愛德士 (IDXX) 2025 Q3 法說會逐字稿

Good morning, and welcome to the IDEXX Laboratories Third 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年第三季財報電話會議。提醒各位，今天的會議正在錄影。今天早上參加電話會議的有：總裁兼執行長 Jay Mazelsky；財務長 Andrew Emerson；以及投資者關係副總裁 John Ravis。

IDEXX would like to preface the discussion today with a caution regarding forward-looking statements. Listeners are reminded that our discussion during the call will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. 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希望在今天的討論之前，先對前瞻性聲明提出一些警告。聽眾朋友請注意，本次電話會議的討論將包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與今天討論的結果有重大差異。有關這些風險和不確定性的更多信息，請參閱我們今天早上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，這些文件可從美國證券交易委員會獲取，或訪問我們網站idexx.com的投資者關係部分獲取。

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，我們將討論一些不符合公認會計原則（GAAP）的財務指標。我們的獲利報告中提供了這些非GAAP財務指標與最直接可比較的GAAP指標的調節表，您也可以造訪我們網站的投資者關係部分查看該報告。

In reviewing our third 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 年第三季業績和更新後的 2025 年業績指引時，請注意，除非另有說明，所有關於成長、有機成長和可比成長的表述均指與上年同期相比的成長。[操作說明]

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

今天的發言稿將在財報電話會議結束後發佈在我們網站的投資者關係版塊。

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

現在我想把電話交給安德魯‧艾默森。

Good morning. I'm pleased to take you through our third quarter results and provide an updated outlook for our full year 2025 financial expectations. In terms of highlights in the quarter, IDEXX delivered strong financial results supported by outstanding commercial execution in our Companion Animal business with benefits from recently launched IDEXX innovations. Revenue increased 13% as reported and 12% organically, supported by over 10% organic growth in CAG Diagnostics recurring revenues, reflecting over 8% gains in the U.S. and double-digit growth in international regions.

早安.我很高興向大家介紹我們第三季的業績，並提供我們 2025 年全年財務預期的最新展望。就本季亮點而言，IDEXX 在伴侶動物業務方面取得了強勁的財務業績，這得益於我們出色的商業執行，以及近期推出的 IDEXX 創新成果。報告顯示，營收成長了 13%，有機成長了 12%，這得益於 CAG Diagnostics 經常性收入超過 10% 的有機成長，其中美國成長超過 8%，國際地區成長達到兩位數。

We achieved another quarter of strong premium instrument placements, including over 1,750 IDEXX InVue Dx analyzers, resulting in 71% organic growth of CAG instrument revenues. CAG Diagnostics recurring revenue growth in Q3 was negatively impacted by declines in U.S. same-store clinical visits of 1.2%, driven by ongoing macro and sector pressures.

我們又一個季度實現了強勁的高端儀器投放量，其中包括超過 1,750 台 IDEXX InVue Dx 分析儀，使 CAG 儀器收入實現了 71% 的有機增長。受持續的宏觀經濟和行業壓力影響，美國同店臨床就診量下降了 1.2%，對 CAG Diagnostics 第三季度的經常性收入成長產生了負面影響。

IDEXX' operating performance was excellent in the quarter with comparable operating margin gains of 120 basis points, supported by gross margin expansion which benefited from strong recurring revenue growth. High operating profit gains enabled earnings per share of $3.40 in the quarter resulting in EPS growth of 15% on a comparable basis.

IDEXX 本季度經營業績表現出色，可比經營利潤率增長 120 個基點，這得益於強勁的經常性收入增長帶來的毛利率擴張。營業利潤大幅成長，使得本季每股收益達到 3.40 美元，以可比口徑計算，每股收益成長了 15%。

We're increasing our full year revenue outlook by $43 million at midpoint, with an updated range of $4.270 billion to $4.300 billion, an outlook for overall reported revenue growth of 9.6% to 10.3%. Our updated full year overall organic revenue growth outlook is for 8.8% to 9.5%, with organic CAG Diagnostics recurring revenue growth of 7.5% to 8.2%. These organic growth ranges represent approximately a 1% increase at midpoint to our previous guidance, supported by strong global execution in our CAG business.

我們將全年營收預期中位數上調 4,300 萬美元，更新後的範圍為 42.7 億美元至 43 億美元，預計整體報告營收將成長 9.6% 至 10.3%。我們更新後的全年整體有機收入成長預期為 8.8% 至 9.5%，其中 CAG Diagnostics 的有機經常性收入成長預期為 7.5% 至 8.2%。這些有機成長範圍比我們先前預期的中位數高出約 1%，這得益於我們在 CAG 業務方面的強勁全球執行力。

We're increasing our full year EPS outlook to $12.81 to $13.01 per share, up $0.33 per share at midpoint, reflecting 12% to 14% comparable EPS growth. We'll discuss our updated 2025 financial expectations later in my comments.

我們將全年每股收益預期上調至每股 12.81 美元至 13.01 美元，中位數上調 0.33 美元，反映出可比每股收益成長 12% 至 14%。我們將在稍後的評論中討論我們更新後的 2025 年財務預期。

Let's begin with a review of the third quarter results. Third quarter organic revenue growth of 12% was driven by 12% CAG revenue gains, 7% growth in our Water business and 14% gains in LPD. Strong CAG results were supported by CAG Diagnostics recurring revenue growth of 10% organically, including average global net price improvement of 4% to 4.5%, and benefits from CAG Diagnostic instrument revenues increasing 71% organically, aided by global placements of InVue Dx.

讓我們先來回顧一下第三季的業績。第三季有機收入成長 12%，其中 CAG 營收成長 12%，水務業務成長 7%，LPD 成長 14%。CAG 強勁的業績得益於 CAG Diagnostics 經常性收入的有機增長 10%，其中包括全球平均淨價提高 4% 至 4.5%，以及 CAG Diagnostic 儀器收入的有機增長 71%，這得益於 InVue Dx 的全球推廣。

US organic CAG Diagnostics recurring revenues grew 8% in Q3, supported by solid volume gains and 4% benefit from net price realization. U.S. same-store clinical visits declined 1.2% in the quarter, reflecting an IDEXX U.S. CAG Diagnostics recurring revenue growth premium to U.S. clinical visits of approximately 950 basis points, highlighting outstanding performance by the IDEXX teams.

美國 CAG Diagnostics 的有機經常性收入在第三季度增長了 8%，這得益於銷量的穩定增長和淨價實現帶來的 4% 的收益。本季度美國同店臨床就診量下降了 1.2%，反映出 IDEXX 美國 CAG 診斷經常性收入增長相對於美國臨床就診量溢價約 950 個基點，凸顯了 IDEXX 團隊的出色表現。

Q3 benefited from aging pets with non-wellness visits declining only 30 basis points year-over-year while wellness visits declined 2.5%. Health services continued to expand in the quarter, including increased diagnostic frequency and utilization per clinical visit for both well and non-wellness visits as customers expand the use of diagnostics in their care protocols.

第三季受惠於寵物年齡增長，非健康檢查次數年比僅下降 30 個基點，而健康檢查次數較去年同期下降 2.5%。本季度醫療服務持續擴張，包括提高每次臨床就診（包括健康檢查和非健康檢查）的診斷頻率和利用率，因為客戶在其護理方案中擴大了診斷的使用。

International CAG Diagnostics recurring revenue grew 14% organically in Q3, including approximately a 1% benefit related to equivalent days. Revenue performance was driven by volume gains, including benefits of net new customers and same-store sales utilization. International regions have sustained strong growth on a days adjusted basis for the past 10 quarters, highlighting the significant global opportunity as we invest in global commercial capabilities and expansions.

國際 CAG 診斷業務第三季經常性收入有機成長 14%，其中包括與等效天數相關的約 1% 的成長。營收成長主要得益於銷售提升，包括新增客戶和同店銷售利用率的提高。過去 10 個季度，國際區域按天數調整後保持了強勁成長，凸顯了我們投資全球商業能力和擴張所帶來的巨大全球機會。

IDEXX innovation and commercial execution also delivered strong organic revenue gains across testing modalities globally in the third quarter. IDEXX VetLab consumable revenues increased 16% on an organic basis in the third quarter, reflecting double-digit growth in both the U.S. and international regions. Consumable revenue growth was supported by expansion of our premium instrument installed base and expanded testing utilization including benefits from recent product launches.

第三季度，IDEXX 的創新和商業執行也為全球各種檢測方式帶來了強勁的內生性收入成長。第三季度，IDEXX VetLab 耗材收入以有機成長計算成長了 16%，反映出美國和國際地區均實現了兩位數的成長。耗材收入的成長得益於我們高端儀器安裝基礎的擴大和測試利用率的提高，包括近期產品發布帶來的收益。

InVue Dx utilization is tracking well to our reoccurring revenue estimates previously provided of $3,500 to $5,500 per analyzer, and we're excited for the upcoming launch of FNA starting with mast cell tumor detection.

InVue Dx 的使用情況與我們之前提供的每台分析儀 3,500 至 5,500 美元的經常性收入預測相符，我們對即將推出的 FNA 功能感到興奮，該功能將首先用於肥大細胞瘤的檢測。

CAG instrument placements increased significantly in Q3 compared to prior year levels. Total premium placements reached 5,665 units, an increase of 37% year-over-year. The quality of placements remains excellent, reflected in 1,203 global new and competitive Catalyst placements, including 347 in North America. Globally, we placed 1,753 IDEXX InVue Dx instruments as we continue to meet customer demand for this highly innovative analyzer. Ongoing progress of placing instruments combined with high customer retention levels supported the 10% year-over-year growth in our premium instrument installed base in the quarter.

