愛德士 (IDXX) 2025 Q4 法說會逐字稿

Good morning, and welcome to the IDEXX Laboratories fourth 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年第四季財報電話會議。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.

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。

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.

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 fourth quarter 2025 results and 2026 financial outlook, 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 年第四季業績和 2026 年財務展望時，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去年同期相比的成長。（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, and welcome to our fourth quarter earnings call. Today, I'm pleased to review our Q4 and full year 2025 financial results and the company's outlook for 2026. In terms of highlights for 2025, IDEXX delivered excellent financial performance in Q4 driven by double-digit top line gains. Revenue increased 14% as reported and 12% organically, supported by 10% organic growth in CAG Diagnostics recurring revenues.

早上好，歡迎參加我們第四季財報電話會議。今天，我很高興向大家回顧我們 2025 年第四季和全年的財務業績，以及公司對 2026 年的展望。展望 2025 年，IDEXX 在第四季度取得了優異的財務業績，營收實現了兩位數的成長。報告顯示，營收成長了 14%，有機成長了 12%，其中 CAG Diagnostics 經常性收入的有機成長為 10%。

We achieved record premium instrument placements in Q4, with strong gains across our major platforms, including over 1,900 IDEXX inVue Dx placements, supporting a 69% organic year-over-year expansion of our CAG Diagnostic instrument revenues.

我們在第四季度實現了創紀錄的高端儀器安裝量，各大平台均取得了強勁增長，其中 IDEXX inVue Dx 的安裝量超過 1900 台，支援 CAG Diagnostic 儀器收入同比增長 69%。

Strong revenue growth delivered $3.08 in EPS, up 17% on a comparable basis, while advancing planned investments in our commercial and innovation capabilities.

強勁的收入成長使每股收益達到 3.08 美元，以可比口徑計算增長了 17%，同時推進了我們在商業和創新能力方面的計劃投資。

IDEXX execution drove solid full year revenue expansion with benefits from organic revenue growth supporting strong financial performance aligned with our long-term potential. IDEXX achieved 10% overall organic revenue growth for the full year driven by 8% organic growth in CAG Diagnostics recurring revenues. Our global premium instrument installed base expanded 12% year-over-year, including benefits from nearly 6,400 inVue Dx instruments.

IDEXX 的執行力推動了全年穩健的收入成長，而有機收入成長帶來的收益支撐了強勁的財務業績，這與我們的長期潛力相符。IDEXX 全年實現了 10% 的整體有機收入成長，其中 CAG Diagnostics 經常性收入實​​現了 8% 的有機成長。我們的全球高階儀器安裝基礎年增 12%，其中包括近 6,400 台 inVue Dx 儀器帶來的效益。

Full year operating margins reached 31.6%, an increase of 90 basis points on a comparable basis, supported by solid revenue expansion and productivity gains. Full year EPS of $13.08 per share was up 14% year-over-year on a comparable basis from strong operational performance.

全年營業利潤率達到 31.6%，較上年同期成長 90 個基點，這得益於穩健的營收成長和生產力的提高。全年每股收益為 13.08 美元，以可比口徑計算年增 14%，主要得益於強勁的營運表現。

These results were achieved through successful advancement of our innovation-driven growth strategy, including new platform launches, creating a solid foundation to build upon as we enter 2026. We'll discuss our 2026 financial expectations later in my comments. Let's begin with a review of our 2025 results.

這些成果的取得得益於我們以創新為驅動的成長策略的成功推進，包括新平台的推出，為我們進入 2026 年奠定了堅實的基礎。我們將在稍後的評論中討論我們對 2026 年的財務預期。讓我們先來回顧一下我們 2025 年的成果。

Fourth quarter organic revenue growth of 12% reflected solid gains across IDEXX's major business segments, including 13% organic growth in CAG, 10% organic growth in Water and 4% organic gains in LPD.

第四季有機收入成長 12%，反映了 IDEXX 主要業務部門的穩健成長，其中 CAG 有機成長 13%，Water 有機成長 10%，LPD 有機成長 4%。

Worldwide CAG Diagnostics recurring revenue increased 10% organically in the fourth quarter, including solid benefits from volume growth and average global net price improvement of 4%.

CAG Diagnostics 全球經常性收入在第四季度實現了 10% 的有機成長，其中包括銷售成長帶來的穩健收益以及全球平均淨價提高 4%。

US CAG Diagnostics recurring revenues increased 9% organically in Q4, including approximately 4% net price improvement and approximately 5% volume growth. Volume benefited from sustained new business gains aided by high customer retention levels and expanded utilization, including benefits from IDEXX innovations.

