愛德士 (IDXX) 2025 Q2 法說會逐字稿

Good morning and welcome to the IDEXX Laboratories second 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 年第二季財報電話會議。提醒一下，今天的會議正在錄音。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)、財務長安德魯·埃默森 (Andrew Emerson) 和投資者關係副總裁約翰·拉維斯 (John Ravis)。

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

IDEXX 希望在今天的討論開始之前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，以及我們定期向美國證券交易委員會提交的文件，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 second 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.

在回顧我們 2025 年第二季度的業績和更新的 2025 年指引時，請注意，所有提及的增長、有機增長和可比增長均指與去年同期相比的增長，除非另有說明。

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

（操作員指示）今天的準備好的評論將在收益電話會議結束後發佈在我們網站的投資者關係部分。

I would now like to turn the call over to Andrew Emerson.

現在我想把電話轉給安德魯·埃默森。

Good morning. I'm pleased to take you through our second quarter results and provide an update on our full year 2025 financial outlook.

早安.我很高興向您介紹我們的第二季業績，並提供我們 2025 年全年財務展望的最新資訊。

In terms of highlights, IDEXX delivered another quarter of strong financial results supported by continued strong global execution in our companion animal business with momentum building in the adoption of IDEXX innovations.

就亮點而言，愛德士 (IDEXX) 再創佳績，取得了強勁的財務業績，這得益於我們在伴侶動物業務方面持續強勁的全球執行力以及愛德士 (IDEXX) 創新應用勢頭的增強。

Revenue increased 11% as reported and 9% organically, supported by nearly 7.5% organic growth in CAG diagnostic recurring revenues, reflecting continued gains in the US, and double-digit expansion in the international regions.

報告收入增長 11%，有機增長 9%，這得益於 CAG 診斷經常性收入近 7.5% 的有機增長，反映了美國的持續增長以及國際地區的兩位數擴張。

Overall, organic revenue benefited by approximately 200 basis points from CAG instrument revenues, delivering a record quarter of premium instrument placements, including nearly 2,400 IDEXX inVue DX instruments. Partially offsetting these benefits, CAG Diagnostic recurring revenue growth in Q2 was constrained by impacts from macro in sector headwinds, leading to a 2.5% decline in US same-store clinical visit growth levels in the quarter.

總體而言，有機收入受益於 CAG 儀器收入約 200 個基點，實現了創紀錄的優質儀器配置季度，其中包括近 2,400 台 IDEXX inVue DX 儀器。部分抵銷了這些好處，CAG Diagnostic 第二季度經常性收入的成長受到宏觀產業逆風的影響，導致該季度美國同店臨床就診量成長水準下降 2.5%。

IDEXX's operating performance continued to be strong in Q2, reflected in operating profit growth of 14% on a comparable basis net of approximately 27% benefit from lapping a discrete litigation expense in Q2 2024. Operating profit benefited from solid revenue growth and operating margin gains, which were led by gross margin expansion.

IDEXX 的經營業績在第二季持續保持強勁，體現在可比較基礎上營業利潤成長 14%，扣除 2024 年第二季單獨訴訟費用帶來的約 27% 的收益。營業利潤受益於穩健的收入成長和營業利潤率的提高，而毛利率的擴大又帶動了營業利潤的提高。

High operating profit gains enabled earnings per share of $3.63 in the quarter, resulting in EPS growth of 17% on a comparable basis net of $0.56 EPS growth benefit related to the comparison of the prior year period discrete litigation expense and a $0.10 benefit from share-based compensation.

高營業利潤成長使本季每股收益達到 3.63 美元，每股收益在可比基礎上增長 17%，扣除與去年同期單獨訴訟費用相比每股收益增長 0.56 美元的收益以及 0.10 美元的股權激勵收益。

IDEXX execution remains strong as we advance our innovation agenda in the CAG businesses while continuing to work through pressure on clinical visit levels. We're increasing our full year revenue outlook by $90 million at midpoint with an updated range of $4.205 billion to $4.280 billion. This reflects an outlook for overall reported revenue growth of 7.7% to 9.7%, including strong Q2 performance and increased inVue DX instrument revenue, along with favorable impacts from foreign exchange updates.

隨著我們推進 CAG 業務的創新議程，同時繼續努力應對臨床就診程度的壓力，IDEXX 的執行力仍然強勁。我們將全年營收預期中位數上調了 9,000 萬美元，更新後的範圍為 42.05 億美元至 42.80 億美元。這反映了報告的整體營收成長前景為 7.7% 至 9.7%，包括強勁的第二季業績和 inVue DX 儀器收入的成長，以及外匯更新帶來的有利影響。

Our updated full year overall organic revenue growth outlook is for 7% to 9% with organic CAG Diagnostic recurring revenue growth of 5.8% to 8%. These organic growth ranges represent 0.5% increase at midpoint to our previous outlook supported by strong global execution in our CAG business.

我們更新後的全年整體有機收入成長預期為 7% 至 9%，其中 CAG 診斷有機經常性收入成長為 5.8% 至 8%。這些有機成長範圍比我們先前預期的中位數高出 0.5%，這得益於我們 CAG 業務強勁的全球執行力。

We're increasing our EPS outlook to $12.40 to $12.76 per share, up $0.40 per share at midpoint, reflecting 9% to 13% full year comparable EPS growth.

我們將每股收益預期上調至每股 12.40 美元至 12.76 美元，中間值上漲 0.40 美元，反映全年每股收益可比成長 9% 至 13%。

We'll discuss our updated 2025 financial outlook later in my comments. Let's begin with a review of our second quarter results and recent sector trends.

我們將在稍後的評論中討論我們更新後的 2025 年財務展望。讓我們先回顧一下第二季的業績和最近的行業趨勢。

Second quarter organic revenue growth of 9% was driven by 10% CAG revenue gains, 8% growth in our Water business and 3% gains in LPD. Strong CAG results were supported by CAG Diagnostic recurring revenues, which increased nearly 7.5% organically, including global average net price improvement of approximately 4% and benefits from CAG Diagnostic instrument revenues increasing 62% organically aided by inVue Dx placements. CAG Diagnostic recurring revenue growth in Q2 was supported by 11% organic gains in international regions, another quarter of double-digit expansion.

第二季有機收入成長 9%，其中 CAG 營收成長 10%，水務業務成長 8%，LPD 營收成長 3%。強勁的 CAG 業績得益於 CAG 診斷經常性收入，該收入有機增長近 7.5%，其中包括全球平均淨價格提高約 4%，以及 CAG 診斷儀器收入在 inVue Dx 投放的幫助下有機增長 62% 帶來的收益。CAG Diagnostic 第二季經常性收入的成長得益於國際地區 11% 的有機成長，這又是一個兩位數擴張的季度。

Strong international performance continues to be driven by IDEXX execution reflected in solid volume gains, benefiting from new business and double-digit year-over-year expansion of our premium instrument installed base as well as benefits from net price realization.

強勁的國際業績繼續受到 IDEXX 業績的推動，這體現在穩健的銷量增長、新業務和高端儀器安裝基數同比增長兩位數以及淨價實現帶來的好處。

US organic CAG Diagnostic recurring revenues grew 6% in Q2, supported by solid volume gains and 3.5% benefit from net price realization. US clinical visits declined 2.5% in the quarter, reflecting an IDEXX US CAG Diagnostic recurring revenue growth premium to US clinical visits of approximately 800 basis points up modestly from the first quarter.

美國有機 CAG 診斷經常性收入在第二季度增長了 6%，這得益於穩健的銷量增長和 3.5% 的淨價實現收益。本季美國臨床就診量下降了 2.5%，反映出 IDEXX 美國 CAG 診斷經常性收入成長溢價較美國臨床就診量高出約 800 個基點，較第一季略有上漲。

Diagnostic frequency and utilization for clinical visit continued to expand solidly at the clinic level, highlighting the important and expanding role of diagnostics for those seeking veterinary services.

臨床就診的診斷頻率和利用率在診所層面持續穩定擴大，凸顯了診斷對於尋求獸醫服務的人們所發揮的重要且日益擴大的作用。

IDEXX innovation and commercial execution delivered organic revenue gains in our major testing modalities globally in the second quarter. IDEXX VetLab consumable revenues increased 14% on an organic basis in the second quarter, reflecting double-digit growth in both the US and internationally. Consumable revenue expansion is supported by testing utilization across regions, including benefits from recent product launches and high customer retention levels, while our commercial teams further build our global premium instrument installed base.

IDEXX 的創新和商業執行在第二季為我們全球的主要測試模式帶來了有機收入成長。IDEXX VetLab 耗材收入在第二季度有機成長了 14%，在美國和國際上均實現了兩位數的成長。消耗品收入的擴張得益於跨地區的測試利用率，包括最近產品發布和高客戶保留率帶來的好處，同時我們的商業團隊進一步建立了我們的全球優質儀器安裝基礎。

CAG instrument placements increased significantly in Q2 compared to prior year levels, reaching a quarterly record aided by broad availability of inVue Dx. Total premium placements reached 6,070 units, an increase of 23% year-over-year. The quality of CAG instrument placements remains excellent, reflected in 1,091 global new and competitive Catalyst placements, including 346 new and competitive placements in North America.

與去年同期相比，CAG 儀器安置量在第二季度大幅增加，在 inVue Dx 廣泛普及的幫助下創下了季度紀錄。總保費配置量達到 6,070 份，較去年同期成長 23%。CAG 工具配置的品質依然出色，全球共有 1,091 個新的且具有競爭力的 Catalyst 配置，其中包括北美 346 個新的且具有競爭力的配置。

IDEXX inVue Dx placements of 2,388 were driven by strong demand for our new highly differentiated platform. These new placements and high customer retention levels supported a 10% year-over-year growth in our premium instrument installed base, and we're looking forward to building on this momentum during the second half of the year.

