愛德士 (IDXX) 2024 Q4 法說會逐字稿

Good morning, and welcome to the IDEXX Laboratories fourth quarter 2024 earnings conference call. As a reminder, today's conference is being recorded.

早安，歡迎參加 IDEXX Laboratories 2024 年第四季財報電話會議。提醒一下，今天的會議正在錄音。

Participating in the call this morning are Jay Mazelsky, President and Chief Executive Officer; Brian McKeon, Chief Financial Officer; Andrew Emerson, Senior Vice President, Corporate and Companion Animal Group Finance; and John Ravis, Vice President, Investor Relations.

參加今天早上電話會議的有總裁兼執行長傑伊·馬澤爾斯基 (Jay Mazelsky)； Brian McKeon，財務長；安德魯‧埃默森 (Andrew Emerson)，企業與伴侶動物集團財務資深副總裁；以及投資者關係副總裁 John Ravis。

IDEXX would like to preface the discussion today with a caution regarding forward-looking statements. Listeners are reminded that our discussion during the call will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today.

IDEXX 希望在今天的討論開始時對前瞻性陳述提出警告。請聽眾注意，我們在通話中的討論將包括前瞻性陳述，這些陳述受風險和不確定性的影響，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，請參閱我們今天早上發布的新聞稿中的前瞻性聲明以及我們定期提交給美國證券交易委員會的文件，這些文件可從美國證券交易委員會獲得，或訪問投資者關係我們網站 idexx.com 的部分。

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 GAAP 編製的財務指標。我們的收益報告中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表，您也可以透過造訪我們網站的「投資者關係」部分找到該對帳表。

In reviewing our fourth quarter 2024 results and initial 2025 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.

在回顧我們 2024 年第四季的業績和 2025 年的初步指引時，請注意，所有對成長、有機成長和可比成長的提及均指與去年同期相比的成長，除非另有說明。

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

（操作員指示）今天的準備好的發言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.

現在我想將電話轉給 Brian McKeon。

Good morning, everyone, and welcome to our fourth quarter earnings call. Today I'm pleased to review our Q4 and full year 2024 financial results. Andrew Emerson, who will be assuming responsibility as IDEXX's CFO on March 1, will take you through the details of the company's outlook for 2025.

大家早安，歡迎參加我們的第四季財報電話會議。今天，我很高興回顧我們 2024 年第四季和全年的財務表現。安德魯·埃默森 (Andrew Emerson) 將於 3 月 1 日就任 IDEXX 首席財務官，他將帶您詳細了解公司 2025 年的前景。

IDEXX had a solid finish to 2024, reflecting fourth quarter performance ahead of our expectations. Revenue increased 6% organically, supported by 7% organic gains in CAG Diagnostic recurring revenues. Operating profits increased 7% as reported and 8% on a comparable basis, benefiting from solid gross margin gains, which supported operating margin performance at the high end of our guidance range.

IDEXX 在 2024 年取得了堅實的成績，反映出第四季的業績超出我們的預期。收入有機成長 6%，得益於 CAG 診斷經常性收入 7% 的有機成長。營業利益報告成長 7%，可比成長 8%，受益於穩健的毛利率成長，支撐營業利益率表現達到我們指導範圍的高點。

We also saw positive impacts from increased stock-based compensation activity, which benefited our effective tax rate. These factors support a delivery of $2.62 in EPS in Q4, up 10% on a comparable basis.

我們也看到股票薪酬活動增加帶來的正面影響，這有利於我們的有效稅率。這些因素支持第四季度每股收益達到 2.62 美元，年增 10%。

IDEXX execution drove solid expansion of our business for the full year 2024. This is reflected in 7% full year organic growth in CAG Diagnostic recurring revenues, 9% growth in our global premium instrument installed base, 11% organic gains in recurring software and digital imaging revenues, and 11% organic growth in our water business.

IDEXX 的執行推動了我們 2024 年全年業務的穩定擴張。這體現在 CAG 診斷經常性收入全年有機成長 7%、全球高端儀器安裝基數成長 9%、經常性軟體和數位成像收入有機成長 11% 以及水業務有機成長 11%。

We delivered excellent full year financial performance in 2024 supported by comparable operating margin gains at the high end of our long-term annual improvement goals. Full year EPS of $10.67 per share, which includes $0.56 per share of negative impact related to a discrete litigation expense accrual, increased 12% on a comparable basis, including 2% of negative growth impact from the lapping of a 2023 customer contract resolution payment.

在可比營業利潤率成長的支持下，我們實現了 2024 年全年優異的財務業績，達到了長期年度改善目標的高端。全年每股收益為10.67 美元，其中包括與單獨訴訟費用應計相關的每股0.56 美元的負面影響，在可比基礎上增長了12%，其中包括2023 年客戶合約解決付款重疊造成的2% 的負成長影響。

These results were achieved as we successfully advanced our innovation-driven growth strategy and work through greater-than-expected sector and macro headwinds. As Andrew will discuss, this performance sets a solid foundation for our business to build upon as we enter 2025.

這些成果的取得得益於我們成功推進創新驅動的成長策略，並克服了超越預期的產業和宏觀阻力。正如安德魯所討論的，這項業績為我們進入 2025 年的業務發展奠定了堅實的基礎。

Let's begin with a review of our 2024 results. Fourth quarter organic revenue growth of 6% reflected solid gains across IDEXX's major business segments, including 6% organic growth in CAG, 7% organic gains in LPD and 9% organic growth in water.

讓我們先回顧一下 2024 年的業績。第四季有機收入成長 6%，反映了 IDEXX 主要業務部門的穩健成長，其中 CAG 有機成長 6%，LPD 有機成長 7%，水業務有機成長 9%。

Worldwide CAG Diagnostic recurring revenue increased 7% organically in Q4, including benefits from improved volume growth trends. Results were supported by average global net price improvement of 4% to 4.5%, with US net price realization of approximately 3.5%.

第四季全球 CAG 診斷經常性收入有機成長 7%，這得益於銷售成長趨勢的改善。結果得到全球平均淨價改善 4% 至 4.5% 的支持，其中美國淨價實現約為 3.5%。

As noted in our last earnings call, US net price realization includes impacts from the successful extension and expansion of three major customer agreements in 2024, which will provide long-term incremental volume growth benefits for IDEXX.

正如我們在上次財報電話會議上所指出的，美國淨價實現包括 2024 年成功延長和擴大三項主要客戶協議的影響，這將為 IDEXX 帶來長期增量成長效益。

US CAG Diagnostic recurring revenue increased 4% organically in Q4 net of a 1% negative growth impact from fewer equivalent selling days. IDEXX execution drove approximately 2% US volume growth in the quarter, normalized for equivalent days.

美國 CAG 診斷業務第四季經常性收入有機成長 4%，扣除等效銷售天數減少導致的 1% 的負成長影響。IDEXX 的執行推動了本季美國銷量成長約 2%，以當量天數計算。

These results were supported by sustained solid new business gains, high customer retention levels and relatively higher gains in diagnostic frequency and volume utilization per clinical visit.

這些結果得益於持續穩固的新業務成長、高客戶保留率以及每次臨床就診的診斷頻率和容量利用率的相對較高成長。

IDEXX achieved a solid 800 basis point normalized growth premium compared to US clinical visit growth levels in the fourth quarter. We continue to work through pressure on US same-store clinical visit levels, which declined nearly 3% in Q4 and 2% for the full year in 2024.

與第四季度美國臨床就診量成長水準相比，IDEXX 實現了 800 個基點的標準化成長溢價。我們繼續努力應對美國同店臨床就診量的壓力，該水準在第四季度下降了近 3%，在 2024 年全年下降了 2%。

This has been the primary constraint on IDEXX's recent growth, reflecting transitional sector macro impacts following the accelerated expansion of pet health care during the pandemic.

這是 IDEXX 近期成長的主要限制因素，反映了疫情期間寵物保健加速擴張之後過渡產業的宏觀影響。

International CAG Diagnostic recurring revenue growth was 12% in Q4, including a 1% benefit from equivalent days effects. Strong Q4 international results benefited from net price gains and improved volume growth, supported by new business expansion reflected in double-digit year-on-year growth in our international premium instrument installed base.

國際CAG診斷第四季經常性收入成長12%，其中等效天數效應帶來1%的收益。第四季國際業績強勁，得益於淨價格上漲和銷量成長改善，同時得益於新業務擴張，我們的國際高端儀器安裝基數同比增長了兩位數。

IDEXX fourth quarter performance was supported by strong global growth in consumable revenues. IDEXX VetLab consumable revenues increased 12% organically, reflecting double-digit gains in the US and international regions normalized for equivalent days effects.

IDEXX 第四季的業績得益於全球消耗品收入的強勁成長。IDEXX VetLab 耗材收入有機成長了 12%，反映出美國和國際地區以等效天數效應標準化後的兩位數成長。

Consumable gains were supported by a 9% increase in our global premium instrument installed base in 2024, reflecting solid gains across our Catalyst premium hematology and SediVue platforms.

消耗品收益得益於我們 2024 年全球高端儀器安裝基數增長 9%，反映了我們的 Catalyst 高端血液學和 SediVue 平台的穩健增長。

For the full year 2024, we achieved approximately 18,500 premium instrument placements with excellent quality reflected in sustained high new and competitive Catalyst placements.

2024 年全年，我們實現了約 18,500 個優質工具配售，卓越的品質體現在持續的高新和有競爭力的 Catalyst 配售上。

In the fourth quarter, we placed 4,625 premium instruments, down 12% from high prior year levels. Overall CAG instrument revenues also declined 12% organically in Q4. Quarterly placement results were supported by strong gains in SediVue and continued expansion of ProCyte One.

