year. And so I think we're, again, without being specific, you should expect solid price realization in U.S. and international regions.

我認為您對美國價格與國際價格有疑問。我們不會按地區進行指導，但我們預計全球 5% 的淨價實現將與我們今年能夠執行的目標一致。因此，我認為我們再次強調，雖然沒有具體說明，但您應該期待美國和國際地區的穩定價格實現。

And days, we don't have a material kind of full year dynamic. We'll share clarity as we go through quarter-by-quarter on that. But we're not highlighting that as an issue in Q1 and it's -- or for the full year.

現在，我們沒有一種實質的全年動態。我們將在每個季度對此進行澄清。但我們並沒有在第一季或全年強調這個問題。

So we don't have further questions. So with that, thank you for your questions. We'll now conclude our Q&A portion of this morning's call. It's been a pleasure to review another quarter of strong IDEXX results.

所以我們沒有其他問題了。因此，謝謝您的提問。現在我們將結束今天上午電話會議的問答部分。我們很高興回顧又一個季度的 IDEXX 強勁業績。

In summary, IDEXX is well positioned to sustain the momentum we've built into 2024, which will continue to help us address the significant decades-long opportunity to raise the standard of care to companion animal health care. Our consistent strategy focused on supporting increased utilization of diagnostics is a key factor in elevating the standards of care and has helped us navigate the highly dynamic external environment in our sector.

總之，IDEXX 處於有利地位，可以維持我們在 2024 年建立的勢頭，這將繼續幫助我們抓住數十年的重要機會，提高伴侶動物保健的護理標準。我們一貫致力於支持提高診斷利用率的策略是提高護理標準的關鍵因素，並幫助我們應對業界高度動態的外部環境。

We look forward to continued strong execution against our strategic priorities by teams across IDEXX as we move forward through 2024 and beyond. So thank you for your participation this morning, and we'll now conclude the call.

我們期待 IDEXX 團隊在 2024 年及以後繼續強而有力地執行我們的策略重點。感謝您今天早上的參與，我們現在結束電話會議。

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。您現在可以斷開連線。