愛德士 (IDXX) 2025 Q1 法說會逐字稿

Good morning, and welcome to the IDEXX Laboratories first-quarter 2025 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; Andrew Emerson, Chief Financial Officer; and John Ravis, Vice President, Investor Relations.

早安，歡迎參加 IDEXX Laboratories 2025 年第一季財報電話會議。提醒一下，今天的會議正在錄製中。參加今天早上電話會議的有總裁兼首席執行官傑伊·馬澤爾斯基 (Jay Mazelsky)；安德魯·埃默森 (Andrew Emerson)，首席財務官；以及投資者關係副總裁約翰·拉維斯 (John Ravis)。

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

在今天的討論開始之前，我想對前瞻性陳述提出警告。提醒聽眾，我們在電話會議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。關於這些風險和不確定性的更多信息，請參閱我們今天上午發布的新聞稿中的前瞻性聲明通知，以及我們向美國證券交易委員會提交的定期文件，這些信息可以從美國證券交易委員會獲取，也可以訪問我們網站 idexx.com 的投資者關係部分。

During this call, we will be discussing certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is provided in our earnings release, which may also be found by visiting the Investor Relations section of our website.

在本次電話會議中，我們將討論某些未依照公認會計原則或 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 first-quarter 2025 results and updated 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. (Operator Instructions)

在回顧我們 2025 年第一季的業績和更新的 2025 年指引時，請注意，所有提及的成長、有機成長和可比成長均指與去年同期相比的成長，除非另有說明。（操作員指示）

Today's prepared remarks will be posted to the Investor Relations section of our website after the earnings conference call concludes. I would now like to turn the call over to Andrew Emerson.

今天的準備好的發言稿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。現在我想把電話轉給安德魯·埃默森。

Good morning, and welcome to our first quarter earnings call. Today. I'd like to update you on Q1 results and review our 2025 financial outlook. IDEXX achieved a solid start to 2025.

早上好，歡迎參加我們的第一季財報電話會議。今天。我想向您通報第一季的業績並回顧我們 2025 年的財務展望。IDEXX 在 2025 年取得了良好的開端。

In terms of key highlights for the quarter, overall revenues increased 5% organically, supported by a 4.5% organic growth in CAG Diagnostics reoccurring revenues, net of an approximate 1.5% equivalent days headwind. Solid revenue gains were also net of global same stored growth headwinds, including a 2.6% decline in US clinical visits.

就本季的主要亮點而言，總收入有機增長了 5%，這得益於 CAG Diagnostics 經常性收入 4.5% 的有機增長（扣除約 1.5% 的等效天數逆風）。穩健的營收成長也扣除了全球同店銷售額成長阻力，其中包括美國臨床就診量下降 2.6%。

IDEXX execution trends remain strong, reflected in a continued IDEX CAG Diagnostic recurring revenue growth premium, a 9% expansion of the premium instrument install base, and a 9% organic recurring revenue gains in veterinary software and diagnostic imaging.

IDEXX 的執行趨勢仍然強勁，體現在 IDEX CAG 診斷經常性收入增長溢價持續、高端儀器安裝基數擴大 9% 以及獸醫軟體和診斷成像的有機經常性收入增長 9%。

Profit delivery was aligned with our outlook, supported by gross margin gains while we invested in innovation priorities. Operating margin performance enabled EPS delivery of $2.96 per share, delivering 5% growth as reported, and 7% growth on a comparable basis.

利潤實現與我們的預期一致，得益於我們對創新重點的投資和毛利率的提高。營業利潤率表現使每股收益達到 2.96 美元，報告成長 5%，可比成長 7%。

We're pleased with the progress in expanding our business as we work through sector and macro factors that have pressured recent visit growth at the veterinary clinic level. We're confident in the long-term growth potential of our business, supported by ongoing focus on innovation, including our recent IDEXX Cancer Dx launch, starting with canine lymphoma.

我們對業務拓展的進展感到滿意，因為我們正在努力解決近期影響獸醫診所就診量成長的行業和宏觀因素。我們對業務的長期成長潛力充滿信心，並持續專注於創新，包括我們最近推出的 IDEXX Cancer Dx，首先是針對犬淋巴瘤。

We've updated our 2025 financial outlook to incorporate positive changes from foreign exchange and a now concluded litigation expense accrual adjustment, while reinforcing consistent 2025 goals for organic revenue growth and comparable operating margin improvement.

我們已更新 2025 年財務展望，以納入外匯帶來的正面變化和現已完成的訴訟費用應計調整，同時強化 2025 年有機收入增長和可比營業利潤率提高的一致目標。

Let's begin with a review of our first quarter results before transitioning to our full year outlook. First quarter organic revenue growth of 5% was driven by 4.5% organic revenue gains in our CAG business, 7% organic growth in Water, and 4% organic growth in LPD.

在回顧全年業績之前，我們先來回顧一下第一季的業績。第一季有機收入成長 5%，這得益於 CAG 業務有機收入成長 4.5%、水務業務有機收入成長 7% 以及 LPD 業務有機收入成長 4%。

CAG organic revenue growth was supported by 7% organic gains in veterinary software and diagnostic imaging revenues, driven by 9% organic reoccurring revenue growth. CAG instrument revenues decreased 5% organically against high prior year placement levels, while benefiting from initial placements of IDEXX inVue Dx, which will ramp throughout the year.

CAG 有機收入成長得益於獸醫軟體和診斷影像收入 7% 的有機成長，這得益於 9% 的有機經常性收入成長。CAG 儀器收入與去年同期的高投放水平相比有機下降了 5%，但受益於 IDEXX inVue Dx 的初始投放，該收入將在全年增加。

CAG Diagnostic reoccurring revenues increased 4.5% organically in Q1, net of a 1.5% headwind from equivalent days. Global CAG Diagnostic recurring revenue growth reflected solid gains across all major regions.

CAG Diagnostic 第一季經常性收入有機成長 4.5%，扣除同期 1.5% 的逆風。全球CAG診斷經常性收入的成長反映了所有主要地區的穩健成長。

On average, global net price improvement was 4%. And on a days adjusted basis, volume gains were approximately 2%. International CAG Diagnostic reoccurring revenue organic growth was 8.5% and on a days adjusted basis, sustained double-digit organic revenue growth, reflecting benefits from net price realization and strong volume gains building on 2024 momentum. International results continued to be driven by IDEXX execution, reflected in strong new business gains, which supported double-digit year-over-year expansion of our premium instrument installed base.

平均而言，全球淨價格改善了4%。以天數調整後計算，交易量增加了約 2%。國際CAG診斷經常性收入有機成長率為8.5%，以天數調整後計算，有機收入維持兩位數成長，反映了淨價格實現和2024年強勁銷售成長帶來的好處。國際業績持續受到 IDEXX 執行力的推動，這體現在強勁的新業務成長上，支持了我們高端儀器安裝基數同比增長兩位數。

US CAG Diagnostic reoccurring revenue organic growth was 3% in Q1, net of the day's headwind. This reflects a continued solid growth premium compared to same store US clinic visit growth levels, which declined an estimated 2.6% overall in the quarter.

扣除當日不利因素後，美國 CAG 診斷第一季經常性收入有機成長率為 3%。這反映出與美國同店診所就診量成長水準相比持續穩健的成長溢價，本季美國同店診所就診量成長水準預計整體下降 2.6%。

IDEXX's solid growth reflects increased levels of diagnostic frequency and increased diagnostic utilization for clinical visit at the practice level, along with strong execution, including solid new business gains, sustained high levels of customer retention, and net price realization of 3.5%.

IDEXX 的穩健成長反映了實踐層面的診斷頻率增加和臨床就診診斷利用率增加，以及強勁的執行力，包括穩健的新業務收益、持續的高水平客戶保留率以及 3.5% 的淨價格實現。

Modality gains in the quarter were supported by strong growth in consumable revenues. IDEXX VetLab consumable revenues increased 10% organically, reflecting high single-digit gains in the US and double-digit growth in international regions. Consumable gains were supported by 9% year-over-year growth in our global premium instrument install base.

本季的銷售方式成長得益於消費品收入的強勁成長。IDEXX VetLab 耗材收入有機成長 10%，其中美國市場實現高個位數成長，國際市場達到兩位數成長。我們的全球高端儀器安裝基數年增 9%，推動了消耗品的效益。

During Q1, we placed 4,163 CAG premium instruments, a decline of 13% against high prior year levels. Our focus on quality of instrument placements continues to be strong, reflected in sustained levels of competitive and greenfield catalysts, including 7% growth in the US and 5% gains in Europe, along with double-digit growth in our global EVI metric.

第一季度，我們發行了 4,163 筆 CAG 高級工具，較去年同期高點下降了 13%。我們繼續高度重視工具配置的質量，這體現在持續的競爭和綠地催化劑水平上，包括美國 7% 的增長和歐洲 5% 的增長，以及全球 EVI 指標的兩位數增長。

In the US, we placed 1,544 instruments, an increase of 12% year-over-year, supported by strong competitive and greenfield catalyst placements. In North America, we placed 302 IDEXX inVue Dx analyzers as we move from a controlled to full launch of our exciting new platform.

在美國，我們投放了 1,544 種工具，年增 12%，這得益於強勁的競爭和綠地催化劑投放。在北美，我們安裝了 302 台 IDEXX inVue Dx 分析儀，從受控階段轉向全面推出我們令人興奮的新平台。

Global Rapid Assay revenues declined 2% organically in Q1. Rapid Assay results were constrained by customers shifting pancreatic lipase testing to our Catalyst instrument platform, which we estimated to be a 5% headwind in Q1 revenue growth.

