愛德士 (IDXX) 2024 Q3 法說會逐字稿

Welcome to the IDEXX Laboratories Third Quarter 2024 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. IDEXX would like to preface the discussion today with a caution regarding forward-looking statements.

歡迎參加 IDEXX 實驗室 2024 年第三季財報電話會議。提醒一下，今天的會議正在錄製中。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；和投資者關係副總裁約翰‧拉維斯 (John Ravis)。IDEXX 希望在今天的討論前對前瞻性陳述提出警告。

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.

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。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的前瞻性聲明通知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獲得，也可以透過造訪投資者關係部門取得。

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措施。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 third quarter 2024 results and updated 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 2024 年第三季業績和更新的 2024 年指引時，請注意，除非另有說明，所有提及增長、有機增長和可比增長的內容均指與上年同期相比的增長。

(Operator instructions)Today's prepared remarks will be posted to the Investor Relations section of our website after the earnings conference call concludes.

（操作員說明）今天準備的演講將在收益電話會議結束後發佈到我們網站的投資者關係部分。

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, and welcome to our third quarter earnings call. Today I'll take you through our Q3 results and review our updated financial outlook for 2024. IDEXX delivered solid organic revenue growth and strong comparable profit gains in the third quarter. In terms of highlights, overall revenues increased 6% organically, supported by 7% organic growth in CAG Diagnostic recurring revenues, and 13% organic growth in our water business.

早上好，歡迎參加我們的第三季財報電話會議。今天，我將帶您了解我們的第三季業績，並回顧我們最新的 2024 年財務展望。IDEXX 在第三季實現了穩健的有機收入成長和強勁的可比利潤成長。就亮點而言，整體收入有機增長了 6%，這得益於 CAG Diagnostic 經常性收入有機增長 7% 和水業務有機增長 13%。

Organic revenue gains were supported by benefits from IDEXX execution drivers, reflected in consistent, solid new business gains, sustained high customer retention rates, and double-digit growth in our premium instrument install base. While not reported in our quarterly results, IDEXX secured nearly 700 orders for our new inVue analyzer, which supported strong growth in EDI metrics that will position the company to build on this momentum.

有機收入成長得益於 IDEXX 執行驅動因素帶來的好處，這體現在持續穩定的新業務成長、持續的高客戶保留率以及我們優質儀器安裝基礎的兩位數成長。雖然我們的季度業績中沒有報告，但 IDEXX 為我們的新型 inVue 分析儀獲得了近 700 個訂單，這支持了 EDI 指標的強勁增長，這將使公司能夠在此勢頭的基礎上再接再厲。

Partially upsetting these benefits, CAG Diagnostic recurring revenue growth in Q3 was constrained by impacts from near-term US macro and sector headwinds. As we'll discuss, we're updating our full-year organic revenue growth guidance to reflect expectations for continued near-term macro and sectoral pressure in the US and to incorporate estimated negative impacts from recent severe weather events.

CAG Diagnostic 在第三季的經常性收入成長受到近期美國宏觀和產業逆風的影響，這在一定程度上影響了這些收益。正如我們將討論的，我們正在更新全年有機收入成長指引，以反映對美國近期持續的宏觀和部門壓力的預期，並納入近期惡劣天氣事件的預測負面影響。

IDEXX continues to deliver strong profit performance as we work through these dynamics, reflected in solid comparable operating margin gains in Q3, keeping us on track to achieve our full-year operating margin goals. Solid revenue growth and operating margin gains support an EPS of $2.80 per share in Q3, up 11% as reported and 12% on a comparable basis.

在我們應對這些動態的過程中，IDEXX 持續提供強勁的利潤表現，這反映在第三季穩健的可比營業利潤率成長，使我們有望實現全年營業利潤率目標。穩健的收入成長和營業利潤率成長支持第三季每股收益 2.80 美元，報告成長 11%，可比成長 12%。

We'll review our updated guidance detail later in my comments. Let's begin with a review of our third quarter results. Third quarter organic revenue growth of 6% was driven by 6% organic revenue gains in our CAG business and 13% organic growth in water, partially offset by 2% organic declines in LPD. CAG organic revenue growth was supported by 6% organic gains in veterinary software services and diagnostic imaging revenues, driven by 11% organic growth in recurring revenues.

我們將在稍後的評論中查看更新後的指導細節。讓我們先回顧一下我們的第三季業績。第三季有機收入成長 6%，主要得益於我們的 CAG 業務有機收入成長 6% 和水業務有機收入成長 13%，部分被 LPD 有機收入下降 2% 所抵銷。CAG 有機收入成長得益於獸醫軟體服務和診斷影像收入 6% 的有機成長，而經常性收入有機成長 11%，推動了這一成長。

CAG instrument revenue decreased 9% organically, reflecting comparisons to record prior replacement levels and near-term impacts from our commercial focus on IDEXX inVue order generation, which will primarily benefit 2025 reported instrument revenues. Worldwide CAG Diagnostic recurring revenue increased 7% organically in Q3. This includes approximately 1% of global equivalent day growth benefit in the quarter related to increased shipping days in our in-clinic business.

CAG 儀器收入有機下降 9%，反映了與創紀錄的先前更換水平的比較以及我們對 IDEXX inVue 訂單生成的商業重點的近期影響，這將主要有利於 2025 年報告的儀器收入。第三季度，全球 CAG Diagnostic 經常性營收有機成長 7%。這包括本季與臨床業務運輸天數增加相關的全球等效天數成長收益的約 1%。

Q3 CAG Diagnostic recurring revenue growth was supported by average global net price improvement of approximately 5% with US net price utilization of approximately 4%. US net price realization includes impacts from the successful extension and expansion of three major customer agreements in 2024. These agreements will provide long-term incremental volume growth benefits for IDEXX as we expand our business relationships with these customers.

第三季 CAG Diagnostic 經常性收入成長得益於全球平均淨價上漲約 5%，美國淨價利用率約 4%。美國淨價實現包括 2024 年三大客戶協議成功延期和擴展的影響。隨著我們擴大與這些客戶的業務關係，這些協議將為 IDEXX 帶來長期增量銷售成長的好處。

CAG Diagnostics recur in revenue growth in the third quarter was supported by 10% international organic gains. International growth reflected benefits from net price realization, continued solid volume gains, and approximately 0.5% of positive equivalent days effects. International growth was driven by IDEXX execution, reflected in continued strong new business gains and high premium instrument placements, which supported a double-digit year-on-year expansion of a global premium instrument in-sole base.

CAG Diagnostics 第三季的營收再次成長，得益於 10% 的國際有機收益。國際成長反映了淨價格實現、持續穩定的銷售成長以及約 0.5% 的正當量天數效應帶來的好處。國際成長由 IDEXX 執行力推動，體現在持續強勁的新業務成長和高溢價樂器的投放，這支持了全球優質樂器鞋底基數同比兩位數的擴張。

US CAG Diagnostic recurring revenue organic growth was 5% in Q3, including approximately 1.5% of growth benefit from equivalent days' effects. US growth was supported by continued solid positive growth contribution from new business gains, sustained high customer retention levels, and benefits from net price realization.

美國 CAG Diagnostic 第三季經常性收入有機成長為 5%，其中約 1.5% 的成長受益於同等天數的影響。美國的成長得益於新業務收益持續穩健的正成長貢獻、持續的高客戶保留水準以及淨價格實現的收益。

IDEXX's US growth expanded at a solid premium to comparable US same-store clinical visit growth levels. In the US, we continued to work through macro and sector dynamics, which contributed to a 2.1% decline in same-store clinical visit growth in Q3, including a relatively higher 3.4% same-store decline in more discretionary wellness visits. Overall, US clinical visit growth levels include an estimated 1% to 1.5% growth benefit from the ramping of pain medication visits over the last year, which typically do not include diagnostics. This is added to the near-term clinical visit headwind effect for IDEXX's US CAG business.

IDEXX 在美國的成長速度明顯高於美國同店臨床就診成長水準。在美國，我們繼續研究宏觀和產業動態，導致第三季同店臨床就診成長下降 2.1%，其中更多酌情健康就診的同店下降相對較高，達到 3.4%。總體而言，美國臨床就診成長水準包括去年止痛藥就診人數增加帶來的估計 1% 至 1.5% 的成長效益，其中通常不包括診斷。這加劇了 IDEXX 美國 CAG 業務近期臨床就診的不利影響。

For pets visiting US clinics, pet owners continue to demonstrate interest in a higher standard of care despite macropressures. If we adjust US sector metrics for the estimated pain medication impact on clinical visits and diagnostic frequency, we continue to see an increase in the percentage of visits that include at least one diagnostic.

對於到美國診所就診的寵物，儘管面臨宏觀壓力，寵物主人仍然對更高標準的照護表現出興趣。如果我們根據估計的止痛藥物對臨床就診和診斷頻率的影響來調整美國產業指標，我們將繼續看到至少包含一項診斷的就診百分比增加。

Over the last 12 months, the percentage of clinical visits with core blood work inclusion has also sustained at elevated levels, following the accelerated expansion seen during the pandemic. These trends reinforce that the primary headwind to IDEXX's growth in the near term remains pressure on clinical visit growth. Given recent trends and our updated full-year organic growth outlook, we factored in expectations for continued near-term constraints on CAG Diagnostic recurring revenue growth from US macro and sector impact.

在過去 12 個月中，在疫情期間加速擴張之後，包含核心血液檢查的臨床就診百分比也維持在較高水準。這些趨勢強化了 IDEXX 近期成長的主要阻力仍然是臨床就診成長的壓力。鑑於近期趨勢和我們更新的全年有機成長前景，我們考慮到美國宏觀和產業影響對 CAG Diagnostic 經常性收入成長的近期持續限制。

IDEXX continues to achieve solid organic growth and strong financial performance as we work through these near-term headwinds. We're highly confident in the positive long-term drivers of demand for diagnostics, including the future benefits that will flow from IDEXX innovation as we continue to execute towards our business strategy aligned with raising standards of pet healthcare globally.