第四季度，我們發行了 4,625 隻優質工具，較去年同期高點下降 12%。第四季度，CAG 工具整體營收也有機下降了 12%。季度配售業績受到 SediVue 強勁成長和 ProCyte One 持續擴張的支持。

We also initiated shipments of IDEXX inVue Dx in the quarter supporting strong comparable EVI gains, including the projected value of inVue preorders.

我們也在本季啟動了 IDEXX inVue Dx 的出貨，支持了強勁的可比較 EVI 收益，包括 inVue 預訂單的預計價值。

Rapid assay revenue was flat on an organic basis in Q4. Rapid assay results were constrained by pressure on US wellness visits as well as by the addition of the pancreatic lipase slide to our Catalyst menu, which we estimated to be a 4% headwind to Q4 revenue growth.

第四季快速檢測收入保持穩定。由於美國健康訪問壓力以及我們的催化劑菜單中添加胰腺脂肪酶載玻片，快速檢測結果受到限制，我們估計這將對第四季度的收入增長造成 4% 的阻力。

Global Lab revenues expanded 4% organically in Q4. Reference Lab results in the quarter were supported by solid normalized volume growth in US and international regions and net price gains. Reference Lab net price gains were moderated in Q4 by near-term impacts from major new customer agreements, which will benefit long-term Reference Lab growth.

第四季全球實驗室收入有機成長 4%。本季參考實驗室的業績受到美國和國際地區穩健的標準化銷售成長以及淨價格上漲的支持。由於主要新客戶協議的短期影響，參考實驗室淨價格漲幅在第四季度有所緩和，這將有利於參考實驗室的長期成長。

CAG veterinary software services and diagnostic imaging revenues increased 7% organically in Q4, compared to strong prior year levels. Results continue to be supported by solid growth in recurring revenues and ongoing momentum in cloud-based software placements.

與去年同期的強勁水平相比，CAG 獸醫軟體服務和診斷成像收入在第四季度有機增長了 7%。業績持續受到經常性收入的穩健成長和雲端運算軟體部署的持續發展勢頭的支撐。

In other business segments, water revenues increased 9% organically in Q4 compared to strong prior year levels, driven by continued solid gains in the US and Europe. Livestock, poultry and dairy revenues increased 7% organically in Q4, supported by solid gains in our US, Europe and Latin America regions.

在其他業務部門，由於美國和歐洲業務持續強勁成長，第四季水務收入與去年同期相比有機成長了 9%。受美國、歐洲和拉丁美洲地區強勁成長的推動，第四季牲畜、家禽和乳製品收入有機成長 7%。

Turning to the P&L. Q4 operating profits increased 7% as reported and 8% on a comparable basis, supported by gross margin gains. Gross profit increased 8% as reported and 9% on a comparable basis. Gross margins were 59.8%, up 130 basis points on a comparable basis, adjusting for approximately 10 basis points of positive FX impact.

轉向損益表。受毛利率成長的推動，第四季營業利潤報告成長 7%，可比成長 8%。報告顯示毛利成長了 8%，可比增加了 9%。毛利率為 59.8%，以可比較口徑計算上升了 130 個基點，調整了約 10 個基點的正外匯影響。

Gross margin gains reflected favorable business mix, supported by strong consumable growth, benefits from net price improvement and higher water gross margins.

毛利率成長反映了良好的業務組合，得益於強勁的消費品成長、淨價格改善和更高的水毛利率。

Operating expenses were up 10% as reported and 9% on a comparable basis in the quarter, reflecting increases in R&D spending aligned with advancing our innovation initiatives, including our new instrument platforms.

本季營業費用報告上漲 10%，可比上漲 9%，這反映了我們為推動創新計畫（包括新儀器平台）而增加的研發支出。

For the full year 2024, operating margins were 29%, an increase of 60 basis points on a comparable basis, including an approximately 40 basis points negative impact from lapping a customer contract resolution payment in 2023. Full year operating margins included 160 basis points of negative impact related to a discrete litigation expense accrual recorded in the second quarter.

2024 年全年營業利潤率為 29%，較上年增長 60 個基點，其中包括 2023 年重疊客戶合約解決付款帶來的約 40 個基點的負面影響。全年營業利潤率包括與第二季記錄的單獨訴訟費用應計相關的 160 個基點的負面影響。

Q4 EPS was $2.62 per share, up 10% on a comparable basis. In Q4, EPS benefited from a lower effective tax rate, including $0.13 per share in tax benefits from share-based compensation activity and $0.06 per share benefit from a nonrecurring tax reserve release related to lapping of an applicable statute of limitations. Foreign exchange drove a $0.03 per share EPS headwind in the quarter, net of approximately $3 million in hedge gains.

第四季每股收益為 2.62 美元，年增 10%。第四季度，每股收益受益於較低的有效稅率，包括來自股權激勵活動產生的每股0.13 美元的稅收優惠和來自與適用時效重疊相關的非經常性稅收儲備釋放的每股0.06 美元的優惠。外匯導致本季每股收益下跌 0.03 美元，扣除約 300 萬美元的對沖收益。

Full year EPS was $10.67 per share, an increase of 6% on a reported basis and 12% on a comparable basis, including a 2% negative EPS growth impact related to lapping a customer contract resolution payment. 2024 full year EPS results include $0.56 of negative impact from a discrete expense accrual related to an ongoing litigation matter, $0.05 of negative impact from currency changes and $0.24 in tax benefits from share-based compensation activity.

全年每股收益為 10.67 美元，報告基礎上增長 6%，可比基礎上增長 12%，其中包括與客戶合約解決付款重疊相關的 2% 的負每股收益增長影響。 2024 年全年每股收益結果包括與正在進行的訴訟事項相關的單獨費用應計的負面影響 0.56 美元、貨幣變化的負面影響 0.05 美元以及股權激勵活動帶來的稅收優惠 0.24 美元。

Foreign exchange had limited impact on Q4 and full year revenue growth. For the full year, foreign exchange reduced operating profits by $5 million and EPS by $0.05 per share, net of $6 million in hedge gains Free cash flow was $808 million for 2024 or 91% of net income, aligned with our guidance and long-term goals. Capital spending was $121 million for the full year or approximately 3% of revenue.

外匯對第四季和全年營收成長的影響有限。全年而言，外匯導致營業利潤減少500 萬美元，每股收益減少0.05 美元，扣除600 萬美元的對沖收益。和長期目標一致目標。全年資本支出為 1.21 億美元，約佔收入的 3%。

We allocated $249 million to repurchase 564,000 shares in the fourth quarter. For the full year, we allocated $859 million to repurchase 1,760,000 shares. Our balance sheet is in a strong position. We ended 2024 with leverage ratios of 0.7 times gross and 0.4 times net of cash.

我們在第四季撥款 2.49 億美元回購 564,000 股。全年我們撥款 8.59 億美元回購 1,760,000 股。我們的資產負債表狀況良好。截至 2024 年，我們的槓桿率為總現金的 0.7 倍和淨現金的 0.4 倍。

That concludes our financial review. Andrew will now walk you through our initial 2025 financial outlook.

我們的財務審查到此結束。安德魯現在將向您介紹我們初步的 2025 年財務展望。

Thank you, Brian. Turning to our 2025 full year outlook. IDEXX is planning to deliver solid organic revenue growth and profit gains led by strong execution and benefits from new innovation. We're providing initial guidance for revenue of $4.055 billion to $4.170 billion, an increase of 4% to 7% on a reported basis.

謝謝你，布萊恩。展望 2025 年全年展望。IDEXX 計畫透過強大的執行力和新創新帶來的優勢，實現穩健的有機收入成長和利潤成長。我們初步預計營收為 40.55 億美元至 41.70 億美元，較報告數據成長 4% 至 7%。

On an organic basis, this reflects a growth range of 6% to 9% overall, supported by 5% to 8% organic growth in CAG Diagnostic recurring revenues. At current exchange rates, we expect foreign exchange to have a 2% negative impact on full year revenue growth.

從有機基礎來看，這反映了整體 6% 至 9% 的成長範圍，受 CAG 診斷經常性收入 5% 至 8% 的有機成長所支撐。以當前匯率計算，我們預計外匯將對全年收入成長產生 2% 的負面影響。

In terms of key drivers for our 2025 organic growth outlook, the midpoint of our CAG Diagnostic recurring revenue growth range incorporates expectations for global net price realization of 4% to 4.5% and volume gains of approximately 2%.

就我們 2025 年有機成長前景的關鍵驅動因素而言，我們的 CAG 診斷經常性收入增長範圍的中點包括全球淨價格實現 4% 至 4.5% 的預期和銷量增長約 2% 的預期。

The outlook includes assumptions for declines in US same-store clinical visit growth levels with the midpoint reflecting a similar rate of decline seen in 2024. These targets incorporate continued solid global growth benefits from IDEXX execution drivers, including new customer gains and increases in testing utilization supported by IDEXX innovations.

該展望包括對美國同店臨床就診量成長水準下降的假設，中點反映了 2024 年的類似下降率。這些目標融合了 IDEXX 執行驅動力帶來的持續穩健的全球成長效益，包括新客戶的增加和 IDEXX 創新支援的測試利用率的提高。

The higher end of our CAG Diagnostic recurring revenue growth outlook captures the potential for improved sector visit and same-store growth trends, while the lower end of the range calibrates for further potential effects of macroeconomic conditions.