第一季全球快速檢測收入有機下降 2%。由於客戶將胰臟脂肪酶測試轉移到我們的 Catalyst 儀器平台，快速檢測結果受到限制，我們估計這將對第一季的營收成長造成 5% 的阻力。

Global lab revenues increased 1% organically. When adjusting for equivalent days effects, international regions drove solid growth in the quarter, with the US at low-single digit growth. Global growth was supported by modest volume gains aided by new business. In Q1, net pricing gains in our reference lab line of business were moderated by impacts from previously highlighted major new customer agreements, which we will begin lapping during Q2.

全球實驗室收入有機成長 1%。經等效天數效應調整後，本季度國際地區實現了穩健成長，其中美國實現了低個位數成長。新業務帶來的銷量適度成長支撐了全球成長。在第一季度，我們的參考實驗室業務線的淨價格漲幅受到先前強調的主要新客戶協議的影響，我們將在第二季度開始履行這些協議。

Veterinary software and diagnostic imaging revenues increased 9% as reported, including benefits from a software acquisition last year. 7% overall organic gains were driven by reoccurring revenues, reflecting benefits from ongoing momentum and cloud-based software placements.

據報道，獸醫軟體和診斷影像收入成長了 9％，其中包括去年軟體收購帶來的收益。 7% 的整體有機收益是由經常性收入推動的，反映了持續的發展勢頭和基於雲端的軟體配置帶來的好處。

Water revenues increased 7% organically in Q1 against high prior year levels. Growth was driven by double-digit revenue expansion in our European region.

第一季水務收入較去年同期高點有機成長 7%。成長的動力來自於我們歐洲地區兩位數的收入成長。

Livestock, Poultry, and Dairy revenues increased 4% organically. Solid gains in the US built off a momentum in the second half of 2024.

牲畜、家禽和乳製品收入有機成長 4%。美國的穩健成長得益於 2024 年下半年的強勁勢頭。

Turning to our P&L, Q1 profit results were supported by solid gross margin gains. Gross profit increased 5% in the quarter as reported, and 6% on a comparable basis. Gross margins were 62.4%, up 80 basis points on a comparable basis.

談到我們的損益表，第一季的利潤結果受到穩健的毛利率成長的支持。報告顯示本季毛利成長 5%，年比則成長 6%。毛利率為62.4%，較去年同期上升80個基點。

Gross margin gains reflected benefits from business mix, including VetLab consumable growth and instrument mix. Reported gross margin gains benefited by approximately 10 basis points related to foreign exchange impacts, net of hedge positions.

毛利率的成長反映了業務組合帶來的好處，包括 VetLab 耗材的成長和儀器組合。扣除對沖頭寸後，報告的毛利率收益因外匯影響而上漲約 10 個基點。

Operating expenses increased 4% year-over-year as reported in the quarter and 8% on a comparable basis. This was net of a $9 million or 3% operating expense growth offset related to a favorable adjustment to the discrete litigation expense accrual, and 1% from foreign exchange impacts.

本季報告顯示，營運費用年增 4%，可比成長 8%。這是扣除 900 萬美元或 3% 的營運費用成長抵銷額，該抵銷額與對單獨訴訟費用應計的有利調整有關，並且因外匯影響而減少了 1%。

Q1 OpEx growth was driven by increases in R&D and commercial spending, aligned with advancing our innovation roadmap. EPS was $2.96 per share in Q1. An increase of 5% as reported, and 7% on a comparable basis, net of a 3% EPS growth benefit related to the adjustment of a discrete litigation expense accrual. Foreign exchange reduced operating profits by $4 million in EPS of approximately $0.04 per share in the quarter, net of a $4 million hedge gain.

第一季營運支出的成長得益於研發和商業支出的增加，這與我們創新路線圖的推進一致。第一季每股收益為 2.96 美元。報告顯示成長 5%，可比增長 7%，扣除與調整單獨訴訟費用應計相關的 3% 每股收益成長收益。本季度，外匯導致營業利潤減少 400 萬美元，每股收益約為 0.04 美元，扣除 400 萬美元的對沖收益。

Free cash flow was $208 million in Q1, reflecting normal seasonality. On a trailing 12-month basis, our net income to free cash flow conversion ratio was 95%. For the full year, we're updating our outlook for net income to free cash flow conversion of 80% to 85%, reflecting the impact of the now concluded litigation matter and estimated impacts as a result of tariff planning.

第一季的自由現金流為 2.08 億美元，反映了正常的季節性。過去 12 個月，我們的淨收入與自由現金流的轉換率為 95%。對於全年，我們將淨收入預期更新為 80% 至 85% 的自由現金流轉換率，以反映現已結束的訴訟事項的影響以及關稅規劃的預期影響。

Our balance sheet remains healthy. We ended the quarter with leverage ratios of 0.7 times gross and 0.6 times net of cash. We look to maintain full-year gross leverage ratios at similar levels. Share repurchases over the last year supported a 2.4% reduction in diluted shares outstanding, and we allocated $415 million in capital to share repurchases during the first quarter.

我們的資產負債表依然健康。本季末，我們的槓桿比率為現金總額的 0.7 倍和現金淨額的 0.6 倍。我們希望全年總槓桿率維持在相似的水平。去年的股票回購支持了稀釋流通股減少 2.4%，並且我們在第一季分配了 4.15 億美元的資金用於股票回購。

Turning to our 2025 guidance, our outlook reinforces consistent full-year goals for solid organic revenue growth, comparable operating margin improvement, and EPS gains. We revised estimates for foreign exchange impacts, reflecting the recent weakening of the US dollar, and Q1 discrete litigation expense accrual adjustment.

談到我們的 2025 年指引，我們的展望強化了全年穩定的有機收入成長、可比營業利潤率提高和每股盈餘成長的目標。我們修改了外匯影響的估計數，以反映近期美元的疲軟以及第一季離散訴訟費用應計調整。

In terms of our revenue outlook, we've updated our full-year guidance for reported revenues to $4,095 million to $4,210 million an increase of $40 million or approximately 1% growth rate improvement related to foreign exchange at the rates published in our press release. We've maintained a full year organic growth outlook of 6% to 9%, supported by 5% to 8% gains in CAG Diagnostic reoccurring revenues, including global net price realization of 4% to 4.5% at midpoint and expectations for 4,500 IDEXX inVue Dx placements.

就我們的收入前景而言，我們已將全年報告收入指引更新為 40.95 億美元至 42.1 億美元，按我們新聞稿中公佈的匯率計算，與外匯相關的增長率增加了 4000 萬美元或提高了約 1%。我們維持全年有機成長 6% 至 9% 的預期，這得益於 CAG 診斷經常性收入 5% 至 8% 的成長，包括中間點全球淨價格實現 4% 至 4.5% 以及 4,500 個 IDEXX inVue Dx 安置的預期。

We're increasing our outlet for reported operating margins to 31.1% to 31.6% for the full year. This outlook maintains consistent 30 basis points to 80 basis points of comparable operating margin expansion for the full year, net of 180-basis-point operating margin benefit related to the discrete litigation expense accrual adjustment and updated for foreign exchange effects.

我們將全年報告的營業利潤率提高至 31.1% 至 31.6%。這一前景維持全年可比營業利潤率增長 30 個基點至 80 個基點的一致水平，扣除與單獨訴訟費用應計調整相關的 180 個基點的營業利潤率收益，並根據外匯影響進行了更新。

With respect to the dynamic trade environment, we're well positioned to navigate the changing tariff landscape. As previously highlighted, we captured high-level tariff estimates for internationally sourced materials in our initial outlook.

就動態的貿易環境而言，我們已準備好應對不斷變化的關稅格局。如同先前所強調的，我們在初步展望中取得了國際採購材料的高級關稅估算。

We have revised these estimates based on the current US pronouncements and have incorporated estimates for China's retaliatory tariffs. Our primary objectives are focused on maintaining continuous supply to customers and minimizing tariff impacts through effective operational planning and balance sheet leverage.

我們根據美國目前的聲明修改了這些估計，並納入了中國報復性關稅的估計。我們的主要目標是透過有效的營運規劃和資產負債表槓桿來維持對客戶的持續供應並最大限度地減少關稅影響。

Our updated full year EPS outlook is $11.93 to $12.43 per share, an increase of $0.19 per share at midpoint, driven by $0.11 per share from foreign exchange and $0.08 per share from a favorable adjustment to the discrete litigation expense agreement. We now estimate foreign exchange will have a negative $0.10 per share full year EPS impact.

我們更新後的全年每股收益預期為每股 11.93 美元至 12.43 美元，中間值每股增加 0.19 美元，主要原因是外匯影響每股 0.11 美元，以及對單獨訴訟費用協議的有利調整每股 0.08 美元。我們現在估計外匯將對全年每股收益產生負 0.10 美元的影響。

Operationally, we're maintaining consistent outlook for 8% to 12% comparable EPS growth. For our second quarter, we're planning for reported revenue growth of 5% to 7.5%, net of approximately a 1% growth headwind from foreign exchange. This operational outlook aligns with overall organic revenue growth of 6% to 8.5% and organic CAG Diagnostic revenue growth of 5% to 7.5%.

在營運方面，我們維持每股收益可比成長 8% 至 12% 的一致預期。對於第二季度，我們計劃實現報告收入成長 5% 至 7.5%，扣除外匯帶來的約 1% 的成長阻力。這一營運前景與整體有機收入成長 6% 至 8.5% 以及 CAG 診斷有機收入成長 5% 至 7.5% 相一致。

At midpoint, the second quarter organic revenue growth outlook includes US clinical visit growth in line with our full year estimates. We're planning for reported operating margins of 32.9% to 33.4% in Q2, reflecting expansion of 40 basis points to 90 basis points on a comparable basis.