與去年同期相比，第三季 CAG 器械植入量顯著增加。高級廣告投放總量達 5,665 個單位，較去年同期成長 37%。安置品質仍然非常出色，全球共有 1203 個新的、具有競爭力的 Catalyst 安置項目，其中北美地區有 347 個。在全球範圍內，我們已售出 1,753 台 IDEXX InVue Dx 儀器，以繼續滿足客戶對這款極具創新性的分析儀的需求。儀器安裝工作的持續進展以及較高的客戶留存率，使得我們本季高端儀器的安裝基礎年增了 10%。

IDEXX Global Reference Lab revenues increased 9% organically in Q3, up approximately 4% growth from the second quarter driven by solid volume growth across regions, including expanded same-store volume benefits and net new customer gains. IDEXX Cancer Dx continues to gain further traction in North America reaching nearly 5,000 customers through October. Global rapid assay revenues declined 5% organically in Q3. Rapid assay results continue to be impacted by customers shifting pancreatic lipase testing to our Catalyst instrument platform, which we estimate to be a 6% headwind in Q3 revenue growth.

IDEXX 全球參考實驗室第三季營收有機成長 9%，較第二季成長約 4%，這主要得益於各地區銷售量的穩健成長，包括同店銷售成長及新增顧客數量增加。IDEXX Cancer Dx 在北美持續獲得進一步發展，截至 10 月已擁有近 5,000 名客戶。第三季全球快速檢測收入自然下降 5%。由於客戶將胰脂肪酶檢測轉移到我們的 Catalyst 儀器平台，快速檢測結果持續受到影響，我們估計這將對第三季營收成長造成 6% 的不利影響。

Veterinary software and diagnostic imaging organic revenues increased 11%, driven by recurring revenues which grew 10% during the quarter. Solid growth in veterinary software was supported by a strong double-digit growth of cloud-based PIMS installations and adoption of related reoccurring services. We also saw continued strong double-digit year-over-year growth of diagnostic imaging system placements in the quarter.

獸醫軟體和診斷影像的有機收入成長了 11%，主要得益於經常性收入在本季度增長了 10%。獸醫軟體的穩健成長得益於基於雲端的 PIMS 安裝量兩位數的強勁成長以及相關循環服務的採用。本季度，診斷影像系統安裝量也持續保持強勁的兩位數年成長。

Water revenues increased 7% organically in Q3 with strong growth in international regions and solid mid-single-digit growth in the U.S. Livestock, Poultry and Dairy revenues increased 14% organically in the quarter with double-digit gains across most regions.

第三季水務收入有機成長 7%，國際地區成長強勁，美國地區也實現了穩健的中位數成長。畜牧、家禽和乳製品收入在本季有機成長 14%，大多數地區實現了兩位數成長。

Turning to the P&L, strong revenue growth enabled 16% comparable operating profit gains. Gross profit increased 15% in the quarter as reported and 13% on a comparable basis. Gross margins were 61.8%, up approximately 80 basis points on a comparable basis. These gains reflect benefits from strong reoccurring revenue growth and IDEXX VetLab consumables and Reference Lab volumes along with operational productivity and pricing benefits, which offset inflationary cost pressures. Reported gross margin gains were moderated by 10 basis points of foreign exchange impacts net of hedge positions.

從損益表來看，強勁的收入成長使可比營業利潤成長了 16%。本季毛利以報告值計算成長了 15%，以可比口徑計算成長了 13%。毛利率為 61.8%，較上年同期成長約 80 個基點。這些收益反映了強勁的經常性收入成長以及 IDEXX VetLab 耗材和參考實驗室銷售帶來的好處，以及營運效率和定價方面的優勢，這些優勢抵消了通貨膨脹帶來的成本壓力。報告的毛利率成長受到外匯影響（扣除對沖頭寸後）10個基點的影響。

On a reported basis, operating expenses increased 12% year-over-year as we advance investments in our global commercial and innovation capabilities. Q3 earnings per share was $3.40 per share, including benefit of $14 million or $0.17 per share related to share-based compensation activity. Income tax includes a $0.09 negative impact related to accelerating tax deductions for previously incurred research expenses allowed under the new U.S. tax legislation, which benefits cash taxes while increasing our effective tax rate in the period.

據報告，由於我們加大了對全球商業和創新能力的投資，營運費用較去年同期成長了 12%。第三季每股收益為 3.40 美元，其中包括與股權激勵活動相關的 1,400 萬美元或每股 0.17 美元的收益。所得稅包括 0.09 美元的負面影響，這是由於根據新的美國稅法允許加速扣除先前發生的研發費用而造成的，這有利於現金稅，但同時也提高了我們在此期間的實際稅率。

Foreign exchange added $1.9 million to operating profit and $0.02 to EPS in Q3, net of hedge effects, reflecting a comparable EPS increase of 15%.

外匯交易使第三季營業利潤增加了 190 萬美元，每股收益增加了 0.02 美元（扣除對沖效應後），反映出每股收益增加了 15%。

Free cash flow was $371 million in Q3 and $964 million on a trailing 12-month basis with a net income to free cash flow conversion rate of 94%. For the full year, we're updating our outlook for free cash flow conversion to 95% to 100% of net income. This increase includes a 10% cash tax benefit primarily related to $105 million of acceleration of tax deductions for previously incurred research expenses allowed under recent U.S. tax legislation and a refined outlook for our full year capital spending of approximately $140 million.

第三季自由現金流為 3.71 億美元，過去 12 個月為 9.64 億美元，淨收入與自由現金流的轉換率為 94%。對於全年，我們將自由現金流轉換率預期上調至淨收入的 95% 至 100%。此次成長包括 10% 的現金稅收優惠，主要與根據美國最近的稅法規定，先前發生的研發費用可加速扣除 1.05 億美元的稅收有關，以及我們全年資本支出約 1.4 億美元的修正預期。

Our balance sheet remains in a strong position. We finished the period with leverage ratios of 0.7x gross and 0.5x net of cash. We continue to deploy capital towards share repurchases, allocating $242 million during the third quarter and contributing to $985 million on a year-to-date basis, supporting a 2.7% year-over-year reduction in diluted shares outstanding through Q3.

我們的資產負債表依然穩健。期末，我們的槓桿率總額為 0.7 倍，扣除現金後的淨槓桿率為 0.5 倍。我們繼續投入資金進行股票回購，第三季投入 2.42 億美元，年初至今投入 9.85 億美元，使得截至第三季末的稀釋後流通股數量年減了 2.7%。

Turning to our full year 2025. As noted, we're increasing our outlook for overall revenue to $4.270 billion to $4.300 billion. At midpoint, this reflects approximately $43 million of operational improvement, building on strong third quarter performance, including CAG Diagnostics' recurring revenue expansion and increased InVue Dx revenue expectations.

讓我們展望一下2025年全年。如同先前所述，我們將整體營收預期上調至 42.7 億美元至 43 億美元。中期來看，這反映了約 4,300 萬美元的營運改善，建立在強勁的第三季業績之上，包括 CAG Diagnostics 的經常性收入成長和 InVue Dx 收入預期增加。

Our updated revenue growth outlook is for 9.6% to 10.3% growth as reported, including a 0.8% full year growth benefit and 2% growth benefit in Q4 from foreign exchange at the rates outlined in our press release. As a sensitivity, a 1% strengthening of the U.S. dollar would reduce revenue by approximately $4 million and EPS by $0.01 for the remainder of the year.

我們更新後的營收成長預期為9.6%至10.3%的成長，其中包括全年0.8%的成長收益和第四季2%的成長收益（匯率已在我們的新聞稿中列出）。作為敏感度分析，美元走強 1% 將導致本年度剩餘時間內收入減少約 400 萬美元，每股收益減少 0.01 美元。

The updated overall organic revenue growth outlook of 8.8% to 9.5% reflects an estimated organic growth range of 7.5% to 8.2% for CAG Diagnostics recurring revenue, including a consistent 4% to 4.5% benefit from global net price realization. At midpoint, during Q4, we're assuming U.S. clinical visits continue to decline at levels moderately better than the year-to-date average. We are again increasing our expectations for our InVue Dx placements, which we now expect to be approximately 6,000 during 2025, with instrument revenues of over $65 million as we continue to see strong demand from this exciting new platform.

更新後的整體有機收入成長預期為 8.8% 至 9.5%，反映了 CAG Diagnostics 經常性收入預計有機成長範圍為 7.5% 至 8.2%，其中包括全球淨價實現帶來的持續 4% 至 4.5% 的收益。在第四季中期，我們假設美國臨床就診量將繼續下降，但下降幅度將略好於今年迄今的平均值。我們再次提高了對 InVue Dx 安裝量的預期，預計到 2025 年將達到約 6,000 台，儀器收入將超過 6500 萬美元，因為我們繼續看到來自這個令人興奮的新平台的強勁需求。

In terms of key financial metrics, we're increasing our reported operating margin outlook to 31.6% to 31.8% in 2025, reflecting an increased expectation for 80 to 100 basis points of full year comparable operating margin improvement net of 180 basis point operating margin benefit related to the discrete litigation expense impacts and updated foreign exchange effects.

就關鍵財務指標而言，我們將 2025 年的報告營業利潤率預期上調至 31.6% 至 31.8%，這反映出我們對全年可比營業利潤率改善 80 至 100 個基點的預期有所提高，扣除與個別訴訟費用影響和更新後的外匯影響相關的 180 個基點利潤率收益。

As noted previously, IDEXX remains well positioned to navigate the ongoing changes in the trade landscape with a largely U.S.-based manufacturing footprint. We remain focused on continuous supply to customers while actively managing cost impacts, which will continue to play out into 2026.