我們對 CAG 診斷經常性收入成長前景的較高端反映了行業訪問量和同店成長趨勢改善的潛力，而該範圍的較低端則反映了宏觀經濟條件的進一步潛在影響。

Our revenue growth outlook includes approximately $50 million of projected IDEXX inVue Dx instrument revenue aligned with 4,500 placements. Jay will discuss progress against our inVue Dx launch in his comments.

我們的營收成長預期包括預計 IDEXX inVue Dx 儀器收入約為 5000 萬美元，與 4500 個安置點一致。傑伊將在他的評論中討論我們 inVue Dx 發布的進展。

Our reported operating margin outlook for the full year 2025 is 31% to 31.5%. On a comparable basis, this reflects an outlook of 30 basis points to 80 basis points of improvement year-over-year net of 160 basis points operating margin benefit related to the lapping of the discrete litigation expense recorded in the second quarter of 2024.

我們報告的 2025 年全年營業利潤率預期為 31% 至 31.5%。在可比較基礎上，這反映了預計同比將有 30 個基點至 80 個基點的改善，扣除與 2024 年第二季度記錄的單獨訴訟費用重疊相關的 160 個基點的營業利潤率收益。

We're planning for solid gross margin gains on a comparable basis in 2025, supported by growth in CAG Diagnostic recurring revenues, benefits from lab productivity initiatives and expansion of our high-margin cloud-based software business. This is partially offset by unfavorable business mix planned from higher levels of CAG Diagnostic instrument revenue gains and preliminary estimates for tariff risks on internationally sourced materials.

我們計劃在 2025 年實現可比基礎上的穩健毛利率增長，這得益於 CAG 診斷經常性收入的增長、實驗室生產力計劃帶來的好處以及高利潤的基於雲端的軟體業務的擴展。這被 CAG 診斷儀器收入成長水準較高以及對國際採購材料關稅風險的初步估計所計劃的不利業務組合部分抵消。

Our 2025 EPS outlook is $11.74 to $12.24 per share. This reflects an increase of 8% to 12% on a comparable basis net of a 6% EPS growth benefit from the lapping of the Q2 2024 discrete litigation expense, and includes a $0.06 per share headwind from higher taxes related to a nonrecurring tax reserve release during the fourth quarter of 2024. Our EPS outlook also includes $42 million of net interest expense at prevailing rates.

我們對 2025 年每股收益的預期為每股 11.74 美元至 12.24 美元。這反映了可比基礎上8% 至12% 的增長，扣除2024 年第二季度單獨訴訟費用帶來的6% 每股收益增長，並包括與非經常性稅收儲備釋放相關的更高稅收帶來的每股0.06 美元的阻力2024 年第四季。我們的每股盈餘預測還包括以現行利率計算的 4,200 萬美元淨利息支出。

Foreign exchange is expected to have a negative impact of $0.21 year-over-year at the rates disclosed in our press release, net of established hedge positions. In terms of sensitivities to changes in foreign exchange rates, we project a 1% change in the value of the US dollar would impact the full year reported revenue by $15 million and operating income by $5 million net of hedge positions.

根據我們新聞稿中披露的匯率，預計外匯將產生同比 0.21 美元的負面影響（扣除已建立的對沖頭寸）。就外匯匯率變化的敏感度而言，我們預計美元價值 1% 的變化將影響全年報告收入 1500 萬美元，營業收入（扣除對沖頭寸）將影響 500 萬美元。

Our 2025 free cash flow outlook is for net income to free cash flow conversion ratio of 85% to 90%, aligned with our long-term goals. This reflects estimated capital spending of approximately $160 million or about 4% of revenues.

我們對 2025 年自由現金流的預期是淨收入與自由現金流的轉換率為 85% 至 90%，這與我們的長期目標一致。這反映了預計資本支出約為 1.6 億美元，或約佔收入的 4%。

The outlook incorporates increased capital deployment aligned with $1.5 billion towards share repurchases or approximately 4% of our current equity market capitalization. This reflects our high confidence in IDEXX growth potential, including continued strong execution and advancement of our innovation agenda.

該前景包括增加資本配置，其中 15 億美元用於股票回購，約占我們目前股票市值的 4%。這反映了我們對 IDEXX 成長潛力的高度信心，包括繼續強力執行和推進我們的創新議程。

Regarding our Q1 outlook, we're planning for overall organic revenue growth of 4% to 6%, with similar gains in CAG Diagnostic recurring revenue net of a 1% to 1.5% days headwind. This factors in US clinic visit trends more aligned with Q4 2024 and pricing benefits at the low end of our full year price realization range as we work through the major customer agreements noted by Brian.

關於我們的第一季展望，我們計劃整體有機收入成長 4% 至 6%，而 CAG 診斷經常性收入扣除 1% 至 1.5% 的逆風天數後也將實現類似的成長。這考慮到美國診所就診趨勢與 2024 年第四季度更加一致，並且在我們完成 Brian 提到的主要客戶協議時，定價優勢處於我們全年價格實現範圍的低端。

Reported revenue growth of 2% to 4% includes approximately 2% negative impact from foreign exchange at current rates. Our Q1 reported operating margins are planned for 30.2% to 30.6%. This reflects moderate compression in comparable margins in the quarter compared to high prior year levels and reflects investments to support recent and upcoming product launches.

報告的收入成長為 2% 至 4%，其中以當前匯率計算，外匯產生了約 2% 的負面影響。我們報告的第一季營業利潤率預計為 30.2% 至 30.6%。這反映出本季與去年同期相比可比利潤率有所壓縮，也反映了對支持近期和即將推出的產品的投資。

Overall, we're well positioned to build on our solid 2024 financial performance with continued strong execution and robust set of new product launches during 2025.

總體而言，我們有能力在 2024 年穩健的財務業績基礎上，繼續保持強勁的執行力，並在 2025 年推出一系列強勁的新產品。

This concludes our guidance update, and I will now turn the call over to Jay for his comments.

我們的指導更新到此結束，現在我將把電話轉給傑伊徵求他的評論。

Good morning, and thank you, Andrew. IDEXX delivered another strong quarter to close out 2024, capped with the additional placements of IDEXX inVue Dx. Our results this quarter exemplified the resilience of our business model, built on the foundation of customer-centric innovation, high-touch commercial execution and a steadfast commitment to growth by advancing the standard of care in veterinary medicine.

早安，謝謝你，安德魯。IDEXX 在 2024 年底又取得了強勁的成績，並以 IDEXX inVue Dx 的額外配售為標誌。本季度的業績體現了我們商業模式的韌性，該模式建立在以客戶為中心的創新、高接觸的商業執行以及透過提高獸醫護理標準來堅定不移地實現成長的基礎上。

This year, we celebrated significant milestones, including the highly anticipated launch of IDEXX inVue Dx, a groundbreaking cellular analyzer, redefining slide-free point-of-care testing. We recently announced the launch of IDEXX Cancer Dx with canine lymphoma, a transformative oncology screening and aided diagnosis panel that will expand over time to address the most common canine cancer.

今年，我們慶祝了重要的里程碑，包括備受期待的 IDEXX inVue Dx 的推出，這是一款突破性的細胞分析儀，重新定義了無玻片即時檢測。我們最近宣布推出針對犬淋巴瘤的 IDEXX Cancer Dx，這是一種變革性的腫瘤篩檢和輔助診斷面板，它將隨著時間的推移而擴大，以解決最常見的犬癌症。

We're also concurrently commercializing three new products and services as part of our Catalyst technology for life platform and test menu and enabling software. Introductions include Pancreatic Lipase Testing, a single slide solution already embraced by thousands of clinics. SmartQC, which enables very easy monthly calibration on our chemistry platform in an updated IDEXX StatLab station with a more modern, intuitive interface supporting workflow efficiencies.

我們也同時將三種新產品和服務商業化，作為我們的 Catalyst 終身技術平台、測試菜單和支援軟體的一部分。介紹包括胰臟脂肪酶測試，這是一種已被數千家診所採用的單片解決方案。SmartQC，它能夠在更新的 IDEXX StatLab 站上對我們的化學平台進行非常輕鬆的每月校準，並具有更現代、更直觀的介面，支援工作流程效率。

IDEXX's commercial teams continue to operate at a high level this year, supporting new business gains, solid net price realization, high-90s percent customer retention levels across major testing modalities, and sustained adoption levels of diagnostic testing utilization via post-pandemic highs. High placement levels across our core premium instrument platforms drove a 9% growth in our premium instrument installed base.

IDEXX 的商業團隊今年繼續保持高水準運作，支援新業務成長、穩固的淨價實現、主要測試方式的 90% 以上的客戶保留率，以及在疫情後持續的高診斷測試利用率採用水準。我們核心高端儀器平台的高安裝水準推動了高端儀器安裝基數成長了 9%。

The team also delivered very strong year-on-year EVI gains when incorporating benefits from nearly 1,600 global preorders for IDEXX inVue Dx, which will benefit our business over the coming year.

結合全球近 1,600 份 IDEXX inVue Dx 預訂單的收益，團隊也實現了非常強勁的 EVI 同比增長，這將有利於我們來年的業務。

2024 also saw the extension and expansion of three major customer agreements, which will provide solid volume gains for our Reference Lab business. These important contractual renewals highlight the value IDEXX solutions bring to our customers, supporting their practice revenue growth through highly important diagnostic testing categories.