在我們克服這些近期不利因素的同時，IDEXX 繼續實現穩健的有機成長和強勁的財務表現。我們對診斷需求的積極長期驅動力充滿信心，包括隨著我們繼續執行與提高全球寵物醫療保健標準一致的業務策略，IDEXX 創新將帶來未來的好處。

In terms of growth by mortality, third quarter results were supported by strong global gains and consumable revenues. IDEXX VetLab, consumable revenues increased 11%% organically, reflecting double-digit gains in the US and international regions, including benefits from increased equivalent shipping days effects. Consumable gains were supported by 10% year-on-year growth and our global premium instrument install base reflected strong gains across our catalyst, premium hematology, and SediVue platforms.

就死亡率成長而言，第三季業績得到強勁的全球成長和消費品收入的支撐。IDEXX VetLab 消耗品收入有機成長了 11%，反映了美國和國際地區的兩位數成長，包括等效運輸天數效應增加所帶來的收益。消耗品成長得益於 10% 的年成長，我們的全球優質儀器安裝基礎反映了我們的催化劑、優質血液學和 SediVue 平台的強勁成長。

We achieved 4,128 CAG global premium instrument placements in Q3, a decrease of 443 units, or approximately 10%, compared to record priority levels, while securing 691 orders for our new IDEXX inVue analyzer in North America. We're on track for initiation of shipments of InVue in Q4, with expectations for approximately 50 to 100 shipments this year, with the bulk of the advanced orders targeted for delivery in 2025.

第三季度，我們實現了 4,128 台 CAG 全球優質儀器放置，與創紀錄的優先水平相比，減少了 443 台，即約 10%，同時在北美獲得了 691 份新型 IDEXX inVue 分析儀訂單。我們預計在第四季度開始出貨 InVue，預計今年出貨量約為 50 至 100 架，大部分提前訂單預計於 2025 年交付。

Global rapid assay revenues expanded 6% organically in the third quarter, reflecting solid global gains, including benefits from net price realization and positive equivalent shipping days effects. Global lab revenues increased 2% organically in Q3, net of a modest equivalent days headwind, reflecting low single-digit gains in the US and solid growth in international regions.

第三季全球快速檢測收入有機成長 6%，反映了全球穩健的收益，包括淨價格實現的收益和積極的等效運輸天數效應。在扣除相應天數的小幅逆風後，第三季全球實驗室收入有機成長了 2%，反映出美國的低個位數成長和國際地區的穩健成長。

Reference lab results adjusted for days effects were supported by modest volume growth, aided by new business gains, which offset pressures related to macro and sector conditions constraining same-store sales levels. Net price gains in our reference lab line of business in Q3 were moderated by impacts from major new customer agreements, which will benefit long-term reference lab growth.

根據天數影響調整後的參考實驗室結果得到了銷量溫和增長的支撐，並得到了新業務增長的幫助，抵消了與限制同店銷售水平的宏觀和行業狀況相關的壓力。我們的參考實驗室業務線在第三季的淨價格漲幅受到主要新客戶協議的影響，這將有利於參考實驗室的長期成長。

Veterinary software services and diagnostic imaging revenues increased 11% as reported, including benefits from our recent Greenline software and data platform acquisition. 6% overall organic revenue gains were driven by 11% organic growth of recurring revenues. reflecting benefits from ongoing momentum and cloud-based software solutions. Water revenues increased 13% organically in Q3, supported by double-digit gains in the US and continued solid growth in Europe. Livestock poultry and dairy revenues decreased 2% organically, as strong gains in the US were offset by lower Asia swine testing and herd health screening revenues.

據報道，獸醫軟體服務和診斷影像收入成長了 11%，其中包括我們最近收購的 Greenline 軟體和數據平台帶來的收益。 6% 的整體有機收入成長是由 11% 的經常性收入有機成長所推動的。反映了持續發展勢頭和基於雲端的軟體解決方案帶來的好處。在美國兩位數成長和歐洲持續穩健成長的支撐下，第三季水收入有機成長 13%。畜禽和乳製品收入有機下降 2%，美國的強勁成長被亞洲豬隻檢測和牛群健康篩檢收入的下降所抵消。

Turning to the P&L, Q3 profit results were supported by solid gross margin gains. Gross profit increased 9% in the quarter as reported and 9% on a comparable basis. Gross margins were 61.1% of 140 basis points on a comparable basis. Gross margin gains reflect favorable business mix, including benefits from high growth and consumable revenues, lower instrument costs, and favorable impacts from growth in veterinary software services and diagnostic imaging recurring revenues.

談到損益表，第三季的獲利結果受到毛利率穩健成長的支撐。據報告，本季毛利成長 9%，可比毛利成長 9%。以可比基準計算，毛利率為 140 個基點的 61.1%。毛利率的成長反映了有利的業務組合，包括高成長和消耗品收入帶來的好處、儀器成本降低以及獸醫軟體服務和診斷成像經常性收入成長的有利影響。

Operating expenses increased 7% in the quarter on a reported basis and 8% on a comparable basis. OpEx growth was driven by increases in sales and marketing expense and R&D spending aligned with advancing our growth and innovation agenda. Operating margins were 31.2% in the quarter, up 110 basis points year on year as recorded and up 100 basis points on a comparable basis.

以報告數據計算，本季營運費用成長 7%，以可比較數據計算，營運費用成長 8%。營運支出的成長是由銷售和行銷費用以及研發支出的增加所推動的，這些支出與推進我們的成長和創新議程相一致。本季營業利益率為 31.2%，年增 110 個基點，較去年同期成長 100 個基點。

EPS was $2.80 per share on Q3, an increase of 11% as reported, and 12% on a comparable basis. Foreign exchange increased revenue and operating profit by approximately $1 million, and EPS by approximately $0.01 per share in the quarter, net of a $1 million edge gain. Free cash flow was $192 million in Q3. On a trailing 12-month basis, our net income to pre-cash to a conversion ratio was 91%.

第三季每股收益為 2.80 美元，報告成長 11%，可比成長 12%。外匯交易使本季的收入和營業利潤增加了約 100 萬美元，每股收益增加了約 0.01 美元，並扣除了 100 萬美元的邊緣收益。第三季自由現金流為 1.92 億美元。在過去 12 個月的基礎上，我們的淨利潤與預現金的轉換率為 91%。

For the full year, we're maintaining our outlook for pre-cash to a conversion of 90% to 95% while updating our full-year outlook for capital spending to approximately $160 million, reflecting lower projected spend and project timing. Our balance sheet remains in a strong position. We enter the quarter with leverage ratios of 0.7x gross and 0.4x net of cash. In the third quarter, we allocated $225 million in capital to share repurchases, supporting a 1.1% year-on-year reduction into rooted shares outstanding.

對於全年，我們維持預現金轉換率為 90% 至 95% 的預期，同時將全年資本支出預期更新為約 1.6 億美元，反映出預期支出和專案時間安排的降低。我們的資產負債表仍處於強勢地位。進入本季時，我們的總槓桿率為 0.7 倍，扣除現金後的槓桿率為 0.4 倍。第三季度，我們分配了2.25億美元的資本用於股票回購，支持流通股年減1.1%。

Turning to our 2024 guidance, we've updated our full-year overall organic revenue growth outlook to 5.3% to 6% and our outlook for CAG Diagnostic recurring revenue growth to 5.8% to 6.4%. At midpoint, this reflects a reduction of 1% to 1.5% compared to our prior full-year organic revenue growth outlook, primarily driven by recent US macro and sector trends constraining visits and demand at the clinic level. This outlook incorporates Q3 results and reflects expectations for continued pressure on US CAG Diagnostic recurring revenue growth in Q4 related to macro and sector trends and recent severe weather impacts.

談到我們的 2024 年指導，我們將全年整體有機收入成長前景更新為 5.3% 至 6%，將 CAG Diagnostic 經常性收入成長前景更新為 5.8% 至 6.4%。與我們先前的全年有機收入成長預期相比，這反映了 1% 至 1.5% 的下降，這主要是由於近期美國宏觀和行業趨勢限制了診所層面的就診和需求。這項展望納入了第三季的業績，並反映了對美國 CAG 診斷公司第四季度經常性收入成長持續面臨壓力的預期，這些成長與宏觀和行業趨勢以及最近的惡劣天氣影響有關。

In Q4 at midpoint, the updated outlook reflects expectations for overall organic revenue growth of approximately 3%. This aligns with a Q4 midpoint expectation for global CAG Diagnostic recurring revenue growth of 3.5% to 4% net of an estimated 0.5% of negative effect from severe weather impacts in the US. We expect global net price improvement and CAG Diagnostic recurring revenues of approximately 4% to 4.5% in Q4, including effects from new business agreements, with a consistent outlook for approximately 5% full-year global net price realization.

在第四季中期，更新後的展望反映了對整體有機收入成長約 3% 的預期。這與第四季度全球 CAG Diagnostic 經常性收入成長 3.5% 至 4% 的中點預期一致，扣除美國惡劣天氣影響預計 0.5% 的負面影響。我們預計第四季度全球淨價將改善，CAG Diagnostic 經常性收入將成長約 4% 至 4.5%，其中包括新業務協議的影響，全年全球淨價實現的預期一致為約 5%。

Our updated full-year guidance for reported revenues is $3,865 million to $3,890 million, a reduction of $38 million at midpoint. Our updated reported revenue outlook includes a favorable $15 million adjustment related to more recent FX estimates. In terms of our profit guidance, our outlook for 28.7% to 29% in reported operating margins reinforces our full-year goals for solid comparable operating margin improvement.

我們更新後的全年報告收入指引為 38.65 億美元至 38.90 億美元，中間減少了 3,800 萬美元。我們更新後的報告收入前景包括與最近的外匯預測相關的 1500 萬美元的有利調整。就我們的利潤指引而言，我們對報告營業利潤率 28.7% 至 29% 的展望強化了我們實現可比營業利潤率穩健改善的全年目標。

Our full-year reported margin outlook incorporates effects from the discrete litigation expense reported in Q2 which will reduce full-year reported operating margins by approximately 160 basis points and EPS by 56 cents per share. Excluding this impact in FX effects at midpoint, our operating margin outlook reflects a consistent 40 to 50 basis point improvement in comparable operating margins, net of a negative 40 basis point impact related to lapping of the Q1 2023 customer contract resolution payment.