如前所述，IDEXX 憑藉其主要位於美國的製造基地，仍然能夠很好地應對貿易格局的不斷變化。我們將繼續專注於為客戶提供持續供應，同時積極控製成本影響，這種情況將持續到 2026 年。

Our updated full year earnings per share outlook is $12.81 to $13.01 per share, an increase of $0.33 per share at midpoint. Our EPS outlook incorporates increased projections for operational improvement of $0.22 at midpoint compared to our prior guide. We've also incorporated lower effective tax rate benefits, including $0.09 of share-based compensation activity compared to the prior outlook, partially offset by other tax impacts including the noted acceleration of research expense deductions under the new U.S. tax legislation. Updated estimates for interest expense, average share count reduction and foreign exchange impacts have also been incorporated, with additional details available in the tables in our press release and earnings snapshot.

我們更新後的全年每股收益預期為每股 12.81 美元至 13.01 美元，中位數較預期增加 0.33 美元。我們的每股收益預期中位數較先前的預期提高了 0.22 美元，這主要得益於營運改善預期。我們還納入了較低的實際稅率優惠，包括與先前的展望相比，股票選擇權激勵活動減少了 0.09 美元，但部分被其他稅收影響所抵消，例如根據新的美國稅法加速了研發費用扣除。更新後的利息支出、平均股份數量減少和外匯影響的估計也已納入考量，更多詳情請參閱我們的新聞稿和收益概覽中的表格。

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

我們的財務回顧到此結束。現在我將把電話交給傑伊，請他發表評論。

Thank you, Andrew, and good morning. IDEXX delivered very strong financial performance in the third quarter while advancing our strategic priorities globally. Our proven model of high-touch commercial engagement, combined with differentiated testing and workflow innovations continue to drive adoption of IDEXX's world-class diagnostic and software solutions. These capabilities directly support our customers' mission to deliver the highest standards of care enabled through greater diagnostic frequency and utilization in everyday practice.

謝謝你，安德魯，早安。IDEXX 第三季財務表現非常強勁，同時在全球範圍內推進了我們的策略重點。我們成熟的高觸達商業互動模式，加上差異化的測試和工作流程創新，持續推動 IDEXX 世界一流的診斷和軟體解決方案的普及。這些能力直接支持我們的客戶實現其使命，即透過在日常實踐中提高診斷頻率和利用率，提供最高標準的護理。

Diagnostics remains the fastest-growing revenue stream within veterinary clinics, a durable trend reflecting the central role testing plays in determining patient health status and guiding treatment decisions. Our financial results in the quarter were underpinned by accelerating gains in CAG Diagnostics recurring revenues across major regions. Growth in recurring revenues reflects multiple execution drivers, including double-digit growth of our premium installed base, instrument installed base, sustained strong new customer gains, solid net price realization and continued momentum in cloud-based software adoption.

診斷仍然是獸醫診所中成長最快的收入來源，這一持久趨勢反映了檢測在確定患者健康狀況和指導治療決策方面發揮的核心作用。本季財務表現得益於 CAG Diagnostics 在各大地區的經常性收入加速成長。經常性收入的成長反映了多個執行驅動因素，包括我們高端客戶安裝基礎、儀器安裝基礎的兩位數成長、持續強勁的新客戶成長、穩健的淨價實現以及基於雲端的軟體採用的持續勢頭。

Importantly, these results were supported by continued momentum in our innovation playbook, highlighted by strong placements of InVue Dx, growing adoption of Cancer Dx, and benefits from the expanding Catalyst menu, including early uptake of Catalyst Cortisol. IDEXX solutions anchored by our integrated software-enabled multi-modality approach are well positioned to help clinics enhance efficiency, expand diagnostics reach, and deliver exceptional patient care.

重要的是，這些成果得到了我們創新策略持續發展的支持，其中 InVue Dx 的強勁表​​現、Cancer Dx 的日益普及以及 Catalyst 產品系列的不斷擴展所帶來的益處（包括 Catalyst Cortisol 的早期應用）尤為突出。IDEXX 的解決方案以我們整合的軟體驅動的多模式方法為基礎，能夠很好地幫助診所提高效率、擴大診斷範圍並提供卓越的患者護理。

Building on the groundbreaking innovations we launched in 2025, and as highlighted at our August Investor Day, we will further expand our Cancer Dx franchise in 2026 with the addition of mast cell tumor and another high-impact cancer biomarker to the panel. We also plan to bring Cancer Dx panel to international markets starting in Q1 2026, extending its reach and accelerating our global leadership in veterinary cancer diagnostics.

繼我們在 2025 年推出的突破性創新之後，正如我們在 8 月投資者日上強調的那樣，我們將在 2026 年進一步擴展我們的癌症診斷業務，將肥大細胞瘤和另一種具有重大影響的癌症生物標誌物添加到檢測組合中。我們還計劃從 2026 年第一季開始將 Cancer Dx 檢測板推向國際市場，擴大其覆蓋範圍，並加速我們在獸醫癌症診斷領域的全球領先地位。

Our commercial organization again delivered outstanding performance in Q3. Across geographies, our teams drove very strong instrument placements with a high quality of placements supporting outstanding year-on-year growth of economic value placements, a key measure of future recurring revenue gains. Retention of our CAG Diagnostics recurring revenue remained in the high 90s, reflecting the enduring loyalty and trust that veterinarians place in IDEXX. This loyalty is not simply the result of world-class products. It reflects the strength of our customer engagement and support model where IDEXX representatives serve as true partners in helping practices improve medical outcomes and business performance.

我們的商業團隊在第三季再次取得了優異的業績。在各個地區，我們的團隊推動了非常強勁的金融工具部署，高品質的部署支持了經濟價值部署的顯著逐年增長，這是衡量未來經常性收入成長的關鍵指標。CAG Diagnostics 的經常性收入保留率保持在 90% 以上，這反映了獸醫對 IDEXX 的持久忠誠和信任。這種忠誠度並非僅僅源自於世界一流的產品。這體現了我們客戶互動和支援模式的優勢，IDEXX 代表作為真正的合作夥伴，幫助醫療機構改善醫療效果和業務績效。

In the US, growth was fueled by strong volume gains, including benefits from adoption of new innovations alongside sustained strong new and competitive Catalyst placements. Our teams are effectively engaging practices, whether start-ups outfitting their practice for the first time or established clinics seeking to upgrade and expand capabilities. Accelerated growth in the important diagnostics frequency metric as well as utilization per clinical visit is a critical driver of success, enhancing patient care while creating durable growth for both clinics and IDEXX.

在美國，成長得益於強勁的銷售成長，包括採用新技術帶來的益處，以及持續強勁的、具競爭力的 Catalyst 新產品上市。我們的團隊能夠有效地與各種診所進行合作，無論是首次為其診所配備設備的新創公司，還是尋求升級和擴展能力的成熟診所。診斷頻率這一重要指標以及每次臨床就診的利用率的加速增長是成功的關鍵驅動因素，它既能提高患者護理水平，又能為診所和 IDEXX 創造持久增長。

We are also benefiting from corporate account relationship extensions and expansions. These relationships represent significant multiyear growth opportunities as practices transition volume into IDEXX's ecosystem of diagnostic software and services. Importantly, these partnerships are increasingly structured to elevate care at the practice level, to greater diagnostics frequency, utilization, workflow optimization and expanded menu adoption.

我們也受惠於企業客戶關係的拓展與擴大。隨著醫療機構將業務量逐步轉移到 IDEXX 的診斷軟體和服務生態系統中，這些合作關係代表著未來多年的重大成長機會。重要的是，這些合作關係日益注重提升診所層面的照護水平，提高診斷頻率、使用率、優化工作流程並擴大菜單範圍。

Internationally, we delivered double-digit installed base growth for the 11th consecutive quarter with the step-up in the growth of CAG Diagnostics recurring revenue growth across major regions. Our commercial strategies are globally tailored to regional dynamics supported by strong Reference Laboratory networks and backed by an innovation approach that ensures high product market fit, such as with ProCyte One and SNAP Leishmania.

在國際市場，隨著 CAG Diagnostics 在各大區域的經常性收入成長加快，我們連續第 11 季實現了兩位數的裝機量成長。我們的商業策略在全球範圍內根據區域動態量身定制，並依賴強大的參考實驗室網絡，以創新方法確保產品與市場高度契合，例如 ProCyte One 和 SNAP Leishmania。

Expanding diagnostic frequency in international regions continues to be a key growth lever, elevating the standard of care and expanding the sector opportunity. We remain committed to investing in our commercial footprint where the customer readiness and growth potential are strongest. We are on track with plans to expand in 3 international countries by the start of 2026, while also enhancing our U.S. commercial footprint. These are high-return investments, reducing the number of customers per account manager, supporting more frequent engagement, strengthening loyalty and driving adoption of IDEXX solutions.

在國際範圍內擴大診斷頻率仍然是關鍵的成長槓桿，提高了護理標準，擴大了該行業的機會。我們將繼續致力於投資客戶需求和成長潛力最強的商業領域。我們正按計畫推進，目標是在 2026 年初之前拓展到 3 個國際國家，同時擴大我們在美國的商業版圖。這些都是高回報的投資，可以減少每位客戶經理負責的客戶數量，支援更頻繁的互動，增強客戶忠誠度，並推動 IDEXX 解決方案的採用。

The commercial organization's ability to consistently deliver growth across varied geographies and macroeconomic conditions demonstrates the durability of our model. Practices continue to prioritize diagnostics and software because they are foundational to their mission, and IDEXX is their partner of choice.

該商業機構能夠在不同的地域和宏觀經濟條件下持續實現成長，證明了我們模式的持久性。醫療機構繼續優先考慮診斷和軟體，因為它們是其使命的基礎，而 IDEXX 是他們首選的合作夥伴。

Turning to our innovation update, let me begin with Catalyst Cortisol, the newest addition to our Catalyst platform. Launched in North America in late July and at the end of the third quarter internationally, Catalyst Cortisol is already seeing strong momentum with over 1/4 of Catalyst customers in North America adopting test within the first 3 months of launch. This is among the fastest adoptions for Catalyst menu expansion, underscoring both the clinical need and the level of customer anticipation.