2024年我們也見證了三項主要客戶協議的延長和擴展，這將為我們的參考實驗室業務帶來穩健的銷售成長。這些重要的合約續約凸顯了 IDEXX 解決方案為我們的客戶帶來的價值，透過極其重要的診斷測試類別來支持他們的實踐收入成長。

2024 was also a pivotal year for our software business with double-digit growth in our cloud-native PIMS placements and the launch of our pet owner engagement solution, Vello, we're helping clinics bridge the gap between patient care and operational efficiency.

2024 年也是我們軟體業務的關鍵一年，我們的雲端原生 PIMS 安裝實現了兩位數成長，並推出了寵物主人參與解決方案 Vello，我們正在幫助診所彌合患者護理和營運效率之間的差距。

Vello, now adopted by nearly 600 practices, has enhanced pet owner engagement by streamlining communication and driving increased clinical visits and diagnostic frequency. These advancements highlight the expanding role of software in unlocking the full potential of diagnostics while delivering a seamless experience for veterinarians and pet owners alike.

Vello 目前已被近 600 家診所採用，透過簡化溝通、增加臨床就診和診斷頻率，增強了寵物主人的參與度。這些進步凸顯了軟體在釋放診斷全部潛力方面發揮的越來越大的作用，同時為獸醫和寵物主人提供了無縫的體驗。

The strong execution was delivered in a dynamic macroeconomic and sector environment which saw continued pressure in clinical visits. For pets visiting US clinics, pet owners continued to demonstrate interest in a higher standard of care, reflecting the strength of the pet owner bond and the prioritization of pet health.

在動態的宏觀經濟和產業環境中，臨床就診量持續承壓，強勁的執行力得以實現。對於前往美國診所的寵物，寵物主人繼續表現出對更高標準護理的興趣，這反映了寵物主人之間聯繫的緊密程度和對寵物健康的重視。

Diagnostics play a key central role in enabling better medical outcomes as nearly half of clinical visits include some form of diagnostic testing. The growth in the use of blood work in preventive screening highlights the value pet parents place on proactive care, driven by advancements in technology and awareness of health benefits.

診斷在實現更好的醫療結果方面發揮關鍵的核心作用，因為幾乎一半的臨床就診都包括某種形式的診斷測試。隨著科技進步和人們對健康益處的認識不斷提高，預防性篩檢中血液檢查的使用不斷增長，凸顯了寵物主人對主動照護的重視。

Our commercial strategy is to support this positive trend through the use of preventive care marketing programs like Simple Start and testing innovations such as IDEXX Cancer Dx, which will be included at attractive prices to inspire pull-through.

我們的商業策略是透過使用預防保健行銷計劃（如 Simple Start）和測試創新（如 IDEXX Cancer Dx）來支持這一積極趨勢，這些計劃將以具有吸引力的定價來激發人們的購買慾望。

IDEXX's commercial execution continues to be a cornerstone of our success, reflecting the deep expertise, commitment and customer focus of our teams around the globe. Our partnership approach has yielded exceptional customer retention rates of over 97%, ensuring that practices continue to see IDEXX as an indispensable partner in their growth and efficiency goals.

IDEXX 的商業執行持續是我們成功的基石，體現了我們全球團隊的深厚專業知識、承諾和客戶關注。我們的合作方式已實現超過 97% 的卓越客戶保留率，確保各機構繼續將 IDEXX 視為其成長和效率目標中不可或缺的合作夥伴。

Customers trust IDEXX to help them navigate challenges of staffing and visit trends. Our nearly double-digit premium instrument installed base growth is driven by robust new placements across chemistry, hematology and SediVue platforms, as well as the first placements of IDEXX inVue Dx.

客戶信任 IDEXX 能夠幫助他們應對人員配備和存取趨勢的挑戰。我們的高階儀器安裝基數實現近兩位數的成長，這得益於化學、血液學和 SediVue 平台的強勁新安裝，以及 IDEXX inVue Dx 的首次安裝。

We also continue to make strong progress in placing our IDEXX VetLab suites in competitive and greenfield accounts, a focus area since we get the full growth benefit of consumables usage. Customers are hungry for point-of-care technology that supports their medical mission with fast, real-time results while minimizing workflow bottlenecks with innovations such as load-and-go capability, a common easy-to-use interface, an instrument uptime measured in years.

我們也繼續在將 IDEXX VetLab 套件投放到競爭性和未開發領域方面取得重大進展，這是一個重點領域，因為我們獲得了耗材使用的全部成長效益。客戶迫切需要能夠支援其醫療任務的即時診斷技術，快速提供即時結果，同時透過諸如即裝即用功能、易於使用的通用介面、可測量的儀器正常運行時間等創新技術最大限度地減少工作流程瓶頸年。

An additional benefit is that our large, rapidly growing installed base of over 74,000 chemistry analyzers, for example, allow for a rapid global adoption of new testing innovations such as Pancreatic Lipase, the 10th such menu extension in a bit over 12 years. Menu extensions such as Pancreatic Lipase help support healthy volume premium to the clinic visit baseline.

另一個好處是，我們龐大且快速增長的化學分析儀安裝基數，例如，可以在全球範圍內快速採用胰腺脂肪酶等新的檢測創新，這是 12 年多來第 10 次此類菜單擴展。胰臟脂肪酶等菜單擴展有助於支持診所就診基線的健康量溢價。

Our international region showcase strong performance in 2024, contributing significantly to our growth story. Double-digit expansion of our premium installed base outside the US underscore the benefits of our targeted global commercial investments over the past three years.

我們的國際區域在 2024 年表現強勁，為我們的成長故事做出了重大貢獻。我們在美國以外的高階安裝基數實現兩位數擴張，凸顯了我們過去三年有針對性的全球商業投資所帶來的效益。

Our maturing international sales organization has not only secured high-quality placements but also driven consistent diagnostic utilization gains, particularly in the Europe and Asia Pacific regions where we continue to see untapped potential.

我們日趨成熟的國際銷售組織不僅確保了高品質的配置，而且還推動了診斷利用率的持續成長，特別是在我們繼續看到尚未開發的潛力的歐洲和亞太地區。

Spotlighting our European region's very strong performance, we saw the seventh consecutive quarter of double-digit CAG Diagnostics recurring revenue growth with IDEXX VetLab consumables growth in the high teens. Customer satisfaction remains at the heart of our commercial strategy, supported by sustained sector-leading levels of engagement and trust.

我們歐洲地區的業績表現非常強勁，我們看到 CAG Diagnostics 連續第七個季度實現兩位數的經常性收入增長，而 IDEXX VetLab 耗材的銷售額也實現了高位增長。客戶滿意度仍然是我們商業策略的核心，並得到持續產業領先水準的參與度和信任度的支持。

IDEXX's investment in areas such as VetConnect PLUS feature expansion that now gives the customer the ability to access reference lab sample turnaround time and order status information. This is part of our strategy to not only provide subject matter expertise and complementary testing support through our medical consulting organization, but workflow optimization that help clinics navigate the complexities of modern veterinary care. This focus on customer success not only drives loyalty, but also ensures that IDEXX remains the go-to partner for diagnostic solutions.

IDEXX 在 VetConnect PLUS 功能擴展等領域的投資現在使客戶能夠存取參考實驗室樣本週轉時間和訂單狀態資訊。這是我們策略的一部分，不僅透過我們的醫療諮詢機構提供專業知識和補充測試支持，而且還提供工作流程優化，幫助診所應對現代獸醫護理的複雜性。這種對客戶成功的關注不僅可以提高忠誠度，而且還確保 IDEXX 仍然是診斷解決方案的首選合作夥伴。

The launch of IDEXX inVue Dx has been one of the most exciting developments of 2024, marking a new era in point-of-care diagnostics. Designed as a technology for life platform, inVue Dx combines advanced optics, artificial intelligence and a slide-free workflow to deliver transformative diagnostic insights with unparalleled ease of use. The initial menu focuses on ear cytology and blood morphology, taps into two clinically well-understood, high-volume use cases that benefit from automation and a step-up in testing consistency and performance.

IDEXX inVue Dx 的推出是 2024 年最令人興奮的發展之一，標誌著即時診斷的新時代。inVue Dx 被設計為一個生命技術平台，它結合了先進的光學系統、人工智慧和無滑動工作流程，以無與倫比的易用性提供變革性的診斷見解。初始菜單重點關注耳細胞學和血液形態學，涉及兩個臨床上易於理解的大容量用例，這些用例受益於自動化以及測試一致性和性能的提升。

Customer interest for IDEXX inVue Dx continues to be exceptionally strong with nearly 1,600 preorders globally by the end of Q4, reflecting the high demand for this next-generation platform. International interest has been similarly robust as we begin taking orders in select geographies in Q4, though like the US, we have placed some limits on the number of preorders our account managers take. This level of enthusiasm underscores the transformative potential of inVue Dx in clinics worldwide.

客戶對 IDEXX inVue Dx 的興趣持續強勁，截至第四季度末，全球預訂量已接近 1,600 份，反映出對該下一代平台的高需求。當我們在第四季度開始在特定地區接受訂單時，國際興趣也同樣強勁，儘管與美國一樣，我們對客戶經理接受的預訂數量設置了一些限制。這種熱情凸顯了 inVue Dx 在全球診所中的變革潛力。

As I mentioned previously, we initiated a controlled launch of IDEXX inVue Dx in Q4. And to ensure a best-in-class customer experience, we will gradually ramp up placements through 2025. Early feedback from customers, both in the customer experience trials and for the initial placements, have been exceptionally positive. Customers are simply amazed with how easy the analyzer is to use, eliminating the need for complex slide preparation or interpretation, with results in minutes.