我們的全年報告利潤率展望納入了第二季度報告的離散訴訟費用的影響，這將使全年報告的營業利潤率減少約 160 個基點，每股收益減少 56 美分。排除中點匯率影響的影響，我們的營業利潤率展望反映了可比營業利潤率持續 40 至 50 個基點的改善，扣除與 2023 年第一季客戶合約決議付款相關的 40 個基點的負面影響。

Our updated full year EPS outlook of $10.37 to $10.53 per share is consistent with our prior EPS guidance at midpoint. At midpoint, we've incorporated approximately $0.14 and negative EPS impact from the reduction to our organic revenue growth outlook offset by $0.02 in favorable foreign exchange adjustments, $0.01 in favorability related to updated interest expense estimates. and a positive $0.11 per share benefit from improvement in our outlook for our effective tax rate.

我們更新後的全年每股收益預期為 10.37 美元至 10.53 美元，與我們先前的每股盈餘指引一致。中點時，我們將有機收入成長前景減少帶來的約 0.14 美元和每股收益負面影響納入了有利的外匯調整中的 0.02 美元，以及與更新的利息支出估計相關的 0.01 美元的有利影響。我們對有效稅率前景的改善使每股收益為 0.11 美元。

Our updated effective tax rate estimate includes approximately 0.5% of full-year rate benefit or approximately $0.06 per share from a non-recurring tax reserve release we expect in Q4 as a result of the lapsing of an applicable statute of limitation. That concludes our financial review.

我們更新的有效稅率估計包括約 0.5% 的全年稅率收益或約 0.06 美元的每股非經常性稅收儲備，我們預計由於適用的時效失效，預計第四季度將釋放非經常性稅收儲備。我們的財務審查到此結束。

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

我現在將電話轉給傑伊徵求意見。

Thank you, Brian, and good morning. IDEXX delivered against their strategic priorities in the third quarter, including strong profit growth as we advance the robust innovation agenda supported by a high-touch commercial model. These pillars of our organic growth strategy position IDEXX to continue to lead the development of the companion animal diagnostic sector over the long term, while supporting solid, organic revenue growth in the near term.

謝謝你，布萊恩，早安。IDEXX 在第三季實現了他們的策略重點，包括隨著我們推進由高接觸商業模式支持的強勁創新議程，實現強勁的利潤成長。我們有機成長策略的這些支柱使 IDEXX 能夠繼續長期引領伴侶動物診斷產業的發展，同時支持短期內穩健的有機收入成長。

Third quarter CAG Diagnostics recurring revenue growth was supported by sustained IDEXX execution growth drivers, including solid net new business gains, customer retention rates sustaining at over 97%, and a net price realization aligned with our expectations, including impacts from extensions and expansions in corporate accounts.

第三季CAG Diagnostics 經常性收入成長得到了持續的IDEXX 執行成長驅動因素的支持，包括穩定的淨新業務收益、維持在97% 以上的客戶保留率以及符合我們預期的淨價格實現，包括公司業務擴展和擴張的影響帳戶。

Performance was also supported by double digit growth in our premium instrument installed base, reflecting high interest by practices around the world in adopting IDEXX technology to obtain differential clinical insights. These consistent growth drivers reflect the benefits from our decades-long strategic commitment to focusing and integrating on companion animal diagnostic assays, instrumentation software, supported by a highly capable and tenured commercial organization.

我們的優質儀器安裝基數的兩位數增長也支撐了我們的業績，反映出世界各地的實踐對採用 IDEXX 技術以獲得差異化臨床見解的濃厚興趣。這些持續的成長動力反映了我們數十年的策略承諾所帶來的好處，即專注於和整合伴侶動物診斷分析、儀器軟體，並得到能力強的終身商業組織的支持。

As Brian noted, US sector and IDEXX US growth has been moderated by cumulative macro pressures on pet owners, which has pressured visit and demand transit US clinics. The results we are providing this morning reflect excellent execution from teams across IDEXX in a more challenged macro environment. We remain confident in the enduring positive secular growths that create an attractive growth opportunity for our sector over time.

正如布萊恩所指出的那樣，美國行業和 IDEXX 美國的成長因寵物主人累積的宏觀壓力而放緩，這給美國診所的就診和需求帶來了壓力。我們今天早上提供的結果反映了 IDEXX 團隊在更具挑戰性的宏觀環境中的出色執行力。我們對持久的長期積極成長仍然充滿信心，隨著時間的推移，這將為我們的行業創造有吸引力的成長機會。

From a growing global pet population to longer pet life spans and increased opportunities to improve the quality of our pets lives, the future growth opportunity and the value of companion animal medical services remains highly compelling. Further enabled by IDEXX's innovations in commercial focus, the secular trends position companion animal diagnostics as the fastest growing area in the vet clinic and a key driver of medical services and practice profits.

隨著全球寵物數量的不斷增長，寵物壽命的延長以及改善寵物生活品質的機會的增加，伴侶動物醫療服務的未來成長機會和價值仍然非常引人注目。在 IDEXX 在商業重點方面的創新的進一步推動下，長期趨勢將伴侶動物診斷定位為獸醫診所中成長最快的領域以及醫療服務和實踐利潤的關鍵驅動力。

Today, I'll review IDEXX's progress against our strategic objectives and how strong commercial and operational execution help deliver excellent financial performance in the quarter. Customers seek insights on both new and existing diagnostic tests that support disease detection, interpretation, and care management, and ways to optimize clinic workflows to increase staff productivity. They rely on IDEXX commercial professionals who bring subject matter expertise and best practice benchmarks to help them achieve their practice objectives.

今天，我將根據我們的策略目標回顧 IDEXX 的進展，以及強大的商業和營運執行力如何幫助在本季度實現出色的財務表現。客戶尋求有關支持疾病檢測、解釋和護理管理的新的和現有的診斷測試的見解，以及優化診所工作流程以提高員工生產力的方法。他們依靠 IDEXX 商業專業人士提供主題專業知識和最佳實踐基準來幫助他們實現實踐目標。

The result is a sustained trend of diagnostics revenue growth outpacing overall clinic revenues, as well as high levels of retention and sector-leading levels of customer satisfaction. IDEXX commercial teams delivered solid third-quarter global premium instrument placements across regions and platforms, building on high prior year levels. These placements supported the ninth consecutive quarter of double-digit premium instrument installed base growth on a worldwide basis as well as for our international regions.

其結果是診斷收入成長持續超過整體診所收入，以及高水準的保留率和行業領先的客戶滿意度。IDEXX 商業團隊在去年的高水準基礎上，在各地區和平台上提供了可靠的第三季全球優質工具佈局。這些安置支持了全球以及我們國際地區的優質儀器安裝量連續第九個季度實現兩位數增長。

In the US, the continued strong pace of competitive catalyst placements coupled with overall placements and including IDEXX inVue Dx pre-orders resulted in very strong year-on-year EVI gains, highlighting the high quality of placements in the period and the expected future consumable revenues. In Europe, continued strong net customer gains and premium installed base growth supported a sixth consecutive quarter of double-digit CAG Diagnostic for recurring revenue growth, highlighting the benefits from our maturing European sales organization.

在美國，競爭性催化劑投放的持續強勁步伐加上整體投放（包括 IDEXX inVue Dx 預訂單）導致 EVI 同比增長非常強勁，凸顯了該期間投放的高品質以及預期的未來消耗品收入。在歐洲，持續強勁的淨客戶成長和優質安裝基礎成長支持 CAG Diagnostic 的經常性收入連續第六個季度實現兩位數成長，凸顯了我們日漸成熟的歐洲銷售組織帶來的好處。

These are just a few examples of the growth and value our teams are delivering, aided by a new wave of IDEXX innovation. Customer interest in partnering with IDEXX was also reflected in the three major corporate account relationship expansions secured this year. These extensions position IDEXX to benefit from volume gains as new business is brought into the extended agreement.

這些只是我們團隊在新一波 IDEXX 創新浪潮的幫助下所實現的成長和價值的幾個例子。客戶對與 IDEXX 合作的興趣也反映在今年實現的三大企業客戶關係擴展。隨著新業務納入擴展協議，這些擴展使 IDEXX 能夠從銷量成長中受益。

These expanded relationships will benefit growth across our modalities over time. The extension and expansion of these key account agreements demonstrate IDEXX's ability to deliver value to customers of all types and sizes, as these partnership models are increasingly centered on organically driven growth versus through clinic acquisition.

隨著時間的推移，這些擴大的關係將有利於我們各模式的成長。這些大客戶協議的延期和擴展證明了 IDEXX 為各種類型和規模的客戶提供價值的能力，因為這些合作夥伴模式越來越注重有機驅動的成長，而不是透過診所收購。

In addition to serving strong demand for our current on-market products, supporting demand for upcoming IDEXX innovations, which is especially relevant now, given the early stages of our new wave of innovation. As we sit here today, IDEXX is on a cusp of delivering the newest significant piece of innovation, the IDEXX inVue Dx Cellular Analyzer, which remains on target for a two-four launch.

除了滿足對我們當前市場產品的強勁需求外，還支持對即將推出的 IDEXX 創新的需求，鑑於我們新一波創新浪潮的早期階段，這一點現在尤其重要。當我們今天坐在這裡時，IDEXX 正處於交付最新重大創新產品 IDEXX inVue Dx 細胞分析儀的風口浪尖，該分析儀仍按 2-4 次發布的目標進行。

Our commercial teams have been engaging with customers, highlighting the benefits of this transformative new InClinic testing platform. and the response has been overwhelmingly positive. Since beginning to take orders in North America at the end of July, the IDEXX commercial team has taken close to 700 inVue Dx pre-orders in Q3.

我們的商業團隊一直在與客戶合作，強調這個變革性的新 InClinic 測試平台的優勢。反應非常積極。自7月底開始在北美接受訂單以來，IDEXX商業團隊在第三季已收到近700份inVue Dx預訂單。

This demonstrates the high value that clinicians place on the new diagnostic insights they will receive as part of the launch menu with ear cytology and blood morphology and the easy use they attach to slide-free workflow. Early customer enthusiasm for inVue Dx is very high. as they see inVue as a transformative point-of-care platform.