美國 CAG Diagnostics 第四季經常性收入有機成長 9%，其中包括約 4% 的淨價格改善和約 5% 的銷售成長。銷售量受益於持續的新業務成長，這得益於較高的客戶留存率和擴大的利用率，包括 IDEXX 創新帶來的益處。

In the fourth quarter, IDEXX achieved a revenue growth premium compared to US clinical visit growth levels of approximately 1,100 basis points. Pressure on clinical visits remains a headwind to the sector with US same-store clinical visit declines of approximately 1.7% in Q4 and 1.9% for the full year 2025.

第四季度，IDEXX 的營收成長相對於美國臨床就診量成長水準實現了約 1100 個基點的溢價。臨床就診量的壓力仍然是該行業的一大不利因素，美國同店臨床就診量在第四季度下降了約 1.7%，預計到 2025 年全年將下降 1.9%。

Wellness and discretionary visits remain more pressured than sick patient visits with wellness visits down 3.6% in Q4, while early signs of an aging pet population and benefits from IDEXX innovations contributed to diagnostic frequency and volume utilization gains per clinical visit.

健康檢查和酌情檢查仍然比疾病治療檢查面臨更大的壓力，第四季度健康檢查下降了 3.6%，而寵物老化的早期跡像以及 IDEXX 創新帶來的好處，促成了每次臨床檢查的診斷頻率和數量利用率的提高。

International organic CAG Diagnostics recurring revenue growth was 12% in Q4, with gains from net price realization and solid volume growth enabled by new business expansion, reflected in our double-digit year-over-year growth of our international premium instrument installed base.

第四季度，國際有機 CAG Diagnostics 經常性收入增長 12%，淨價格實現和新業務擴張帶來的穩健銷量增長，反映在我們國際高端儀器安裝基礎兩位數的同比增長上。

International regions have maintained strong growth throughout the year, highlighting the significant global opportunity and strong demand for diagnostic solutions.

國際市場全年保持強勁成長，凸顯了全球對診斷解決方案的巨大機會和強勁需求。

IDEXX VetLab consumable revenues increased 15% organically in the quarter, reflecting strong double-digit gains in the US and international regions. Consumable gains benefited from 12% increase of our global premium instrument installed base, reflecting solid advancement across our Catalyst, premium hematology, SediVue and inVue Dx platforms.

本季 IDEXX VetLab 耗材收入實現了 15% 的有機成長，反映出美國和國際地區均實現了強勁的兩位數成長。耗材收益得益於我們全球高端儀器安裝基礎成長 12%，這反映了我們在 Catalyst、高端血液學、SediVue 和 inVue Dx 平台上的穩健發展。

In the fourth quarter, we placed 6,567 premium instruments, up 42% from the prior year. Quarterly placement results included strong gains in inVue Dx and SediVue while sustaining Catalyst placement levels worldwide.

第四季度，我們推出了 6,567 件高階產品，比上年同期成長 42%。季度安置結果顯示，inVue Dx 和 SediVue 取得了強勁成長，同時 Catalyst 在全球範圍內維持了安置水準。

For the full year 2025, we achieved approximately 22,500 premium instrument placements with excellent quality, reflected in significantly expanded EVI metrics bolstered by new and competitive Catalyst placements in nearly 6,400 inVue Dx instruments.

2025 年全年，我們實現了約 22,500 次優質儀器植入，品質卓越，這體現在 EVI 指標的顯著擴大上，這得益於在近 6,400 台 inVue Dx 儀器中新增和具有競爭力的 Catalyst 植入。

The successful launch of inVue Dx contributed over $75 million in instrument revenue for the full year, supporting approximately 200 basis points of overall company growth.

inVue Dx 的成功推出為該公司全年帶來了超過 7,500 萬美元的儀器收入，支持了公司整體成長約 200 個基點。

Rapid assay revenues declined 3% on an organic basis in Q4. Rapid assay results were constrained by pressure on US wellness visits and continued transition of pancreatic lipase to our Catalyst slide, which had an estimated 4% headwind to Q4 revenue growth.

第四季快速檢測業務收入按有機成長計算下降了 3%。快速檢測結果受到美國健康檢查壓力和胰脂肪酶持續轉移到我們的 Catalyst 玻片的限制，預計這將對第四季營收成長造成 4% 的不利影響。

Global reference lab revenues expanded 9% organically in Q4. Reference lab results in the quarter were supported by solid volume growth across regions and net price improvement. Volume expansion included new customer growth along with continued traction of innovations like IDEXX Cancer DX in North America reaching nearly 6,000 customers.

全球參考實驗室收入在第四季度實現了 9% 的有機成長。本季度參考實驗室檢測結果得益於各地區銷售的穩健成長和淨價的改善。銷售成長包括新客戶的成長，以及像 IDEXX Cancer DX 這樣的創新產品在北美持續獲得成功，客戶數量接近 6,000 人。

CAG Veterinary software, services and diagnostic imaging revenues increased 13% organically in Q4, with results supported by 12% reoccurring revenues with momentum from our vertical SaaS strategy, including double-digit growth in our cloud-based PIMS reoccurring revenue.