正如我之前提到的，我們在第四季度啟動了 IDEXX inVue Dx 的受控發布。為了確保一流的客戶體驗，我們將在 2025 年之前逐步增加投放數量。無論是在客戶體驗試驗中還是在初始安置中，客戶的早期回饋都非常積極。客戶對於此分析儀的易用性感到驚訝，無需複雜的載玻片準備或解釋，幾分鐘內即可獲得結果。

Underpinning the financial guidance Andrew shared is a placement target for 4,500-plus inVue placements over the course of the year as we march towards our 20,000 placement goal over five years. IDEXX operations and supply chain teams have made outstanding progress, ramping manufacturing to support this level of placements, while our field service representative team has been expanded and trained to provide critical installation capacity to support both the inVue ramp and continued growth of our core instrument platforms. The moment is upon us to bring this transformative analyzer to our global customer base.

安德魯 (Andrew) 分享的財務指導意見的基礎是，我們今年計劃在 inVue 上安置超過 4,500 名員工，併計劃在五年內向 20,000 名員工的目標邁進。IDEXX 營運和供應鏈團隊取得了顯著進展，提高了生產能力以支援此水準的部署，同時我們的現場服務代表團隊也得到了擴展和培訓，以提供關鍵的安裝能力，以支援inVue 的提升和我們核心儀器平台的持續成長。我們現在正要將這款變革性的分析儀帶給我們的全球客戶群。

Looking ahead, we remain on track to expand IDEXX inVue Dx's capabilities further with the addition of fine needle aspirate or FNA testing for lumps and bumps later in 2025, unlocking significant opportunity in oncology diagnostics.

展望未來，我們將繼續進一步擴展 IDEXX inVue Dx 的功能，並在 2025 年下半年增加針對腫塊的細針抽吸或 FNA 檢測，從而為腫瘤診斷帶來重大機會。

We're excited to have announced the VMX, the March launch of IDEXX Cancer Dx panel with lymphoma, a pioneering advancement in veterinary oncology. This innovative screening solution represents a significant step forward in Companion Animal Healthcare, addressing a critical need for early cancer detection and as an aid in diagnosis in canine patients.

我們很高興地宣布 VMX，即 3 月推出的 IDEXX Cancer Dx 淋巴瘤檢測小組，這是獸醫腫瘤學的開創性進展。這種創新的篩檢解決方案代表了伴侶動物保健領域向前邁出的重要一步，解決了早期癌症檢測的迫切需求並有助於犬類患者的診斷。

The IDEXX Cancer Dx panel has breakthrough cost performance and turnaround time attributes for early-stage cancer diagnostic screening and as an aid in diagnosis test. Priced for as little as $15 per test would included as part of select diagnostic panels.

IDEXX Cancer Dx 偵測板具有突破性的性價比和周轉時間屬性，適用於早期癌症診斷篩檢和輔助診斷測試。每次測試僅需 15 美元，作為精選診斷面板的一部分。

This will change how and when canine cancer is detected and its early diagnosis will likely change how cancer care is managed, with positive patient implications for the support of longer, healthier lives. Given the performance, cost and turnaround time attributes of the Cancer Dx panel, the opportunity is to inspire a much broader inclusion of cancer screening as an essential part of the preventive care blood work.

這將改變犬癌症的檢測方式和時間，其早期診斷可能會改變癌症治療的管理方式，對患者產生正面影響，有助於延長患者壽命、提高患者健康。鑑於癌症診斷面板的性能、成本和周轉時間屬性，有機會激發更廣泛地將癌症篩檢作為預防保健血液檢查的重要組成部分。

The Cancer Dx panel will initially launch with lymphoma detection, one of the most common and treatable cancers in dogs. Over the next three years, the panel will expand to include the six most prevalent canine cancers, which collectively account for over 50% of cancer cases in dogs. This expanded menu will tap into an estimated $1.1 billion addressable opportunity, underscoring the potential of this diagnostic innovation.

Cancer Dx 團隊將首先推出淋巴瘤檢測，淋巴瘤是狗中最常見且可治療的癌症之一。未來三年內，該團隊的研究範圍將擴大到六種最常見的犬隻癌症，這六種癌症佔犬癌症病例的 50% 以上。擴大後的菜單將挖掘出預計 11 億美元的潛在機會，凸顯這項診斷創新的潛力。

Our software ecosystem plays a pivotal role in supporting veterinarians by enhancing clinic efficiency, optimizing workflows and fostering deeper connections with practices and pet owners. With double-digit growth in cloud data placements, software remains a critical enabler of diagnostic adoption and practice success, reinforcing our position as a leader in vertical SaaS offerings tailored to veterinarian needs.

我們的軟體生態系統透過提高診所效率、優化工作流程以及促進與診所和寵物主人的更深層聯繫，在支援獸醫方面發揮關鍵作用。隨著雲端資料放置的兩位數成長，軟體仍然是診斷採用和實踐成功的關鍵推動因素，鞏固了我們在針對獸醫需求的垂直 SaaS 產品領域的領先地位。

One of the year's standout achievements was the expansion of Vello, our pet-owner engagement application. Designed to address the growing demand for seamless communication and improved visit outcomes, Vello has been embraced by nearly 600 practices at year-end, doubling its user base since Q3.

我們今年最突出的成就之一是寵物主人參與應用程式 Vello 的擴展。Vello 旨在滿足日益增長的無縫通訊和改善訪問結果的需求，截至年底，已有近 600 家診所採用了 Vello，自第三季度以來其用戶群增加了一倍。

Early results from the app deployment have been highly encouraging, with participating clinics reporting increased clinical visits, higher diagnostic usage and improved revenue. This underscores Vello's ability to address critical workflow pain points while fostering stronger relationships between veterinarians and pet owners.

應用程式部署的早期結果非常令人鼓舞，參與的診所報告臨床就診次數增加、診斷使用率提高且收入增加。這凸顯了 Vello 解決關鍵工作流程痛點的能力，同時促進獸醫和寵物主人之間更牢固的關係。

We have meaningfully increased development resources and investment in Vello through 2024 and now in 2025. Looking ahead, Vello's development road map promises even greater value with upcoming enhancements focused on streamlining communications, expanding engagement tools, including the ability to personalize messaging, and integrating advanced analytics. Customers appreciate our commitment to an integrated diagnostics and software suite in a way that unlocks new opportunities for growth.

我們將大幅增加對 Vello 的開發資源和投資，預計到 2024 年以及現在的 2025 年。展望未來，Vello 的發展路線圖有望帶來更大的價值，即將推出的增強功能專注於簡化通訊、擴展參與工具（包括個人化訊息傳遞能力）以及整合進階分析。客戶讚賞我們致力於提供整合診斷和軟體套件，因為這能帶來新的成長機會。

Beyond Vello, we continue to expand our broader software portfolio. We placed a record number of cloud native PIMS, expanding that installed base by 20% year-over-year, as our offerings remain a top choice for clinics seeking modern, scalable solutions. We finished the year with 60% of our PIMS installed base in the cloud, ahead of our estimates shared at Investor Day in August.

除了 Vello，我們也將繼續擴展我們更廣泛的軟體產品組合。我們安裝了創紀錄數量的雲端原生 PIMS，安裝基數年增了 20%，因為我們的產品仍然是尋求現代、可擴展解決方案的診所的首選。今年年底，我們的 PIMS 有 60% 的安裝基數位於雲端，這一數字超出了我們在 8 月投資者日分享的預期。

IDEXX Web PACS, our cloud native imaging workflow engine also experienced double-digit subscriber growth, demonstrating its relevance at addressing key pain points such as dental imagery workflows. These advancements not only simplify complex processes but also allow clinicians to spend more time focusing on patient care.

我們的雲端原生成像工作流程引擎 IDEXX Web PACS 也經歷了兩位數的使用者成長，證明了其在解決牙科影像工作流程等關鍵痛點方面的相關性。這些進步不僅簡化了複雜的流程，還使臨床醫生能夠花更多時間專注於病患照護。

The integration of diagnostics and software remains a cornerstone of IDEXX's value proposition. By providing intuitive, efficient and comprehensive tools, we empower clinics to unlock new levels of performance while delivering superior care to their patients.

診斷和軟體的整合仍然是 IDEXX 價值主張的基石。透過提供直覺、高效和全面的工具，我們幫助診所實現新的績效水平，同時為患者提供卓越的護理。

As we move into 2025, our focus on software innovation will continue to drive recurring revenue growth and deepen our partnerships with veterinary practices worldwide.

隨著我們進入 2025 年，我們對軟體創新的關注將繼續推動經常性收入成長並深化我們與全球獸醫機構的合作夥伴關係。

As we turn the page on 2024, IDEXX remains steadfast in its purpose: to create exceptional long-term value for our customers, employees and shareholders by enhancing the health and well-being of pets, people and livestock.

當我們翻開 2024 年的新篇章時，IDEXX 始終堅定不移地堅持自己的目標：透過改善寵物、人類和牲畜的健康和福祉，為我們的客戶、員工和股東創造卓越的長期價值。

I extend my deepest gratitude to our nearly 11,000 employees whose dedication and hard work have made these accomplishments possible. Together, we have delivered robust financial results while setting the stage for a promising 2025 and beyond, supported by a new wave of IDEXX innovations.