這表明臨床醫生高度重視他們將獲得的新診斷見解，作為耳細胞學和血液形態學啟動選單的一部分，以及他們附加到無幻燈片工作流程的易用性。早期客戶對 inVue Dx 的熱情非常高。因為他們將 inVue 視為一個變革性的護理點平台。

Additionally, we started to take pre-orders and select international geographies in Q4 as we build global demand. And keep in mind the value of the IDEXX inVue Dx Analyzer will expand beyond ear cytology and blood morphology over time. Designed as a technology for life platform, the inVue Dx menu will expand in 2025 as we add FNA lumps and bumps capabilities. This menu expansion will help address the approximately 25 million dogs around the world that we estimate would benefit from an oncology diagnostics as part of a clinical visit.

此外，隨著我們建立全球需求，我們在第四季度開始接受預訂並選擇國際地區。請記住，隨著時間的推移，IDEXX inVue Dx 分析儀的價值將擴展到耳細胞學和血液形態學之外。inVue Dx 被設計為生命技術平台，隨著我們添加 FNA 腫塊和凹凸功能，inVue Dx 選單將在 2025 年擴展。此次菜單擴展將有助於解決全球約 2500 萬隻狗的問題，我們估計這些狗將受益於作為臨床訪問一部分的腫瘤診斷。

This opportunity highlights the reason that we focus on purpose-built platforms as an expanded menu over time, where it's both medical and economic value, similar to our Catalyst platform. Beyond inVue Dx, IDEXX's in-clinic business also continues to benefit from innovation. And in September, we began shipping catalyst pancreatic lipase tests to customers in North America, with a global rollout beginning with Europe and Q4 and extending to other regions over 2025.

這個機會凸顯了我們專注於專用平台作為隨著時間的推移而擴展的菜單的原因，它具有醫療和經濟價值，類似於我們的 Catalyst 平台。除了 inVue Dx 之外，IDEXX 的診所業務也繼續受益於創新。9 月份，我們開始向北美客戶運送催化劑胰脂肪酶測試，並從歐洲和第四季開始在全球推廣，並在 2025 年擴展到其他地區。

The catalyst pancreatic lipase test, a single slide solution for canine and feline patients suspected of pancreatitis, represents the 10th menu addition to the catalyst platform since 2012. This most recent example of our technology for life innovation strategy delivers improved functionality and diagnostic insights to our customers, all while using IDEXX analyzers that have already been purchased and built critical workflows around.

催化劑胰臟脂肪酶測試是針對疑似胰臟炎的犬隻和貓患者的單玻片解決方案，是自 2012 年以來催化劑平台的第 10 個菜單添加。我們生命技術創新策略的最新範例為我們的客戶提供了改進的功能和診斷見解，同時使用已購買並建立關鍵工作流程的 IDEXX 分析儀。

This strategy not only increases the medical value of an IDEXX analyzer to our customers, enabling them to deliver improved standards of care, but also helps drive utilization and increases the economic value to IDEXX of a premium instrument placement. Early feedback from customers in North America has been extremely positive for this quantitative test with over 3,000 customers already utilizing the slides for dogs and cats. This important diagnostics test will soon be available to our entire 72,000 plus catalyst install base globally.

這項策略不僅提高了 IDEXX 分析儀對我們客戶的醫療價值，使他們能夠提供更高的護理標準，而且還有助於提高優質儀器放置的利用率並提高 IDEXX 的經濟價值。北美客戶對這項定量測試的早期回饋非常積極，超過 3,000 名客戶已經在使用該滑梯用於狗和貓。這項重要的診斷測試很快將適用於我們全球 72,000 多個催化劑安裝基地。

Also at the point of care, IDEXX Catalyst Smart QC launched recently in North America. It will be shortly followed by a global round. greatly simplifies and streamlines the monthly catalyst quality control process. Early indications estimate Smart QC is 90% faster than the existing process. This is yet another example of our focus on bringing innovations to our customers that enhance workflows and unlock clinical capacity.

同樣在護理點，IDEXX Catalyst Smart QC 最近在北美推出。隨後不久將進行全球一輪比賽。大大簡化和簡化了每月的催化劑品質控制流程。早期跡象估計智慧型 QC 比現有流程快 90%。這是我們致力於為客戶帶來創新、增強工作流程並釋放臨床能力的另一個例子。

IDEXX teams continue to advance work towards the 2025 launch of the IDEXX Cancer Diagnostic Screening Panel at IDEXX Reference Labs. Launching initially with lymphoma detection in 2025, the IDEXX Cancer Dx Panel will expand over three years to cover the six most common cancers, which represent greater than 50% of canine cancer cases and 1.1 billion addressable revenue opportunity.

IDEXX 團隊繼續推進工作，爭取 2025 年在 IDEXX 參考實驗室推出 IDEXX 癌症診斷篩檢小組。IDEXX Cancer Dx Panel 最初於2025 年推出淋巴瘤檢測，並將在三年內擴展至涵蓋六種最常見的癌症，這些癌症佔犬類癌症病例的50% 以上，並帶來11 億美元的可利用收入機會。

Extensive research has shown that both veterinarians and pet owners see value in the medical insights that come from oncology screening and are highly likely to adopt this new technology. We look forward to sharing more updates on these critical pieces of innovation as we get closer to launch. Complementary to our diagnostic solutions, IDEXX software solutions provide customers with robust, intuitive products that support greater diagnostics utilization while simplifying workflows at each stage of the pet owner visit, thereby helping customers unlock capacity for more value-added work.

廣泛的研究表明，獸醫和寵物主人都看到了來自腫瘤篩檢的醫學見解的價值，並且很有可能採用這項新技術。隨著產品發布的臨近，我們期待分享這些關鍵創新的更多最新資訊。作為我們診斷解決方案的補充，IDEXX 軟體解決方案為客戶提供了強大、直覺的產品，支援更高的診斷利用率，同時簡化寵物主人存取每個階段的工作流程，從而幫助客戶釋放更多增值工作的能力。

Veterinary clinics see tangible benefits from cloud-based software technologies, and IDEXX meets these needs with our broad portfolio of cloud-native products. From practice management systems that are tailored to the practice size and needs, to workflow management tools, the result of this fit between IDEXX software products and customer needs resulted in high double-digit growth in cloud-based product placements, which once again comprised over 95% of total software placements.

獸醫診所從基於雲端的軟體技術中看到了切實的好處，IDEXX 透過我們廣泛的雲端原生產品組合滿足了這些需求。從根據實踐規模和需求量身定制的實踐管理系統，到工作流程管理工具，IDEXX 軟體產品與客戶需求之間的契合導致基於雲端的產品植入實現了兩位數的高速增長，其中再次包含超過佔軟體總投放量的95%。

Momentum for software business remains very strong. with quarterly placements growing sequentially through Q3, while future placements are supported by strong bookings and pipeline aided by increased commercial productivity and corporate account interests. These trends are a leading indicator for future vet soft and diagnostic imaging recurring revenue growth. As a growing PIMS install base is the gateway for customers to benefit from our expanding vertical SaaS offerings.

軟體業務的勢頭仍然非常強勁。季度配售量在第三季度連續增長，而未來的配售量將得到強勁的預訂和管道的支持，這得益於商業生產力和企業客戶興趣的提高。這些趨勢是未來獸醫軟和診斷成像經常性收入成長的領先指標。隨著 PIMS 安裝基礎的不斷增長，客戶可以從我們不斷擴展的垂直 SaaS 產品中受益。

These include workflow and pet owner engagement tools, payment processing and other productivity enablers. We are pleased by the early interest in Vello, our modern pet owner engagement application with deep integration into IDEXX PIMS. Quarter end, we had over 300 enrolled and active practices. And excellent pet owner engagement is measured by higher clinical visits, clinical revenue and diagnostics usage post implementation.

其中包括工作流程和寵物主人參與工具、支付處理和其他生產力推動因素。我們很高興看到人們對 Vello 的早期興趣，Vello 是我們的現代寵物主人參與應用程序，與 IDEXX PIMS 深度整合。季度末，我們有 300 多個註冊和活躍的實踐。優秀的寵物主人參與度是透過實施後更高的臨床就診次數、臨床收入和診斷使用率來衡量的。

Based on a robust pipeline, we look forward to growing Vello's clinic user base by more than double by year end. As we shared on Investor Day, we have an exciting development roadmap for Vello to further address practice pain points with pet owner communications, while helping to further drive visit growth and diagnostics utilization. We look forward to providing updates as we advance our software strategy and grow the related high-margin recurring revenues.

基於強大的管道，我們預計到年底 Vello 的診所用戶群將成長一倍以上。正如我們在投資者日分享的那樣，我們為 Vello 制定了令人興奮的開發路線圖，以進一步解決寵物主人溝通的實踐痛點，同時幫助進一步推動訪問量增長和診斷利用率。我們期待在推進我們的軟體策略並增加相關的高利潤經常性收入時提供更新。

As we conclude our prepared remarks, I'd like to recognize the IDEXX employees who are working hard to serve veterinarians and pets in areas impacted by Hurricane Helene and Milton. Our lab operations team took proactive measures to protect employees, mitigate service disruptions, and provide critical diagnostic services to advance care for pets and needs. We stand ready to support our customers impacted by these hurricanes as they look to rebuild their practices and resume operations.

在我們結束準備好的演講時，我要向那些在受颶風海倫和米爾頓影響的地區努力為獸醫和寵物提供服務的 IDEXX 員工表示認可。我們的實驗室營運團隊採取了積極主動的措施來保護員工、減少服務中斷並提供關鍵的診斷服務以促進對寵物的照顧和滿足需求。我們隨時準備為受颶風影響的客戶提供支持，幫助他們重建業務並恢復營運。

Let's please open the line for Q&A.

讓我們打開問答線路。

(Operator instructions)

（操作員說明）

Chris Schott, JPMorgan.

克里斯‧肖特，摩根大通。

This is Katerina on for Chris. Thank you for taking our question. So first, you touched upon this earlier in the prepared remarks. Can you maybe just elaborate a bit on the drivers of the reduction outlook and the step down in 4Q? I guess what's the rough split between the weather things you mentioned and the underlying US macro versus anything else you want to call out?

這是克里斯的卡特琳娜。感謝您提出我們的問題。首先，您在之前準備好的發言中談到了這一點。您能否詳細說明第四季度下調前景和下調的驅動因素？我想你提到的天氣因素和美國宏觀經濟與你想指出的其他因素之間的大致差異是什麼？

And then I guess second question is just on vet visits more broadly. Can you just elaborate a bit on what's the biggest delta, I guess, between the underlying outlook you gave in two key verses the one you're giving now? I guess what's different in the market and what's driving this worsening macro environment and where are you expecting to see the most impact? Thank you so much.