從中期來看，第二季有機收入成長前景包括美國臨床就診量的成長，這與我們的全年預測一致。我們計劃將第二季的報告營業利潤率提高至 32.9% 至 33.4%，反映出可比較基礎上擴大 40 個基點至 90 個基點。

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

我們的財務審查到此結束，現在我將把電話交給傑伊徵求他的意見。

Thank you, Andrew, and good morning. 2025 is off to a solid start as IDEXX's innovations gained commercial traction across the portfolio. At the end of March, we launched IDEXX Cancer Dx through our reference labs in North America. This first-of-its-kind diagnostic panel for early detection of canine lymphoma brings exceptional levels of performance and is priced to our veterinarian partners in a way that is intended to support broad inclusion and access to pet owners.

謝謝你，安德魯，早安。 2025 年開局良好，因為 IDEXX 的創新在整個產品組合中獲得了商業吸引力。三月底，我們透過北美的參考實驗室推出了 IDEXX Cancer Dx。這種用於早期檢測犬淋巴瘤的首創診斷面板具有卓越的性能水平，並且向我們的獸醫合作夥伴定價，旨在支持寵物主人的廣泛參與和使用。

Adding to this excitement in the quarter, we continued our rollout of IDEXX inVue Dx, our new-to-the-industry's cellular analyzer. With strong pre-order momentum from last year, we placed over 300 instruments in Q1 and moved from a controlled rollout in Q1 to broad availability in April.

本季度，我們繼續推出業界新推出的細胞分析儀 IDEXX inVue Dx，進一步激發了人們的熱情。由於去年強勁的預訂勢頭，我們在第一季訂購了 300 多台儀器，並從第一季的控制推出發展到 4 月的廣泛推出。

Together these two platforms, IDEXX Cancer Dx and IDEXX inVue Dx, represent an important leap forward. They embody our vision for innovation that elevates patient care, supports our customers, and fuels long-term sustainable growth for IDEXX.

IDEXX Cancer Dx 和 IDEXX inVue Dx 這兩個平台共同代表著一個重要的飛躍。它們體現了我們的創新願景，即提高患者護理水平、支持我們的客戶並推動 IDEXX 的長期永續發展。

Let's now take a closer look at our commercial performance. Our commercial organization executed strongly in the quarter. We delivered solid growth and organic recurring revenue, including days adjusted double-digit CAG Diagnostics recurring revenue growth internationally, sustained high levels of customer retention, and expanded our customer base while further expanding our commercial footprint in high potential regions.

現在讓我們仔細看看我們的商業表現。我們的商業組織在本季表現強勁。我們實現了穩健的成長和有機經常性收入，包括國際上調整後的兩位數 CAG Diagnostics 經常性收入成長，維持了高水準的客戶保留率，擴大了我們的客戶群，同時進一步擴大了我們在高潛力地區的商業足跡。

We delivered strong premium instrument placements in the quarter, including over 1,100 new and competitive Catalysts, resulting in high-single digit growth in our worldwide premium instrument installed base and double-digit growth in future economic value. In the US, our commercial team delivered record Q1 placements in EVI, supported by early interest in IDEXX inVue Dx. In Europe, we lapped a record upgrade cycle in hematology from LaserCyte to ProCyte One, while delivering solid growth and competitive and greenfield catalyst placements.

我們在本季度實現了強勁的高端儀器配置，包括超過 1,100 種新的具有競爭力的催化劑，從而使我們全球高端儀器安裝基數實現了高個位數增長，未來經濟價值實現了兩位數增長。在美國，我們的商業團隊在 EVI 中實現了創紀錄的第一季投放，這得益於對 IDEXX inVue Dx 的早期興趣。在歐洲，我們完成了從 LaserCyte 到 ProCyte One 的血液學升級週期，同時實現了穩健的成長以及競爭和綠地催化劑的佈局。

We sustained high levels of customer retention in the high 90s across our diagnostic modalities, demonstrating the ongoing value and trust our customers place in IDEXX. This loyalty is foundational to our growth model as it enables predictable recurring revenue while providing a large customer base to introduce innovations like IDEXX Cancer Dx and IDEXX inVue Dx.

我們在所有診斷方式中都維持了 90% 以上的高客戶保留率，證明了客戶對 IDEXX 的持續重視和信任。這種忠誠度是我們成長模式的基礎，因為它可以實現可預測的經常性收入，同時提供龐大的客戶群來推出 IDEXX Cancer Dx 和 IDEXX inVue Dx 等創新。

Internationally, in addition to another strong quarter with double-digit instrument installed based growth, recent innovations like Catalyst Pancreatic Lipase has been especially well received, benefiting the strong IDEXX VetLab consumables performance. These regions are responding favorably to our tailored commercial strategies, which combine local support with global innovation.

在國際上，除了本季儀器安裝量實現兩位數成長之外，催化劑胰臟脂肪酶等最新創新也受到了特別熱烈的歡迎，這有利於 IDEXX VetLab 耗材的強勁表現。這些地區對我們量身定制的商業策略反應良好，這些策略將本地支援與全球創新相結合。

We completed onboarding and training for commercial expansion in South Korea, where customers are primed to adopt IDEXX's innovative point of care solutions, while benefiting from our in-country reference laboratory capabilities. This traditional investment in Korea represents another example of investing towards growth aligned with regional readiness and commercial momentum.

我們完成了在韓國商業擴張的入職和培訓，客戶已準備好採用 IDEXX 的創新即時診斷解決方案，同時受益於我們國內的參考實驗室能力。這項對韓國的傳統投資是另一個符合區域準備和商業動能的成長投資範例。

As practices continue to seek productivity improvements, our diagnostic solutions positioned not just as medical tools but also as operational enablers. By providing fast, accurate results, our platforms help practice to see more patients, reduce callbacks, and make better use of limited clinical time. Our field teams partner with customers to optimize workflows, bring up technicians and doctors to focus on care rather than coordination.

隨著實踐不斷尋求提高生產力，我們的診斷解決方案不僅定位為醫療工具，而且還定位為營運推動者。透過提供快速、準確的結果，我們的平台幫助診所接待更多患者、減少回診並更好地利用有限的臨床時間。我們的現場團隊與客戶合作，優化工作流程，讓技術人員和醫生專注於護理而不是協調。

Altogether, the commercial performance in Q1 lays a solid foundation for the year ahead. While macroeconomic conditions remain dynamic, we're seeing strong demand signals and continued willingness by clinics to invest in diagnostics as a core part of animal health. Our commercial model, grounded in partnership, flexibility, and execution excellence, remains a key differentiator and a critical enabler of our innovation-led growth strategy.

整體來看，第一季的商業表現為來年奠定了堅實的基礎。儘管宏觀經濟條件依然充滿活力，但我們看到強勁的需求訊號，並且診所仍然願意投資診斷作為動物健康的核心部分。我們的商業模式以合作夥伴關係、靈活性和卓越的執行力為基礎，這仍然是我們創新主導型成長策略的關鍵差異化因素和關鍵推動因素。

This was a landmark quarter for IDEXX's diagnostic innovation strategy as we brought some of our most ambitious, clinically impactful technologies to market. IDEXX Cancer Dx marks a major evolution in our approach to diagnostics, making complex molecular level testing accessible to general practitioners through a simple, cost-effective blood test.

這是 IDEXX 診斷創新策略具有里程碑意義的季度，因為我們將一些最雄心勃勃、具有臨床影響力的技術推向了市場。IDEXX Cancer Dx 標誌著我們診斷方法的重大進步，使全科醫生能夠透過簡單、經濟高效的血液檢查進行複雜的分子水平測試。

Veterinarians now have a tool that allows them to incorporate cancer detection into a wellness visit, seamlessly, alongside other blood chemistry and hematology workups. With turnaround times of just two to three days in the US at a price point as low as $15, this solution provides an affordable solution that delivers powerful clinical insight. Since launch, we now have over 1,000 practices that have already ordered the test, representing broad awareness and strong initial interest.

獸醫現在擁有一種工具，可以讓他們把癌症檢測與其他血液化學和血液學檢查無縫地結合到健康檢查中。在美國，該解決方案的周轉時間僅為兩到三天，價格低至 15 美元，提供了一種經濟實惠且能夠提供強大臨床洞察力的解決方案。自推出以來，我們已有超過 1,000 家診所訂購了該測試，這代表了廣泛的認知和強烈的初步興趣。

Cancer is personal to many pet owners. The earlier we can detect cancer and determine the type of cancer, the better the chance for targeted treatments and improved outcomes, such as additional quality of months or years of life.

對許多寵物主人來說，癌症是件很私人的事。我們越早發現癌症並確定癌症類型，就越有機會進行針對性的治療並改善治療效果，例如延長數月或數年的生活品質。

This is only the beginning. Within three years, we intend to broaden the scope of our oncology menu to address the majority of canine cancer cases. With an established diagnostic footprint and strong relationships with general and specialty practitioners, IDEXX is uniquely positioned to lead in this high impact area of veterinary medicine.

這只是個開始。三年內，我們打算擴大腫瘤科治療範圍，以解決大多數犬癌症病例。憑藉成熟的診斷技術以及與全科醫生和專科醫生的緊密關係，IDEXX 在這一影響深遠的獸醫學領域佔據著獨特的領先地位。

Similarly, IDEXX inVue Dx is poised to transform point-of-care diagnostics across several high-volume testing categories. As noted, we moved from a controlled rollout in Q1 to broad availability entering Q2.