接下來談談我們的創新進展，首先要介紹的是 Catalyst Cortisol，這是我們 Catalyst 平台的最新成員。Catalyst Cortisol 於 7 月下旬在北美推出，並於第三季末在國際上推出，目前已取得強勁勢頭，北美超過 1/4 的 Catalyst 客戶在推出後的前 3 個月內就採用了該產品進行測試。這是 Catalyst 菜單擴展中最快的採用率之一，凸顯了臨床需求和客戶的期望程度。

Catalyst Cortisol enables veterinarians to rapidly measure cortisol levels at the point of care, supporting diagnosis and monitoring of adrenal conditions such as Cushing's syndrome and Addison's disease. These conditions are often complex and require real-time insights to guide treatment decisions. With Catalyst Cortisol, veterinarians can deliver highly accurate results during the patient visit, avoiding delays, reducing callbacks and increasing confidence in treatment planning.

Catalyst Cortisol 讓獸醫能夠在護理點快速測量皮質醇水平，從而支持對庫欣氏症候群和艾迪生氏症等腎上腺疾病的診斷和監測。這些病情通常很複雜，需要即時了解情況來指導治療決策。借助 Catalyst Cortisol，獸醫可以在患者就診期間提供高度準確的結果，避免延誤，減少回訪，並增強對治療計劃的信心。

The addition of Cortisol was the most frequently requested Catalyst menu expansion from customers, a clear signal of its importance to clinical practice. The rapid uptake we've seen validates the power of listening closely to our customers, and then delivering innovation that directly addresses their highest priority needs from both a testing accuracy standpoint in workflow friendly way.

皮質醇的添加是顧客最常要求的 Catalyst 菜單擴展，這清楚地表明了它在臨床實踐中的重要性。我們看到的快速普及證明了認真傾聽客戶意見的力量，然後以對工作流程友好的方式，從測試準確性的角度提供創新，直接滿足他​​們最優先的需求。

This is also a great example of our Technology for Life strategy. By continually expanding the Catalyst menu, we increase both the medical and economic value of the installed base. With nearly 77,000 Catalyst instruments and practices globally, each new menu expansion represents a lever for increased utilization, improved care and long-term recurring revenue.

這也是我們「科技賦能生活」策略的絕佳例證。透過不斷擴展 Catalyst 的菜單，我們提高了已安裝設備的醫療和經濟價值。Catalyst 在全球擁有近 77,000 台儀器和診所，每一次新的菜單擴展都代表著提高利用率、改善護理和長期經常性收入的槓桿。

Alongside Catalyst Pancreatic Lipase, which has already achieved adoption across over 50% of the available installed base and Catalyst SmartQC, which is simplifying quality control workflows, Catalyst Cortisol is strengthening Catalyst position as the most versatile, value-creating chemistry, immunoassay and electrolyte platform in veterinary medicine.

繼 Catalyst 胰脂肪酶（已在超過 50% 的可用安裝基數中得到應用）和 Catalyst SmartQC（正在簡化品質控制工作流程）之後，Catalyst 皮質醇正在鞏固 Catalyst 作為獸醫學領域用途最廣泛、最有價值的化學、免疫測定和電解質平台的地位。

Moving to InVue Dx. By the end of Q3, we have placed over 4,400 InVue Dx analyzers globally year-to-date, exceeding our expectations in reinforcing the momentum that began with preorders last year. This represents one of the most successful product rollouts in IDEXX' history. This strong start gives us confidence to once again raise our full year outlook to approximately 6,000 placements.

遷移到 InVue Dx。截至第三季末，我們今年迄今已在全球售出超過 4,400 台 InVue Dx 分析儀，超出預期，鞏固了去年預購開始的良好勢頭。這代表了IDEXX歷史上最成功的產品發布之一。這一強勁的開局讓我們有信心再次將全年就業預期上調至約 6,000 個職位。

Customer feedback has been overwhelmingly positive, with veterinarians consistently highlighting workflow transformation, diagnostic confidence and powerful clinical insight as the most meaningful benefits. The slide-free cytology workflow reduces technicians' time improves consistency and delivers results while the patients are still under practice. At the same time, AI models, now trained on more than 60 million cellular images, provide reliable, high-quality insights that elevate standards of care.

客戶回饋絕大多數都是正面的，獸醫們一致認為工作流程的轉變、診斷信心的提升和強大的臨床洞察力是最有意義的益處。無玻片細胞學工作流程可減少技術人員的時間，提高一致性，並在患者仍在接受治療期間提供結果。同時，人工智慧模型現在已在超過 6,000 萬張細胞影像上進行訓練，提供可靠的高品質見解，從而提升護理標準。

Frequent software updates, as often as every other week, continuously expand these capabilities, enhancing accuracy and ensuring clinicians always benefit from the latest advancements. A great example of this is a recent update that reduced time to result of an ear cytology to approximately 8 minutes. Utilization for ear cytology or blood morphology has been robust and well-aligned with our expectations. Both of these broad-use categories have great use cases in everyday practice, serving as high-frequency diagnostics to support patient care across a wide range of conditions. Their adoption underscores the value of InVue Dx in addressing routine, repeatable testing needs to drive workflow efficiency and strengthen clinical confidence.

頻繁的軟體更新（甚至每隔一周一次）不斷擴展這些功能，提高準確性，並確保臨床醫生始終受益於最新的技術進步。最近的一次更新就是一個很好的例子，它將耳部細胞學檢查結果的獲取時間縮短到大約 8 分鐘。耳部細胞學或血液形態學的利用情況良好，與我們的預期相符。這兩種用途廣泛的類別在日常實踐中都有很好的應用場景，可作為高頻診斷手段，為各種疾病的患者護理提供支援。他們的採用凸顯了 InVue Dx 在滿足常規、可重複測試需求、提高工作流程效率和增強臨床信心方面的價值。

Importantly, success in these initial categories provide a strong foundation for the platform, creating natural momentum as we expand the menu into additional high-value areas, such as oncology with the addition of fine needle aspirate, which remains on track for rollout later this year.

重要的是，這些初始類別的成功為該平台奠定了堅實的基礎，隨著我們將菜單擴展到其他高價值領域（例如腫瘤學，並增加細針穿刺），自然而然地產生了動力，細針穿刺仍按計劃於今年晚些時候推出。

Importantly, InVue Dx not only driving placements in consumables, but also strengthening customer loyalty and long-term contractual relationships. Many practices adopting InVue are expanding their broader IDEXX commitments with some extending agreements ahead of schedule to secure access to this transformative platform.

重要的是，InVue Dx 不僅推動了耗材的銷售，還加強了客戶忠誠度和長期合約關係。許多採用 InVue 的機構正在擴大其更廣泛的 IDEXX 承諾，其中一些機構甚至提前延長了協議，以確保獲得此變革性平台的使用權。

Turning to Cancer Dx. Momentum remains strong with nearly 5,000 practices to date adopting these tests within just a few quarters of launch. Utilization is tracking well with expectations and we continue to be encouraged by competitive customer adoption, now over 17% of customers. This reflects growing awareness and underscores Cancer Dx' importance as a new standard in veterinary oncology. While the majority of samples are still being used to aid in the diagnosis of canine lymphoma, the number of practices incorporating the test into wellness protocols is nearing parity, enabling early detection and improved patient outcomes.

轉向癌症診斷。勢頭依然強勁，迄今為止已有近 5000 家診所在推出後的短短幾個季度內採用了這些檢測方法。利用率與預期相符，競爭客戶的採用率不斷提高，目前已超過 17% 的客戶，這令我們倍感鼓舞。這反映出人們的意識不斷增強，並凸顯了 Cancer Dx 作為獸醫腫瘤學新標準的重要性。雖然大多數樣本仍用於輔助診斷犬淋巴瘤，但將該測試納入健康方案的診所數量已接近平衡，從而能夠早期發現並改善患者的治療效果。

The clinical need for oncology screening is clear. Cancer remains one of the leading causes of death among dogs, and early detection is critical to improving outcomes. Cancer Dx provides veterinarians with a cost-effective, highly sensitive tool that integrates seamlessly into a standard wellness visit. Looking ahead, our Cancer Dx road map is ambitious as we expand internationally and have mast cell tumor detection in one additional cancer next year. With canine lymphoma and mast cell tumor detection, the Cancer Dx platform will address over 1/3 of all canine cancer cases. Mast cell tumors are top of mind with pet parents because they can often feel the lumps and bumps while petting or cuddling with their dog, and early detection can significantly improve the clinical outcome for an affected dog. The upcoming availability of FNA for lumps and bumps on InVue Dx will allow for cytology results during the patient visit, helping to provide clarity to a concern to pet parent.

腫瘤篩檢的臨床必要性顯而易見。癌症仍然是犬類死亡的主要原因之一，早期發現對於改善治療效果至關重要。Cancer Dx 為獸醫提供了一種經濟高效、高度靈敏的工具，可以無縫整合到標準的健康檢查中。展望未來，我們的癌症診斷路線圖雄心勃勃，我們將拓展國際市場，並計劃明年在另一種癌症中檢測肥大細胞瘤。透過檢測犬淋巴瘤和肥大細胞瘤，Cancer Dx 平台將解決超過三分之一的犬類癌症病例。寵物主人最關心的就是肥大細胞瘤，因為他們在撫摸或擁抱愛犬時經常能摸到腫塊和凸起，而早期發現可以顯著改善患病犬的臨床結果。InVue Dx 即將推出的針對腫塊和隆起的 FNA 功能，將允許在患者就診期間獲得細胞學結果，從而幫助寵物主人明確他們的擔憂。

We have a couple of important highlights in our software business, specifically related to the broad-based adoption of our cloud-based products, reflecting the strength of IDEXX's vertical SaaS model purpose built for animal health. Veterinarians across all stages of their careers recognize the workflow efficiencies and ease of use that our solutions provide, enabling them to spend more time delivering care and less time on administrative tasks.