然後我想第二個問題只是更廣泛地去看獸醫。我想，您能否詳細說明一下您在兩段關鍵經文中給出的基本前景與現在給出的那一段之間最大的差異是什麼？我想市場有什麼不同，是什麼推動了宏觀環境的惡化，您預期最大的影響在哪裡？太感謝了。

Thanks for your questions. On Q4, just to clarify the commentary, we highlighted an outlook for organic growth overall of about 3% and CAG, the extra recurring revenue growth of 3.5% to 4%. The 3.5% to 4% is net of an estimated 0.5% growth rate impact from the hurricane. So if you normalize for that, it is 4% to 4.5%. And that is actually aligned with our outlook for price benefit.

感謝您的提問。在第四季度，為了澄清評論，我們強調了整體有機成長約 3% 的前景，以及 CAG 的額外經常性收入成長 3.5% 至 4% 的前景。3.5% 至 4% 的成長率扣除了颶風造成的預期 0.5% 的成長率影響。因此，如果對此進行標準化，則為 4% 至 4.5%。這其實符合我們對價格優勢的預期。

So in Q4, we're basically looking at normalized for weather, relatively flat volume. It is similar to the trends that we saw coming out of Q3. It incorporates a similar outlook for clinical visits that we saw in Q3, ex the weather impact, there is some impact from weather. And so it really is more reflecting the trends that we saw in the third quarter.

因此，在第四季度，我們基本上關注的是天氣正常化、成交量相對穩定的情況。這與我們在第三季看到的趨勢類似。它包含了與我們在第三季度看到的類似的臨床就診前景，除天氣影響外，天氣有一些影響。因此，它確實更能反映我們在第三季看到的趨勢。

I think the one element in the third quarter that was somewhat different than we anticipated, we saw relatively more pressure on end clinic demand in terms of just independent of clinics, some compression on that. We tried to highlight in our comments that for pets coming into the clinic, frequency is sustaining. It's actually up in wellness. It's when you adjust for the pain med effect, it's actually up in non-wellness as well. And so I think that is very encouraging, that there's still a lot of interest in diagnostics for the pets coming in.

我認為第三季與我們預期有所不同的一個因素是，我們看到終端診所需求的壓力相對更大，就獨立於診所而言，對此有所壓縮。我們試圖在評論中強調，對於進入診所的寵物來說，頻率是持續的。事實上，它的健康狀況有所改善。當你調整止痛藥物的效果時，它實際上也在非健康方面有所上升。所以我認為這是非常令人鼓舞的，人們對寵物的診斷仍然很感興趣。

It's not expanding like it had historically. I think that's probably an element that we're still working through. And again, we think that's more near-term macro impacts that will, both on the visits front and in terms of some of these demand impacts, we think we'll be able to work through over time. But in the near term, we're just incorporating these trends in our balance year outlook.

它並沒有像歷史上那樣擴張。我認為這可能是我們仍在研究的因素。再說一遍，我們認為這是更近期的宏觀影響，無論是在訪問方面還是在其中一些需求影響方面，我們認為我們將能夠隨著時間的推移而解決。但在短期內，我們只是將這些趨勢納入我們的平衡年展望中。

Let me address your question about the clinical visit. As Brian indicated, there's really, we continue to attribute that to the near-term macro and sector pressures. Clearly from a macro standpoint, there's the cumulative pressures of inflation not just affecting animal health but across the economy as a whole. We continue to see that at the pet owner level, there's a great deal of resilience.

讓我回答您有關臨床就診的問題。正如布萊恩所指出的那樣，我們確實繼續將其歸因於近期宏觀和行業壓力。顯然，從宏觀角度來看，通貨膨脹的累積壓力不僅影響動物健康，也影響整個經濟。我們繼續看到，寵物主人具有很強的適應力。

I think pet owners continue to prioritize the care for their pets at the expense of other discretionary categories. But that's not to say that they're immune to the broader macro pressures, especially at the margin. We think that from an overall critical visit standpoint, it will normalize over time. All the sector drivers around pet population growth, pet longevity, human pet, aging pets which will consume more care are important support to the overall clinical visit trends

我認為寵物主人繼續優先考慮照顧他們的寵物，而犧牲其他可自由支配的類別。但這並不是說它們不受更廣泛的宏觀壓力的影響，尤其是在邊際壓力方面。我們認為，從整體關鍵訪問的角度來看，隨著時間的推移，這種情況將會正常化。所有圍繞寵物數量增長、寵物壽命、人類寵物、老年寵物（將消耗更多護理）的行業驅動因素都是整體臨床就診趨勢的重要支撐

And then our own innovation and the contribution that our innovation will play, both from a direct leverage standpoint as we add capabilities to practices that support these long-term trends will drive the increase in utilization. Thank you.

然後，我們自己的創新以及我們的創新將發揮的貢獻，無論是從直接槓桿的角度來看，當我們為支持這些長期趨勢的實踐增加能力時，都將推動利用率的提高。謝謝。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

First to start, the reference lab number came in particularly weak in the quarter. I think we were a little bit surprised so that was the biggest delta. And during your prepared remarks, you made some comments about how there was some impact to price in reference lab from those three major customer agreements. Could you expand on that a little bit? I mean, I think we can read between the lines that there was a little bit of price to win the contract. Is that standard operating procedure, were these a little bit more outsized than normal? Just in general, is that something you're seeing a little bit more pushback on in terms of price? Or if there's anything else on reference, I'll have to call out.

首先，參考實驗室的數量在本季特別疲軟。我想我們有點驚訝，所以這是最大的三角洲。在您準備好的發言中，您對這三個主要客戶協議對參考實驗室價格的影響發表了一些評論。能稍微擴充一下嗎？我的意思是，我認為我們可以從字裡行間看出贏得合約需要付出一些代價。這是標準作業程序嗎？總的來說，您是否在價格方面看到了更多的阻力？或者如果還有什麼可以參考的，我就得打電話了。

Maybe I could just set context on the numbers in the quarter and then allow Jay to talk about the dynamics and reference labs. We had 2.4% growth organically. We highlighted there was actually a day's headwind effect in labs. The benefit that we saw in the quarter was all related to shipping days. So normalized roughly 3% growth, and we highlighted that volume growth was actually positive. So to your point, there is a a level of effect on lab price realization, which is a good news item in that we this year had three major new customer extensions and expansions, and that'll have long-term bond growth benefits for IDEXX, and that's captured in our gross-to-net pricing effect.

也許我可以先介紹一下本季的數據，然後讓傑伊談論動態和參考實驗室。我們的有機成長為 2.4%。我們強調實驗室中實際上存在一天的逆風效應。我們在本季看到的收益都與出貨天數有關。因此，將大約 3% 的成長標準化，我們強調銷售成長實際上是正面的。因此，就您的觀點而言，對實驗室價格實現有一定程度的影響，這是一個好消息，因為我們今年有了三個主要的新客戶擴展和擴展，這將為IDEXX 帶來長期的債券成長效益，這體現在我們的毛淨定價效應。

And you see some of that in the key three numbers in labs, but the underlying health of the business is quite solid, particularly with some of the pressures we've seen on things like wellness testing, so Jay can expand on that.

你可以在實驗室的關鍵三個數字中看到其中的一些，但業務的基本健康狀況相當穩固，特別是我們在健康測試等方面看到的一些壓力，因此傑伊可以對此進行擴展。

There's a couple ways of looking at this. The execution drivers at the reference lab business continue to be really strong. As Brian indicated, we have seen modest volume growth. There's been new business gains and very high customer retention levels. The price gains were moderated by these major new customer agreements and expansions and extensions, and they will benefit the company and the business over the longer term through volume grants.

有幾種看待這個問題的方法。參考實驗室業務的執行驅動力仍然非常強勁。正如布萊恩指出的那樣，我們看到了銷售的適度增長。出現了新的業務收益和非常高的客戶保留率。這些主要的新客戶協議以及擴張和延期緩和了價格上漲，從長遠來看，它們將透過批量贈款使公司和業務受益。

Keep in mind that the reference labs is relatively more indexed to wellness testing. We know that wellness testing has been more pressured. We saw the decline of 3.4% in the US. There hasn't been change in any of the dynamics that we've described over time and we're very optimistic about the innovation agenda for the reference labs.

請記住，參考實驗室相對更注重健康測試。我們知道健康測試面臨更大的壓力。我們看到美國下降了 3.4%。隨著時間的推移，我們描述的任何動態都沒有變化，我們對參考實驗室的創新議程非常樂觀。

We think the fecal antigen and cystatin B for kidney health and the IDEXX cancer diagnostics in 2025 really continue to position that modality in a highly differentiated way. And just getting back to my prior comment, clinical visits will normalize over time.

我們認為，用於腎臟健康的糞便抗原和胱抑素 B 以及 2025 年的 IDEXX 癌症診斷確實繼續以高度差異化的方式定位該模式。回到我之前的評論，隨著時間的推移，臨床就診將會正常化。

And then if I can squeeze in the follow up, just wanna expand more on price in general. You talk about 5% for the quarter, I think you're sticking with 5% for the year, 5% price. 4Q is going to be a little bit lighter than that, 4%, 4.5%. I know some of that is probably tied to timing of the price increases you took last year. Again, correct me if I'm wrong, and if your 4Q price assumption did get lowered. But just in general, how do you think about prices a little ever going forward? Jay, you just talked about (inaudible), that it will come back.

然後，如果我能擠出後續行動，只是想在整體價格上進行更多擴展。你說的是季度的 5%，我認為你堅持全年的 5%，即 5% 的價格。第四季會比這個少一點，4%、4.5%。我知道其中一些可能與去年漲價的時間有關。再次，如果我錯了，並且您的第四季度價格假設確實降低了，請糾正我。但總的來說，您如何看待未來的價格變化？傑伊，你剛才談到（聽不清楚）它會回來。

We talked about execution and new product launches and the IDEXX premium. The third pillar of the model is price. It's been obviously very elevated over the last three years in '22, '23, '24. It looks like it's starting to normalize a little bit. Should we expect that to continue, continue normalization of price over time back to that 2% to 3% historical level? Is that the right way to think about it?