同樣，IDEXX inVue Dx 準備改變多個大容量測試類別的即時診斷。如上所述，我們從第一季的控制推出轉向第二季的廣泛推出。

With gating controls removed, we've seen an acceleration of placements, with over 900 placements through the end of April, which supports the increase in consumable usage expected to grow throughout the year. This momentum highlights the high level of customer interest in this breakthrough AI-empowered, slide-free cytology system.

隨著門控的取消，我們看到了投放量的加速，截至 4 月底，投放量已超過 900 個，這支持了預計全年消耗品使用量的增長。這一勢頭凸顯了客戶對這款突破性的人工智慧無玻片細胞學系統的高度興趣。

By combining advanced optics with an AI model trained on millions of cellular images, IDEXX inVue Dx analyzes ear cytology and blood morphology in minutes, while the patient is still in practice. Seamless integration with IDEXX VetLab Station and VetConnect PLUS allows teams to store, view, and share results with these.

IDEXX inVue Dx 透過將先進的光學技術與經過數百萬張細胞影像訓練的 AI 模型相結合，可以在患者仍在實踐中時在幾分鐘內分析耳細胞學和血液形態。與 IDEXX VetLab Station 和 VetConnect PLUS 的無縫整合使團隊能夠儲存、查看和共享結果。

Customer feedback has been especially enthusiastic around ease of use, confidence, and results, and the way it enhances technician workflows by simplifying and automating what was once a time-consuming manual task. We're seeing exciting utilization trends across early adopters, with utilization for both ear cytology and blood morphology well aligned with our expectations. We look forward to sharing additional insights on utilization trends in the future.

客戶回饋尤其關注易用性、信心和結果，以及它透過簡化和自動化曾經耗時的手動任務來增強技術人員工作流程的方式。我們看到早期採用者的使用趨勢令人興奮，耳細胞學和血液形態學的使用情況與我們的預期完全一致。我們期待在未來分享更多有關利用趨勢的見解。

Looking ahead, we are in an excellent position for manufacturing, inventory, and commercial capacity to deliver our 4,500 plus placement goal in 2025. And our R&D and operations teams continue to make great progress as we plan to introduce Fine Needle Aspirate capabilities for Lumps and Bumps on IDEXX inVue later in 2025. This high-interest menu expansion is part of our technology for life approach will unlock substantial value in oncology diagnostics, as FNA is a key method for evaluating the ubiquitous lumps and bumps common to many dogs.

展望未來，我們在製造、庫存和商業產能方面處於有利地位，預計 2025 年將實現 4,500 多個安置目標。我們的研發和營運團隊繼續取得巨大進步，我們計劃在 2025 年下半年在 IDEXX inVue 上引入針對腫塊和腫塊的細針抽吸功能。這種高興趣菜單擴展是我們生命技術方法的一部分，它將釋放腫瘤診斷的巨大價值，因為 FNA 是評估許多狗身上常見的腫塊和腫塊的關鍵方法。

Our software ecosystem continues to be an important growth driver and a source of strategic advantage. With deep integrations across diagnostics, imaging, communication, and practice operations; IDEXX software helps clinics unlock the full potential of their diagnostics, improve client engagement, and enhance operational efficiency. This quarter, we saw strong performance across our Practice Information Management Systems, as well as pet owner engagement tools like Vello.

我們的軟體生態系統持續成為重要的成長動力和策略優勢的來源。透過診斷、影像、通訊和實踐操作的深入整合； IDEXX 軟體可幫助診所充分發揮其診斷的潛力、提高客戶參與度並增強營運效率。本季度，我們的實踐資訊管理系統以及 Vello 等寵物主人參與工具表現強勁。

Our ezyVet and Neoplatforms continue to grow as we deliver double-digit placement growth in our leading cloud-native PIMS during the quarter, with accelerated momentum, particularly in multi-location practices and a Corporate Account customer. Customers are choosing our cloud-native platform for their modern user interfaces, seamless integration with diagnostics, and the ability to scale across locations with centralized data and workloads.

我們的 ezyVet 和 Neoplatforms 繼續成長，因為我們在本季度實現了領先的雲端原生 PIMS 的兩位數安置成長，並且發展勢頭強勁，特別是在多地點實踐和企業帳戶客戶方面。客戶選擇我們的雲端原生平台是因為其具有現代用戶介面、與診斷的無縫整合以及透過集中資料和工作負載跨地點擴展的能力。

Vello, our cloud-native client engagement platform continued its strong growth trajectory in Q1, increasing users over 20% from Q4. Vello users have experienced enhanced communications with pet owners, increased visit frequency, and improved compliance with diagnostics and treatment plans compared both to customers who are using other client engagement platforms or relying on a simple capability resident in their PIMS.

Vello 是我們的雲端原生客戶參與平台，在第一季延續了強勁的成長勢頭，用戶數量較第四季度增加了 20% 以上。與使用其他客戶參與平台或依賴 PIMS 中簡單功能的客戶相比，Vello 使用者與寵物主人的溝通得到增強，訪問頻率增加，並且診斷和治療計劃的依從性得到提高。

As we manage through ongoing uncertainty in the global trade environment, our top priority is to support our customers with uninterrupted access to the high quality products and services they rely on IDEXX for. IDEXX is relatively well positioned, with 65% of consolidated revenues and a majority of our CAG industrial base located in the US, while less than 1% of company revenues come from China.

在我們應對全球貿易環境持續不確定因素的過程中，我們的首要任務是支援客戶不間斷地獲得他們依賴 IDEXX 提供的高品質產品和服務。IDEXX 的定位相對較好，其 65% 的合併收入和大部分 CAG 工業基地位於美國，而公司不到 1% 的收入來自中國。

While situated well, we are not immune to impacts from a highly dynamic tariff environment. As Andrew noted, we captured high-level tariff estimates for internationally sourced materials in our initial outlook and have now incorporated estimates for China retaliatory tariff impacts.

儘管我們處境良好，但我們仍無法免受高度動態的關稅環境的影響。正如安德魯所指出的，我們在初步展望中獲取了國際採購材料的高級關稅估算，現在已納入了中國報復性關稅影響的估算。

Our supply chain and operations teams are intensely focused on navigating the shifting tariff landscape and broader economic challenges. We have taken and are taking additional proactive steps to ensure staging where appropriate and implementing plans to support high product availability, while also seeking to mitigate financial impacts as we look to deliver our profit goals.

我們的供應鏈和營運團隊高度重視應對不斷變化的關稅格局和更廣泛的經濟挑戰。我們已經採取並正在採取額外的積極措施，以確保在適當的情況下分階段實施計劃以支持高產品可用性，同時也尋求在實現利潤目標的過程中減輕財務影響。

As noted, we're operating in a challenging environment, where both the broader macro and global trade environment, as well as continuing sector factors have moderated our growth. The veterinary capacity constraints have largely stabilized. Economic uncertainty continues to be a factor in pressing clinical visits.

如上所述，我們正處於一個充滿挑戰的環境中，更廣泛的宏觀和全球貿易環境以及持續的行業因素都抑制了我們的成長。獸醫能力限制已基本穩定。經濟不確定性仍是造成臨床就診困難的因素。

We are pleased to share as a point supporting the resiliency of the pet healthcare market that the estimated pet population sustained in 2024 at similar levels to the prior year. Notably, this represents approximately 3% CAGR versus 2019 baseline, well ahead of the historical approximately 1% annual growth rate.

我們很高興地分享一個觀點，即預計 2024 年寵物數量將與前一年保持相似的水平，這證明了寵物保健市場的彈性。值得注意的是，與 2019 年基線相比，這代表著約 3% 的複合年增長率，遠高於歷史上約 1% 的年增長率。

This higher baseline of the absolute number of pets supports strong tailwinds to our business that gives us confidence and the opportunity to deliver solid organic revenue growth. Pet ownership remains high. Pets are living longer, and the expanded pet population is aging, which are all positive factors for diagnostic fields.

寵物絕對數量的較高基數為我們的業務提供了強勁的順風，這給了我們信心和實現穩健有機收入成長的機會。寵物擁有率仍然很高。寵物壽命越來越長，不斷擴大的寵物群體正在老化，這些對診斷領域來說都是利多因素。

Diagnostics sit at the center of the system of care, and pet owner expectations for quality care continue to rise. IDEXX is uniquely positioned to lead, and our focus is on exceptional execution to deliver solid growth and profit gains.

診斷是照護系統的核心，寵物主人對優質照護的期望不斷提高。IDEXX 擁有獨特的領先優勢，我們專注於卓越的執行，以實現穩健的成長和利潤成長。

I'll now conclude our prepared remarks by thanking the 11,000 IDEXX employees for your ongoing commitment and incredible passion for our purpose-driven work. Now, let's please open the line for Q&A.

現在，我要結束我們的準備好的發言，感謝 11,000 名 IDEXX 員工對我們目標驅動型工作的持續承諾和極大熱情。現在，請開始問答環節。

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員指示）美國銀行 Michael Ryskin。

I'll start with the high level question on visits and the macro, I mean total visits from your snapshot, down 2.6% in the quarter, better than some third party data actually indicated. But you saw pretty meaningful swings between wellness and non-wellness.

我先從訪問量和宏觀層面的高層問題開始，我的意思是，從快照來看，本季總訪問量下降了 2.6%，比一些第三方數據實際顯示的要好。但你會看到健康與非健康之間有相當明顯的波動。

Looks like non-wellness deteriorated. Wellness snapped back after being down a little bit in 4Q. I was wondering if you could just talk about what you're seeing there, from a market perspective, the changes over the last couple of months, and just an updated view for the rest of the year.

看起來健康狀況惡化了。健康狀況在第四季度略有下降之後迅速恢復。我想知道您是否可以從市場角度談談您所看到的情況、過去幾個月的變化以及對今年剩餘時間的最新看法。

Largely we've seen a consistent trend from both wellness non-wellness. We do see some variation quarter-to-quarter, obviously. From a wellness standpoint, we're at the front end of the vector borne disease screening part of the year.