我們在軟體業務方面有幾個重要的亮點，特別是與我們基於雲端的產品的廣泛採用有關，這反映了 IDEXX 專為動物健康而打造的垂直 SaaS 模式的強大實力。處於職業生涯各個階段的獸醫都認識到我們的解決方案能夠提高工作流程效率並方便使用，使他們能夠花更多的時間提供護理，減少在行政任務上花費的時間。

Our cloud-native PIMS platforms delivered double-digit installed base growth again this quarter, surpassing a milestone, now with over 10,000 locations, and strong adoption among both independent practices and enterprise customers with multi-location groups. Customers are choosing IDEXX for our growing vertical SaaS platform where integrated modules create seamless workflows for clinicians and connectivity with diagnostics and increasingly for pet parents to Vello.

本季度，我們的雲端原生 PIMS 平台再次實現了兩位數的安裝基數成長，突破了里程碑，目前已覆蓋超過 10,000 個地點，並在獨立診所和擁有多個地點的企業客戶中得到了廣泛應用。客戶選擇 IDEXX 是因為我們不斷發展的垂直 SaaS 平台，其中整合模組為臨床醫生創建了無縫的工作流程，並與診斷系統連接，而且越來越多地為寵物主人連接到 Vello。

Vello our client engagement platform continued to expand in Q3, with active clinics growing over 20% sequentially and over half of PIMS bookings in the quarter included a Vello subscription. Clinics using Vello report higher appointment adherence, increased diagnostics compliance and greater client satisfaction, all of which translated to higher visit volumes and revenue growth. The integration of Vello with our diagnostics and PIMS ecosystem further amplifies its value, making it an increasingly important part of IDEXX's long-term growth engine.

我們的客戶互動平台 Vello 在第三季持續擴張，活躍診所數量較上季成長超過 20%，該季超過一半的 PIMS 預約都包含 Vello 訂閱。使用 Vello 的診所報告稱，預約遵守率更高，診斷依從性更高，客戶滿意度更高，所有這些都轉化為更高的就診量和收入成長。Vello 與我們的診斷和 PIMS 生態系統的整合進一步提升了其價值，使其成為 IDEXX 長期成長引擎中越來越重要的組成部分。

As we conclude, I want to extend my deep gratitude to our 11,000 IDEXX employees worldwide. Your commitment to innovation, customer partnership and operational excellence is what enables us to deliver results like these.

最後，我要向IDEXX全球11,000名員工表達我深深的謝意。你們對創新、客戶合作和卓越營運的承諾，使我們能夠取得這樣的成果。

Q3 was another quarter where innovation and commercial execution came together to drive strong financial performance and advanced veterinary care. As diagnostics sit at the center of the veterinary system of care, IDEXX will remain at the forefront of advancing standards, unlocking practice productivity and driving sustainable growth.

第三季度，創新與商業執行相結合，推動了強勁的財務表現和先進的獸醫護理。由於診斷是獸醫護理系統的核心，IDEXX 將繼續走在提升標準、提高診所生產力和推動永續成長的前沿。

Now please open the line for Q&A.

現在請開放問答環節。

[Operator Instructions] Our first question comes from Erin Wright, Morgan Stanley.

【操作員說明】我們的第一個問題來自摩根士丹利的艾琳·賴特。

Great. I want to unpack a little bit the strength of consumables in the quarter and what's sustainable -- what's sustainable here. For instance, how much of the strength is actually InVue consumables, lipase or just the new contracting terms when you do place an InVue? For instance, you used to give us this metric back when you launched Catalyst Dx, that you used to say, with every Dx upgrade, it translated into a considerable amount of consumables uplift. I guess, do you have that metric when you're placing kind of InVue's, you're establishing and recontracting with new IDEXX 360 relationships? And presumably, this is an all InVue consumables contribution? I just want to unpack that.

偉大的。我想稍微分析一下本季消費品市場的強勁勢頭以及哪些是可持續的——這裡哪些是可持續的。例如，InVue 的效力究竟有多少是實際的 InVue 耗材、脂肪酶，還是只是新合約條款帶來的？例如，你們在推出 Catalyst Dx 時曾經給我們提供過這個指標，你們當時說，每次 Dx 升級都會帶來相當可觀的消耗品提升。我想，您在部署 InVue 之類的平台，建立和重新簽訂 IDEXX 360 關係時，是否有相應的指標？想必這都是 InVue 耗材的貢獻吧？我只是想仔細分析一下。

Erin, yes, the growth in the VetLab consumables piece is very broad-based. So there's obviously the large installed base growth of 10%, and you can go back many quarters, and we continue to grow that very aggressively. And the quality of these placements is very high. We track economic value across the board; what we're seeing is high-quality placements competitive and greenfield is something we disclose both for chemistry and hematology, so you get a sense of that.

艾琳，是的，VetLab 耗材業務的成長基礎非常廣泛。顯然，用戶基數成長了 10%，而且回顧過去幾個季度，我們一直在積極地保持這一成長勢頭。而且這些職位的品質非常高。我們會全面追蹤經濟價值；我們看到的是高品質的職位競爭激烈，而新建職位的情況我們在化學和血液學領域都會披露，這樣你就能對此有所了解。

Also the Technology for Life, the specialty tests, we've now had 3 within a period of a year. Those are -- those contribute. There's Pancreatic Lipase and SmartQC and now Cortisol. So these are tests that veterinarians prefer to do at the point of care, and that's clearly benefiting us. And I'd say -- by the way, it's, at an enterprise level, we're doing more testing in those areas. So this isn't a case of substituting from the reference lab to point of care.

此外，生命科技（Technology for Life）的專項測試，我們在一年內已經進行了 3 次。這些就是——這些貢獻者。已有胰脂肪酶和 SmartQC，現在又增加了皮質醇。所以，這些都是獸醫們更傾向於在診療現場進行的檢查，這顯然對我們有利。順便說一句，在企業層面，我們正在這些領域進行更多測試。所以這不是從參考實驗室到現場護理的替代情況。

With respect to the InVue, I'd say that it's early stages. Obviously, it's all drop-through because it didn't exist before at the point of care and it's proceeding well to plan. And so that's an add, and as our installed base grows, we expect that, that will contribute greater amounts on a go-forward basis. But just to summarize, it's very broad-based growth across our point-of-care business.

至於 InVue，我認為它還處於早期階段。顯然，這一切都是臨時性的，因為在先前的護理環節中並不存在這種情況，而且目前進展順利，符合計劃。因此，這是一個成長點，隨著我們安裝用戶群的成長，我們預計這將在未來貢獻更大的金額。總而言之，我們的護理點業務實現了非常廣泛的成長。

Okay. And then are we still on track with FNA and the launch? And what are you seeing from some of the pilot programs with FNA so far? And do you think there's this backlog of customers kind of waiting for FNA that should support another leg of growth here for InVue?

好的。那麼，我們的FNA項目和產品發布計劃是否仍按計劃進行？那麼，您從目前與FNA合作的一些試點計畫中看到了什麼？你認為目前是否有大量客戶在等待 FNA，這應該會為 InVue 帶來新一輪的成長？

Yes, we are on track. What InVue customers tell us is that they -- there's very few customers that are just looking at one of the testing use cases, ear cytology or blood morphology or FNA testing for mast cell. They really are looking at as a broad portfolio tests that they would use. And obviously different mixes depending upon the practice and their preferences. So we expect that most of the customers, I can't say 100%, but the vast, vast majority of customers who purchase InVue for ear cytology and blood morphology will also use it for FNA testing. So we're very excited by that.

是的，我們進展順利。InVue 的客戶告訴我們，他們——很少有客戶只關注某個測試案例，例如耳細胞學、血液形態學或肥大細胞的 FNA 測試。他們確實在考慮採用一套廣泛的測試方法。當然，不同的做法和個人喜好也會有不同的配比。因此我們預計，大多數客戶（我不能說 100%，但絕大多數購買 InVue 用於耳部細胞學和血液形態學的客戶也會將其用於 FNA 檢測）也會使用它。我們對此感到非常興奮。

The next question is from Michael Ryskin with Bank of America. [Operator Instructions]

下一個問題來自美國銀行的邁克爾·里斯金。[操作說明]

Can you guys hear me?

你們聽得到我說話嗎？

Yes.

是的。

Yes. I want to follow up on some of your comments on end market business trending a little better. You guys continue to put up really impressive numbers. Can you hear me?

是的。我想就您之前提到的終端市場業務趨勢略有好轉的一些評論做個補充說明。你們的數據持續非常亮眼。你聽得到我嗎？

Yes. Got you, Mike.

是的。收到，麥克。

Okay. Sorry. Just had some audio problems. You've put up really good numbers despite the end market weakness. I was just wondering if you could parse out a little bit, you talked a lot about InVue and the strength of that rollout there, whether you're seeing sort of the ability to leverage that for the rest of the business, the uplift you're seeing in consumables that will add consumables in the Reference Lab. Just sort of -- I don't know if I would call it a cross-selling opportunity, but just the ability to bring that into the vet clinic office, if that's leading to a stronger IDEXX premium and just ability to really drive the performance despite the continued softer macro? And I've got a follow-up.