IDEXX inVue Dx 的 2,388 個配額是由於對我們新的高度差異化平台的強勁需求所推動的。這些新的部署和較高的客戶保留率支持了我們的高端儀器安裝基數同比增長 10%，我們期待在今年下半年繼續保持這一勢頭。

IDEXX Global Reference Lab revenues increased 5% organically in Q2, an increase of approximately 2% from the first quarter on a days adjusted basis. Global reference lab gains continued to be driven by solid volume growth, including initial benefits from IDEXX Cancer DX.

IDEXX 全球參比實驗室收入在第二季度有機增長了 5%，以天數調整後計算，較第一季增長了約 2%。全球參考實驗室的收益持續受到穩健銷售成長的推動，包括 IDEXX Cancer DX 的初步收益。

Global Rapid assay revenues declined 3% organically in Q2, and 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 Q2 revenue growth.

全球快速檢測收入在第二季度有機下降了 3%，快速檢測結果受到客戶將胰臟脂肪酶檢測轉移到我們的 Catalyst 儀器平台的限制，我們估計這將對第二季度的收入成長造成 5% 的阻力。

Veterinary Software and Diagnostic Imaging organic revenues increased 9%, driven by recurring revenues, reflecting benefits from ongoing momentum in our cloud-based software installations.

獸醫軟體和診斷影像有機收入成長 9%，這主要得益於經常性收入，反映了我們基於雲端的軟體安裝持續成長的勢頭。

Water revenues increased 8% organically in Q2 with growth driven by double-digit revenue expansion in our international regions and solid mid-single-digit growth in the US. Livestock, Poultry, and Dairy revenues increased 3% organically in the quarter, led by commercial execution in North America and Asia Pacific.

第二季水務收入有機成長 8%，成長主要得益於我們國際地區營收的兩位數成長以及美國地區穩健的中個位數成長。本季牲畜、家禽和乳製品收入有機成長 3%，主要得益於北美和亞太地區的商業執行。

Turning to the P&L. We had another quarter of strong profit gains in Q2 reflected in 130 basis points of comparable operating margin expansion, net of approximately 600 basis points benefit from lapping a now concluded discrete litigation expense in Q2 2024.

轉向損益表。我們在第二季度再次實現了強勁的利潤增長，這體現在可比營業利潤率增長 130 個基點，扣除 2024 年第二季度現已結束的單獨訴訟費用所帶來的約 600 個基點的收益。

Gross profit increased 12% in the quarter as reported and 11% on a comparable basis. Gross margins were 62.6%, up approximately 110 basis points on a comparable basis. These gains reflected benefits from IDEXX VetLab consumable growth, lab productivity and operational improvements and pricing, which offset inflationary cost effects. Reported gross margin gains were moderated by a 20 basis point negative impact related to foreign exchange changes, net of our hedge positions.

本季毛利報告成長 12%，可比成長 11%。毛利率為62.6%，較去年同期上升約110個基點。這些收益反映了 IDEXX VetLab 耗材成長、實驗室生產力和營運改善及定價帶來的好處，從而抵消了通膨成本的影響。扣除我們的對沖頭寸後，報告的毛利率收益受到與外匯變化相關的 20 個基點的負面影響。

On a reported basis, operating expenses decreased 9% year-over-year, reflecting a 19% favorable growth rate impact from comparison to prior year levels, which included a $61.5 million expense in the now concluded litigation matter. Adjusting for this effect, operating expense growth was modestly below revenue growth at 9% as we continue to invest in innovation and commercial capabilities while supporting operating margin gains.

據報道，營運費用年減 9%，與去年同期相比成長率達到 19%，其中包括現已結束的訴訟事宜中的 6,150 萬美元費用。經過這項影響的調整，由於我們持續投資於創新和商業能力，同時支持營業利潤率的成長，營業費用成長略低於營收成長 9%。

Q2 EPS was $3.63 per share, including benefit of $8 million or $0.10 per share related to share-based compensation activity, and $0.07 from a discrete tax reserve release. Foreign exchange added $3 million to operating profit and $0.03 to EPS in Q2, net of hedge effects reflecting comparable EPS increase of 17%.

第二季每股收益為 3.63 美元，其中包括與股權激勵活動相關的 800 萬美元或每股 0.10 美元的收益，以及來自單獨稅收儲備釋放的 0.07 美元。外匯因素使第二季的營業利潤增加了 300 萬美元，每股收益增加了 0.03 美元，扣除對沖效應後，每股收益可比增長了 17%。

Free cash flow was $152 million in Q2 and $360 million in the first half of 2025. On a trailing 12-month basis, our net income to free cash flow conversion rate was 80%, including approximately 8% unfavorable impact from the approximately $80 million judgment payment related to the now concluded litigation noted on prior calls.

第二季自由現金流為 1.52 億美元，2025 年上半年自由現金流為 3.6 億美元。在過去 12 個月中，我們的淨收入與自由現金流的轉換率為 80%，其中包括先前電話會議中提到的與現已結束的訴訟相關的約 8000 萬美元判決付款的約 8% 的不利影響。

For full year, we're maintaining our outlook for free cash flow conversion of 80% to 85%, reflecting consistent outlook for full year capital spending of approximately $160 million.

對於全年，我們維持 80% 至 85% 的自由現金流轉換預期，反映出對全年資本支出約 1.6 億美元的一致預期。

Our balance sheet remains strong. We finished the period with leverage ratios of 0.8 times gross and 0.6 times net of cash.

我們的資產負債表依然強勁。本期間我們的槓桿率為總現金的 0.8 倍和淨現金的 0.6 倍。

During the quarter, we repaid approximately $103 million of long-term notes and continued to deploy capital towards share repurchases, allocating $329 million during the second quarter.

在本季度，我們償還了約 1.03 億美元的長期票據，並繼續部署資本用於股票回購，在第二季度分配了 3.29 億美元。

For the first half of the year, we've allocated $744 million of capital to share repurchases, supporting a 2.7% year-over-year reduction in diluted shares outstanding for this period aligned with our previously stated expectations.

今年上半年，我們已撥出 7.44 億美元資金用於股票回購，支持本期間稀釋流通股數年減 2.7%，符合我們先前所述的預期。

Turning to our full year 2025 outlook. As noted, we're increasing our projected range for overall revenue to $4.25 billion to $4.2 billion. At midpoint, this reflects approximately $20 million operational improvement, building on strong second quarter performance and increased InVue Dx revenue expectations along with approximately $70 million benefit from updated foreign exchange impacts at the rates outlined in our press release.

展望 2025 年全年展望。如上所述，我們將總收入預計範圍提高至 42.5 億美元至 42 億美元。從中位數來看，這反映了約 2000 萬美元的營運改善，這建立在第二季度強勁的業績和 InVue Dx 收入預期增加的基礎上，同時也反映了按照我們新聞稿中概述的匯率計算的最新外匯影響帶來的約 7000 萬美元的收益。

Our updated revenue growth outlook is 7.7% to 9.7% as reported, including approximately 0.7% for full year growth benefit from foreign exchange. As a sensitivity, a 1% strengthening of the US dollar would reduce revenue by approximately $8 million and EPS by $0.03 for the year.

我們最新的營收成長預期為 7.7% 至 9.7%，其中包括外匯帶來的全年成長收益約 0.7%。作為敏感因素，美元升值 1% 將導致全年收入減少約 800 萬美元，每股收益減少 0.03 美元。

Our updated overall organic revenue growth outlook of 7% to 9% reflects an estimated organic growth range of 5.8% to 8% for CAG diagnostic recurring revenues, including consistent 4% to 4.5% benefit of global net price realization and US clinical visit declines aligned with more recent trends at midpoint.

我們更新後的 7% 至 9% 的整體有機收入成長預期反映了 CAG 診斷經常性收入預計的 5.8% 至 8% 的有機增長範圍，包括全球淨價格實現的持續 4% 至 4.5% 收益和美國臨床就診量下降與近期中期趨勢一致。

We're increasing our expectations for inVue Dx to 5,500 placements during the year, with instrument revenue expected to be over $60 million, building off strong demand signals for the platform.

我們預計，今年 inVue Dx 的安裝數量將達到 5,500 個，儀器收入預計將超過 6,000 萬美元，這將為該平台帶來強勁的需求訊號。

In terms of key financial metrics, we're increasing our reported operating margin outlook for 2025 to 31.3% to 31.6%, reflecting increased expectations for 50 to 80 basis points for full year comparable operating margin improvement, net of 180 basis point operating margin benefit related to the discrete litigation expense impacts an updated foreign exchange effects. This outlook also incorporates commercial expansions in four countries during the second half of the year, including a modest expansion in the US to support our growing portfolio of diagnostic solutions.

就關鍵財務指標而言，我們將 2025 年報告的營業利潤率預期上調至 31.3% 至 31.6%，這反映了對全年可比營業利潤率提高 50 至 80 個基點的預期增加，扣除與單獨訴訟費用影響相關的 180 個基點的利潤率收益和最新的外匯影響收益。這項展望還包括今年下半年在四個國家的商業擴張，其中包括在美國進行適度擴張以支持我們不斷增長的診斷解決方案組合。

With respect to the dynamic trade environment, we remain well positioned to navigate the changing tariff landscape with our best estimates included in our outlook. Our primary objectives and ongoing efforts remain focused on continuous supply to customers and minimizing impacts through operational planning.

就動態的貿易環境而言，我們仍然能夠憑藉展望中的最佳估計，以很好地應對不斷變化的關稅格局。我們的主要目標和持續努力仍然集中在持續向客戶供貨並透過營運規劃最大限度地減少影響。

Our updated full year EPS outlook is $12.40 to $12.76 per share, an increase of $0.40 per share at midpoint. Our EPS outlook incorporates increased projections for operational performance of $0.11 and foreign exchange benefit of $0.22 at midpoint compared to our prior guide.