整體而言，我們看到健康和非健康領域都呈現一致的趨勢。顯然，我們確實看到了季度與季度之間的一些變化。從健康角度來看，我們正處於一年中媒介傳播疾病篩檢階段的前端。

So there's obviously some activity related to that, and you'd expect to see some snapback. We still think that the overall bucket overhang from a macro standpoint is providing some moderation, some headwinds that the wellness isn't.

因此顯然存在一些與此相關的活動，並且您期望看到一些反彈。我們仍然認為，從宏觀角度來看，整體的財政負擔正在帶來一些緩和因素，而健康狀況則沒有。

But in general, I think there's some level of optimism that clinical visit moderation that we've seen has stabilized. And more practices both independent and corporates are really focused on trying to re-engage customers, getting them back into the practice, and the wellness visit piece is a key strategy for them.

但總的來說，我認為我們看到的臨床就診適度化已經趨於穩定，這在某種程度上是樂觀的。越來越多的獨立機構和企業都真正致力於重新吸引客戶，讓他們回到診所，而健康訪問是他們的關鍵策略。

Yeah, Mike, I would just add, just in terms of the quality of the visits, right? Something we pay close attention to. We saw an increase in both frequency and utilization for those that are coming into the clinic. So while we continue to see a headwind on the actual pets coming in the door, I think the quality remains strong in the use of diagnostics, and that's a key part of our strategy going forward.

是的，麥克，我只想補充一下，就訪問的品質而言，對嗎？我們密切關注的事情。我們發現，來診所就診的人數和使用率都有增加。因此，儘管我們繼續看到實際寵物進入市場面臨阻力，但我認為診斷使用的品質仍然很高，這是我們未來策略的關鍵部分。

The other thing I would just add quickly is part of our strategy with I think IDEXX Cancer Dx and in the initial launch of lymphoma is to include that as part of the screening offering. We know that there's been a lot of receptivity on the part of customers to think about cancer screening and to include that as part of their wellness offering. And within a month, we've seen over 1,000 unique practices order the test. That's something we think, over time, can provide a tailwind.

我想補充的另一件事是，我認為 IDEXX Cancer Dx 的策略的一部分以及淋巴瘤的初始推出是將其作為篩檢服務的一部分。我們知道，顧客們非常願意考慮癌症篩檢，並將其作為健康服務的一部分。一個月內，我們看到超過 1,000 家獨特的診所訂購了此項測試。我們認為，隨著時間的推移，這可以帶來推動作用。

Okay. That's helpful. And then, my follow up is just going to be on the interview. You did 302 in the quarter, but then you talked about I think 900 cumulative through the end of April. So really picked up the pace in April as you removed the gating.

好的。這很有幫助。然後，我的後續內容就是採訪。本季您完成了 302 項，但隨後您談到，我認為截至 4 月底累計完成了 900 項。因此，隨著四月門控的取消，步伐確實加快了。

Just what's been the feedback as you've opened it up to a more broader release and you're still sticking with the 4,500 for the year, but just how should we think about pacing for that through the rest of the year? Thanks.

當您將其開放給更廣泛的發行範圍並且仍然堅持全年 4,500 部影片的目標時，反饋如何？但是我們該如何考慮在今年剩餘時間內保持這一節奏？謝謝。

Yeah, what I've got it to is 4,500 plus, but 4,500 is what is in the guidance. They were very enthusiastic about inVue because customers are enthusiastic about it.

是的，我得到的數字是 4,500 多，但 4,500 是指導數字。他們對 inVue 非常熱情，因為客戶對它也很熱情。

Couple pieces of feedback that I think are important. One is, these are very well understood clinical use cases in terms of your cytology, blood, morphology. So you don't have the -- if you're bringing something that's new to the world or new to how they practice, this obviously, marker market or sector development activity connected with that. That's not the case here.

我認為有幾個回饋很重要。一是，就細胞學、血液學和形態學而言，這些都是非常容易理解的臨床用例。因此，如果你為世界帶來了新的東西，或為他們的實踐帶來了新的東西，那麼你顯然就不會有與之相關的市場或產業發展活動。但這裡的情況並非如此。

Practices across the board do these type of tests every day. So being able to eliminate work, you don't have to do a slide that's a 15- to 20-minute exercise that captures the actual charge invoices the customer to being able to provide consistent and accurate results. These are all things that customers respond to.

各部門每天都會進行此類測試。因此，能夠減少工作量，您不必花 15 到 20 分鐘製作一張投影片來記錄客戶的實際費用發票，以便能夠提供一致且準確的結果。這些都是顧客所回應的事情。

And the initial feedback we've seen from a utilization standpoint, very much in line with where we thought it was going to be. It's early days. To the earlier point of your question, we have moved from more of a gated approach to full volume and ramped up pretty significantly in April.

從利用率的角度來看，我們看到的初步回饋與我們的預期非常一致。現在還為時過早。對於您剛才提到的問題，我們已經從較封閉的方式轉向全面的方式，並且在四月份大幅提升了產量。

We'll continue to work through backlog at a fairly rapid pace. We have the capacity both in the field and product ready. And we know that that's important to get it out into our customers' hands and get the recurring revenue flywheel going.

我們將繼續以相當快的速度處理積壓的工作。我們擁有現場和產品準備的能力。我們知道，將其交到客戶手中並啟動經常性收入飛輪非常重要。

Thanks. I'll leave it there, guys. Thank you.

謝謝。我就把它留在那裡了，夥計們。謝謝。

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特。

This is actually [Katerina] on for Chris from JPMorgan. Thank you so much for taking your questions. So first, just on the theme of the macro, can you just maybe talk about the overall health of the pet owner demand in the US at this point and maybe if you're starting to see any changes that you think about the broader economic environment as we potentially head into a recession?

這實際上是由摩根大通的克里斯 (Chris) 的 [Katerina] 介紹的。非常感謝您回答問題。那麼首先，就宏觀主題而言，您能否談談目前美國寵物主人需求的整體健康狀況，以及在我們可能陷入衰退之際，您是否開始看到對更廣泛的經濟環境的任何變化的看法？

And then the second question is just around tariffs. Can you elaborate a bit on your exposure and how you're thinking about potential impact and if there's any ability to mitigate some of that over time and how you're thinking about potential future retaliatory tariffs after that 90-day pause and what you're most focused on there? Thank you so much.

第二個問題是關於關稅的。您能否詳細說明您的風險敞口以及您如何看待潛在的影響，是否有能力隨著時間的推移減輕其中的一些影響，以及您如何看待 90 天暫停期後可能出現的未來報復性關稅，以及您最關注的是什麼？太感謝了。

So when we think about the macro and the consumer, just as we were highlighting it, we certainly are seeing some pressure in terms of the clinical visits, and that's more recently played out. On the wellness side, I think, as we look at the consumer, they, on the margin, are making trade-offs in areas of elective type of procedures or visits for wellness and we see that, and pressure on our clinical visit metrics here, overall.

因此，當我們考慮宏觀和消費者時，正如我們所強調的那樣，我們確實看到了臨床就診方面的一些壓力，而這種壓力最近已經顯現出來。在健康方面，我認為，當我們看消費者時，他們在邊際上正在選擇性程序或健康訪問方面做出權衡，我們看到了這一點，並且總體而言，我們的臨床訪問指標面臨壓力。

So that's been an ongoing constraint. I think we have that well factored in our outlook. We're not expecting any meaningful change associated with that. Our guidance is arranged, I think we capture positive improvement or a little bit more of a decline associated with trends within that metric.

所以這一直是持續的限制因素。我認為我們已經將這一點充分考慮在內了。我們並不期待與此相關的任何有意義的改變。我們的指導已經安排好了，我認為我們捕捉到了與該指標內的趨勢相關的積極的改善或略微的下降。

But again, I come back to the quality of the visits that we continue to see partnering with our customers at the veterinary clinic level. The diagnostic frequency and the utilization continue to be a really important drivers for the business.

但我再次回顧我們在獸醫診所層級與客戶合作的訪問品質。診斷頻率和利用率仍然是業務真正重要的驅動力。

And that comes back to execution from the teams. Our ability to continue to drive, new innovations. And I think we're really excited by some of the more recent ones between inVue Dx and Cancer Dx, as Jay was highlighting, already seeing the early ramps within those.

而這又取決於團隊的執行力。我們有能力持續推動新的創新。我認為我們對 inVue Dx 和 Cancer Dx 之間的一些最新合作感到非常興奮，正如 Jay 所強調的那樣，我們已經看到了其中的早期增長。

So, I think it's something we're continuing to monitor, but I feel like we'd have that captured in our outlook ultimately. And it's not a major trend change in anything that we're seeing at this point in time.

所以，我認為這是我們將繼續監控的事情，但我覺得我們最終會在我們的展望中捕捉到這一點。從我們目前看到的情況來看，這並不是一個重大的趨勢變化。

And just thinking about the tariff component, I think one of the things we highlighted was about 65% of our overall revenues are really US-based. And our CAG industrial footprint is largely US-based as well.

僅考慮關稅部分，我認為我們強調的一點是，我們總收入的 65% 確實來自美國。我們的 CAG 工業足跡也主要位於美國。

So, we're relatively well positioned from that perspective. Jay also highlighted that China represents less than 1% of our overall revenues here. We're certainly focused at this point of just making sure that we can supply our customers and really have some operational plans put in place, leverage our balance sheet where possible to minimize the impacts of tariffs, including the post 90-day pause that that you highlighted there.