好的。對不起。剛才音訊有點問題。儘管終端市場疲軟，但你們的表現依然非常出色。我只是想問一下，您談了很多關於 InVue 以及它在那裡的推廣優勢，您是否看到了將其應用於其他業務的能力，以及您在參考實驗室中看到的耗材增長情況。我不知道這算不算交叉銷售機會，但如果能把這些產品引入獸醫診所，就能提高IDEXX的溢價，並在宏觀經濟持續疲軟的情況下真正推動業績增長，這豈不是很棒？我還有一個後續問題。

Thanks, Mike. This is Andrew. Maybe I'll just touch on your initial question on the sector, and then Jay may have a point of view on the portfolio side here. But ultimately, I think what we did see was the non-wellness visits were closer to flat in Q3. We did see some benefits from the pet population that was 5 years and older related to the clinical visits themselves. And then, as we've been highlighting, I think, with those adult dogs and cats transitioning to more seniors, we also see higher quality of the visits where we see expanded diagnostic frequency and utilization benefits with that as well. So that was one of the key drivers.

謝謝你，麥克。這是安德魯。或許我可以先簡單談談你最初關於這個行業的問題，然後傑伊可能會就投資組合發表一些看法。但最終，我認為我們看到的是，第三季非健康相關就診次數基本上持平。我們發現，5 歲及以上的寵物族群在臨床就診方面確實獲得了一些益處。而且，正如我們一直強調的那樣，我認為，隨著成年犬貓逐漸步入老年，我們也看到就診品質更高，診斷頻率和利用率也隨之提高。所以這是關鍵驅動因素之一。

What I would say is on the wellness side, we continue to see pressures from a macro perspective. We know there's still challenges out there just related to the consumers and the macro trends. Wellness visits did continue to decline, more about 2.5% overall within the quarter. So fairly consistent pressure on the more elective and wellness characteristics of that.

我想說的是，從宏觀角度來看，我們在健康方面持續面臨壓力。我們知道，目前仍存在一些與消費者和宏觀趨勢相關的挑戰。健康檢查次數持續下降，本季整體下降了約 2.5%。因此，對那些更具選擇性和健康屬性的方面施加了相當持續的壓力。

We'll continue to monitor this sector. But to your point, I do think that as we think about the broader portfolio, there's really an opportunity to continue to play that out. We see Reference Labs tend to be a little bit more weighted to wellness visits, same with rapid assay. And so we do see a bit of a benefit in the IDEXX VetLab consumables, but I think there's an opportunity for us to continue to see benefits from the aging patients over time.

我們將繼續關注這一領域。但正如你所說，我認為當我們考慮更廣泛的投資組合時，確實有機會繼續推動這項策略。我們發現參考實驗室往往更專注於健康體檢，快速檢測也是如此。因此，我們確實在 IDEXX VetLab 耗材方面看到了一些好處，但我認為隨著時間的推移，我們有機會繼續從老年患者身上看到好處。

Yes, Mike, with respect to your question around InVue and its broader impact, we've always had, when we come out with a new instrument, it's a big deal. There are a direct economic benefits and there are indirect benefits. Obviously, the direct, you're placing an instrument that that's capital revenue and over time you build an installed base and the flywheel for recurring revenue. But most of these instruments get placed in some sort of marketing program, like IDEXX 360. And so the customer can satisfy volume commitments and is very often inspired to do more of their overall testing volume, including Reference Labs and rapid assay and our SaaS software solutions through us. And so those are the indirect benefits.

是的，Mike，關於你提出的 InVue 及其更廣泛的影響的問題，我們一直認為，每當我們推出一款新儀器，這都是一件大事。它既有直接的經濟效益，也有間接的效益。顯然，直接投資，你投入的是一種資本收入，隨著時間的推移，你會建立一個穩定的客戶群，並形成一個持續收入的飛輪。但大多數這類儀器都會被納入某種行銷計畫中，例如 IDEXX 360。因此，客戶可以滿足數量承諾，並且通常會受到鼓舞，透過我們完成更多的整體測試量，包括參考實驗室、快速檢測和我們的 SaaS 軟體解決方案。所以，這些就是間接收益。

And most of our -- about 2/3 of the InVue placements to date have come out of North America, 1/3 internationally. So we're excited. It does have some leverage impact, and we'll see more direct benefits, as I indicated earlier from just the recurring revenue stream of InVue.

到目前為止，我們的大部分（約 2/3）InVue 植入案例來自北美，1/3 來自國際。我們很興奮。它確實具有一定的槓桿效應，而且正如我之前提到的，我們將從 InVue 的經常性收入流中獲得更直接的好處。

Okay. And if I could squeeze in a follow-up, you talked about investments a couple of times in the prepared remarks. Could you expand on that a little bit, between incremental R&D on future platforms and maybe to continue to work on Multi-Q Dx, I don't know how much you'll be able to talk about that, or the commercial sales force. Just wondering the strength that you've had in the top line this year, how you're flowing that through the model and just sort of what are your relative priorities for investment from that strength?

好的。如果我能插一句，您在準備好的演講稿中幾次提到了投資。您能否再詳細談談，關於未來平台的增量研發，以及可能繼續開發 Multi-Q Dx，我不知道您能談論多少，或者關於商業銷售團隊。我想了解貴公司今年營收成長的強勁勢頭，您是如何將這種強勁勢頭融入到您的模型中的，以及基於這種強勁勢頭，您的投資優先事項是什麼？

Yes. I'll cover the investment piece and if Andrew would like to cover how we're thinking about the mix within the P&L., I'll hand it to him. From an investment standpoint, the way we think about it, there's commercial opportunity and sector development. We know that takes investments in reach and frequency of our sales organization.

是的。我會負責投資部分，如果安德魯想談談我們如何考慮損益表中的投資組合，我會把這個主題交給他。從投資角度來看，我們認為這其中蘊含著商業機會與產業發展潛力。我們知道這需要增加對銷售組織的覆蓋範圍和銷售頻率的投入。

And so we're on track for the first of the year. They have 3 international and a modest increment in the U.S. We know these are good investments. These tend to be more of a short-return type of thing with a high confidence level because we have a playbook and a template in terms of how we think about it, and they fit well into our territories. And within 3 or 4 quarters, are trained and onboarded and very productive sales professionals.

因此，我們正按計劃推進今年的首個項目。他們有 3 項國際投資，並在美國進行了適度的投資。我們知道這些都是不錯的投資。這些往往是短期回報型的項目，但我們有很高的信心，因為我們有一套策略和模板來思考這些問題，而且它們很適合我們的領域。經過 3 到 4 個季度的培訓和入職，他們將成為非常有效率的銷售專業人員。

The ongoing R&D investments, these tend to be multiyear in horizon across the board. There's biomarker investment, obviously, that can be leveraged both reference labs and point of care, new instruments, InVue and Multi-Q Dx, those are ongoing and tend to be 4, 5 years. And then, obviously, the software piece is a critical part of our strategy, and we're investing heavily both in cloud-based PIM systems and Vello and the other software applications.

持續進行的研發投資，這些投資往往具有多年的周期性。顯然，生物標記投資可以用於參考實驗室和即時檢測，新的儀器，如 InVue 和 Multi-Q Dx，這些都在進行中，通常需要 4 到 5 年的時間。顯然，軟體是我們策略的關鍵部分，我們正在對基於雲端的 PIM 系統、Vello 和其他軟體應用程式進行大量投資。

Yes. Maybe just, Mike, in Q3 in particular, we highlighted 12% year-over-year growth in our operating expenses. So one of the things that we do always look at is how we're performing from an overall company perspective and making the right investments to continue to drive future growth. Again, if I take a step back and think about our longer-term growth algorithm, we constantly want to reinvest back into the business while still continuing to deliver solid operating margin gains over time here.

是的。或許只是，麥克，尤其是在第三季度，我們重點介紹了營運費用年增 12%。因此，我們始終關注的一點是，從公司整體角度來看，我們的表現如何，以及是否進行了正確的投資以繼續推動未來的成長。再說，如果我退後一步，從我們長期的成長演算法來看，我們希望不斷地將資金再投資於業務，同時繼續隨著時間的推移實現穩健的營業利潤率成長。

And I think Q3 was a good example of our ability to do that. With higher top line growth, we were able to both contribute an operating margin gain benefit, but also invest heavily back into the business. And I think it's a really disciplined resource allocation approach to think about that mix across innovation and commercial and other support areas that Jay was highlighting that we want to make sure we get right.

我認為第三季就很好地體現了我們在這方面的能力。隨著營收成長，我們不僅能夠提高營業利潤率，還能對業務進行大量再投資。我認為，要考慮創新、商業和其他支援領域的這種組合，這是一種非常嚴謹的資源分配方法，正如 Jay 所強調的那樣，我們希望確保我們做對了。

The next question is from Jon Block, Stifel.

下一個問題來自 Stifel 公司的 Jon Block。

Maybe I'll just also start with InVue. The '25 placement guidance, I think I've got my math right, implies roughly 1,500 systems for 4Q '25. So still solid, and I know you raised the full year, but that would be down sequentially. You flipped from an order number to a placement number. So I guess the question here is, are you caught up with the orders when we think about where you are with InVue? And then just even any high-level thoughts on, I believe I've got it right, the initial 20,000 over 5 years. You're running well ahead in year 1 in totality. Any thoughts on the longer-term goals that you guys had put out? And then I'll ask a follow-up.

或許我也會先從 InVue 開始。根據 2025 年的安置指導，我認為我的計算沒錯，這意味著 2025 年第四季大約會有 1500 個系統。所以依然穩健，我知道你們全年都在成長，但以環比來看，成長會下降。你把訂單號碼換成了排期號碼。所以我想問的是，當我們考慮您在 InVue 方面的位置時，您是否能夠跟上訂單進度？然後，就一些關於最初的 20,000 美元在 5 年內實現的宏偉構想而言，我相信我理解得沒錯。在第一年的整體成績中，你遙遙領先。對於你們之前所訂定的長期目標，有什麼想法嗎？然後我會問一個後續問題。

Thanks, Jon, this is Andrew. So, from an InVue perspective on the longer-term goal, we certainly are still focused on the 20,000 over 5 years. We haven't updated that. We're off to a strong start here and we're targeting 6,000 placements by the end of 2025, which is really our first year of launch ultimately. So we feel good about that 6,000 placement trajectory here, and that's well above our initial guide of 4,500 where we started the year.