我們討論了執行、新產品發布以及 IDEXX 溢價。這個模型的第三個支柱是價格。在過去的三年裡，22、23、24 年，這一數字顯然非常高。看起來它開始正常化了一點。我們是否應該預期這種情況會持續下去，隨著時間的推移價格會繼續正常化回到 2% 至 3% 的歷史水準？這是正確的思考方式嗎？

Mike, just to clarify some of the numbers that we shared. As you noted, we're reinforced the 5% full year outlook. Some moderation in Q4, that's principally just the new business effects that we highlighted. So I think this is a consistent trends. We are positioned to communicate our pricing to our customers. It's not a lapping effect. I think that was part of your question. It's more the new business effect.

麥克，只是為了澄清我們分享的一些數字。正如您所指出的，我們強化了全年 5% 的前景。第四季有所放緩，這主要是我們強調的新業務影響。所以我認為這是一個一致的趨勢。我們有能力向客戶傳達我們的定價。這不是研磨效應。我認為這是你問題的一部分。更多的是新的商業效應。

And we're positioned to communicate our price increases for next year later this year with our customers. We continue to feel very good about the value that we're delivering with the focus on innovation that we've had in the long term as a company and we have a new wave of innovation that we're really excited about. So I think it'll be anticipated to be a positive driver for us in the near term and the longer term.

我們準備在今年稍後與客戶溝通明年的價格上漲。我們仍然對我們作為一家公司長期關注創新所提供的價值感到非常滿意，我們對新一波的創新浪潮感到非常興奮。因此，我認為這將在短期和長期內對我們產生積極的推動作用。

Keep in mind that the way we think about pricing is to really maintain. We want to maintain, we want to be on the right side of the whole value equation. And so there's obviously new products, new innovation. But then there's products that we continue to really expand from a feature and capability standpoint. So you think about FECO-Imagen, and Cystoisospora, and tapes, and Cystatin B, and VetConnect Plus, these were all added to the menu and panels at no additional cost.

請記住，我們考慮定價的方式是真正維持。我們想要保持，我們想要站在整個價值等式的右邊。所以顯然會有新產品、新創新。但我們仍然從功能和功能的角度繼續真正擴展一些產品。所以你想想 FECO-Imagen、Cystoisospora、膠帶、Cystatin B 和 VetConnect Plus，這些都已添加到菜單和麵板中，無需額外費用。

So what we strive for is to really make sure that we're adding value, and price obviously reflects that. And as Brian indicated, we'll provide more guidance when we provide 2025 guidance.

因此，我們努力的目標是真正確保我們能夠增加價值，而價格顯然反映了這一點。正如 Brian 所指出的，當我們提供 2025 年指導時，我們將提供更多指導。

(Operator instructions)

（操作員說明）

John Block with Stiefel.

約翰·布洛克和斯蒂菲爾。

Good morning. Brian, the first one, I think there's a step down in the '24 guidance of about 150 bps for total organic revenue versus the 100 bps step down for CAG, the extracurring at the midpoint. So maybe if you can speak what that's attributable to in regards to the delta. I'm guessing it might be fewer inVues going out this year than maybe initially expected, maybe a little bit of LPD as well. So we'd love your thoughts there, and then just a tack onto that, any color on the realized ASP for inVue as we start sort of scrubbing the model and the contribution into '25, and then I'll ask my follow-up.

早安.Brian，第一個，我認為 24 年總有機收入指引下降了約 150 個基點，而 CAG 則下降了 100 個基點，即中點的額外費用。那麼也許您可以談談三角洲的原因。我猜測今年推出的 inVue 可能比最初預期的要少，也許還有一點 LPD。因此，我們很樂意聽取您的想法，然後在我們開始清理模型和 25 年的貢獻時，對已實現的 inVue ASP 上的任何顏色進行補充，然後我會詢問我的後續行動。

Thanks for your question, Jon. I think you hit on the themes. It's the update includes incorporating Q3. So I think we did see somewhat softer results in areas like LPD than anticipated. So we're carrying that through. I think we are capturing also the instrument revenue effects. It's principally just a the strength of the inVue advanced orders, I think that does have some impact in the overall order generation.

謝謝你的提問，喬恩。我認為你切中了主題。這次更新包括合併 Q3。因此，我認為我們確實在 LPD 等領域看到了比預期更疲軟的結果。所以我們正在貫徹這一點。我認為我們也在捕捉儀器收入的影響。這主要是 inVue 高級訂單的強度，我認為這確實對整體訂單產生產生了一些影響。

So in terms of our other premium instruments, it's a good news story overall. The EVI normalizes up very strongly, and so we're really encouraged by that. So those are the factors, some tweaking on the software numbers as well, just based on trends. So those are the themes. The bigger driver, of course, is just the calibration on the CAG Diagnostic recurring.

因此，就我們的其他優質工具而言，總體而言這是一個好消息。EVI 非常強勁地正常化，因此我們對此感到非常鼓舞。這些就是因素，並且僅根據趨勢對軟體數字進行一些調整。這些就是主題。當然，更大的驅動因素只是 CAG 診斷的重複校準。

Regarding your specific question on inVue pricing, I think low teens has been the number we've shared, and I think that's still a good estimate for the instrument price realization. It'll vary by program, but to the degree these are placed under things like 360 contracts, it's primarily upfront revenue.

關於您關於 inVue 定價的具體問題，我認為我們分享的數字是十幾歲，而且我認為這仍然是對儀器價格實現的一個很好的估計。它會因項目而異，但就這些項目（如 360 合約）而言，它主要是預付費用。

Okay, got it, helpful. And maybe I'll have to follow up there, but Jay, are there any comments of like was the plan always to take 700 orders and only ship 50 out? Obviously, you're beta testing this in the field. Were there any challenges that you incurred throughout that process in terms of why most of those shipments are occurring? Call it in '25, '24. That's the follow-up.

好的，明白了，有幫助。也許我必須跟進，但傑伊，有沒有任何評論，例如計劃總是接受 700 個訂單，但只發貨 50 個？顯然，您正在現場進行 Beta 測試。在整個過程中，您是否遇到任何關於為什麼大多數發貨會發生的挑戰？在'25、'24 中呼叫它。這就是後續。

But then the second question, just on the corporate renewals. You guys don't typically talk a lot about that, but admittedly, corporates are a big part of the market. I don't know, 30% or 40%. Any more color that you can provide, was that just specific to the lab number, not the in-clinic? And then for the lab, do we think about it like the pricing will be a headwind for the next three quarters? It took effect third quarter of '24. It's a headwind for the next three quarters year over year. And then essentially you lapped the pricing benefit but continued to -- I'm sorry, you lost the pricing headwind, but continue to benefit from the volume tailwind for what I'm assuming is a multi-year contract, and hopefully that came across okay. Thanks, guys.

接下來是第二個問題，關於公司續約。你們通常不會談論太多，但不可否認的是，企業是市場的重要組成部分。我不知道，30%還是40%。您可以提供更多顏色嗎？對於實驗室來說，我們是否認為定價將成為未來三個季度的阻力？它於 2024 年第三季生效。與去年同期相比，這對未來三個季度來說是一個逆風。然後本質上你享受了定價優勢，但繼續——我很抱歉，你失去了定價逆風，但繼續受益於我假設的多年合約的銷量順風，希望這一點能夠實現好的。謝謝，夥計們。

Yes, let me start with the corporates, and I'll address the inVue launch, and then I'll turn it to Brian for some additional cover on it. You know, from a corporate standpoint, we've been very successful, and these represent not just extensions, but expansions. I think the corporates from a maturity standpoint are focusing more on organic growth. If you go back, they grew through clinic acquisition and there was a lot of consolidation and arbitrage.

是的，讓我從公司開始，我將介紹 inVue 的發布，然後我將向 Brian 提供一些額外的報告。你知道，從公司的角度來看，我們非常成功，這些不僅代表了延伸，而且代表了擴張。我認為從成熟度的角度來看，企業更注重有機成長。如果你回顧過去，他們是透過診所收購而成長的，並且存在大量的整合和套利。

I think the focus on organic growth, not just within the reference labs, but using technology, whether it's point of care and software, and integrating those pieces has positioned us really well. and has given us an opportunity to really partner with them and help them achieve those objectives. And as I indicated in my remarks, there are certainly volume benefits that we see over time that will develop as a result of expanded business with those folks. So yes, very excited by that.

我認為，對有機成長的關注，不僅僅是在參考實驗室內，而且使用技術，無論是護理點還是軟體，以及整合這些部分，使我們處於非常有利的位置。並讓我們有機會真正與他們合作並幫助他們實現這些目標。正如我在演講中指出的那樣，隨著時間的推移，我們肯定會看到由於與這些人擴大業務而產生的數量效益。所以是的，對此非常興奮。

There's also, I would say from a corporate standpoint, more of an emphasis on how to implement wellness campaigns and programs, much more harmonized way versus -- one independent clinics as one offs. From an inVue launch standpoint, we have a very tried intrude approach in terms of how we launch instrumentation. If you look at Catalyst, inVue, and more recently ProCyte 1, we start in a controlled fashion.

我想說，從企業的角度來看，更強調如何實施健康活動和計劃，與一次性的獨立診所相比，這種方式更加協調。從 inVue 啟動的角度來看，我們在啟動儀器方面採用了經過多次嘗試的侵入方法。如果你看看 Catalyst、inVue 和最近的 ProCyte 1，我們會以受控的方式開始。

We're very careful that we deliver the right customer experience. Customers expect that from us, and the way we do that is we start with a smaller group of implementations and onboard those customers and tweak as necessary. So it's really not driven by a certain number in Q4. It's really more from overall readiness so that we deliver the right experience and build over time.

我們非常小心地提供正確的客戶體驗。客戶期望我們做到這一點，而我們這樣做的方式是從一小部分實施開始，讓這些客戶接受並根據需要進行調整。所以它實際上並不是由第四季的某個數字所驅動的。這實際上更多地取決於整體準備情況，以便我們提供正確的體驗並隨著時間的推移進行構建。

The receptivity to the product itself has just been outstanding. We look forward to being able to build global demand based on a very compelling menu for customers.