因此，從這個角度來看，我們處於相對有利的位置。傑伊也強調，中國市場占我們總收入的不到 1%。我們現在的重點當然是確保我們能夠為客戶提供服務，並真正制定一些營運計劃，盡可能利用我們的資產負債表來最大限度地減少關稅的影響，包括您在那裡強調的 90 天後的暫停。

So something we're working through. We're paying close attention to that but, again, feel like we're well positioned to manage that. Operationally, we're sticking with our guide that we had started with at the beginning of the year.

所以我們正在努力解決一些問題。我們正在密切關注這一點，但我們再次感到我們已做好準備來應對這一問題。從營運角度來看，我們堅持年初制定的指導方針。

Yeah, I would add just a couple of other points. If you think about our reference lab business, so over 80 reference labs on a global basis, yeah, those are essentially local-for-local type factories within the countries. And so the tariff impact is pretty small. Maybe related to some of the regions or what have you, but that's largely manageable and it gives us good local reach.

是的，我只想補充幾點。如果你考慮我們的參考實驗室業務，那麼全球有超過 80 個參考實驗室，是的，它們基本上是各國本地化的工廠。因此關稅的影響非常小。可能與某些地區或其他情況有關，但這基本上是可控的，並且它為我們提供了良好的本地覆蓋範圍。

To Andrew's point, what we learned during the pandemic is customers really value product and business continuity. They don't want to have to worry about tariffs and what it may mean from a product standpoint. And so we're very focused. Our supply chains are resilient, focused on really making sure that customers get what they want when they need it, yeah. We have a high degree of confidence that we're well positioned to be able to do that.

正如安德魯所說，我們在疫情期間學到的是，客戶真正重視產品和業務的連續性。他們不想擔心關稅以及它對產品可能產生的影響。因此我們非常專注。我們的供應鏈具有彈性，專注於確保客戶在需要時得到他們想要的東西，是的。我們非常有信心，我們有能力做到這一點。

Thank you.

謝謝。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Could you talk a little bit about Cancer Dx and the pull through that you're seeing, for instance, for those who have used it are familiar with it and like is it every wellness panel is becoming that premium wellness panel or what's the goal there in terms of that conversion rate? And any metrics you can give on that front? I know it's early, but I'd love to hear it. Thanks.

您能否談談 Cancer Dx 以及您所看到的成效，例如，對於那些使用過它的人來說，是否每個健康小組都成為了高級健康小組，或者就轉換率而言，目標是什麼？您能提供這方面的任何指標嗎？我知道現在還早，但我很想聽聽。謝謝。

Yeah, we're only a month in, so it is early. We have seen very, I think, we're very pleased with the awareness and initial uptake with over 1,000 unique customers ordering it. And there are many of those customers have ordered more than one, too.

是的，我們才剛開始一個月，所以還很早。我認為，我們對產品的知名度和初步接受度感到非常滿意，目前已有超過 1,000 名獨立客戶訂購了該產品。其中許多顧客也訂購了不只一個。

It's too early from a trend standpoint to understand the mix between aid and diagnosis versus part of the wellness panel. We think that there's a role to play in each of those, and we position both from a product offering and a pricing strategy standpoint, giving customers the option of doing both.

從趨勢的角度來看，現在要了解援助和診斷與健康小組部分之間的組合還為時過早。我們認為每種方式都有其作用，我們從產品供應和定價策略的角度進行定位，讓客戶可以同時選擇這兩種方式。

We've priced it in a way for inclusion in wellness so that it, from a performance and price standpoint, it can support practice strategies of including it more broadly as part of our wellness screen. I think a lot of veterinarians have resonated with that. They recognize that pet owners are looking for that.

我們將其定價為納入健康範圍，以便從性能和價格的角度來看，它可以支持將其更廣泛地納入健康篩檢一部分的實踐策略。我想很多獸醫都對此有共鳴。他們認識到寵物主人正在尋找這一點。

And there's a lot of breeds, designer breeds, so to speak, that are at higher risk as young adults for five years of age. So the initial feedback has been great. I think customers see this as something that they is long overdue and that they're very enthusiastic about it and looking to really include it as part of their care strategies.

有很多品種，例如設計品種，在五歲之前成年後面臨更高的風險。因此最初的反饋非常好。我認為客戶認為這是他們早就應該做的事情，他們對此非常熱心，並希望將其真正納入他們的護理策略的一部分。

Okay. Great. And then on guidance, I guess what gives you confidence right now in terms of and it sounds like you do feel like you have some conviction in terms of underlying utilization trends. But I guess, what gives you confidence and the pick-up and tag recurring for the balance of the year?

好的。偉大的。然後就指導而言，我想現在是什麼讓您有信心，聽起來您確實覺得您對潛在的利用趨勢有一定的信心。但我想，是什麼讓您有信心並在今年餘下的時間裡繼續重複這個過程？

Like what's at the high end versus the low end of guidance from a vet office visit standpoint? And, yeah, I know you spoke to the disconnect with some of the other industry metrics, but just trying to understand what some of the buffers are in your guidance at this point. Thanks.

從獸醫診所就診的角度來看，指導的高端和低端分別是什麼？是的，我知道您談到了與其他一些行業指標之間的脫節，但我只是想了解您目前的指導中的一些緩衝是什麼。謝謝。

So from a guidance standpoint, if I just come back to, the underlying business in the trends that we're currently seeing, we're really expecting that to stay similar throughout the year. At midpoint, we had highlighted for the full year that we expected clinical to decline at similar levels to 2024, which is approximately 2%.

因此，從指導的角度來看，如果我回顧一下我們目前看到的趨勢中的基礎業務，我們確實預計全年趨勢將保持相似。在年中，我們曾強調，預計全年臨床病例數將下降至與 2024 年類似的水平，約為 2%。

If you take a step back and think about the last four quarters, it's still within that range. It's just over 2% from a metric standpoint. So yeah, we're not expecting any major change within the clinical visit component of this.

如果你退一步思考過去四個季度，它仍然在這個範圍內。從指標角度來看，這一數字略高於 2%。是的，我們並不期望臨床訪問部分有任何重大變化。

Really what this comes down to is the our ability to continue to ramp innovations. Again, we're really excited by inVue Dx and Cancer Dx, but we also have other menu expansions like our Pancreatic Lipase Test, which continues to add positive momentum for our business.

這實際上取決於我們繼續推動創新的能力。再次，我們對 inVue Dx 和 Cancer Dx 感到非常興奮，但我們還有其他菜單擴展，例如胰腺脂肪酶測試，這繼續為我們的業務增添積極動力。

The other components that we'll continue to see play out here as we noted the lapping of some of those large customer agreements. Yeah, I think we have the ability to both gain a little bit of price associated with that, as when we think about, the ability to expand the relationships there and capture volumes over time.

正如我們注意到一些大型客戶協議的重疊一樣，我們將繼續看到其他組成部分在這裡發揮作用。是的，我認為我們有能力獲得與此相關的一點價格，就像我們考慮擴大那裡的關係並隨著時間的推移獲取數量的能力一樣。

So we have a lot of really good building blocks that we're putting in place. The guidance is arranged right so we have a range of outcomes here that we're expecting. It's a bit wider than we typically may be as well, so I think we're capturing that piece of it.

因此，我們已經建立了許多非常好的基礎模組。指導安排得當，因此我們得到了一系列我們期待的結果。它比我們通常的要寬一些，所以我認為我們正在捕捉它的那一部分。

And then in Q1 in particular, yeah, I think, we also just had a days headwind, so when you normalize for that, it's another component that you think about the overall outcome being pretty similar to the trends that we've seen in the second half and what we're expecting for the full year. So overall, I think we're well positioned and certainly a variety of variables that we're considering. And I think the range allows us to stay consistent at the moment.

然後特別是在第一季度，是的，我認為，我們也遇到了一些逆風，所以當你將其正常化時，你會認為整體結果與我們在下半年看到的趨勢以及我們對全年的預期非常相似。所以總的來說，我認為我們處於有利地位，而且我們正在考慮各種變數。我認為這個範圍可以讓我們目前保持一致。

(Operator Instructions) Jonathan Block, Stifel.

（操作員指示）Jonathan Block，Stifel。

Maybe just the first one inVue, a small series of questions all wrapped into one. Yeah, I think the inVue order number was 1,600 last quarter. You gave more details around shipments but is there an updated order number to share as of the end of the first quarter?

也許只是 inVue 中的第一個，一系列小問題都包含在一個問題中。是的，我認為上個季度 inVue 的訂單數量是 1,600。您提供了有關發貨的更多詳細信息，但截至第一季末是否有更新的訂單號可以分享？

And then regarding FNA timing, I think you said you know later in '25. But you you've been saying later in '25 so anything more granular that you can give?

然後關於 FNA 時間，我想您說過您知道在 25 年晚些時候。但您一直在說 25 年以後的事情，您能提供更詳細的資訊嗎？

And the final one is that additional metric in April of, I think, the implied 600 shipments for the month of April. Like what led to that accelerating rate? Was it a component issue that was rectified? Did you get the software in a better place to accelerate the shipments? Maybe you can comment there and then I'll ask my follow up.

最後一個是 4 月的附加指標，我認為，4 月的出貨量隱含為 600 批。那麼，是什麼導致了這種加速呢？這是一個已修正的組件問題嗎？您是否將軟體放在了更好的地方以加速發貨？也許您可以在那裡發表評論，然後我會詢問後續情況。

As I've described, in the past, when we launched a new instrument, typically we go through a controlled launch process and that's an opportunity to put add volume, a product in the hands of customers you always learn things that may involve, some tweaks to an algorithm or helping to refine the training and onboarding experience. And we went through that process we've done that with every instrument.