我向我們近 11,000 名員工表示最深切的感謝，他們的奉獻和辛勤工作使這些成就成為可能。在 IDEXX 新一輪創新的支持下，我們共同實現了強勁的財務業績，同時為充滿希望的 2025 年及以後奠定了基礎。

I'd like to thank Brian McKeon for the exceptional contributions he has made over a 20-year IDEXX career spanning both as a member of our Board and over the last 11 years as IDEXX's CFO. As previously announced, Brian will be stepping down from the role as CFO as of March 1. One of Brian's many contributions has been to build a world-class finance team and develop future leadership talent.

我要感謝 Brian McKeon 在 IDEXX 20 年職業生涯中做出的傑出貢獻，他既擔任我們的董事會成員，又在過去 11 年擔任 IDEXX 的財務長。正如先前宣布的那樣，Brian 將於 3 月 1 日起辭去財務長一職。布萊恩的眾多貢獻之一就是建立一支世界一流的財務團隊並培養未來的領導人才。

It's my great pleasure to welcome Andrew Emerson, who will become our new CFO as of March 1. Andrew brings more than 20 years of finance experience to the health care industry in roles of increasing responsibility, including over nine years at IDEXX working side by side with Brian throughout this time. He is well versed in our business, our sector and our strategy, and he is set to contribute on day one.

我非常高興地歡迎安德魯·埃默森 (Andrew Emerson)，他將於 3 月 1 日起成為我們的新任財務長。Andrew 為醫療保健行業帶來了 20 多年的財務經驗，擔任過多項職務，其中在 IDEXX 工作了九年多，與 Brian 並肩工作。他非常熟悉我們的業務、我們的部門和我們的策略，並且準備在第一天就做出貢獻。

Brian will remain with IDEXX in a senior advisory capacity until his retirement date of June 1 in order to help ensure a smooth and seamless transition for Andrew.

為了確保 Andrew 的順利無縫過渡，Brian 將繼續擔任 IDEXX 的高級顧問，直到 6 月 1 日退休。

With that, I'll turn it back over for Q&A. Thank you.

說完這些，我會把它交還給問答環節。謝謝。

(Operator Instructions) Erin Wright, Morgan Stanley.

（操作員指示） 摩根士丹利的艾琳賴特（Erin Wright）。

Brian, it's been great working with you over the years, and congrats on your retirement. And looking forward to working with you too, Andrew, as we kind of move forward. But in terms of my questions, I'll start with innovation. So I guess, can you speak to what guidance assumes now in terms of the innovation contribution in 2025? Is that adding about a point to CAG recurring growth assumptions for you?

布萊恩，多年來與您共事非常愉快，恭喜您退休。我也期待與您合作，安德魯，一起向前邁進。但就我的問題而言，我將從創新開始。所以我想，您能否談談目前 2025 年創新貢獻的指導假設是什麼？這是否會為您增加 CAG 經常性成長假設的要點？

And I just wanted to get an update on inVue on that front. I guess, why are you limiting preorders in the US, and there are placements, I guess, of 10, but preorders of 1,600. So I guess, why is there such a backlog there?

我只是想了解一下 inVue 在這方面的最新消息。我想問一下，為什麼你們要限制在美國的預訂量呢？那我猜想，為什麼那裡會有這麼多積壓？

Is there more AI training needed? Is there necessary adjustments to the offering or timing of the rollout or anything like that, or practitioners just waiting for FNA? I guess, when do you expect FNA to launch as well and what is guidance assumed on that front?

是否需要更多的人工智慧訓練？是否有必要對產品推出的時間或類似事項進行調整，或者從業者只是在等待 FNA？我想，您預計 FNA 何時推出，以及這方面的指導假設是什麼？

Erin, this is Andrew. Happy to kick us off with what's included in the guidance, and then I'll hand it over to Jay to talk a bit about inVue. Just in terms of what we've provided, we initially get benefits from the instrument revenues as we launch a platform like inVue.

艾琳，這是安德魯。很高興首先介紹指南中包含的內容，然後我將交給傑伊來談談 inVue。就我們提供的服務而言，當我們推出像 inVue 這樣的平台時，我們最初從儀器收入中獲益。

What we noted in the prepared remarks is approximately $50 million and 4,500 placements on the innovation launch of the inVue Dx platform. So we feel good about that, but that's captured in our overall guidance.

我們在準備好的評論中指出，inVue Dx 平台的創新發布會上投入了約 5000 萬美元和 4500 個席位。所以我們對此感到滿意，但這已體現在我們的整體指導中。

We haven't necessarily broken out the other innovation areas, but we do expect benefits from PL in cancer, as Jay highlighted in his remarks. They're going to allow us to continue to build momentum both domestically and internationally. But we haven't broken those out. We just have included that, and we feel good about the guidance that we've provided at this point.

我們不一定能突破其他創新領域，但我們確實期待 PL 在癌症領域帶來益處，正如傑伊在演講中所強調的。它們將幫助我們繼續在國內和國際上保持強勁勢頭。但我們還沒有將其分解。我們剛剛將其納入其中，並且我們對目前提供的指導感到滿意。

Yeah. So I'll take it from there, Erin. As disclosed, we began shipping in Q4. I'd say that customer interest has been very high, and that's reflected in close to the 1,600 preorders that I indicated. From a customer lens, what customers are responding to is some of the things that we've been talking about, the key attributes of the system, starting with the menu, ear cytology and blood morphology and then FNA later in 2025.

是的。所以我就從那裡接手吧，艾琳。正如所披露的，我們於第四季度開始發貨。我想說的是，客戶的興趣非常高，這從我提到的近 1,600 份預訂單就可以看出。從客戶的角度來看，客戶所回應的是我們一直在談論的一些事情，即係統的關鍵屬性，從菜單開始，到耳部細胞學和血液形態學，然後是 2025 年晚些時候的 FNA。

What -- the way customers see these clinical use cases, very high volume, well understood, and well integrated into the workflow of how they practice. They also like the slide-free operation. They see preparing slides as really an intensive bottleneck, sometimes 15, 20 minutes.

客戶如何看待這些臨床用例，數量非常多，易於理解，並且很好地融入他們的實踐工作流程中。他們也喜歡無滑動操作。他們認為準備幻燈片確實是一個密集的瓶頸，有時要花 15 到 20 分鐘。

And of course, at the end of the day, what they want is consistent, highly accurate results, and they see inVue as being able to deliver that.

當然，最終他們想要的是一致、高度準確的結果，而他們認為 inVue 能夠實現這一點。

In terms of the actual launch and approach, we follow a very tried and true controlled launch process for all our analyzers. In fact, this is my fourth premium instrument launch since being at IDEXX. And it starts with the aim of delivering an exceptional customer experience. It's what they expect of us.

在實際啟動和方法方面，我們對所有分析儀都遵循經過實務檢驗的受控啟動流程。事實上，這是我在 IDEXX 任職以來第四次推出高階儀器。一切工作的首要目標是提供卓越的客戶體驗。這是他們對我們的期望。

They know we have a world-class product development organization. There's always tweaks that come up as part of any launch. What I would say is we're making excellent progress. We plan to deliver the 4,500 plus in 2025, as I indicated, that will ramp over the year.

他們知道我們擁有世界一流的產品開發組織。任何產品的發布過程中總是會出現一些調整。我想說的是，我們正在取得巨大進展。正如我所說，我們計劃在 2025 年交付 4,500 多輛，這一數字將在全年內逐步增加。

Manufacturing and installation capacity are ahead of plan, and that puts us in a strong position to achieve the plan. And customers aren't waiting, to answer your specific question around are they waiting for FNA to take delivery, they're not.

製造和安裝能力均超出計劃，這使我們有能力實現該計劃。客戶並沒有等待，回答您關於他們是否在等待 FNA 交貨的具體問題，他們並沒有等待。

Okay. Great. That's helpful. And then does your guidance assume any sort of notable changes from a customer account standpoint, at point of care or Ref Lab? Presumably, you're still lapping through some of that repricing action taken, I guess, in 2024.

好的。偉大的。這很有幫助。那麼，您的指導是否假設從客戶帳戶的角度、在護理點或參考實驗室會發生任何顯著的變化？我想，您大概仍在經歷 2024 年採取的一些重新定價行動。

I guess can you remind us when you fully lap that? And can you help us quantify how that headwind lingers into 2025? Is it an incremental headwind net-net or less of a headwind in 2025?

我想你能在完全完成它時提醒我們嗎？您能幫助我們量化這種不利因素將如何持續到 2025 年嗎？到 2025 年，這將是一次漸進式逆風，還是逆風會減弱？

Thanks, Aaron. So just on pricing, what we noted was 4% to 4.5% for the full year. In Q1 specifically, we did remark that we would expect to be on the lower end of that range just given the three large customer lapping that Brian had captured in his commentary in our Q4 results.

謝謝，亞倫。因此，僅從定價來看，我們注意到全年漲幅為 4% 至 4.5%。具體來說，在第一季度，我們確實指出，考慮到 Brian 在第四季度業績評論中提到的三大客戶重疊，我們預計業績將處於該範圍的低端。

So we will continue to lap that throughout the year, but I think we've captured that in our guidance. And again, we feel good that we have strong momentum in terms of our ability to continue to work with our customers and expand our installed base, both internationally, where we saw double-digit growth as well as globally, where we had a 9% installed base expansion for 2024.

因此，我們將全年繼續努力實現這一目標，但我認為我們已經在指導中抓住了這一點。我們再次感到高興的是，我們在繼續與客戶合作和擴大安裝基礎方面擁有強勁勢頭，無論是在國際上，我們都看到了兩位數的增長，在全球範圍內，我們實現了 9% 的增長2024 年安裝基數擴張。

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特 (Chris Schott)。

Just two on the 2025 guidance. First, can you just elaborate on the vet visit trajectory you expect from here? It sounds like, I think, from the prepared remarks, down 3% or so in 1Q. But can you just talk about the recovery and confidence in recovery from there?