謝謝你，喬恩，我是安德魯。因此，從 InVue 的長期目標來看，我們當然仍然專注於 5 年內實現 20,000 個目標。我們還沒有更新。我們目前進展順利，目標是在 2025 年底前實現 6000 次投放，而 2025 年底實際上也是我們推出服務的第一年。因此，我們對 6,000 個就業機會的目標感到滿意，這遠高於我們年初設定的 4,500 個職位的目標。

We've seen really strong demand for the platform itself. And I think we're going to continue to build on the impact that can have with FNA, starting with mast cell tumor detection as a great example of the extensibility of the platform overall. So nothing I would call out specifically. To your point, I think the math or the implied placement math that suggests 1,500 to 1,600 placements in Q4, and that's certainly still a very solid trajectory here, and we feel good about the trajectory that we're on for the platform overall.

我們看到市場對平臺本身的需求非常強勁。我認為我們將繼續擴大 FNA 的影響，首先以肥大細胞瘤檢測為例，這充分體現了該平台的整體可擴展性。所以沒什麼特別要指出的。正如您所說，我認為根據數學計算或隱含的佈局數學計算，第四季度佈局數量預計在 1500 到 1600 個之間，這當然仍然是一個非常穩健的發展軌跡，我們對平台整體的發展軌跡感到滿意。

Fair enough. And maybe I'll go to a different topic. I actually thought one of the most impressive metrics for the quarter was the international CAG Diagnostic recurring revenue growth of almost 14%. I think it's the highest growth rate since coming out of or emerging out of COVID. And arguably, it doesn't really reflect much of InVue, no Cancer Dx. I think it's before the additional sales reps really take hold in the field.

很公平。或許我會換個話題。實際上，我認為本季最令人印象深刻的指標之一是國際 CAG Diagnostic 經常性營收成長近 14%。我認為這是自新冠疫情爆發以來最高的成長率。而且可以說，它並沒有真正反映 InVue 的許多功能，也沒有癌症診斷功能。我認為這是在新增銷售代表真正進入市場之前。

So it's always more limited visibility in the international markets. I know you've spoken to the increased double-digit in the installed base for 11 consecutive quarters. But there's got to be more than that even as traction. So any color you can provide there? And is this sort of the right run rate in the international markets, especially because you'll have those incoming tailwinds of innovation and sales reps going forward?

因此，在國際市場上的可見度總是比較有限。我知道您已經連續 11 個季度談到了用戶基數兩位數的成長。但即便如此，也必須有更多因素才能取得進展。所以你們能提供任何顏色嗎？這種成長速度在國際市場上是否適合？尤其是考慮到未來創新和銷售代表的順風？

Yes. So we're -- there's a couple of dimensions, I think, to think about from just an international opportunity standpoint. One is it's just more embryonic in terms of the use of diagnostics. And we have a tried and true approach from the standpoint of just developing the sector. And what we have found is it's very translatable to the international market. So obviously, the quantity of your sales professionals has a quality all its own. So being able to increase the sales organization. So it's important, and we've been doing that now for 4 or 5 years.

是的。所以，我認為，從國際機會的角度來看，我們需要考慮幾個面向。一方面，就診斷技術的應用而言，它還處於起步階段。從發展該行業的角度來看，我們擁有行之有效的成熟方法。我們發現，它非常適用於國際市場。顯然，銷售人員的數量本身就具有品質意義。因此，能夠擴大銷售團隊規模至關重要。所以這很重要，而且我們已經這樣做了四、五年了。

But the other thing that I would just point out is the maturity of working within the system takes some time. So it's not just about the account manager or the VDC, it's about the full commercial ecosystem of the professional service and the field service representative and the inside sales then and all those working in a synchronized fashion.

但我還要指出一點，在體制內工作的成熟度需要一些時間。所以，這不僅僅是關於客戶經理或VDC，而是關乎專業服務、現場服務代表、內部銷售以及所有以同步方式工作的人員的整個商業生態系統。

The other pieces that we've invested in internationally is the Reference Lab network and really building out a network that enables next-day performance. We've invested in software localizations like VetConnect PLUS, all of those pieces come together. In terms -- we just think there's an outstanding opportunity in the international geographies. We guided from a -- at Investor Day that the international opportunity is a couple of hundred basis points, I think, faster than the U.S. We feel good about that. We think that offers a pretty long-term horizon opportunity year-on-year that we can develop.

我們在國際上投資的其他項目包括參考實驗室網絡，以及真正建構一個能夠實現隔天交付的網絡。我們投資了 VetConnect PLUS 等軟體在地化項目，所有這些環節都融合在一起。就業務而言－我們認為國際市場存在著巨大的機會。我們在投資者日上指出，國際市場的成長速度比美國快幾百個基點，我認為。我們對此感到樂觀。我們認為這提供了一個相當長遠的、逐年發展的機會。

Really great results in Q3. I would highlight that we did call out there's about 100 basis points of benefit related to equivalent days on the international business. So very significant results overall regardless, but we did see some modest days benefit in the quarter.

第三季業績非常出色。我想強調的是，我們確實指出，國際業務的等效天數帶來了約 100 個基點的收益。所以整體而言結果非常顯著，儘管如此，我們在本季確實看到了一些小幅的收益。

[Operator Instructions] The next question is from Chris Schott, JPMorgan.

[操作員說明] 下一個問題來自摩根大通的克里斯·肖特。

Just a couple for me. Maybe just coming back on the aging pet commentary. It sounds like you're starting to see this supporting visits in the U.S. I guess is it fair to think about this point this now being a tailwind for the business as we look out to 2026 and beyond and start thinking about [ positive ] at least clinical visit growth or could this remain kind of bumpy in the near term?

就我一個人用。或許只是回歸到寵物老化的評論中。聽起來您已經開始看到這有利於美國的就診量。我想，展望 2026 年及以後，我們是否可以認為這一點對業務發展有利，並開始考慮至少臨床就診量的成長（正面方面）？或者，這種情況在短期內仍會比較不穩定？

And just my follow-up was just on the international business and the discussion. Can you also elaborate on visit trends there? I guess we see a similar dynamic to the U.S. where the clinical visits are starting to pick up and wellness is still under some pressure, or is it more balanced in the international markets?

我的後續發言只是關於國際業務和相關討論。能否詳細介紹一下當地的旅遊趨勢？我想我們在國際市場上看到的動態與美國類似，臨床就診量開始增加，但健康管理仍面臨一些壓力，或國際市場的情況更平衡？

Yes. I'll cover your second question first. We don't have as good visibility into clinical visits internationally just because we don't have the installed base of PIM systems, which allows us to access what is otherwise a very fragmented installed base of software. Our perspective, our market research suggests that it's largely stabilized from some of the choppiness we've seen over the last couple of years. So I think it's a stable environment, and we're clearly being able to execute against an environment that we think over time will improve.

是的。我先回答你的第二個問題。由於我們沒有足夠的 PIM 系統安裝基礎，因此我們對國際臨床訪問情況的了解不夠深入，而 PIM 系統使我們能夠存取原本非常分散的軟體安裝基礎。根據我們的觀點和市場調查，市場基本上已經穩定下來，不再像過去幾年那樣波動。所以我認為這是一個穩定的環境，而且我們顯然能夠在一個我們認為會隨著時間推移而改善的環境中執行任務。

From the standpoint of the aging pets, the non-wellness visit essentially flat, we did see that adult dogs coming for more non-wellness visits. Some of that is likely pandemic dogs, designer breeds that are more heavily medicalized, larger breeds, larger dogs that get sicker earlier in their life spans, in terms of how that sustains quarter-to-quarter remains to be same. This is just a data point. I think what we could say with a good degree of confidence is that these pets, as they age from the pandemic and the large step-up that we've seen, will come into the practice more for sick care and that, from a clinical visit trend standpoint, it will be very positive.

從老年寵物的角度來看，非健康檢查次數基本上持平，但我們確實看到成年犬的非健康檢查次數增加。其中一些可能是疫情期間的犬隻、需要更多醫療幹預的品種犬、體型較大的犬種、體型較大的犬隻在生命早期更容易生病，就季度間的持續情況而言，情況仍然相同。這只是一個數據點。我認為我們可以比較有把握地說，隨著這些寵物因疫情和我們所看到的就診量大幅增加而逐漸老去，它們會更多地因為生病而來診所就診，從臨床就診趨勢的角度來看，這將是非常積極的。

The next question is from Daniel Clark, Leerink Partners.

下一個問題來自 Leerink Partners 的 Daniel Clark。

I also wanted to ask on international, maybe in a little bit of a different way. On a days adjusted basis, CAG recurring grew at least 13% in the quarter. As you mentioned on the call, your kind of growth potential is 13% to 16%. So like what gets us up to the 15%, 16% range? Is it just continued sales rollout? Or what else should we be thinking about here?

我也想問國際方面的問題，或許可以換個方式問。按天數調整後，CAG 經常性收入在本季至少成長了 13%。正如您在電話會議中所提到的，您的成長潛力為 13% 至 16%。那麼是什麼因素使我們達到 15%、16% 的水平呢？這只是持續的銷售推廣嗎？或者，我們還應該考慮些什麼？

Yes. It's really all the pieces that I mentioned. We're going to continue to invest in sales force expansions over time. That's really a function of time and distance and maturity of the sales organization. We're very disciplined about that. We want to make sure the market is ready. There's a product market fit dimension that we evaluate expansions and growth. For example, ProCyte One, that was -- the hematology analyzer, really designed at the inception for our international hematology first markets in terms of cost and footprint.