CAG 獸醫軟體、服務和診斷影像收入在第四季度實現了 13% 的有機成長，其中經常性收入成長了 12%，這得益於我們垂直 SaaS 策略的強勁勢頭，包括我們基於雲端的 PIMS 經常性收入的兩位數成長。

In other business segments, Water revenues increased 10% organically in Q4 with double-digit international revenue growth and solid gains in the US. Livestock, Poultry and Dairy revenues increased 4% organically in Q4, supported by solid gains in the Americas.

在其他業務領域，水務收入在第四季度實現了 10% 的有機成長，其中國際收入實現了兩位數成長，美國市場也取得了穩健成長。第四季畜牧、家禽和乳製品收入有機成長 4%，這主要得益於美洲地區的穩健成長。

Turning to the P&L. Q4 operating profits increased 21% as reported and 17% on a comparable basis from the prior year, including gross margin gains and modest operational expense leverage. Gross profit increased 15% as reported and 13% on a comparable basis, achieving 60.3% in Q4. This is an improvement of 60 basis points comparably, adjusting for approximately 10 basis points of negative foreign exchange impact.

接下來來看損益表。第四季營業利潤按報告增加 21%，以可比口徑計算成長 17%，其中包括毛利率成長和適度的營運費用槓桿作用。報告顯示，毛利成長了 15%，以可比口徑計算成長了 13%，第四季毛利達到 60.3%。經過調整後，考慮到約 10 個基點的負面外匯影響，這一數字相當於提高了 60 個基點。

Gross margin gains were aided by strong consumable growth and benefits from higher reference lab gross margins, offsetting headwinds from business mix on strong instrument revenue levels.

強勁的耗材成長和參考實驗室毛利率的提高，抵消了業務組合帶來的不利影響，並提升了毛利率。

Operating expenses were up 11% as reported and 10% year-over-year on a comparable basis in the quarter, reflecting increases in R&D and commercial investments aligned with advancing our innovation road map including recently announced expansions of inVue Dx and Cancer DX platform capabilities and the completion of our global commercial expansions.

本季度營運支出按報告增長 11%，以可比口徑計算同比增長 10%，反映出研發和商業投資的增加，這與推進我們的創新路線圖相一致，包括最近宣布的 inVue Dx 和 Cancer DX 平台能力的擴展以及我們全球商業擴張的完成。

For the full year 2025, operating margins were 31.6%, an increase of 90 basis points on a comparable basis net of approximately 180 basis point benefit related to lapping and now concluded litigation expense. On a full year basis, there was immaterial margin impact from foreign exchange effects.

2025 年全年，營業利潤率為 31.6%，較可比基數增長 90 個基點，扣除與拋光和現已結束的訴訟費用相關的約 180 個基點收益後，利潤率有所提高。從全年來看，外匯影響對利潤率的影響微乎其微。

Q4 EPS was $3.08 per share, up 17% year-over-year on a comparable basis. In Q4, EPS benefited from strong operational results and lower effective tax rate, including $0.07 per share in tax benefit from share-based compensation. Foreign exchange provided a $0.09 per share tailwind to the quarter net of hedge effects.

第四季每股收益為 3.08 美元，以可比口徑計算年增 17%。第四季度，每股收益受益於強勁的營運業績和較低的實際稅率，其中包括來自股權激勵的每股 0.07 美元的稅收優惠。扣除對沖效應後，外匯波動為本季每股收益帶來了 0.09 美元的利好。

Full year earnings per share was $13.08, an increase of 14% on a comparable basis. EPS results were driven by strong operational performance in the year and include a combined $0.64 benefit from an accrual adjustment during 2024 and 2025 related to a now concluded litigation, a $0.10 positive impact from currency changes, and $0.35 in tax benefits from share-based compensation activity.

全年每股收益為 13.08 美元，以可比口徑計算成長 14%。每股盈餘 (EPS) 的成長得益於本年度強勁的營運業績，其中包括與現已結束的訴訟相關的 2024 年和 2025 年應計調整帶來的 0.64 美元收益、匯率變動帶來的 0.10 美元優惠，以及基於股份的薪酬活動帶來的 0.35 美元稅收。

Foreign exchange had an 80 basis point full year revenue growth benefit and increased operating profits by $10 million and EPS by $0.10 per share, net of $1 million in hedge losses.

外匯交易使全年收入成長了 80 個基點，營業利潤增加了 1,000 萬美元，每股收益增加了 0.10 美元（扣除 100 萬美元的對沖損失）。

Full year free cash flow was $1.1 billion for 2025 or 100% of net income, aligned with our third quarter guidance and ahead of our long-term goals with capital spending of $125 million or approximately 3% of revenue. We allocated $1.2 billion to repurchase 2.4 million shares at an average cost per share of $506, supporting a 2.7% year-over-year reduction in diluted shares outstanding.