2025 年指引中只有兩個。首先，您能詳細說明一下您期望的獸醫就診軌跡嗎？我認為，從準備好的發言來看，第一季似乎下降了 3% 左右。但您能談談那裡的復甦情況以及復甦的信心嗎？

And the second question was just on US versus ex US growth this year. Any notable kind of differences or trends that you're expecting as we think about the regions?

第二個問題是關於今年美國與美國以外地區經濟成長的情況。當我們考慮區域時，您預計會出現任何顯著的差異或趨勢嗎？

Chris, so just to talk about the vet visits, in terms of what we've included in the guide for the US, we signaled it was similar to the decline that we intended for 2024. So that would represent approximately 2%, as Brian highlighted. When we think about Q1, we are anticipating that we saw similar trends as we exited the year.

克里斯，就我們在美國指南中包含的內容而言，我們表示這與我們預期的 2024 年下降幅度相似。正如 Brian 所強調的那樣，這大約佔 2%。當我們回顧第一季時，我們預計在年底時我們會看到類似的趨勢。

Q4 was about a 3% decline on clinical visits overall. And just as we saw in Q4, we saw some modest differences by quarter. But ultimately, again, we're anticipating about a 2% decline in clinical visits for 2025. So not really an improvement as we head into the year, and that could bounce around a little bit by quarter, and we'll provide more information as the year goes on.

第四季臨床就診人數整體下降了約 3%。正如我們在第四季度看到的那樣，我們發現各季度之間存在一些細微的差異。但最終，我們預計 2025 年臨床就診人數將下降約 2%。因此，隨著新年的到來，情況並沒有真正的改善，而且每個季度可能會有一點波動，我們會隨著時間的推移提供更多資訊。

Chris, maybe just to spotlight our international performance. We've, as you know, invested fairly heavily in expanding our international commercial footprint over the last three-plus years. And we've seen really nice growth in terms of overall installed base of our premium instruments and associated consumable stream.

克里斯，也許只是為了突顯我們的國際表現。如您所知，過去三年多來，我們投入了相當多的資金來擴大我們的國際商業足跡。我們看到，我們的優質儀器和相關消耗品流的整體安裝基數實現了非常好的成長。

In Europe, in fact, we've seen last seven quarters of double-digit growth and from a consumable standpoint in the high teens. And I think that's just a reflection of really strong execution, longer tenure in seed and customer response to the innovations like ProCyte One and other solutions that help them practice good medicine.

事實上，在歐洲，我們已經看到過去七個季度的兩位數成長，從消費品的角度來看，成長率也達到了百分之十幾。我認為這只是強大執行力、較長種子期以及客戶對 ProCyte One 等創新和其他幫助他們實踐良好醫療的解決方案的回應的體現。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

I have a couple of quick ones, hopefully, guys. First, on the -- just going back to the visit dynamics. You talked through your assumptions for 2025. I just want to dig into 4Q a little bit. I know we probably shouldn't look into quarter-to-quarter trends and these things are volatile.

我有幾個簡短的答案，希望大家能喜歡。首先，回顧一下訪問動態。您談到了對 2025 年的假設。我只是想稍微深入研究一下 4Q。我知道我們可能不應該研究季度趨勢，因為這些事情是不穩定的。

I understand all that. But just the dispersion here between wellness and non-wellness is what really struck me. It seems like it sort of accelerated through the course of '24 and sort of reached its broadest dispersion in the fourth quarter.

我明白這一切。但真正讓我震驚的是健康與非健康的差異。似乎它在 24 年的過程中加速發展，並在第四季度達到了最廣泛的分佈。

You really saw wellness drop off pretty sharply relative to total clinical visits or non-wellness visits. Just wondering what you're seeing on the ground, what the feedback is you're getting that. Obviously, there's a lot of concern that that's driven by demand elasticity, price, weak consumer environment, people just sort of backing away from some of those more discretionary visits.

您確實看到，相對於總臨床就診次數或非健康就診次數，健康狀況急劇下降。只是想知道您在現場看到了什麼，得到了什麼回饋。顯然，人們非常擔心這是由需求彈性、價格、疲軟的消費環境引起的，人們只是在某種程度上放棄了一些更自由的訪問。

I know you've talked in prior quarters about potentially the impact on visit trends from some therapeutic options and including injectable drugs. Just any color you can provide on wellness specifically and why you've seen that deteriorate over the course of 2024?

我知道您在前幾個季度已經談到過一些治療方案（包括注射藥物）對就診趨勢可能產生的影響。您能否具體介紹一下健康狀況，以及為什麼您認為 2024 年間健康狀況會惡化？

Sure. Let me provide some insight on that, Mike. The -- we do think at the margin, there was probably the impact from the consumer and the overall macro environment. But the interesting thing about wellness is the inclusion of diagnostics actually went up. So we saw a really nice premium growth. Our belief is that the quality of these visits went up.

當然。讓我對此提供一些見解，麥克。我們確實認為，從邊際上看，可能存在來自消費者和整體宏觀環境的影響。但關於健康的有趣之處在於診斷的包含範圍實際上有所增加。因此，我們看到了非常好的保費成長。我們相信這些訪問的品質有所提高。

The pet owner and veterinarian really used the higher intensity of diagnostics. So though there's probably some marginal pet owners dropping off, potentially deferring or delaying some of those visits, the ones that came in, very high quality, and we benefited from that. And we think with our IDEXX Cancer diagnostics panel included in wellness visits, will continue to inspire potentially pull-through on that end too.

寵物主人和獸醫確實使用了更高強度的診斷方法。因此，儘管可能會有一些邊緣寵物主人放棄，可能會推遲或延遲一些訪問，但那些訪問的品質非常高，我們從中受益。我們認為，健康訪問中包含的 IDEXX 癌症診斷面板也將繼續激發潛在的成功。

Okay. All right. And then for my follow-up question, I don't think you really called this out in the prepared remarks, but I noticed that for the guide for 2025, Brian or Andrew, you guys are assuming a little bit more share buyback. I think you said 2% to 3% reduction in shares. I think you -- most years, you've sort of been in that 1% reduction. Just any additional color there in terms of the rationale for that?

好的。好的。然後對於我的後續問題，我不認為你在準備好的評論中真正提到了這一點，但我注意到，對於 2025 年的指南，布萊恩或安德魯，你們假設會有更多的股票回購。我記得您說的是股份減少 2% 到 3%。我認為—大多數年份，你的減幅都處於 1% 左右。對於這樣做的理由還有什麼補充嗎？

Yeah, Mike. So just in terms of kind of rationale, we have high confidence in the company's potential growth model here. We've executed exceptionally well. And I think we're really on the cusp of that new wave of innovation, which Jay has highlighted several times.

是的，麥克。因此，僅從理性角度而言，我們對該公司的潛在成長模式充滿信心。我們的表現非常出色。我認為我們確實正處於新一輪創新浪潮的風口浪尖，傑伊已經多次強調這一點。

This really reflects strong free cash flow generation. We have a really healthy balance sheet with high liquidity. Brian mentioned on the call, in terms of Q4, our gross leverage was about 0.7 times, and this largely sustains those levels at a higher deployment rate.

這確實反映了強勁的自由現金流產生。我們的資產負債表非常健康，流動性很強。Brian 在電話會議上提到，就第四季而言，我們的總槓桿率約為 0.7 倍，這在很大程度上以更高的部署率維持了這些水準。

So it does achieve that 2% to 3% reduction in average shares. And again, we look at this as a positive momentum for the long term.

因此它確實實現了平均股份減少2%至3%。我們再次將此視為長期的正面動能。

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

It looks like the IDEXX premium for the quarter, so in other words, 4Q '24 was the strongest of the year, and that was before the rollout of Cancer Dx, I mean, essentially before inVue for the most part. So can you just talk about what led to the uptick for the premium in the quarter, allowed you to arguably offset the down, whatever it was 2.9% in clinical and still put up some pretty good CAG Dx recurring. That's specific to the fourth quarter '24 question, and then I'll ask the follow-up.

它看起來像是本季度的 IDEXX 溢價，換句話說，24 年第四季是今年最強勁的，那是在 Cancer Dx 推出之前，我的意思是，基本上是在 inVue 推出之前。那麼，您能否談談導致本季度保費上漲的原因，讓您可以說抵消了下降的影響，無論臨床上是 2.9%，並且仍然提供了相當不錯的 CAG Dx 復發率。這是針對第四季的 24 個問題，然後我會問後續問題。

John, it's Brian. As you pointed out, it was a very good quarter, our best volume growth quarter of the year when you normalize for days. We saw very strong consumable growth. I think that, that's reflective of the progress that we've made on instrument placements growing the installed base during the year, some benefit from innovation, the Pancreatic Lipase Slide is helpful on that front.

約翰，我是布萊恩。正如您所指出的，這是一個非常好的季度，以天數正常計算，這是我們今年銷售成長最好的季度。我們看到了非常強勁的消費品成長。我認為，這反映了我們在儀器安置方面取得的進展，增加了一年的安裝基數，一些進展受益於創新，而胰臟脂肪酶玻片在這方面很有幫助。

And globally, just really good international momentum. So I think it's reflective of the strong execution that we've seen throughout the year that's enabled us to grow at a faster rate than the sector. And as the team has pointed out, I think the company is really well positioned to build on that heading into 2025 with the new innovations that will be coming.