正如我所描述的，過去，當我們推出一種新儀器時，我們通常會經歷一個受控的發布過程，這是一個增加銷量的機會，將產品交到客戶手中，您總是會了解可能涉及的內容，對演算法進行一些調整或幫助改進培訓和入職體驗。我們經歷了這個過程，我們對每種樂器都這樣做過。

And it tends not to be a long process. It can be a couple months, three, four months, something like that. We got confident that we were delivering the right experience with inVue and we opened up the gates. And so you know April represented, confidence that we're down through the controlled launch period and could deliver the experience we want to with customers.

而且這通常不是漫長的過程。可能是幾個月、三個月、四個月，諸如此類。我們確信我們透過 inVue 提供了正確的體驗，並且我們打開了大門。因此，您知道，四月的成績表明，我們有信心度過可控的發布期，並且能夠為客戶提供我們想要的體驗。

Now that we're in volume launch, we're no longer disclosing backlogs or the product itself. And we'll just continue to report like we do for the other products is in terms of what we chip and put in the hands of customers.

現在我們已經開始大量發布，不再透露積壓訂單或產品本身。我們將繼續報告我們為其他產品植入的晶片以及交付給客戶的產品情況，就像我們報告其他產品的情況一樣。

In terms of the Cancer Dx, we have said, I think consistently that FNA is an important part of the menu that it's targeted later on in 2025. That's still our plan. We have teams working on it. We know it's an important part of the menu that customers want and an integrated part of the overall company's cancer strategy.

就癌症診斷而言，我們已經說過，我始終認為 FNA 是 2025 年後期目標選單的重要組成部分。這仍然是我們的計劃。我們有團隊致力於此。我們知道這是顧客想要的菜單的重要組成部分，也是整個公司癌症策略的一個組成部分。

Okay. So no order number going forward and at the last part of that question, which was like what resolved the bottleneck on the shipments and any commentary there if that was software components or did you get after that?

好的。因此，沒有訂單號碼繼續前進，在這個問題的最後一部分，就像是什麼解決了發貨瓶頸，以及是否有任何評論是軟體組件還是之後得到的？

Well, I mean, it's just part of, as I was describing, the control launch piece where you want to exercise the system. There's always things you learn. There's tweaks you make to the algorithm from, a manufacturing standpoint of the instrument and the consumable and the field organization capacity is in place. I can't point to a single thing and say, yeah, that was it. It's more just how we how we run product launches that deliver a very high customer experience.

嗯，我的意思是，正如我所描述的，它只是您想要鍛鍊系統的控制啟動部分的一部分。你總是會學到一些東西。您可以從儀器和消耗品的製造角度對演算法進行調整，並且現場組織能力也已到位。我無法指出某件事並說，是的，就是它。這更多的是我們如何推出能夠提供極高客戶體驗的產品。

Okay. That was helpful. Thank you. And then maybe I'll ask a similar small series of more annoying questions for Andrew. So Andrew, just, maybe you could just help us out on a couple of things.

好的。這很有幫助。謝謝。然後也許我會向安德魯問一系列類似的更煩人的問題。所以安德魯，也許你可以在一些事情上幫助我們。

The guidance that you gave or the metrics you gave for Q2 '25, is that call it day neutral? I might have missed that. And if so, when we think about it that acceleration in 2H, is that when you get that day or so back from 1Q. Can you help us out on why the visit data, the sample size is down to 7,500 from 8,500 last quarter? It moves around, but that was a pretty big move. Maybe you can give some clarity there.

您給的 25 年第二季的指引或指標是當日中立嗎？我可能錯過了。如果是這樣，當我們考慮下半年的加速時，就是從第一季回來的那一天左右。您能幫我們解釋為什麼存取資料樣本量從上個季度的 8,500 下降到了 7,500 嗎？它會四處移動，但那是一個相當大的移動。也許您可以對此做出一些澄清。

And the last one is I thought I heard you say FX was a headwind Q-on-Q. I might have missed that, but maybe if you can just clarify the FX and the impact of the reported revenue for 2Q. Thanks guys.

最後一個問題是，我以為我聽到您說 FX 是 Q-on-Q 的逆風。我可能忽略了這一點，但也許您可以澄清外匯以及第二季報告收入的影響。謝謝大家。

So just in terms of days for Q2 in particular, we didn't highlight anything, one way or the other. So the any impact that we have from a days perspective and in Q2 wasn't something we called out and wouldn't be a material driver.

因此，就第二季的具體天數而言，我們並沒有以任何方式強調任何事情。因此，從日常角度來看，我們在第二季所受到的任何影響都不是我們所呼籲的，也不會成為實質的驅動因素。

So to your point, yeah, I think we will benefit in the second half related to that. Compared if you're just looking at a half one to half two type of metric that is part of, I think, the acceleration that you could think about as part of that second half benefit.

所以就你的觀點而言，是的，我認為我們將在下半年受益。相比之下，如果您只看一半一半到一半兩種類型的指標，我認為，加速度是您可以考慮作為下半部分收益的一部分。

When we think about the FX component, again, we're planning for about a 1% headwind for foreign exchange year-over-year. That's for the full year outlook in Q2 at this point. It aligns with the rates that we published in our press release. Certainly, foreign exchange has been relatively volatile lately, so I think it's something we're again paying attention to, but we're being transparent about what we have been planned.

當我們考慮外匯因素時，我們再次預期外匯匯率將年減約 1%。這是目前對第二季全年的展望。這與我們在新聞稿中公佈的費率一致。當然，外匯最近相對不穩定，所以我認為這是我們再次關注的事情，但我們對我們的計劃是透明的。

Just to give you a sense for sensitivities, 1% change in foreign exchange rates would be about $11 million on the top line and $4 billion of operating profit. So, we'll continue to provide that level of transparency, but just to give you a flavor for how we're seeing the planning rates play out here.

只是為了讓您了解敏感度，外匯匯率 1% 的變化將導致營業收入損失約 1,100 萬美元，營業利潤損失約 40 億美元。因此，我們將繼續提供這種透明度，但只是為了讓您了解我們看到的規劃率在這裡是如何發揮作用的。

And then on the visit data, yeah, to your point, I think it changes from period to period. I think it's largely in line with what we saw in terms of our Q4 numbers as well. So it's in that 7, 8,000 range in the last several quarters here, and we'll pay attention to that.

然後關於訪問數據，是的，正如你所說，我認為它會隨著時期的變化而變化。我認為這與我們第四季的數據基本一致。因此，過去幾個季度，這一數字一直在 7,000 到 8,000 的範圍內，我們會關注這一點。

But nothing meaningful to call out there. Just tends to be how do we make sure we have a comparable basis and it's still a really material portion of the overall sector. So yeah, I think it's a meaningful number.

但沒有什麼有意義的事可說。問題只是我們如何確保我們有一個可比較的基礎，並且它仍然是整個行業中非常重要的一部分。是的，我認為這是一個有意義的數字。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

I'll ask two up front because they're kind of related here. One is you guys were talking a lot about macro, so just kind of curious how things have trended more so in April. I think a lot of us are trying to understand the consumer tea leaves are a little harder to read these days. So curious how wellness visits especially have been trending more so in April and how you guys are feeling there?

我會先問兩個問題，因為它們有點相關。一是你們談論了很多宏觀問題，所以我很好奇四月的情況趨勢如何。我想我們很多人都在試圖理解消費者的想法，但如今，這種想法有點難以捉摸。所以很好奇為什麼健康訪問在四月會變得更加流行，以及你們的感受如何？

And the interconnected question to that is despite the noise around macro, your utilization X price has actually been pretty strong in the past couple of quarters and has remained pretty resilient. So curious if you could talk a little bit about how that utilization is -- what's driving that utilization growth despite the macro, how durable you think that can be as we go through '25? Thank you.

與此相關的問題是，儘管宏觀經濟存在噪音，但利用率 X 價格在過去幾季實際上一直相當強勁，並且保持相當的彈性。我很好奇，您是否可以稍微談一下這種利用率是怎樣的——是什麼推動了這種利用率的增長，儘管存在宏觀因素，您認為在 25 年期間這種增長能持續多久？謝謝。

Maybe just to highlight it, we don't really typically talk about anything in period here. So while Jay highlighted the ramp that we had on inVue Dx, which I think is really exciting, points to how we're thinking about that ramp going forward. We're not necessarily going to get into visit metrics here for April.

也許只是為了強調這一點，我們通常不會在這裡談論任何時期的事情。因此，當傑伊強調我們在 inVue Dx 上的進展時，我認為這真的令人興奮，這表明了我們如何思考這一進展。我們不一定會在這裡討論四月份的訪問量指標。

The guide, again, if you just think about where we're positioning for Q2 at midpoint, CAG Diagnostic recurring revenue would be about 6.25%, and so that's largely in line on a day adjusted basis with what we saw in Q1. And we highlighted that.

再次強調，如果您只考慮我們在第二季中期的定位，CAG Diagnostic 經常性收入將達到約 6.25%，因此，按日調整後的數據與我們在第一季看到的情況基本一致。我們強調了這一點。

Again, for the Q2 at midpoint we would expect similar clinical visit levels as the full year outlook. which approximates around 2% declines for the full year. So, yeah, I think those are probably the most important metrics to be thinking about in terms of how we see this playing out over time.

同樣，對於第二季中期，我們預期臨床就診水準與全年前景相似。全年降幅約 2%。所以，是的，我認為這些可能是我們在考慮如何看待這一現象隨著時間的推移而發展時需要考慮的最重要的指標。

And to your point, I think on the utilization component here, that's really encouraging for us again. The frequency and the utilization are key aspects of our strategy overall. I think we do see a level of resiliency here.