我們更新後的全年每股收益預期為每股 12.40 美元至 12.76 美元，中間值增加每股 0.40 美元。與我們先前的指引相比，我們的每股盈餘預期包括中期營運績效預測增加 0.11 美元和外匯收益增加 0.22 美元。

We've also updated our tax benefit related to share-based compensation activity, now $15 million for the full year, an increase of $0.09 per share compared to our prior estimate. This is partially offset by $0.02 per share unfavorable tax impacts compared to our prior projections including benefits from the discrete tax reserve release and updated outlook for our base rate.

我們也更新了與股權激勵活動相關的稅收優惠，目前全年為 1500 萬美元，比我們先前估計的每股增加 0.09 美元。與我們先前的預測相比，這部分被每股 0.02 美元的不利稅收影響所抵消，包括來自離散稅收儲備釋放的收益和我們基準稅率的最新展望。

For the third quarter, we're planning for reported revenue growth in line with the implied second half growth range, including approximately 1% growth benefit from foreign exchange. At midpoint, the organic revenue growth outlook includes US clinical visit growth in line with recent trends and expanding benefits from innovation including the Cortisol slide, which began shipping last week.

對於第三季度，我們計劃報告的收入成長與下半年隱含的成長範圍一致，其中包括約 1% 的外匯成長收益。中期來看，有機收入成長前景包括美國臨床就診次數的成長符合近期趨勢，以及包括上週開始出貨的皮質醇幻燈片在內的創新帶來的不斷擴大的收益。

We're planning for modest comparable operating margin expansion aligned with advancing additional commercial investments and timing of project spend.

我們計劃適度擴大可比營業利潤率，同時推進額外的商業投資和專案支出的時間表。

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

我們的財務審查到此結束。我將把電話轉給傑伊，聽取他的意見。

Thank you, Andrew, and good morning. IDEXX delivered a very strong quarter of performance as reflected in solid execution across all key drivers of our strategy. Our focus on supporting our customers and their mission resulted in a rapid uptake of new innovations and the broader adoption of software tools that support practice workflow and staff.

謝謝你，安德魯，早安。IDEXX 本季業績表現非常強勁，這體現在我們策略所有關鍵驅動因素的穩健執行上。我們專注於支援客戶及其使命，從而快速採用新創新並更廣泛地採用支援實踐工作流程和員工的軟體工具。

The demand for diagnostics reflects its foundational role in assessing the health of the patient. While macroeconomic pressures persist in many of our key regions, veterinary practices continued to prioritize investments in diagnostics and software that enhance efficiency to deliver clinical insight and support better outcomes.

對診斷的需求反映了其在評估患者健康狀況方面的基礎性作用。儘管我們許多重點地區仍然面臨宏觀經濟壓力，但獸醫診所仍優先投資於診斷和軟體，以提高效率，提供臨床見解並支持更好的結果。

At the same time, pet owners are demonstrating a strong desire for a high standard of care; particularly for an aging pet population. In Q2, diagnostics frequency, the percentage of clinical visits that included a diagnostic test sustained at 50 basis points year-on-year in growth, an important metric we track.

同時，寵物主人表現出對高標準護理的強烈渴望，特別是對於老化的寵物群體。在第二季度，診斷頻率（包括診斷測試的臨床就診百分比）較去年同期增加 50 個基點，這是我們追蹤的重要指標。

The continued growth in diagnostics use underscores pet owners focus on early detection and comprehensive treatment to support longevity welding. It also highlights the willingness to pay for advanced veterinary services where complex health issues may be of concern.

診斷用途的持續增長凸顯了寵物主人注重早期發現和綜合治療以支持長壽焊接。它還強調了人們願意為可能引起人們關注的複雜健康問題支付先進的獸醫服務。

IDEXX is extremely well positioned to support these broad care objectives with our expanding menu of innovative diagnostics, testing platforms and our cloud-native software solutions that provides advantages in detecting disease and supporting patient workflow, helping practices support more patient visits productively comes at a time when many still face staffing and client service challenges.

IDEXX 憑藉其不斷擴展的創新診斷、測試平台和雲端原生軟體解決方案，在支援這些廣泛的護理目標方面處於極其有利的地位，這些解決方案在檢測疾病和支援患者工作流程方面具有優勢，可幫助診所高效地支持更多患者就診，而目前許多診所仍面臨人員配備和客戶服務挑戰。

Our commercial teams again demonstrated outstanding execution delivering record premium instrument placements globally and driving solid growth in recurring revenues.

我們的商業團隊再次展現出卓越的執行力，在全球範圍內提供創紀錄的優質儀器配置，並推動經常性收入的穩定成長。

In Q2, we delivered double-digit growth in our premium instrument installed base compared to the prior year, led by the ramping of IDEXX inVue Dx placements and high sustained momentum in our chemistry and hematology solutions.

在第二季度，與上年相比，我們的高端儀器安裝基數實現了兩位數增長，這主要得益於 IDEXX inVue Dx 的安裝量增加以及化學和血液學解決方案的持續強勁增長勢頭。

North America delivered a historic record Q2 quarter placements and economic value, supported by the unrestrained launch of inVue Dx and well over 300 competitive and greenfield catalysts. We continue to see significant engagement across new greenfield and competitive accounts, reflecting practices desire to invest in best-in-breed innovative solutions that improve patient care and clinic productivity.

在 inVue Dx 的無限制推出以及 300 多個競爭性和綠地催化劑的支持下，北美第二季的配售量和經濟價值創下了歷史新高。我們繼續看到新綠地和競爭帳戶的大量參與，反映出實踐希望投資於改善患者護理和診所生產力的最佳創新解決方案。

Supporting this, there was a strong trend in new practice formation in Q2 with IDEXX selected in a high number of instances as the partner of choice in outfitting these practices with a full portfolio of IDEXX solutions.

為支持這一點，第二季新實踐的形成趨勢強勁，並且 IDEXX 在許多情況下被選為首選合作夥伴，為這些實踐配備全套 IDEXX 解決方案。

Internationally, our teams achieved double-digit growth in CAG Diagnostics recurring revenue, supported by the tenth consecutive quarter of double-digit installed base growth. This success is a result of peripheral strategies tailored for local country circumstances with excellent product market fit and network of reference labs supporting high service levels and an expanding commercial footprint.

在國際上，我們的團隊在 CAG Diagnostics 經常性收入方面實現了兩位數成長，這得益於連續第十個季度實現兩位數的安裝基數成長。這項成功得益於針對當地國家情況而製定的外圍策略，其出色的產品市場契合度以及支持高服務水準和不斷擴大的商業足跡的參考實驗室網路。

As Andrew mentioned in his full year guidance, we are making commercial investments to expand three more international country organizations as well as modestly enhancing the US commercial team. These high-return investments are a reflection of the confidence we have in growing these geographies and supporting a broader portfolio of diagnostic products that are resonating strongly with customers. These expansions are key enablers to support an expanding set of innovations ranging from the launch of IDEXX Cancer Dx and inVue Dx to new additions like catalyst cortisol and pancreatic lipase.

正如安德魯在其全年指導中提到的那樣，我們正在進行商業投資，以擴大另外三個國際國家組織，並適度加強美國商業團隊。這些高回報的投資反映了我們對發展這些地區以及支持與客戶產生強烈共鳴的更廣泛的診斷產品組合的信心。這些擴展是支持一系列不斷擴展的創新的關鍵推動因素，從推出 IDEXX Cancer Dx 和 inVue Dx 到催化劑皮質醇和胰腺脂肪酶等新產品。

Each of these products represents a meaningful advancement in our veterinary diagnostics offering and their successful adoption supports long-term growth. There are also significant benefits to decreasing the number of customers that each account manager is responsible for. As our experience is that customers use more diagnostics as part of their care protocols when we visit them more often. We expect to have these expanded organizations in place by the start of 2026.

每一款產品都代表著我們獸醫診斷產品的重大進步，它們的成功應用將支持長期成長。減少每位客戶經理負責的客戶數量也有顯著的好處。我們的經驗是，當我們更頻繁地拜訪客戶時，他們會將更多的診斷作為護理方案的一部分。我們預計這些擴大的組織將在 2026 年初到位。

A key focus of our commercial organization is ensuring that placements are high quality and positioned to drive strong recurring revenues over time. We continue to prioritize placements and practices where IDEXX solutions can deliver the most value to both clinicians and their clients. With inVue Dx as in addition to our premium instrument offering, we are seeing very strong double-digit growth in EV amongst our field teams as they have an opportunity to place both larger dollar value suites for a single inVue Dx addition to an existing IDEXX customer.

我們商業組織的一個重點是確保投放品質高，並能夠隨著時間的推移帶來強勁的經常性收入。我們將繼續優先考慮 IDEXX 解決方案能夠為臨床醫生及其客戶提供最大價值的場所和實踐。透過將 inVue Dx 作為我們優質儀器產品的補充，我們看到我們的現場團隊的 EV 實現了非常強勁的兩位數成長，因為他們有機會將單一 inVue Dx 的兩個更大美元價值套件添加到現有的 IDEXX 客戶中。

As a testament to the value we deliver, Customer retention remained in the high 90s across diagnostic modalities. This enduring loyalty reflects the confidence veterinarians place in IDEXX to be their partner in providing excellent patient care and the ongoing investments we make to keep their solutions at the leading edge.

作為我們所提供價值的證明，各種診斷方式的客戶保留率都維持在 90% 左右。這種持久的忠誠反映了獸醫對 IDEXX 的信心，相信 IDEXX 是他們提供優質患者護理的合作夥伴，也反映了我們為保持其解決方案處於領先地位而進行的持續投資。

IDEXX inVue Dx continues to be a transformational platform that is reshaping point-of-care cytology testing since broad commercial availability commenced in April, demand has exceeded expectations. We have now placed nearly 2,700 instruments globally this year through June, giving us confidence to increase our 2025 placement estimate by 1,000 units from 4,500 to 5,500.