對產品本身的接受度非常出色。我們期待能夠基於對客戶來說非常有吸引力的菜單來建立全球需求。

Jon, to your specific question, I hope I could follow it, but the new business FX and pricing are relatively more in labs, US labs. That's where some of the business opportunity that we were excited about in terms of expanding the relationships is flowing from. And I think your point was about lapping and I think you're correct. There is a a gross to net effect in the near term, but you work through that.

喬恩，對於你的具體問題，我希望我能跟進，但是新業務的外匯和定價相對更多是在實驗室，美國實驗室。這就是我們在擴大關係方面感到興奮的一些商業機會的來源。我認為你的觀點是關於繞圈的，我認為你是對的。短期內會對淨效應產生整體影響，但你可以克服它。

Keep in mind it was three agreements that built through the year or so it'll be -- we'll get more clarity as we get into 2025. But basically there'll be some favorable lapping dynamics that go on the latter half of next year to your point.

請記住，這是三項協議，將在一年左右的時間內達成——進入 2025 年，我們將獲得更清晰的資訊。但基本上明年下半年將會出現一些有利的研磨動態，達到您的目的。

Navann Ty, BNP Paribas.

納萬·泰，法國巴黎銀行。

Can you discuss how industry innovation in the affordability space, so with that practices offering payment plans and IDEXX credit card, inVue and Vello could help mitigating lower visits in the near and longer term? And also, can you discuss, as you are monitoring the divergence between wellness and non-wellness visits, what are your updated thoughts on the sector conditions? Thank you.

您能否討論一下可負擔性領域的行業創新，即透過提供付款計劃和 IDEXX 信用卡、inVue 和 Vello 的做法如何幫助緩解近期和長期的訪問量下降？另外，當您正在監測健康和非健康訪問之間的差異時，您能否討論一下您對行業狀況的最新想法是什麼？謝謝。

Just to maybe address the payment question first. Most of our instruments, whether it's inVue or broader VetLab suites, are placed through various programs. And what that typically involves is there's not cash upfront and the customers make a volume commitment over a period of time. So it's built-in financing, if you will, so there's not really practice cash constraints on being able to purchase new technology or instrumentation.

只是為了也許先解決付款問題。我們的大多數儀器，無論是 inVue 還是更廣泛的 VetLab 套件，都是透過各種程式放置的。這通常涉及沒有預付現金，並且客戶在一段時間內做出批量承諾。因此，如果您願意的話，它是內建融資，因此購買新技術或儀器並沒有真正的現金限制。

Our focus is really being able to provide technology and tools that help with capacity challenges as they exist. The flip side of capacity is obviously productivity and practices are looking for ways that optimize workflow within the practice, support staff productivity, enable them to communicate with clients or pet owners, and Vello helps us do that.

我們的重點實際上是能夠提供技術和工具來幫助解決現有的容量挑戰。容量的另一面顯然是生產力，實踐正在尋找優化實踐中的工作流程、支援員工生產力、使他們能夠與客戶或寵物主人溝通的方法，Vello 幫助我們做到這一點。

And just your question on visit trends, it's interesting. We tried to highlight this pain medication, pain med visit effect in the numbers. And as we noted that overall, the minus 2.1 visits are actually supported by about 1% to 1.5% of benefit from these pain med visits, which would show up in the non-wellness visit, you know, per the data analysis that we've done. And when you adjust for that, you know, roughly the wellness visits would be down about 4% and non-wellness would be down about 3%.

你關於訪問趨勢的問題很有趣。我們試著在數字中強調這種止痛藥、止痛藥就診的效果。正如我們所指出的，總體而言，負2.1 的就診次數實際上是由這些止痛藥就診帶來的約1% 至1.5% 的收益支持的，根據我們的數據分析，這將出現在非健康就診中。當你對此進行調整時，你知道，健康類就診次數大致會下降 4% 左右，非健康類就診次數會下降約 3%。

And so it's relatively more pressure on non-wellness excess payment visits, but I would say it's indicative of a broader challenge that we've had related to the macro dynamics, which is visits are down overall. So I think, you know, again, somewhat more in wellness which is logical given that's relatively more discretionary, but it's a broader theme.

因此，非健康超額支付訪問的壓力相對較大，但我想說，這表明我們面臨與宏觀動態相關的更廣泛的挑戰，即訪問總體下降。所以我認為，你知道，再次強調健康，這是合乎邏輯的，因為它相對更具自由裁量權，但它是一個更廣泛的主題。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Could you give us an update on cancer Dx, just the timeline magnitude that you're thinking there in terms of the rollout and then, and just where should we think about in terms of, or what should we think about in terms of price as this is sort of a premium cancer screening wellness type of platform? And any sort of early feedback on your pilot testing or as you talk to customers about the opportunity, particularly in the initial offering in canine Lymphoma.

您能給我們介紹一下癌症 Dx 的最新情況嗎？平台嗎？以及有關您的試點測試或與客戶談論機會時的任何早期回饋，特別是在犬淋巴瘤的初始產品中。

Good morning, Erin. We continue to work on really making nice progress on the IDEXX cancer diagnostics with lymphoma. We're still targeting a 2025 launch from both a price as well as turnaround. Time standpoint, we see it as an appropriate wellness screening, really being able to target younger but at risk dogs as well as older dogs. The feedback from key opinion leaders and oncologists, has been excellent, so we continue to fully develop the product, validate the testing, platforms collect data, and are really looking forward to being able to build a market.

早安，艾琳。我們將繼續致力於在 IDEXX 淋巴瘤癌症診斷方面取得真正的重大進展。從價格和周轉來看，我們的目標仍然是 2025 年推出。從時間的角度來看，我們認為這是一次適當的健康篩檢，真正能夠針對年輕但有風險的狗以及年長的狗。關鍵意見領袖和腫瘤學家的回饋非常好，因此我們繼續全面開發產品，驗證測試，平台收集數據，並真正期待能夠建立一個市場。

We know that both pet owners and veterinarians see this as a major pain point today in terms of being able to detect cancer earlier than what's currently done, and when you can detect cancer. earlier, obviously the therapeutic options you have are more numerous and more effective.

我們知道，寵物主人和獸醫都認為這是當今的主要痛點，因為能夠比目前更早檢測到癌症，以及何時可以檢測到癌症。早些時候，顯然您擁有的治療選擇更多、更有效。

And then just on the reference lab in general, I know you touched on a little bit on it before, but in terms of the performance in the quarter, how we should think about the quarterly progression? Any sort of changes from a competitive landscape standpoint at all, and then also just your strategy, whether it's turnaround times and service levels and overnight testing and that stuff, has anything changed in terms of how you're contracting or working with your customers on the reference laboratory side, particularly in just an inherently lower volume environment?

然後就一般的參考實驗室而言，我知道您之前提到過一點，但就本季的表現而言，我們應該如何考慮季度進展？從競爭格局的角度來看，任何形式的變化，以及您的策略，無論是周轉時間、服務水平、隔夜測試等，都會在您與客戶簽訂合約或合作的方式方面發生任何變化。 ，特別是在本質上較小的體積環境中？

Erin, we don't see any change in the competitive dynamic. We track that very closely. You know, we look at net new business gains, which have been positive for the quarter and for the year. We look at retention levels, which remain very high in the reference labs. As Brian indicated earlier, we do see volume growth in the reference labs.

艾琳，我們沒有看到競爭動態有任何變化。我們非常密切地追蹤這一點。您知道，我們關注的是淨新業務收益，該收益在本季和全年都是正面的。我們關注保留水平，參考實驗室中的保留水平仍然很高。正如布萊恩之前指出的，我們確實看到參考實驗室的數量成長。

The differentiation around the overall menu, fecal antigen and the whole renal health panels and VetConnect PLUS and the coming IDEXX cancer diagnostics, we think continues to position us really well. I think the corporate contract extensions and expansions I talked to, I spoke about, really speak to the differentiation of our reference lab business. corporates as well as independent practices want to partner with us and putting together win-win partnerships is part of our strategy.

我們認為，圍繞整體菜單、糞便抗原和整個腎臟健康面板、VetConnect PLUS 以及即將推出的 IDEXX 癌症診斷的差異化繼續使我們處於非常有利的位置。我認為我談到的公司合約延期和擴展確實說明了我們參考實驗室業務的差異化。企業和獨立機構都希望與我們合作，建立雙贏的夥伴關係是我們策略的一部分。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯，威廉·布萊爾。

Hey everyone, thanks for taking the question. I had two, they're both related to end market volumes, and so I'll maybe just ask them both up front. The first one is, you know, as part of your snapshot, you guys also disclosed the frequency and utilization metrics, maybe X price if you look at that. Still a little depressed, I always tend to think of those as things that you have a little bit more control over versus the visit volumes. So maybe just talk about within frequency and utilization, what levers do you guys have that you can pull on as we go into 25 to help offset some of the weaker vet visit growth?

大家好，感謝您提問。我有兩個，它們都與終端市場銷售有關，所以我可能會預先詢問它們。第一個是，你知道，作為快照的一部分，你們也揭露了頻率和利用率指標，如果你看一下的話，也許是 X 價格。還是有點沮喪，我總是傾向於認為這些是你對訪問量有更多控制權的事情。因此，也許只是談談頻率和利用率的問題，當我們進入 25 月時，你們可以利用哪些槓桿來幫助抵消一些較弱的獸醫就診成長？

And then the second follow-up on vet visits is just around this pain medication headwind that you guys are talking about. Can you clarify if this is simply, you know, the headwind that you're talking about is simply looking at vet visit volumes, they're actually worse than they are? Or is the impact that less NSAIDs, because now they're switching to injectables, means that less diagnostic tests are being done for pain medication.

然後獸醫就診的第二個後續行動就是圍繞你們正在談論的止痛藥逆風。您能否澄清一下，您所說的逆風是否只是簡單地看獸醫就診量，它們實際上比實際情況更糟？或者是減少非類固醇抗發炎藥物的影響，因為現在他們正在轉向注射劑，這意味著對止痛藥進行的診斷測試會減少。

So maybe I can clarify the last point, and it provides a little bit of data insight on your frequency and utilization question that Jay can expand on. But what we're seeing in the data is that there are a number of visits, particularly older pets, that are related to pain medication, more recently particularly follow-up visits, where the pets are being brought in and there typically isn't a diagnostic, there's an administration of the pain medication. And that is, with the ramp of these pain meds particularly over the last few quarters, that's been a pretty meaningful positive contributor to visit growth, but obviously doesn't benefit our business in terms of driving diagnostics.