對於您的觀點，我認為就這裡的利用率部分而言，這對我們來說確實再次令人鼓舞。頻率和利用率是我們整體策略的關鍵面向。我認為我們確實看到了一定程度的彈性。

That's what we've always said about the business is we're not immune to some of these macro impacts and, certainly, we've seen that play out on clinical visits. But we're seeing a resilient business that people are willing to continue to make trade-offs for their pet's health over time.

我們一直在說，對於業務而言，我們無法免受某些宏觀影響，而且，我們當然已經在臨床就診中看到了這些影響。但我們看到，寵物產業具有韌性，人們願意隨著時間的推移繼續為寵物的健康做出犧牲。

Dan Clark, Leerink Partners.

丹·克拉克（Dan Clark），Leerink Partners。

Just wanted to just stick with the theme of macro here. Is that a topic that comes up at all when you're discussing potential in the sales with your customers or like what are they focusing on in addition to being probably enthusiastic about the inVue Dx? Thank you.

只是想在這裡堅持宏觀的主題。當您與客戶討論銷售潛力時，是否會出現這個話題？或者，除了可能對 inVue Dx 充滿熱情之外，他們還關注什麼？謝謝。

The customers, what we see pretty much across the board have a pretty significant appetite for new technology provided it hits a sweet spot in terms of delivering the good clinical impact but also work flow optimization. So we see practices, whether it's an independent practice or the corporate groups, really willing to lean in to technology.

我們看到，幾乎所有客戶都對新技術有著濃厚的興趣，只要它能夠在提供良好的臨床效果和優化工作流程方面達到最佳平衡點。因此，我們看到，無論是獨立實踐還是企業集團，都真正願意依靠技術。

Investment, we've seen this on the software side, we're seeing it on the capital side. They are, I think, discerning consumers, so to speak. They want to know that it's not adding work or taking work away from their practices because though I think staffing has largely stabilized, what they don't want to do is put themselves in a position where they will need more staff.

投資，我們在軟體方面看到了這一點，我們在資本方面也看到了這一點。我認為，可以說他們是精明的消費者。他們想知道這不會增加工作量或減少工作量，因為雖然我認為人員配置已基本穩定，但他們不想讓自己處於需要更多員工的情況。

They also want to know that the technology can be applied to help them deliver more consistent and accurate care. So whether it's Cancer Dx or inVue or Pancreatic Lipase or the type of things that we're offering a lot of, I think, a lot of enthusiasm for those type of solutions, and we've seen that in the numbers.

他們也想知道這項技術是否可以應用於幫助他們提供更一致、更準確的護理。因此，無論是 Cancer Dx、inVue 還是 Pancreatic Lipase，或者我們提供的這類產品，我認為，人們對這類解決方案充滿熱情，而且我們已經從數據中看到了這一點。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

So I wanted to hit on the pet adoption trends. Are you seeing, at least the data I think, is suggesting there might be a little bit more cats than dogs in the pet adoption trend. Can you talk about how that changes the utilization dynamics and if there's any innovation or drive or like conversations with customers in terms of how to get these the utilization of cats up?

所以我想了解寵物收養的趨勢。您是否看到，至少我認為的數據表明，在寵物收養趨勢中，貓的數量可能比狗的數量多一點。您能否談談這如何改變利用率動態，以及在如何提高貓的利用率方面是否有任何創新或動力或與客戶的對話？

We were very, I think, pleased with the overall trend being flat. It did come off, as you recall, through the pandemic and after the pandemic, really from a very significant adoption high. And as I mentioned in my remarks, it's approximately 3% CAGR going back to 2019. Historically that's a [3X] figure.

我認為，我們對整體趨勢平穩感到非常高興。正如你所記得的那樣，在疫情期間和疫情過後，它的採用率確實達到了一個非常高的水平。正如我在評論中提到的那樣，自 2019 年起，其複合年增長率約為 3%。從歷史上看，這是一個 [3X] 的數字。

There's some mix in the caps, not surprisingly. I think there's increasingly interest in being able to provide excellent care that cats in addition to the dogs. So we expect over time, the higher standards of care being able to provide.

毫不奇怪，帽子裡有一些混合。我認為，除了狗之外，人們對為貓提供優質護理的興趣也越來越大。因此，我們期望隨著時間的推移，能夠提供更高標準的護理。

A lot of our solutions like SCMA, for example, are tailor made towards cats because there's a higher incidence of chronic kidney disease in cats. So we have a really nice portfolio or triple from Rapid Assay standpoint is the cold standard in being able to support cat health. And something that we continue to look at and really understand how better to support cat health.

例如，我們的許多解決方案（例如 SCMA）都是針對貓量身定制的，因為貓患慢性腎病的幾率較高。因此，從快速檢測的角度來看，我們有一個非常好的產品組合或三重產品，這是能夠支持貓健康的冷標準。我們將繼續研究並真正了解如何更好地支持貓的健康。

Thanks. And just another one on macro, but you guys specifically, I think you did mention the 10% growth in in EVI, so I'm guessing maybe this leans towards 360. But I was just thinking about the dynamics and the uncertain environment whether or not they are gravitate towards 360 or a capital purchase?

謝謝。關於宏觀的另一個問題，但具體來說，我認為你們確實提到了 EVI 的 10% 增長，所以我猜這可能傾向於 360。但我只是在思考動態和不確定的環境，他們是否傾向於 360 或資本收購？

Just the only I mean consideration of maybe 360 is in an uncertain environment, you also want to have the minimum commitment. So just, any color there on how to think about the purchase decisions that the customers are making. Thank you, and that's my last one.

我唯一考慮的可能是 360 處於一個不確定的環境中，你也希望做出最低限度的承諾。所以，關於如何考慮客戶所做的購買決定，存在任何疑問。謝謝，這是我的最後一次了。

Yeah, IDEXX 360 has always been our primary or the majority of placements occur through IDEXX 360 as a program. So there's a lot of the customer receptivity to it. What we said is we said the, yeah, the EVI placement was double digits on a global basis.

是的，IDEXX 360 一直是我們的主要項目，或者說大多數安置都是透過 IDEXX 360 項目進行的。因此，客戶對此的接受度很高。我們說的是，是的，EVI 在全球的排名是兩位數。

So obviously the quality of placements across our premium instrument portfolio was very high, which is what we shoot for and really driven by competitive and greenfield catalysts of both in the US and international. So we pay a lot of attention to the quality of placements. We continue to make great traction and we'll provide updates throughout the year and.

因此，顯然我們的優質工具組合的配置品質非常高，這正是我們的目標，並且真正受到美國和國際競爭和綠地催化劑的推動。因此，我們非常重視安置的品質。我們將繼續大力推動，並將全年提供更新。

Navann Ty, BNP Paribas.

法國巴黎銀行的 Navann Ty。

Do you remain confident on the 4.5% net price given that visit environment? And I have a question on inVue as well. Is your confidence still based on the existing menu or would you say the FNA expansion will materially help to reach the 4,500 target? Thank you.

鑑於這樣的訪問環境，您是否對 4.5% 的淨價仍然有信心？我對 inVue 也有一個疑問。您的信心是否仍然基於現有菜單，或者您是否認為 FNA 擴張將切實幫助您實現 4,500 家餐廳的目標？謝謝。

So as part of our 2025 outlook, we have set at midpoint that pricing is 4% to 4.5%. In Q1, we highlighted that we delivered 4% from a global net price realization perspective. So I think, we're so confident with our overall focus on pricing at this point. Maybe I'll hand the call to Jay to talk to your next question, however.

因此，作為我們 2025 年展望的一部分，我們將中間價設定為 4% 至 4.5%。在第一季度，我們強調，從全球淨價格實現角度來看，我們的成長率為 4%。所以我認為，我們對目前對定價的整體關注非常有信心。不過，也許我會把電話交給傑伊來回答你的下一個問題。

Yeah, the menu on inVue is ear cytology, blood morphology, and then we said later on in the year, FNA for lumps and bumps. And customers who purchased at this point have purchased based on the ear cytology and blood morphology, and they recognize that we have a technology for life orientation.

是的，inVue 上的菜單包括耳部細胞學檢查、血液形態學檢查，然後我們在今年晚些時候說，還有用於腫塊和腫塊的 FNA 檢查。而此時購買的顧客都是根據耳部細胞學和血液形態學進行購買的，他們認可我們擁有面向生命的技術。

I think there's a lot of confidence that we'll continue to expand the menu. But our guidance and our outlook is based on what we've delivered in the hands of customers today. And then obviously, as additional menu comes out, they'll be able to use that.

我認為我們有信心繼續擴大菜單。但我們的指導和展望是基於我們今天交付給客戶的產品的。顯然，隨著附加選單的推出，他們將能夠使用它。

And we provided, I think back at Investor Day, some guidance in terms of the overall value of that consumable stream between 3,500 and 5,500, which does annually, which includes FNA as part of that model.

我記得在投資者日，我們就消耗品流的整體價值提供了一些指導，該價值在每年 3,500 到 5,500 之間，其中包括 FNA 作為該模型的一部分。

Okay. So I'll now conclude our prepared remarks by thanking the 11,000 IDEXX employees for your ongoing commitment and incredible passion for our purpose-driven work. Once again, my pleasure to share how I executed against our organic growth strategy while delivering strong financial results in the first quarter. So with that we'll conclude the call thank you.

好的。因此，現在我要結束我們的準備好的發言，感謝 11,000 名 IDEXX 員工對我們目標驅動型工作的持續承諾和極大熱情。我很高興再次與大家分享我如何執行我們的有機成長策略並在第一季取得強勁的財務業績。那我們就結束本次通話，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。