IDEXX inVue Dx 繼續成為一個轉型平台，重塑即時細胞學檢測，自 4 月開始廣泛商業化應用以來，需求已經超出了預期。截至今年 6 月，我們已在全球投放了近 2,700 台儀器，這使我們有信心將 2025 年的投放量預測增加 1,000 台，從 4,500 台增至 5,500 台。

Feedback from early adopters remains highly positive. Practices consistently highlight the slide 3 intuitive workflow, rapid turnaround time and diagnostics confidence provided by inVue DX in its advanced AI-powered insights.

早期採用者的回饋仍然非常正面。實務始終強調投影片 3 直覺的工作流程、快速的周轉時間和 inVue DX 在其先進的 AI 驅動洞察中提供的診斷信心。

Early consumables usage driven by testing in both ear cytology and blood morphology is highly encouraging. And with our expected launch of F&A for lumps and bumps later this year, inVue Dx will play an important role in supporting our long-term recurring revenue goals. InVue Dx also playing an important role in our recontracting activity as we saw a very high number of customers in Q2 and extend their relationship with us, often in advance of the date required to do so.

透過耳細胞學和血液形態學測試推動的早期消耗品使用非常令人鼓舞。隨著我們預計今年稍後推出針對腫塊和凸起的 F&A，inVue Dx 將在支持我們的長期經常性收入目標方面發揮重要作用。InVue Dx 在我們的續約活動中也發揮著重要作用，因為我們在第二季度看到了非常多的客戶，並且他們延長了與我們的關係，通常是在要求的日期之前。

A cornerstone of our strategy remains delivering differentiated diagnostic insights that elevate care and strengthen our leadership in the sector. The IDEXX Cancer Dx panel launched in late March through our North American reference laboratories have continued to gain traction among general practice and areas as well as oncology specialists. Since launch, over 2,500 practices have ordered the test. Moreover, of these customers adopting the test, almost 15% of sample submissions are coming from competitive Bob customers.

我們策略的基石仍然是提供差異化的診斷見解，以提升護理水平並加強我們在該領域的領導地位。IDEXX Cancer Dx 小組於 3 月底透過我們的北美參考實驗室推出，並繼續受到全科醫生和各地區以及腫瘤專家的關注。自推出以來，已有超過 2,500 家診所訂購了此項測試。此外，在這些採用該測試的客戶中，幾乎 15% 的樣本提交來自競爭對手 Bob 客戶。

The broad adoption of IDEXX Cancer DX is indicative of the value clinicians see in this test and the underserved need of early cancer screening. Cancer remains one of the leading causes of mortality among dogs, and IDEXX Cancer Dx provides veterinarians with a cost-effective, highly sensitive tool to detect canine lymphoma earlier. This enables earlier intervention and the possibility of significantly improved outcomes.

IDEXX Cancer DX 的廣泛採用表明了臨床醫生對這項測試的價值以及早期癌症篩檢的未滿足的需求。癌症仍然是狗死亡的主要原因之一，而 IDEXX Cancer Dx 為獸醫提供了一種經濟高效、高靈敏度的工具，可以更早檢測犬淋巴瘤。這使得早期幹預成為可能，並有可能顯著改善結果。

Initial utilization patterns are consistent with our expectations, with customers using the test as both in aiding diagnosis and a small but growing number of practices more broadly incorporating Cancer Dx into most wellness screening panels. As awareness grows and we brought in a test and menu over time to incorporate new cancer types, we expect a multiplier to our reference lab testing volumes.

初步使用模式與我們的預期一致，客戶使用該測試來輔助診斷，並且有少數但不斷增長的實踐將 Cancer Dx 更廣泛地納入大多數健康篩檢小組。隨著人們認識的不斷提高，我們隨著時間的推移引入了測試和菜單以納入新的癌症類型，我們預計參考實驗室的測試量將會倍增。

Building off this early success we've seen in North America, we are preparing for the international roll out of Cancer DX in 2026. Early excitement from veterinarians in these regions underscores a significant global need for affordable and accessible cancer diagnostics.

基於我們在北美取得的早期成功，我們正在為 2026 年在國際上推出 Cancer DX 做準備。這些地區獸醫的早期興奮凸顯了全球對經濟實惠且易於獲得的癌症診斷的巨大需求。

Last week, we launched Catalyst cortisol in North America, our third new catalyst test in less than a year, underscoring our commitment to expanding the platform's menu and our technology for live promise. Catalyst cortisol enables veterinarians to measure cortisol levels rapidly at the point of care, supporting the diagnosis and monitoring of adrenal conditions such as Cushing's disease and Addison's disease.

上週，我們在北美推出了 Catalyst Cortisol，這是我們不到一年內進行的第三次新催化劑測試，強調了我們致力於擴展平台菜單和現場承諾技術的承諾。催化劑皮質醇使獸醫能夠在護理點快速測量皮質醇水平，支持庫欣氏症和阿狄森氏症等腎上腺疾病的診斷和監測。

The addition of cortisol to Catalyst is the most frequently requested menu expansion from our customers. Early customer response has been highly enthusiastic, highlighting the value of real-time results to guide treatment decisions during the patient visit.

在 Catalyst 中加入皮質醇是我們客戶最常要求的菜單擴充。早期客戶的反應非常熱烈，凸顯了即時結果對於指導患者就診期間治療決策的價值。

Catalyst pancreatic lipase launched globally last year, continues to perform well and meet strong customer demand. This innovative test offers a quantitative single-side solution that delivers rapid reliable results for both canine and feline patients suspected pancreatitis, a common and often challenging condition to diagnose early.

去年在全球推出的 Catalyst 胰脂肪酶持續表現良好並滿足強勁的客戶需求。這種創新的測試提供了一種定量的單面解決方案，可以為疑似患有胰臟炎的犬科和貓科動物患者提供快速可靠的結果，胰臟炎是一種常見且通常難以早期診斷的疾病。

Adoption has been robust with over 40% of our global Catalyst installed base already utilizing the test where available. This strong uptake reflects the test's clinical utility the value veterinarians place on speed and accuracy and diagnostic workflows and the continued expansion of our Catalyst menu to address important unmet needs in veterinary care.

採用情況一直很強勁，全球超過 40% 的 Catalyst 安裝用戶群已在可用的地方使用測試。這種強勁的成長反映了該測試的臨床實用性、獸醫對速度和準確性以及診斷工作流程的重視以及我們持續擴展 Catalyst 菜單以滿足獸醫護理中未滿足的重要需求。

The Catalyst SmartQC, which began shipping late last year, is also seeing strong adoption. Customers value the load and go monthly quality control process that ensures accurate results and instrument reliability.

Catalyst SmartQC 於去年底開始發售，也獲得了廣泛的應用。客戶重視負載並進行每月的品質控制流程，以確保準確的結果和儀器的可靠性。

New innovations made meaningful contributions to the growth of IDEXX VetLab consumables in the quarter.

新的創新為本季 IDEXX VetLab 耗材的成長做出了有意義的貢獻。

Our software ecosystem continues to be an essential component of IDEXX' differentiated value proposition. By delivering intuitive cloud dative solutions that integrate diagnostics, imaging, client engagement and practice operations, IDEXX software helps clinics improve efficiency in patient care while driving incremental recurring revenues for our business.

我們的軟體生態系統持續成為 IDEXX 差異化價值主張的重要組成部分。透過提供整合診斷、影像、客戶參與和實踐操作的直覺式雲端運算解決方案，IDEXX 軟體可協助診所提高病患照護效率，同時為我們的業務帶來增量經常性收入。

Our cloud-based PIMS platforms such as ezyVet and Neo delivered solid double-digit installed base growth. with particularly strong demand for multi-location practices and corporate accounts. Clinics are choosing these solutions for their modern user experience, scalability and robust integration with the IDEXX Diagnostics ecosystem.

我們的基於雲端的 PIMS 平台（例如 ezyVet 和 Neo）實現了穩健的兩位數安裝基數成長，對多地點實踐和企業帳戶的需求尤其強勁。診所選擇這些解決方案是因為其現代用戶體驗、可擴展性以及與 IDEXX 診斷生態系統的強大整合。

Vello, our pet owner engagement application saw continued momentum in Q2 with double-digit sequential growth in active users compared to Q1. Vello’s integrated communication tools are helping clinics approve appointment adherence and drive compliance with recommended care.

我們的寵物主人參與應用程式 Vello 在第二季度繼續保持成長勢頭，與第一季相比，活躍用戶數量實現了兩位數的連續成長。Vello 的整合通訊工具正在幫助診所批准預約遵守情況並推動遵守建議的護理。

Early customer data shows that practices using Vello Experience increased visit volume, higher diagnostic serialization and better treatment plant compliance positive indicators that support our thesis that digital engagement drives better clinical outcomes.

早期客戶數據顯示，使用 Vello Experience 的實踐增加了訪問量、提高了診斷序列化程度並改善了處理廠合規性，這些積極指標支持了我們的論點，即數位化參與可以帶來更好的臨床結果。

Our Diagnostic Imaging business continues to demonstrate strong momentum, too, extending clinical capability and streamlining imaging workflows, our low dose, high image quality radiographic imaging systems paired with our IDEXX Web PACS software provides seamless image viewing sharing and storage fully integrated into veterinary practice workflows.

我們的診斷影像業務也繼續表現出強勁勢頭，擴展了臨床能力並簡化了成像工作流程，我們的低劑量、高影像品質的放射成像系統與我們的 IDEXX Web PACS 軟體相結合，提供了無縫的影像檢視、共享和存儲，完全整合到獸醫實踐工作流程中。

In the second quarter, we surpassed an installed base of 10,000 imaging systems in North America, with a comparable number of customers subscribing to IDEXX Web PACS, highlighting strong alignment between hardware adoption and recurring software engagement.

在第二季度，我們在北美安裝了超過 10,000 個成像系統，並且有相當數量的客戶訂閱了 IDEXX Web PACS，這突顯了硬體採用和重複軟體參與之間的緊密結合。

While macroeconomic and sector dynamics remain fluid, including lingering, inflationary impact, pressuring clinical visits. We are confident in the durability of the veterinary market and the resilience of pet health care demand.