從全球來看，國際發展勢頭良好。所以我認為這反映了我們全年所見的強勁執行力，這使我們能夠以比該行業更快的速度成長。正如團隊所指出的，我認為公司已經準備好利用即將到來的新創新在 2025 年繼續前進。

Got it. Helpful. And then maybe a second question on price. So I think it's -- I think you called out 3.5% in the US, it sort of implies, I don't know, five-and-change in the international markets. Jay, can you just talk about your comfort in these pricing levels that the consumer can absorb the likely increases? I think you're going to say we don't dictate price to the consumer, but you sort of do because that's not going to take it all on the margin, on their margin.

知道了。很有幫助。然後也許還有關於價格的第二個問題。所以我認為——我認為你提到了美國的 3.5%，這有點暗示著國際市場將出現五次左右的變化。傑伊，您能否談談您對這些定價水平的承受能力，以及消費者能否承受可能出現的漲價？我想你會說我們不會向消費者規定價格，但你確實會這樣做，因為這不會把所有錢都花在利潤上。

And to Mike's previous question, do you think this higher pricing environment, while providing a temporary fix, is acting as a headwind as we continue to see this wellness slide and, hence, the pet owner avoid wanting to come in for that wellness sticker shock?

對於Mike 之前的問題，您是否認為這種更高的定價環境雖然提供了暫時的解決方案，但卻是一種阻力，因為我們繼續看到寵物主人的健康下滑，因此寵物主人不願意因健康價格而受到衝擊？

And then part B of a very disparate question is, the $42 million in interest expense, can you just reconcile that? It just looks pretty high considering where we were in '24.

然後，一個非常不同的問題的 B 部分是，4200 萬美元的利息支出，您能調節一下嗎？考慮到我們24年的狀況，這個數字看起來相當高。

Yeah. Let me talk about pricing and I'll turn over to Andrew to talk about the interest expense. Of course, I'm going to caveat it and say our customers determine in sector pricing. Keep in mind, wellness versus not-wellness pricing are different things.

是的。讓我來談談定價，然後我將讓安德魯來談談利息費用。當然，我要提出一點警告，那就是我們的客戶決定產業定價。請記住，健康定價和非健康定價是不同的。

Typically, for a wellness visit, the veterinarian doesn't spend more than 5, 7, 10 minutes with the pet owners. So they price that differently. And we offer a number of programs like compliance-based pricing, which I think -- positions it -- positions those panels very advantageously.

通常，在一次健康檢查中，獸醫與寵物主人相處的時間不會超過 5、7、10 分鐘。所以他們的定價不同。我們提供了許多計劃，例如基於合規性的定價，我認為這對那些小組來說非常有利。

I would say that the -- we are very mindful of the need to be in front of the differentiation that we offer through innovations. A lot of what we offer, for example, is complementary to the customer, whether it's VetConnect PLUS, whether we add in tapes and Cystoisospora for fecal antigen. I think Cancer Dx is a great example of really keeping that price very moderate at $15-plus per select panels.

我想說的是──我們非常清楚需要透過創新來實現差異化。例如，我們提供的許多產品都是對客戶的補充，無論是 VetConnect PLUS，還是添加膠帶和 Cystoisospora 作為糞便抗原。我認為 Cancer Dx 就是一個很好的例子，其價格非常適中，每個精選面板的價格為 15 美元以上。

So overall, we're comfortable in terms of where we price. We've seen an increase, as I just indicated, in the inclusion of diagnostics and wellness panels. In fact, very strong increase in Q4. So the quality of the visits and the quality of diagnostics inclusion has been growing fairly strongly.

因此總體而言，我們對於定價感到滿意。正如我剛才指出的，我們看到診斷和健康小組的參與度有所提高。事實上，第四季的成長非常強勁。因此，就診品質和診斷納入品質一直在相當強勁地增長。

Andrew, do you want to address?

安德魯，你想致詞嗎？

Yeah, Jon, just in terms of the $42 million on interest, that does align with the step-up in terms of our planned buybacks of $1.5 billion. So again, we've calibrated that based off of current rates. As you -- as Brian noted, we did just about $850 million in 2024. So there's an increased level there, and we've captured that in our interest expense costs.

是的，喬恩，僅就 4,200 萬美元的利息而言，這與我們計劃回購的 15 億美元的增加相一致。因此，我們再次根據當前利率進行了校準。正如 Brian 所說，我們在 2024 年的營收約為 8.5 億美元。因此，那裡的水平有所提高，我們已經在利息支出成本中反映了這一點。

Daniel Clark, Leerink Partners.

丹尼爾·克拉克（Daniel Clark），Leerink Partners。

I just had a quick clarification on inVue. Are you still limiting preorders, or are you fully allowing those now?

我剛剛對 inVue 做了一個簡短的澄清。您仍限制預訂嗎，還是現在完全允許預訂？

Yeah. So we -- generally, we've opened the funnel in terms of what our field organizations can take in North America. I would say, internationally, it's more limited, and we'll continue to just offer it in select countries. And throughout the year, we'll revisit that.

是的。所以，總體來說，我們已經打開了管道，讓我們的現場組織能夠從北美獲得更多業務。我想說，從國際上來說，它的服務比較有限，我們將繼續僅在部分國家提供這項服務。今年我們還會重新審視這一點。

Okay. Got it. And then just a separate question. Was there any impact from weather that's worth calling out in terms of visit trends for 4Q or how you're thinking about 1Q?

好的。知道了。接下來是一個單獨的問題。就第四季度的訪問趨勢或您對第一季的看法而言，天氣是否產生了值得注意的影響？

Dan, so just in the fourth quarter, I think we had signaled on the last call that we anticipated about 50 basis points of weather associated with what we saw in early October. Yes, as we head into Q1, certainly, we've seen some weather types of impacts. But at the end of the day, we've captured those in our outlook, and again, feel good about the guide that we presented today.

丹，就在第四季度，我想我們在上次電話會議上就已經表示，我們預計與 10 月初的情況相關的天氣將出現約 50 個基點的變化。是的，隨著我們進入第一季度，我們確實看到了一些天氣類型的影響。但最終，我們還是在我們的展望中捕捉到了這些，並且再次對我們今天提出的指南感到滿意。

Navann Ty, BNP Paribas Exane.

Navann Ty，法國巴黎銀行 Exane。

First on the vet visits. If you can discuss further the underlying factors embedded in the 2% decline, expected midpoint, in terms of macro impact and time to replenish Vet and Vet Tech graduates. And do you expect potential improvement in 2026?

首先去看獸醫。如果您可以進一步討論 2% 下降的根本因素、預期中點、宏觀影響以及補充獸醫和獸醫技術畢業生的時間。您預計 2026 年會有所改善嗎？

And then in terms of margin, should we still expect 2025 margin expansion is still gross margin led? And can you discuss the SG&A and R&D this year with the inVue and Cancer Diagnostics launches and expansion?

那麼就利潤率而言，我們是否仍應預期 2025 年利潤率擴張仍由毛利率主導？您能談談今年 inVue 和 Cancer Diagnostics 的發布和擴張帶來的銷售、一般和行政費用以及研發費用嗎？

Yeah. Just to provide some -- I'll cover the clinical visit trends just to provide some additional color on that. We still think capacity constraints are challenged for practices, less around just absolute employment levels and maybe more related to number of hours worked.

是的。只是為了提供一些——我將介紹臨床訪問趨勢，只是為了提供一些額外的資訊。我們仍然認為，產能限制對於實踐而言是一個挑戰，這種挑戰不僅與絕對就業水平有關，而可能更多地與工作時間有關。

In talking to a number of the corporate or enterprise accounts, they continue to speak to the desire to more hire more veterinarians and staff as they become available. And in that sense, supply can drive demand. Probably the more primary factor is the macroeconomic environment, cumulative impacts of inflation and some moderation as a result of that.

在與一些公司或企業帳戶交談時，他們繼續表示希望在有空時僱用更多的獸醫和工作人員。從這個意義上來說，供給可以推動需求。可能更主要的因素是宏觀經濟環境、通貨膨脹的累積影響以及由此產生的某種緩和。

Yeah. Navann, just on the gross margin and breakout of OpEx, we didn't provide any explicit detail here. But overall what we're planning for is an operating margin improvement of 30 basis points to 80 basis points on a comparable basis year-over-year, the midpoint being about 50 basis points.

是的。Navann，僅就毛利率和營運支出的突破而言，我們在此沒有提供任何明確的細節。但總體而言，我們計劃將營業利潤率與去年同期相比提高 30 個基點到 80 個基點，中間點約為 50 個基點。

I think you'll expect most of that to be gross margin led as we reinvest back into the business. Certainly, again, we feel good about the innovation cycle we have here and the potential for growth over time. We want to make sure we're making investments in the right areas in order to support that ultimately.

我想你會期望其中大部分將由毛利率主導，因為我們會將其重新投資到業務中。當然，我們再次對我們這裡的創新週期以及隨著時間的推移而產生的成長潛力感到滿意。我們希望確保我們在正確的領域進行投資，以最終支持這一點。

Okay. I'd like to thank everybody for their questions this morning. We're now going to conclude our Q&A portion of this morning's call. It's been a pleasure to review another quarter and full year of strong IDEXX results. So thank you again for your participation this morning, and we'll conclude the call.

好的。我想感謝大家今天早上提出的問題。我們現在要結束今天上午電話會議的問答部分。很高興回顧 IDEXX 又一個季度和全年的強勁業績。再次感謝您今天早上的參與，我們將結束本次通話。

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

謝謝。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。