是的。其實就是我提到的那些部分。我們將繼續加大對銷售團隊的投入。這實際上取決於時間、距離和銷售組織的成熟度。我們在這方面非常自律。我們希望確保市場做好準備。我們會從產品市場契合度的角度來評估擴張和成長。例如，ProCyte One——這款血液分析儀，從設計之初就充分考慮了我們的國際血液學市場，兼顧了成本和占地面積。

It's super important just to Reference Lab network. So we continue to build out our Reference Labs on a global basis, both from a European geography, but also within various markets in Asia Pacific, we know that, that's super important, and then making sure that the customer support or customer experience proceeds is ahead of the investment in commercial. We want to make sure that customers who may not know IDEXX and the first exposure to IDEXX, they get not just solutions that perform at a very high level, but the support organization is there in-country, supporting them when they have all challenges. We think all those things combined give us a lot of confidence that the 13% to 16% growth rate is achievable.

建立參考實驗室網路至關重要。因此，我們繼續在全球範圍內建造我們的參考實驗室，不僅在歐洲，而且在亞太地區的各個市場也是如此。我們知道這一點非常重要，然後確保客戶支援或客戶體驗的提升先於商業投資。我們希望確保那些可能不了解 IDEXX 的客戶，在第一次接觸 IDEXX 時，不僅能獲得性能非常高的解決方案，還能獲得當地支援機構的幫助，在他們遇到任何挑戰時都能得到支持。我們認為所有這些因素綜合起來，讓我們非常有信心達到 13% 到 16% 的成長率。

Just had a quick follow-up on visits. Last third quarter, you talked about 1% to 1.5% growth benefit to visits from launch of a different company's pain medicine. Was there any impact on headline visit numbers in the quarter as you've lapped that launch?

剛剛簡單回訪了一下。上個季度，您談到另一家公司推出止痛藥後，就診量增加了 1% 到 1.5%。由於你們搶先一步完成了產品發布，這是否對本季的頭條新聞訪問量產生了影響？

Yes, Dan, I think just in terms of the metric that you're quoting, I think that was from the prior year. We had highlighted that we have seen some effect on clinical visits and the inverse impact on diagnostic frequency. Really what we're just trying to call out is the change in the metrics themselves and not necessarily an impact on our IDEXX business directly.

是的，丹，我認為就你引用的指標而言，我認為那是前一年的數據。我們曾強調，臨床就診次數受到了一定影響，而診斷頻率則受到了相反的影響。我們真正想指出的是指標本身的變化，而不是對我們的 IDEXX 業務的直接影響。

And so there's nothing I'd call out or highlight as part of the change or impact that we saw here in Q3 related to that at this point. And again, I think we're in at least a clean view from both the sector metrics and what we've highlighted for the interim performance that we've had in IDEXX.

因此，就目前而言，我還沒有特別指出或強調我們在第三季度看到的與此相關的任何變化或影響。而且，我認為，無論從行業指標還是我們從 IDEXX 的中期業績中看到的，我們至少都對現狀有一個清晰的認識。

The next question is from Brandon Vazquez, William Blair.

下一個問題來自威廉·布萊爾的布蘭登·瓦茲奎茲。

Congrats on a nice quarter. I'll just ask 1 here because we're coming up on time. But you highlighted the ability to get into some competitive accounts with Cancer Dx. Just curious, given on the Reference Lab side, given there's a lot of contracts there, what's your ability to maybe use that as a foot in the door and start taking share, even more share, within that market? So just talk a little bit about what that commercial process can look like and how long that might take given you're kind of opening new doors there?

恭喜你本季業績出色。我就問第一個問題吧，因為時間快到了。但你強調了利用 Cancer Dx 打入一些競爭性客戶的能力。我只是好奇，鑑於參考實驗室方面有很多合同，你們能否以此為跳板，開始在這個市場中佔據份額，甚至更大的份額？那麼，請您簡單談談這個商業流程可能是什麼樣的，以及考慮到您正在開闢新的道路，這個過程可能需要多長時間？

Yes. Brandon, our reference portfolio is very broad and differentiated. Clearly, that's a point that Cancer Dx test is a point of differentiation and having approximately 17% of test submissions coming from competitive Reference Lab customers, I think, is something that is gratifying both from these pets getting a better standard of care. And also that gives us an opportunity to put our best foot forward and reintroduce, in some cases, the IDEXX and the IDEXX Reference Lab to these customers. So it's an important piece, but I think it's just a piece.

是的。Brandon，我們的參考投資組合非常廣泛且差異化。顯然，癌症診斷測試​​在這方面具有差異化優勢，而且大約 17% 的測試樣本來自競爭對手的參考實驗室客戶，我認為這既令人欣慰，也意味著這些寵物能夠獲得更高標準的護理。這也給了我們一個機會，讓我們能夠全力以赴，在某些情況下，重新向這些客戶介紹 IDEXX 和 IDEXX 參考實驗室。所以它是一件重要的作品，但我認為它只是其中的一部分。

The next question is from Andrea Alfonso, UBS.

下一個問題來自瑞銀集團的 Andrea Alfonso。

I just have a question on Cancer Dx. You noted the 5,000 ordering practice. I guess just with respect to adoption in terms of the screening panel, are you able to frame at all sort of how that sort of thinking in terms of just general cutoff points as far as age and frequency, where there's sort of agreeing on a sweet spot? And obviously, wellness visits, you continue to lag, so how is the company engaging that as far as initiating those talking points?

我有一個關於癌症診斷的問題。你注意到了5000的訂購做法。我想就收養篩選小組而言，您能否大致闡述一下，在年齡和頻率方面，這種思路是如何設定一般的截止點，從而找到一個最佳平衡點的？顯然，在健康檢查方面，你們仍然落後，那麼公司是如何著手解決這個問題，並提出這些要點的呢？

Sure. There's 2 separate use cases for Cancer Dx. One is an aid in diagnosis. So these are typically dogs that come in, they have clinical symptoms consistent with lymphoma, and veterinarians are using this as a test. At this point, they represent the majority, but just bare majority of tests. And then the screening test that is more wellness screening, and that we think it makes sense for dogs that are 7 years or older, as well as breeds that may have a higher incidence of cancer. So we believe that over time, what we're going to see is we're going to see the test used it will flip. It will be more as a screening test, but also aid in diagnosis for sick patients, but that will be the minority of cases.

當然。癌症診斷有兩種不同的應用情境。其中之一是輔助診斷。所以這些通常是前來就診的狗，它們有與淋巴瘤一致的臨床症狀，獸醫們正在使用這種方法進行測試。目前，他們佔多數，但只是勉強佔多數而已。然後還有一項篩檢測試，更像是一項健康篩檢，我們認為這項測試對 7 歲或以上的狗狗以及癌症發生率可能較高的犬種來說很有意義。所以我們相信，隨著時間的推移，我們將會看到測試方法發生轉變。它更多地將作為一種篩檢測試，但也能幫助診斷患病患者，但這只會是少數情況。

The other thing that I would point out is, as the panel expands, so if you think about lymphoma, plus mast cell tumor detection, that represents over 1/3 of cancer cases in dogs. It becomes a much more compelling value proposition as part of a wellness screening. And we've also indicated that there will be a third cancer screen in 2026. So, at that point, we think this -- it's sufficient in terms of menu comprehensiveness to really be seen by customers as an attractive screening test.

我還要指出一點，隨著病例範圍的擴大，例如淋巴瘤，再加上肥大細胞瘤的檢測，這佔犬類癌症病例的三分之一以上。作為健康體檢的一部分，它的價值主張就更加引人注目了。我們也表示，2026 年將進行第三次癌症篩檢。所以，我們認為，就菜單的全面性而言，這已經足以讓顧客將其視為一個有吸引力的篩選測試。

The next question is from Keith Devas, Jefferies.

下一個問題來自傑富瑞集團的基斯·德瓦斯。

Maybe just higher level, just thinking about the thoughts on the pace of innovation you guys have done a lot, obviously, in the last year. There's more coming next year. How do you guys know you're not doing too much too soon or too much that the market can or can't absorb it, macro environment is only slightly improving maybe from your standpoint? And maybe the second follow-up is, do you think the planned reinvestment plans that you have from this year and into next year is enough? And how you might course correct if things are a little bit better than anticipated?

或許可以從更高的層次思考一下，你們在過去一年顯然做了很多創新工作，例如加快創新步伐。明年還有更多精彩內容。你們怎麼知道自己不會操之過急，或是做得太過火以至於市場無法消化？從你們的角度來看，宏觀環境可能只是略有改善。第二個後續問題是，您認為今年和明年的再投資計畫是否足夠？如果情況比預期略好，你該如何調整策略？

Yes. We're -- we think the innovation agenda portfolio is aggressive, but aggressive from an intentional standpoint, that it represents a set of portfolio solutions, whether it's assays or new instruments or software that our customers are hungry for. Clearly, our commercial organization has a very large footprint, and they're subject matter experts and they're able to digest these testing solutions and bring them to customers in ways that allow testing growth. So the opportunities abound. Ours is a sector development business model, and innovation is a key driver behind being able to develop the sector.

是的。我們認為創新議程組合具有很強的進取心，但這種進取心是有意為之的，它代表了一系列解決方案，無論是檢測方法、新儀器還是軟體，都是我們的客戶所渴望的。顯然，我們的商業組織規模非常龐大，他們都是相關領域的專家，能夠理解這些測試解決方案，並以促進測試發展的方式將其帶給客戶。所以機會很多。我們的商業模式是產業發展，而創新是推動產業發展的關鍵動力。

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

那麼，問答環節到此結束。感謝各位今天上午的參與和積極互動。我很高興再次與大家分享，IDEXX 在第三季度成功執行了我們的有機成長策略，並取得了強勁的財務業績。

And so, with that, we'll conclude the call. Thank you.

那麼，通話就到此結束。謝謝。

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

接線生：今天的通話到此結束。感謝您的參與。您現在可以斷開連線了。