而宏觀經濟和產業動態仍然不穩定，包括揮之不去的通膨影響和臨床就診壓力。我們對獸醫市場的持久性和寵物保健需求的彈性充滿信心。

Pet ownership remains elevated, and the aging pet population continues to expand, supporting higher levels of diagnostics utilization over time. Our focus remains on executing with discipline, supporting our customers through innovative solutions and investing in capabilities that position IDEXX to capture our significant long-term opportunity.

寵物擁有量持續上升，老化寵物數量持續增加，從而支持隨著時間的推移診斷利用率提高。我們的重點仍然是嚴格執行，透過創新解決方案來支持我們的客戶，並投資於使 IDEXX 能夠抓住我們重要的長期機會的能力。

Diagnostics sit at the center of the system of care and pet owner expectations for quality care continues to rise. IDEXX is well 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 具有良好的領先地位，我們的重點是透過卓越的執行來實現穩健的成長和利潤成長。

As I conclude our prepared remarks, I want to express my deep appreciation for our 11,000 IDEXX employees worldwide. The commitment to innovation, customer partnership and operational excellence, it's what enables us to deliver these results quarter after quarter.

在結束我們的準備好的演講時，我想向全球 11,000 名 IDEXX 員工表達深深的感謝。對創新、客戶合作和卓越營運的承諾，使我們能夠一個季度又一個季度地取得這些成果。

I'd also like to remind you that we will be hosting our annual Investor Day on August 14 at our global headquarters in Westbrook, Maine. This session will be streamlined for those unable to attend in person.

我還想提醒您，我們將於 8 月 14 日在緬因州韋斯特布魯克的全球總部舉辦年度投資者日。對於無法親自出席的人士，我們將簡化本次會議。

With that, we'll conclude the prepared portion of our call and open the line for questions.

至此，我們將結束電話會議的準備部分並開放問答專線。

(Operator Instructions) Chris Schott, JP Morgan.

（操作員指示）摩根大通的克里斯·肖特 (Chris Schott)。

I was hoping you could just elaborate a bit more on the inVue uptake. And maybe specifically, what type of practices are you seeing the greatest amount of traction here, and then maybe the second part of that, just obviously some very good trends here with placements. But when I look at that 5,500 placements for the year, I do think it implies a bit of a slowdown from what we saw in 2Q for the quarterly placements. Anything notable we should think about in terms of just the gating of placements through the rest of the year?

我希望您能更詳細地介紹一下 inVue 的吸收情況。也許具體來說，您看到哪種類型的做法在這裡具有最大的吸引力，然後也許是第二部分，顯然這裡的一些非常好的趨勢與安置有關。但當我看到今年的 5,500 個職位時，我確實認為這意味著季度職位數量與我們在第二季度看到的職位相比有所放緩。就今年剩餘時間的安置限製而言，我們應該考慮什麼值得注意的事情嗎？

Chris, thanks for the question on inVue. From just a high-level standpoint, the feedback we're getting from customers on inVue is excellent. It's really along two lines. One is it helps them with workflow. As we know, both ear cytology and blood morphology are things that are done in the practice today. They tend to be time intensive using microscope.

克里斯，感謝您關於 inVue 的問題。從高層次的角度來看，我們從客戶那裡得到的有關 inVue 的回饋非常好。這實際上有兩條線。一是它可以幫助他們完成工作流程。我們知道，耳部細胞學檢查和血液形態學檢查都是當今實踐中進行的檢查。使用顯微鏡往往需要耗費大量時間。

So that's 15 to 20 minutes. The results are often inconsistent. And so what customers tell us is they appreciate not only the workflow benefits, but also the performance, getting consistent highly accurate results is important. And therefore, there's been a lot of demand from it.

也就是 15 到 20 分鐘。結果往往不一致。因此，客戶告訴我們，他們不僅欣賞工作流程的優勢，而且欣賞效能，獲得一致、高度準確的結果非常重要。因此，它的需求量很大。

We did update, as you mentioned, the 5,500 placement forecast. We think that that's a reasonable assumption to take the consumables usage across both euro cytology and blood morphology, tracking very well to the forecasted usage, we think when we release the F&A lumps and bumps later on in the year. It will continue to drive interest in the platform and continue to drive higher consumables usage.

正如您所說，我們確實更新了 5,500 個安置預測。我們認為，這是一個合理的假設，將歐洲細胞學和血液形態學的消耗品使用情況與預測使用情況很好地跟踪，我們認為當我們在今年晚些時候發布 F&A 腫塊和凸起時。它將繼續推動人們對該平台的興趣並繼續推動更高的消耗品使用率。

The placement in terms of the overall profile of where we're placing, and you just as you would expect, it's a combination of suites for customers who don't have -- but they are chemistry and hematology because it fits extremely well with hematology solutions, but also existing IDEXX customers who have our suite, but see the chance of doing ear cytology, both on the blood morphology side and also as a complement to hematology and CBC, but also a new testing category, ear cytology is very promising.

就我們放置的整體概況而言，正如您所期望的那樣，它是針對沒有化學和血液學套件的客戶的套件組合，因為它非常適合血液學解決方案，而且現有的 IDEXX 客戶也擁有我們的套件，但看到了進行耳部細胞學檢查的機會，無論是在血液學解決方案方面，還是作為血液學和 CBC 的補充，也是一個新的動物學方面，還是一個前景的研究類別，非常有前景。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Okay. Great. I'll keep it on in view here. So -- can you talk a little bit about the contracts that coincide with the placements in terms of consumables agreements and the consumables flow-through there on, like what's surprising you in terms of utilization and are you seeing better uptake from the mom-and-pops versus some chunkier corporate accounts in terms of how we think about that cadence in terms of Chris's question earlier. And then what I'm getting at here, too, is that look, the consumables revenue growth kind of on an organic basis, was probably the strongest in two years. I mean how much was inVue contributor to that?

好的。偉大的。我會繼續在這裡展示它。那麼 - 您能否談談與消耗品協議和消耗品流通方面的安排相吻合的合同，比如在利用率方面令您感到驚訝的是什麼，以及您是否看到夫妻店比一些體量更大的公司帳戶有更好的吸收率，就我們如何看待克里斯之前提出的問題而言，這種節奏。我在這裡要說的是，從有機角度來看，消耗品收入的成長可能是兩年來最強勁的。我的意思是 inVue 對此貢獻了多少？

Yeah. So let me take the last part of your question first. We don't break out the consumables usage between the inVue and pancreatic lipase and some of the new catalyst specialty tests that we have I did mention that those were important contributors to our overall results. We have seen nice volume growth, and I think it's a tester reflection. But we have a very large installed base of like catalyst, for example, and our ability to ramp that we come out with a new test is something that over time with our commercial organization, we've gotten better at.

是的。那麼讓我先回答一下你問題的最後一部分。我們不會細分 inVue 和胰腺脂肪酶以及我們進行的一些新催化劑專業測試之間的消耗品使用情況，我確實提到過，這些對我們的整體結果有重要貢獻。我們看到了良好的銷售成長，我認為這是測試人員的反映。但是，例如，我們擁有非常龐大的催化劑安裝基礎，並且我們推出新測試的能力隨著我們商業組織的發展而不斷提高。

In terms of placements, getting back to independent practices versus corporate practices, for corporate practices, there tends to be a little bit of a longer lead time in terms of they want to first pilot that could be a fairly sizable number of instruments that they want to pilot before they decide to place, let's say, a new instrument like inVue at all of their practices. Independent practices tend to move much more quickly. And that's not surprising. It's really just an end of one and could assess what they need.

就安置而言，回到獨立實踐與公司實踐，對於公司實踐而言，往往會有更長的準備時間，因為他們想要先試用相當多的儀器，然後才決定在所有實踐中安置像 inVue 這樣的新儀器。獨立實踐往往進展得更快。這並不奇怪。這實際上只是一個結束，可以評估他們需要什麼。

In terms of usage, it's just as you would expect for -- these are very common clinical use cases. So if you take a look at ear cytology, most practices of a reasonable size, three or four veterinarians will tell you that's something that they do pretty much on a daily basis.

就用途而言，正如您所期望的那樣——這些都是非常常見的臨床用例。因此，如果你看一下耳部細胞學檢查，大多數規模適中的診所，三到四名獸醫都會告訴你，這是他們幾乎每天都會做的事情。

For blood morphology, most practices, let's say, an average practice in the US is doing approximately two chemistry and hematology tests a day, and we know in majority of cases, they would benefit from also adding a blood morphology to a CDC, where they get an aberrant result or something indicating the need to investigate further. So overall, consumables usage is positive. It's in line with where we thought it would be. And the F&A lumps and bumps will only, I think, improve that over time when we come out with it.

對於血液形態學，大多數診所，比如說，美國的一家普通診所每天大約進行兩次化學和血液學測試，我們知道在大多數情況下，他們還可以將血液形態學添加到 CDC，從而獲得異常結果或表明需要進一步調查的結果。因此整體而言，消耗品的使用是正面的。這與我們的想像一致。我認為，當我們解決這個問題時，F&A 的腫塊和障礙只會隨著時間的推移而改善。

Okay. Great. And then on guidance, what's reflected in terms of bed office visit trends now what gets you to the high end, low end of the range? And what's -- given what's implied in the second half, how should we be thinking about the quarterly cadence here?

好的。偉大的。然後根據指導，現在床位辦公室訪問趨勢反映了什麼，什麼使您達到了範圍的高端，低端？那麼，考慮到下半年的隱含情況，我們該如何考慮這裡的季度節奏？

Just in terms of the guide itself, we did highlight in the prepared remarks that we have updated clinical visits more in line with the recent trends that we've had for the past several quarters, we've been trending more in about the 2.5% range. I think about the midpoint reflecting approximately that amount.