所以也許我可以澄清最後一點，它提供了一些有關您的頻率和利用率問題的數據見解，傑伊可以對此進行擴展。但我們在數據中看到的是，有許多訪問，特別是老年寵物，與止痛藥有關，最近特別是後續訪問，寵物被帶進來，但通常沒有進行診斷，然後服用止痛藥。也就是說，隨著這些止痛藥的增加，特別是在過去幾個季度，這對訪問量成長做出了相當有意義的積極貢獻，但顯然在驅動診斷方面對我們的業務沒有好處。

So what we're trying to highlight is that minus 2% on clinical visits is really for our business, minus 3% to 3.5% in terms of visits that drive diagnostics. When you turn to their frequency in the utilization side, what's interesting is adjusting for those dynamics, frequency's actually up. So for visits, for pets that are coming into the clinic, we think it's positive, 50 basis points rather than the minus 50 basis points we show. And it actually, we see increases in utilization as well per visit, albeit at moderated paces from what we've seen historically, but it's continuing to be positive.

因此，我們想要強調的是，臨床就診次數的負 2% 確實適用於我們的業務，而驅動診斷的就診次數則為負 3% 到 3.5%。當你在利用率方面轉向它們的頻率時，有趣的是針對這些動態進行調整，頻率實際上上升了。因此，對於就診，對於進入診所的寵物，我們認為這是積極的 50 個基點，而不是我們顯示的負 50 個基點。事實上，我們看到每次訪問的利用率也有所增加，儘管與我們歷史上看到的速度相比有所放緩，但它仍然是積極的。

That's the backdrop. I think there is a specific dynamic as it relates to some of the metrics that our investors focus in on and we focus in on. We think the underlying dynamics within the clinic are very healthy. It's really a challenge for us, but Jay can talk more about this.

這就是背景。我認為存在一種特定的動態，因為它與我們的投資者關注的和我們關注的一些指標有關。我們認為診所內的潛在動態非常健康。這對我們來說確實是一個挑戰，但傑伊可以多談談這一點。

The way we, from a strategic standpoint, influence both frequency and utilization is really through innovation and our commercial model. Innovation has both direct and leveraged impacts, you know, in terms of being able to drive testing. Obviously with inVue, when we begin shipping InVue, they'll use the cartridges and consumables and that drives utilization, but also our programs, our marketing programs that place instruments through IDEXX 360 really inspire use of the reference labs and rapid assay and our software businesses.

從策略角度來看，我們影響頻率和利用率的方式實際上是透過創新和我們的商業模式。您知道，創新在推動測試方面具有直接影響力和槓桿影響。顯然，對於inVue，當我們開始運送InVue 時，他們將使用墨盒和耗材，從而提高利用率，而且我們的計劃、通過IDEXX 360 放置儀器的營銷計劃確實激發了參考實驗室和快速測定以及我們軟體的使用企業。

So we think that over time, and we've shown this over time, that historically when you bring innovations that solve the most challenging both clinical and business problems, that customers end up, veterinarians end up using diagnostics because it's really foundational in terms of driving the medical services and care management approaches within their clinics.

因此，我們認為，隨著時間的推移，我們已經證明了這一點，從歷史上看，當你帶來解決最具挑戰性的臨床和業務問題的創新時，客戶最終、獸醫最終都會使用診斷，因為它確實是基礎性的推動診所內的醫療服務和護理管理方法。

David Westenberg, Piper Sandler.

大衛‧韋斯特伯格，派珀‧桑德勒。

So I'm going to unpack a couple of that on the reference lab and then on the pain drug visits. And ultimately what I'm trying to get to is potential utilization acceleration probably next year or maybe the year after. But the differential between consumables and reference lab, we haven't seen that big of a gap since 2018. Is there a way maybe veterinary groups are thinking about changing the way they're thinking about diagnostics, perhaps using inside lab more as a strategy to generate more diagnostics?

因此，我將在參考實驗室和止痛藥就診中解開其中的一些內容。最終我想要達到的是明年或後年潛在的利用率加速。但消耗品和參考實驗室之間的差異，自 2018 年以來我們還沒有看到那麼大的差距。獸醫團體是否正在考慮改變他們對診斷的思考方式，也許更多地使用實驗室內部作為產生更多診斷的策略？

And again, I'm only saying that because we're seeing the biggest gap that we've seen. You've explained some of that stuff, including days. And then also on the pain drug in fact, we've seen Cytopoint, it's been around since 2016. It's been about half as much of an impact on visits, but it's still been an impact on visits.

再說一次，我這麼說只是因為我們看到了我們所見過的最大差距。您已經解釋了其中一些內容，包括日期。事實上，在止痛藥方面，我們已經看到了 Cytopoint，它自 2016 年以來就已經存在。這對訪問量的影響大約是一半，但仍對訪問量產生影響。

Now, elderly patients are more likely to be sold the diagnostics. So you would think that, you know, maybe there's a, as you see this captive audience, I mean, when we talk to veterinary customers, they love this captive audience, so is there maybe a longer tail impact to increase diagnostics because now you have the elderly patient? And again, I'm trying to focus this question on utilization of diagnostics maybe next year as we build on some of these trends.

現在，老年患者更有可能接受診斷。所以你會認為，你知道，也許有一個，當你看到這些被俘虜的觀眾時，我的意思是，當我們與獸醫客戶交談時，他們喜歡這些被俘虜的觀眾，所以增加診斷可能會產生更長的尾部影響，因為現在你有老人病人嗎？再次，我試圖將這個問題集中在明年診斷的利用上，因為我們將在其中一些趨勢的基礎上進行發展。

Let me just talk about the clinic versus the reference lab model. We don't see actually a modality shift, I think. You know, a number of things influence that. Obviously wellness visits, as I called out, is primarily a reference lab send out modality, but just in terms of overall use. It's based on situational conditions with the -- if the pet comes in and is not well or in acute condition, veterinarians tend to do the in-clinic testing so they get to interpretation quickly. In other cases, if it's a specialty test, they'll send that out.

讓我談談診所與參考實驗室模型。我認為，我們其實並沒有看到模式的轉變。你知道，有很多因素會影響這一點。顯然，正如我所說，健康訪問主要是參考實驗室發送的方式，但只是就整體使用而言。它是基於具體情況——如果寵物進來時身體狀況不佳或病情嚴重，獸醫往往會進行診所內測試，以便快速解釋。在其他情況下，如果是專業測試，他們會將其發送出去。

But we haven't seen, we actually haven't seen a mix shift above and beyond the wellness visit trend that may be impacted by overall macro considerations. In terms of the pain medication piece, the point that I would highlight is, we haven't seen it for those patients coming in to the practice, you know, that are getting, let's say, pain medication, primarily, let's focus on dogs, primarily older dogs, and we haven't seen any impact on the use of diagnostics so we don't think there's a substitution, you know, effect or potentially even driving more diagnostics in those cases, if that's what you were getting at.

但我們還沒有看到，實際上我們還沒有看到可能受到整體宏觀因素影響的健康訪問趨勢之外的混合變化。就止痛藥而言，我要強調的一點是，我們還沒有看到那些接受治療的患者，你知道，他們正在接受止痛藥，主要是讓我們關注狗，主要是老年狗，我們還沒有看到對診斷的使用有任何影響，所以我們認為在這些情況下不會有替代，你知道，效果甚至可能推動更多的診斷，如果這就是你所得到的。

And Dave, just your question on utilization and utilization drivers over time, I know you're familiar with this, but we've highlighted frequently in our longer-term strategic discussions the metric of blood work inclusion in diagnostics. And that for a very long period of time accelerated at 50 basis points. We saw that. going into the pandemic, actually accelerated through the pandemic. And what we see more recently in this transition post-pandemic period with some of the macro headwinds is it's sustaining. It's just not growing at the 50 basis points.

戴夫，您關於隨時間推移的利用率和利用率驅動因素的問題，我知道您對此很熟悉，但我們在長期戰略討論中經常強調診斷中包含血液工作的指標。並且在很長一段時間內加速了 50 個基點。我們看到了。進入大流行，實際上加速了大流行。最近，在疫情後的過渡時期，我們看到一些宏觀阻力正在持續。它只是沒有以 50 個基點的速度成長。

That's a 200-basis-point growth upside if we can get back to the 50 basis point expansion for our US business and 100 to 150 basis points globally. That was highlighted in our investor day discussion. So we're encouraged that it's sustaining so well with some of the macro dynamics going on and building off of the accelerated growth that we saw there in the pandemic. And we feel very confident in our ability to influence that over time as we've done for decades and see that as central to our long-term strategy.

如果我們的美國業務能夠恢復 50 個基點的擴張，全球業務成長 100 到 150 個基點，那麼這將是 200 個基點的成長空間。在我們的投資者日討論中強調了這一點。因此，我們感到鼓舞的是，隨著一些宏觀動態的持續，以及我們在大流行中看到的加速成長的基礎上，它能夠如此良好地維持。我們對自己有能力隨著時間的推移影響這一點非常有信心，就像我們幾十年來所做的那樣，並將其視為我們長期策略的核心。

So we'll now conclude the Q&A portion of the call. Thank you for your participation this morning. So once again, my pleasure to share how I'd executed against our organic growth strategy while delivering excellent financial results in the third quarter. Companion animal diagnostic sector remains an attractive space supported by long-term global secular growth drivers and a significant opportunity to enhance standards of care.

現在我們將結束電話會議的問答部分。感謝您今天上午的參與。因此，我很高興再次分享我如何執行我們的自然成長策略，同時在第三季取得出色的財務表現。伴侶動物診斷產業仍然是一個有吸引力的領域，受到長期全球長期成長驅動力的支持，也是提高護理標準的重大機會。

IDEXX's current innovation cycle and effective customer engagement playbook have positioned as well to lead the penetration of this opportunity. And I look forward to sharing more updates with you on our solid progress. And so with that, we'll conclude the call. Thank you.

IDEXX 目前的創新週期和有效的客戶參與策略也已定位為引領此機會的滲透。我期待與您分享更多有關我們堅實進展的最新消息。這樣，我們就結束通話了。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。您現在可以斷開連線。