就指南本身而言，我們確實在準備好的評論中強調，我們已經更新了臨床訪問，使其更符合過去幾個季度的最新趨勢，我們的趨勢大約在 2.5% 的範圍內。我認為中點大約反映出這個數量。

As you look at the Q2 to Q3 or Q4 as an example with our second half implied growth expectations, really, it's not a meaningful step up. I think we'll continue to benefit from the building momentum that we have on innovation, as Jay highlighted, I think there's a lot of excitement around inVue.

如果以第二季到第三季或第四季為例，結合我們對下半年隱含的成長預期，你會發現，這並不是一個有意義的進步。我認為我們將繼續受益於我們在創新方面的發展勢頭，正如傑伊所強調的那樣，我認為 inVue 引起了很多興奮。

We launched Cortisol test last week within North America. We're still building on pancreatic lipase and Cancer Dx as well. So we feel really good about kind of the momentum that we're building from an innovation and volume perspective within the business. and there's not a material step-up in CAG Diagnostic recurring revenue that I think we've captured in our outlook.

我們上週在北美推出了皮質醇測試。我們仍在研究胰臟脂肪酶和癌症診斷。因此，我們對從業務創新和數量角度構建的勢頭感到非常滿意。我認為，CAG Diagnostic 的經常性收入並沒有在我們的展望中出現實質的成長。

Dan Clark, Leerink Partners.

Dan Clark，Leerink Partners。

Great. Just had a question on how you're thinking about the longer-term launch trajectory of inVue. Obviously, you took up the placement guide for this year. But is there any reason to think more positively about the trajectory here relative to SediVue as an outlook.

偉大的。我只是想問一下您如何看待 inVue 的長期發布軌跡。顯然，你已經接受了今年的安置指南。但是，是否有理由對 SediVue 的發展軌跡持更正面的看法？

So we're not updating anything longer term at this point. We have highlighted that we see an opportunity for a five-year placement of approximately 20,000 for in view I think we're off to a really exciting start here within 2025, having a starting point within the year of 5,500 instruments, positions us really well for that. Some of our other instruments as SediVue or hematology may be slightly different just in terms of the categories that they support. So we feel good about the longer term. We may provide updates within our Investor Day in a couple of weeks.

因此我們目前不會更新任何長期內容。我們已經強調，我們看到了在五年內安置約 20,000 件儀器的機會，我認為我們將在 2025 年有一個真正令人興奮的開始，在一年內擁有 5,500 件儀器的起點，這為我們做好了充分的準備。我們的其他一些儀器，如 SediVue 或血液學，在支援的類別方面可能略有不同。因此，我們對長期前景充滿信心。我們可能會在幾週後的投資者日提供最新消息。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

I want to tie together a couple of small follow-ups. So first, just on the guide, I think you called out $90 million increase reported, $70 million of which is FX of the remaining $20 million placements because you're saying $60 million instead of $50 million for that, if I've got my math right. Just the remaining $10 million, is it just a combination of different moving pieces? I know that you just said you're assuming visits a little bit weaker. It seems like price you reiterated. Just anything you can talk through on that last little bridge of the revenue guide, so we can tie that off.

我想把幾個小後續問題連結起來。首先，僅就指南而言，我認為您報告的增長額為 9000 萬美元，其中 7000 萬美元是剩餘 2000 萬美元投放的外匯，因為您說的是 6000 萬美元而不是 5000 萬美元，如果我沒算錯的話。剩下的 1000 萬美元只是不同移動部件的組合嗎？我知道您剛才說過，您認為訪問量會稍微弱一些。這看起來就像您重申的價格。只要您在收入指南的最後一段小橋上討論任何事情，我們就可以將其連結起來。

Mike, this is Andrew. Yeah, just in terms of how we think about the go forward, you highlighted it correctly. We have about $70 million related to foreign exchange impacts aligned with the rates that we have published in our press release specifically. Yeah, the other $20 million is really operationally driven.

麥克，這是安德魯。是的，就我們如何看待未來而言，您強調得非常正確。我們有大約 7000 萬美元與外匯影響有關，具體與我們在新聞稿中公佈的匯率一致。是的，另外 2000 萬美元確實是由營運驅動的。

We certainly performed exceptionally well in Q2. We're really thinking about that continuing as we move forward. And we're expecting some momentum built with the innovation and the execution we are investing back into the business as well as Jay highlighted.

我們在第二季的表現確實非常出色。我們確實在考慮在未來繼續保持這種做法。正如傑伊所強調的，我們期待透過創新和執行為業務帶來一些發展勢頭。

We do plan to expand in three additional countries as well as modest expansion in the US to continue to support our customers and grow volumes. And we see that as a pathway to achieve the other $20 million of operational growth between our performance in Q2 and our outlook for the full year despite the fact that it does remain fairly dynamic.

我們確實計劃在另外三個國家擴張，並在美國進行適度擴張，以繼續支持我們的客戶並增加銷售量。我們認為這是實現第二季業績與全年預期之間另外 2,000 萬美元營運成長的途徑，儘管它仍然相當活躍。

Clinical visits haven't been pressured. We saw a decline of about 2.5% in Q2. And again, we're anticipating that, that trend continues for the remainder of the year.

臨床就診並未受到壓力。我們看到第二季下降了約 2.5%。我們再次預計，這一趨勢將在今年剩餘時間內持續下去。

Okay. And then on the inVue consumables side, I know you don't break it out and you're not going to quantify, but you talked about the [350, 5,500] range previously. But just when you place the instrument in the vet clinic, is there an initial both the consumables that goes with that, that's like sold in tandem with it? Do you start taking orders right away? Have you noticed -- is there -- can you talk about either the initial placement or maybe the initial ramp-up of utilization I know you gave the 35% to 55% range previously. But just trying to think through how that bleed out in the quarter, given the massive box placements. I'm trying to see if there was anything tied on the consumables revenue for that.

好的。然後在 inVue 耗材方面，我知道您沒有將其分開，也不會量化，但您之前談到了 [350, 5,500] 範圍。但是，當您將儀器放置在獸醫診所時，是否有與之配套的初始消耗品，就像與其一起出售一樣？你們馬上就開始接受訂單嗎？您是否注意到 - 您能否談談初始位置或初始利用率的成長？我知道您之前給出了 35％ 到 55％ 的範圍。但是，考慮到大量的盒子放置，只是想想想這個季度的損失會如何。我正在嘗試查看是否有任何東西與消耗品收入相關。

A couple of things, Mike. The inVue Dx has a paper run in auto replenishment capability with it so that as the customer -- they make purchase a couple of sleeves to get started of the different cartridge types. But as the customer uses the cartridges and as part of paper run we are able to track that and then obviously, auto ship replacements to it.

有幾件事，麥克。inVue Dx 具有自動補充紙張的功能，因此客戶可以購買幾個套筒來開始使用不同類型的墨水匣。但是當客戶使用墨盒並且作為紙張運行的一部分時，我們能夠追蹤這一點，然後顯然會自動發送替換品。

So it's -- you don't typically see a big bolus at launch. One thing that we have gotten, I think, very good at as a company as part of the onboarding and training process. We're spending quality time with the customer, making sure that the customer develops muscle memory in terms of how to use the instrument and get very comfortable with it. So there's not a -- typically a longer ramp to get comfortable and train everybody, perhaps, relative to historical benchmarks.

所以——你通常不會在發射時看到大的推注物。我認為，作為一家公司，我們在入職和培訓流程方面做得非常出色。我們花了大量時間與客戶相處，確保客戶在如何使用儀器方面形成肌肉記憶並感到非常舒適。因此，相對於歷史基準而言，通常沒有更長的時間來讓每個人都感到舒適並接受培訓。

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

Maybe just first one, any color on how things trended throughout the second quarter. And then maybe if you can just talk about the ongoing CAG Dx recurring divergence, if you would, in the results between international and US International continues to be really solid US. I don't want to see stuck in mid-single digits, but still sort of mid-single-digit-ish even though I believe some of the innovation is maybe more prominent US versus the early days of international. And then I'll just ask my follow-up.

也許只是第一個，關於第二季度的趨勢有什麼看法。然後，如果您可以談談正在進行的 CAG Dx 反覆出現的分歧，如果可以的話，在國際和美國之間的結果中，國際繼續保持著美國非常穩固的勢頭。我不希望看到成長率停留在個位數中間值，但仍處於個位數中間值左右，儘管我相信與國際早期相比，美國的一些創新可能更為突出。然後我再問後續問題。

John, nothing specific to call on trends within the quarter. I think on our Q1 earnings call, we did highlight we were off to a solid start within inVue with 600 placements I think beyond that, nothing specific there that would indicate any material difference within the months or within the weeks specifically.

約翰，本季內沒有什麼特別的趨勢可言。我認為，在我們的第一季財報電話會議上，我們確實強調了 inVue 內部有一個良好的開端，有 600 個職位，我認為除此之外，沒有什麼具體的東西可以表明在幾個月內或幾週內有任何實質性的差異。

So I think where we feel like we're largely on track from an expectation standpoint compared to our results here. And then on CAG Diagnostic reoccurring, again, we do see really strong international growth. They're still dealing with some macro and sector headwinds. I think similar to the US, we don't have metrics to provide on some of the headwinds by country or within the international region there, but execution continues to perform exceptionally well as we commercialize some of the new products. And in the US, we have seen an improvement.

因此，我認為，與我們目前的結果相比，從預期的角度來看，我們基本上已經走在了正軌上。然後，在 CAG Diagnostic 再次出現時，我們確實看到了非常強勁的國際成長。他們仍在應對一些宏觀和行業阻力。我認為與美國類似，我們沒有衡量各國或國際區域所面臨的一些不利因素的指標，但隨著我們將一些新產品商業化，執行情況仍然表現得非常好。在美國，我們看到了進步。

I think if you look even on a days adjusted basis compared to Q1, we've seen well over 150 basis point increase in Q2. And again, I think that's largely the result of innovation ramping and our focus on really supporting our customers to drive testing. And you see that play out within the diagnostic frequency and utilization within the sector metrics as well.

我認為，即使以天數調整後與第一季相比，我們也會看到第二季的增幅遠超 150 個基點。再次強調，我認為這主要是創新不斷加強以及我們專注於真正支持客戶推動測試的結果。您還可以看到它在診斷頻率和扇區指標的利用率中發揮作用。

We delivered about 50 basis point improvement on diagnostic frequency in Q2. So I think it comes back to what we're focused on, which is executing across the diagnostic solution set that we have and continue to partner with our customers on how to leverage diagnostics more effectively.

我們在第二季將診斷頻率提高了約 50 個基點。所以我認為這又回到了我們所關注的重點，即執行我們擁有的診斷解決方案集，並繼續與我們的客戶合作，研究如何更有效地利用診斷。

John, maybe just one comment on US versus international. Typically, with the product launch, we started in the US, so you do see some -- the first traction is in our North American market and then international and with some tests, there may be regulatory or license requirements before we can sell in those country markets.

約翰，也許我只想對美國與國際做一個評論。通常，隨著產品的推出，我們從美國開始，所以你確實會看到一些——第一個牽引力是在我們的北美市場，然後是國際市場，並進行一些測試，在我們可以在這些國家市場銷售之前，可能會有監管或許可要求。

What I would say is that for a lot of our specialty tests like pancreatic lipase and it's probably going to be true for cortisol, this very rapid uptake in our international markets. These are very technical markets with DBM sales organization. And so you can't immediately compartmentalize between US and some of these international country markets. So there's really, I think, broad interest.

我想說的是，對於我們的許多專業測試，例如胰腺脂肪酶和皮質醇來說，在我們的國際市場上的吸收速度非常快。這些都是具有 DBM 銷售組織的技術性很強的市場。因此，你不能立即將美國和一些國際國家市場區分開來。所以我認為，這確實引起了廣泛的興趣。

Got it. That was helpful. And then maybe just a follow-up with -- if you can follow the different numbers. With price of four visits down 2.5% in the quarter, the 2Q '25 IDEXX premium as we define it, it was up a solid 6% for 2Q. So can you talk to what reaccelerated the premium in 2Q?

知道了。這很有幫助。然後也許只是跟進——如果你能跟踪不同的數字。本季四次就診的價格下降了 2.5%，我們所定義的 2025 年第二季 IDEXX 溢價在第二季上漲了 6%。那麼，您能談談第二季溢價再次加速的原因嗎？

And then arguably like why the guidance assumes this does not stick in the back part of 25%, considering you've got these new innovations, right? And they should be ramping like the incremental from those innovations should be greater in 2H specific to 2Q as they build momentum yet the premium, again, as we define it, seems to be more modest in 2H versus 2Q. And hopefully some of that real-time math makes sense. Thanks guys.

然後可以說，考慮到你已經有了這些新的創新，為什麼指導假設這不會停留在 25% 的後部，對嗎？而且它們應該像這些創新的增量一樣，在下半年（具體到第二季度）應該會更大，因為它們正在積聚勢頭，但正如我們所定義的，溢價在下半年似乎比第二季度更為溫和。希望其中一些實時數學計算是有意義的。謝謝大家。

Yes, John, I'm not entirely sure I follow all the math, but let me just take a step back and highlight. I think if you take a look at how we performed in the second quarter, and then the implied second half guide, really, we're still in the same range, right? Our midpoint would suggest about a 9% growth on overall organic revenue CAG diagnostic recurring revenue of about 7.8% versus Q2 of about 7.4%.

是的，約翰，我不完全確定我是否理解了所有的數學知識，但請允許我回顧並強調。我認為，如果你看看我們在第二季度的表現，然後再看看隱含的下半年指引，你會發現我們仍然處於同一範圍內，對嗎？我們的中點顯示整體有機收入 CAG 診斷經常性收入成長約 9%，而第二季約為 7.8%。

So we do anticipate that we'll see some ramping benefits here in the second half. I think we've calibrated the impact of innovations as well as adjusted for the more recent trends for clinical visits. It does remain dynamic from a clinical visit perspective. We're not anticipating that's going to change at this point. But we are excited by the innovation that we're launching, including cortisol, which didn't have an impact in the second quarter. We began shipping that last week.

因此，我們確實預計下半年我們將看到一些成長的效益。我認為我們已經校準了創新的影響並根據最近的臨床就診趨勢進行了調整。從臨床訪問的角度來看，它確實保持動態。我們預計目前情況不會改變。但我們對推出的創新產品感到興奮，包括皮質醇，它在第二季度沒有產生影響。我們上週開始出貨。

So we're really focused on strong execution within our areas of focus within diagnostic and software. I think we've factored that into our outlook overall. We do expect some pricing benefit in the second half compared to the first half as well.

因此，我們真正專注於診斷和軟體重點領域的強大執行力。我認為我們已經將這一點考慮在我們的整體展望中了。我們確實預計下半年的價格會比上半年上漲。

We had noted on prior calls that we were going to begin lapping some of the larger agreements that we have last year in the second quarter specifically, which should give us a little bit of uplift on that as well. So I think, overall, we're well positioned. It does remain to be a pretty dynamic environment that we're operating within, and we're just staying calibrated for that.

我們在先前的電話會議上提到，我們將開始履行去年第二季達成的一些較大的協議，這也應該會給我們帶來一些提升。所以我認為，總體而言，我們處於有利地位。我們所處的營運環境確實仍然相當活躍，我們只是保持對此的校準。

(Operator Instructions) Ryan Daniels, William Blair.

（操作員指示）Ryan Daniels，William Blair。

Can you go a little bit more in depth about some of the investments you're making in the sales force. I think it's the first time, maybe in 1.5 years or two years, you're investing in the US. And then for the other three markets, are those just additional investments? Or are those new countries that you're moving into?

您能否更深入地介紹一下您在銷售隊伍中所做的一些投資？我認為這可能是一年半或兩年內你第一次在美國投資。那麼對於其他三個市場來說，這些只是額外的投資嗎？或是您要前往的是新的國家？

So for the international country markets, those are existing markets that we participate in. And what we're doing with those investments is we continue to increase the commercial density. Our international account management coverage tends to be much higher than what we see in the US. In the US, it's between 110, 120 accounts per BDC or manager.

因此，對於國際國家市場而言，這些都是我們參與的現有市場。我們利用這些投資來繼續提高商業密度。我們的國際帳戶管理覆蓋率往往比美國的高得多。在美國，每個 BDC 或經理有 110 到 120 個帳戶。

Internationally, it's much higher than that. It obviously varies by country. We know that just like in the US and North America, when we call on customers, they grow faster. They use more diagnostics. Of course, we benefit from that. These are investments in the entire ecosystem, so not just the VDCs, but also professional service veterinarians and the field service representatives.

在國際上，這個數字要高得多。顯然，不同國家的情況有所不同。我們知道，就像在美國和北美一樣，當我們拜訪客戶時，他們的成長速度會更快。他們使用更多的診斷方法。當然，我們從中受益。這些都是對整個生態系統的投資，不僅是 VDC，還有專業服務獸醫和現場服務代表。

And they go hand-in-hand with investments that we've made in our reference lab network and software solutions like VetConnect PLUS in terms of expanding menu in these international countries so that all the pieces are in place for good growth. And what we typically find is we have a playbook.

它們與我們在參考實驗室網路和 VetConnect PLUS 等軟體解決方案上的投資相輔相成，擴大了這些國際國家的菜單，從而使所有部分都具備良好的成長條件。我們通常會發現我們有一本劇本。

It's obviously localized by different country markets, but that we're able to get a very nice ROI on these investments in a fairly short period of time. In the US, we have good account coverage. We do find that as we have increased the size of our overall portfolio in terms of point of care and reference labs and software, being able to support that selectively.

它顯然是根據不同國家市場進行本地化的，但我們能夠在相當短的時間內從這些投資中獲得非常好的投資回報。在美國，我們有良好的客戶覆蓋率。我們確實發現，隨著我們在護理點、參考實​​驗室和軟體方面的整體產品組合規模的擴大，我們能夠選擇性地支持這一點。

We've done that, I guess, it's been about 18 months or so. We'll continue to do that. It makes a lot of sense. It supports the productivity of our US commercial organization, which is also very, very high and enables us to really commercialize just a very rapid pace and breadth of innovation that we've had over the last couple of years.

我想我們已經這樣做了，已經 18 個月左右了。我們將繼續這樣做。這很有道理。它支持我們美國商業組織的生產力，這種生產力也非常高，使我們能夠真正地將過去幾年來非常快速和廣泛的創新商業化。

Okay. Perfect. And then as a follow-up, I wanted to turn to the other innovation this year in Cancer Dx. And just hear your early feedback. I know you shared some commentary in your prepared comments, but curious if there's anything that surprised you about how it's being used either as part of a broader panel at a lower price or are they seeing more stand-alone use as an individual diagnostic. It sounds like that might be coming from some competitive accounts, in particular, I assume where they're just purchasing that. So I'd love to get some color there.

好的。完美的。然後作為後續，我想談談今年 Cancer Dx 的另一項創新。並聽取您的早期回饋。我知道您在準備好的評論中分享了一些評論，但我很好奇，它是如何以更低的價格作為更廣泛面板的一部分使用的，或者他們是否看到它作為單獨的診斷程序被更獨立地使用，這是否讓您感到驚訝。聽起來這可能來自一些競爭帳戶，特別是我認為他們只是購買那個。所以我很想在那裡得到一些顏色。

Sure. So we've had a lot of enthusiasm from customers and veterinarians, but also pet owners, a little bit surprising because we don't directly market to pet owners. And I'd say we're right about where we thought we'd be. The initial weighting is probably a bit more heavily weighted towards in aiding diagnosis.

當然。因此，我們不僅得到了顧客和獸醫的極大熱情，也得到了寵物主人的極大熱情，這有點令人驚訝，因為我們並沒有直接向寵物主人推銷產品。我想說，我們對自己的處境的預期是正確的。初始權重可能更側重於輔助診斷。

And this isn't really surprising is with these type of novel new tests, what customers have to do is they test the test for performance. And the feedback has been very, very positive. Specificity is we've gotten more data is over 99% sensitivity as we've disclosed earlier, is 79%, and we're achieving the published turnaround times, which is super, super important because pet owners don't want to have to wait more than a couple of days for results.

這並不奇怪，因為有了這些類型的新穎測試，客戶要做的就是測試測試的效能。並且反饋非常非常積極。特異性是我們獲得的更多數據，靈敏度超過 99%，正如我們之前披露的那樣，是 79%，而且我們正在實現公佈的周轉時間，這非常非常重要，因為寵物主人不想等待超過幾天才能得到結果。

I'd say that the number of independent practices and corporate groups are using the tests broadly in wellness screens. It's still low. It's very (technical difficulty) days. But I would say that they also have plans to be able to do that, and it's growing. And they see that as a way of really pulling through broader wellness blood work.

我想說的是，許多獨立機構和企業集團正在廣泛地使用這些測試進行健康篩檢。仍然很低。這是非常（技術難度）的日子。但我想說的是，他們也有計劃做到這一點，而且計劃正在不斷發展。他們認為這是真正實現更廣泛的健康血液檢查的一種方法。

As we have disclosed, we have over 2,500 practices now using this. Very -- I think, pleased with the fact that about 15% of the submissions are coming from competitive practices. So there's a fairly rapid uptake across the entire marketplace. Now keep in mind that this is -- canine lymphoma is just the first test of this broader menu. So as this panel expands, the offers can only grow in value and we think becoming even more compelling.

正如我們所揭露的，目前我們有超過 2,500 個實踐正在使用這種方法。非常——我認為，很高興看到大約 15% 的提交來自競爭實踐。因此整個市場的成長速度相當快。現在請記住，這是——犬淋巴瘤只是這個更廣泛的菜單中的第一次測試。因此，隨著這個小組的擴大，報價的價值只會增長，我們認為會變得更具吸引力。

Navann Ty, BNP Paribas.

法國巴黎銀行的 Navann Ty。

One more in view. I'm curious whether the sales force has communicated to customers in future that the F&A expansion was imminent. And then if possible, can you discuss revenue contribution for the first full quarter of cancer diagnostics, and maybe one last one, how is competition reacting to inVue and cancer diagnostics.

還有一個。我很好奇銷售人員是否會在未來向客戶傳達 F&A 擴張即將到來這一訊息。然後，如果可能的話，您能否討論一下癌症診斷第一季的收入貢獻？最後，競爭對手對 inVue 和癌症診斷的反應如何？

Yeah. So I think Andrew and I will share this question. I'd say that we have broadly communicated to our customers that our video will grow over time with F&A for lumps and bumps coming later this year. So that's a lot of secrets.

是的。所以我想安德魯和我會分享這個問題。我想說的是，我們已經廣泛地向我們的客戶傳達了這樣的訊息：我們的影片將隨著時間的推移而不斷發展，並將在今年稍後推出針對腫塊和障礙的 F&A。這裡面有很多秘密。

Customers are buying inVue based on existing and available menu, which is the ear cytology and blood morphology. In terms of the Cancer Dx, we don't break out the revenue. As I mentioned, though, it's right about where we thought it would be. We're very pleased with the uptake, and it's only growing, and we think it will have a multiplier benefit over time.

客戶根據現有和可用的菜單購買 inVue，即耳部細胞學和血液形態學。就癌症診斷而言，我們不會公佈具體的收入。但正如我所提到的，它正好位於我們想像的位置。我們對這一增長感到非常高興，而且這一增長還在不斷增長，我們認為隨著時間的推移，它將帶來乘數效益。

Yeah. I think to Jay's point, we haven't broken out any of the specifics associated with some of these newer innovations on the recurring revenue side. We'll continue to monitor that. And if it makes sense, we may in the future. But at this point, we're early in the launches. And yes, I think we're seeing really solid results that we expected play out here, as Jay highlighted, but nothing additional to add at this time.

是的。我認為，正如傑伊所說，我們還沒有透露與經常性收入方面的一些較新的創新相關的任何具體細節。我們將繼續監控此事。如果有意義的話，我們將來可能會這麼做。但目前，我們還處於發布的早期階段。是的，我認為我們看到了我們預期的非常可靠的結果，正如傑伊所強調的那樣，但目前沒有什麼可以補充的。

And maybe on competition, how they are reacting to IDEXX innovation, any near-term launches in different or same areas?

或許在競爭方面，他們對 IDEXX 創新有何反應，近期是否會在不同或相同的領域推出新產品？

Yeah. I mean, that hasn't really changed. It's a very competitive landscape. We have to continue to earn our customers' loyalty. We compete on every deal that's out there as do they. Our growth algorithm really, I think, anticipates being able to grow by expanding the portfolio of testing solutions we offer our customers -- the existing customers having -- being able to provide this broader portfolio and being able to grow with us is the primary means growing, and we continue to focus on that. But the overall competitive landscape hasn't changed much.

是的。我的意思是，這實際上並沒有改變。這是一個競爭非常激烈的市場。我們必須繼續贏得客戶的忠誠。我們和他們一樣，在每一筆交易上都展開競爭。我認為，我們的成長演算法實際上預期能夠透過擴大我們為客戶提供的測試解決方案組合來實現成長——現有客戶能夠提供更廣泛的產品組合併能夠與我們一起成長是成長的主要方式，我們將繼續專注於此。但整體競爭格局並沒有太大變化。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

So I just wanted to ask maybe on international markets, great job there. Can you talk about what's essentially been driving it between market growth share gains versus just higher utilization customer support? If you can give us kind of a flavor of which ones are maybe impacting that growth a little bit more. And then as a lot of people have pointed out, the utilization consumables was great in the quarter. Did you see any tariff related pull forward in Europe maybe, or internal markets that happened in Q2 and just how we might want to think about that for the rest of the year.

所以我只是想問一下，也許在國際市場上，那裡做得很好。您能否談談推動市場佔有率成長與更高利用率的客戶支援之間的主要因素？如果您能讓我們了解哪些因素可能會對這種成長產生更大的影響。正如許多人指出的那樣，本季消耗品的利用率很高。您是否看到歐洲或第二季度出現的任何與關稅相關的提前現象，或者內部市場的情況，以及我們可能如何考慮今年剩餘時間內出現的情況。

Andrew, why don't you take the tariff question and I'll take the international.

安德魯，你來回答關稅問題，我來回答國際問題吧。

Yeah, Dave, this is Andrew. On the tariff side, I don't think we saw any meaningful change in order patterns from our customers, as Jay had highlighted related to things like inVue Dx, we do have a paper run approach, which means even if they were to bring in some consumables, it's really at the time that they run it that we will record the revenue.

是的，戴夫，這是安德魯。在關稅方面，我認為我們沒有看到客戶的訂單模式發生任何有意義的變化，正如 Jay 所強調的與 inVue Dx 等相關的事情一樣，我們確實採用了紙面運行方式，這意味著即使他們引入了一些消耗品，我們也會真正在他們運行的時候記錄收入。

So I think from that perspective, that's not necessarily something we've seen. And then on the lab side, Certainly, it's more local for local type of revenue anyway. So I think we're not necessarily seeing any major impacts related to the trade landscape from a customer perspective at this point.

所以我認為從這個角度來看，這不一定是我們所看到的。然後在實驗室方面，當然，無論如何，它對於本地類型的收入來說更具本地性。因此我認為，從客戶的角度來看，我們目前不一定會看到與貿易格局相關的任何重大影響。

Yes. Just in terms of the international opportunity. Keep in mind, just using blood work inclusion as a benchmark. It's a bit over a third of what we see in the US. But the opportunity is just more embryonic in terms of really working with customers supporting their priorities and then driving the use of diagnostics. It tends to be weighted a bit more towards sick patient testing versus wellness.

是的。僅就國際機會而言。請記住，僅使用血液檢查結果作為基準。這比美國的數字略高三分之一。但就真正與客戶合作、支持他們的優先事項並推動診斷的使用而言，這個機會還處於萌芽階段。它往往更側重於病人的檢測而不是健康狀況。

So that varies by market. And I think being able to bring these solutions at individual independent clinics that may just have a veterinarian or two veterinarians. Our point-of-care solutions tend to be tailor-made for that. I think we've done a very nice job from a product market fit. If you take a look at ProCyte One, just from a cost and performance standpoint, it's very economical at lower usage rates, which fits our international markets very well.

所以這會因市場而異。我認為能夠在可能只有一名或兩名獸醫的獨立診所提供這些解決方案。我們的即時護理解決方案往往是為此量身定制的。我認為我們在產品市場契合度方面做得非常好。如果您看一下 ProCyte One，僅從成本和性能的角度來看，它在較低的使用率下非常經濟，非常適合我們的國際市場。

So I think it's a combination of -- it's earlier days there. We have great product market fit. We've built out an infrastructure of both commercial reference labs, customer-facing software tools like VetConnect PLUS and really have -- I think, like we've seen in the US over the last decade, driven a growing belief in the use of diagnostics that help them achieve their practice priorities.

所以我認為這是多種因素的綜合作用——這是早期的情況。我們的產品非常適合市場。我們已經建立了一個由商業參考實驗室和客戶導向的軟體工具（如 VetConnect PLUS）組成的基礎設施，而且我認為，就像我們過去十年在美國看到的那樣，人們越來越相信使用診斷技術可以幫助他們實現實踐重點。

And so with that, we'll now conclude the Q&A portion of the call. Thank you for your participation and engagement this morning. Once again, my pleasure to share how IDEXX executed against our organic growth strategy while delivering strong financial results in the second quarter. And so with that, we'll conclude the call. Thank you.

因此，我們現在將結束電話會議的問答部分。感謝您今天上午的參與和投入。我很高興再次與大家分享 IDEXX 如何在第二季度執行我們的有機成長策略並取得強勁的財務業績。就這樣，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。