預計 2025 年全年自由現金流為 11 億美元，佔淨收入的 100%，與第三季預期一致，並提前實現長期目標。資本支出為 1.25 億美元，約佔收入的 3%。我們撥款 12 億美元回購了 240 萬股股票，平均每股成本為 506 美元，這使得稀釋後流通股數量比去年同期減少了 2.7%。

Our balance sheet remains in a strong position, and we ended 2025 with modestly lower leverage ratios of 0.5 times gross and 0.4 times net of cash.

我們的資產負債表依然穩健，到 2025 年底，我們的槓桿率略有下降，毛槓桿率為 0.5 倍，淨槓桿率為 0.4 倍（扣除現金後）。

Turning to our full year 2026 financial outlook, IDEXX is planning to deliver solid organic revenue growth and profit gains, building on strong commercial execution and extensible new platforms. We're providing initial guidance for revenue of $4.632 billion to $4.720 billion, an increase of 7.6% to 9.6% on a reported basis, reflecting 7% to 9% organically.

展望 2026 年全年財務前景，IDEXX 計劃在強大的商業執行力和可擴展的新平台的基礎上，實現穩健的內生收入增長和利潤增長。我們初步預計營收為 46.32 億美元至 47.2 億美元，按報告數據計算成長 7.6% 至 9.6%，其中有機成長為 7% 至 9%。

CAG Diagnostics reoccurring revenues are expected to grow 8% to 10% organically for the year, representing an increase of approximately 100 basis points at midpoint compared to our 2025 results. At current exchange rates, we expect foreign exchange to have an approximate 60 basis point benefit to full year revenue growth, largely in the first half of the year.

CAG Diagnostics 的經常性收入預計今年將實現 8% 至 10% 的有機成長，與我們 2025 年的業績相比，中點數值將成長約 100 個基點。以目前的匯率計算，我們預期外匯因素將對全年營收成長產生約 60 個基點的利好，主要體現在上半年。

At midpoint, our 2026 organic CAG Diagnostic reoccurring revenue growth outlook incorporates expectations for global net price realization of approximately 4%, reflecting a modestly lower net price realization than 2025.

2026 年 CAG Diagnostic 有機經常性營收成長預期中期，全球淨價實現率預估約 4%，較 2025 年略低。

In the US, we anticipate net price improvement of approximately 3.5% and have incorporated declines in US same-store clinical visit growth of approximately 2%, similar to the full year 2025, given ongoing macro and sector constraints.

在美國，我們預計淨價格將改善約 3.5%，並考慮到持續的宏觀和行業限制，已將美國同店臨床就診量增長下降約 2% 納入考量，與 2025 年全年情況類似。

These targets incorporate continued solid global growth benefits from IDEXX execution and innovation drivers, including new customer gains and increases in testing utilization. The higher end of our CAG Diagnostic reoccurring revenue growth outlook captures the potential for improved sector and same-store growth trends, while the lower end of the range calibrates for further potential effects of macro and sector pressures.

這些目標包含了 IDEXX 執行和創新驅動因素帶來的持續穩健的全球成長效益，包括新客戶的獲得和測試利用率的提高。CAG Diagnostic 經常性收入成長預測的上限反映了產業和同店成長趨勢改善的潛力，而下限則反映了宏觀經濟和產業壓力可能帶來的進一步影響。

We're planning for solid placement levels for full year 2026 across our premium instrument installed base categories, including 5,500 inVue Dx instruments. We expect declines in CAG instrument revenues in 2026 as we lap the rapid expansion of IDEXX inVue Dx instrument placements and anticipate regional revenue mix dynamics.

我們計劃在 2026 年全年，在我們所有高端儀器安裝基礎類別中實現穩定的安裝水平，其中包括 5,500 台 inVue Dx 儀器。我們預計，隨著 IDEXX inVue Dx 儀器植入量的快速擴張，以及對區域收入結構動態的預期，CAG 儀器的收入將在 2026 年下降。

Our 2026 reported operating margin outlook for the full year is 32.0% to 32.5%. On a comparable basis, this reflects an outlook for 30 basis points to 80 basis points of improvement year-over-year net of approximately 30 basis points benefit from foreign exchange and an approximately 20 basis points headwind from lapping a prior year now concluded litigation accrual adjustment in 2025.

我們對 2026 年全年報告的營業利潤率預期為 32.0% 至 32.5%。以可比口徑計算，這反映出年比改善30個基點至80個基點的前景，扣除約30個基點的外匯收益和約20個基點的不利影響（由於2025年已結束的上一年訴訟應計調整而導致的不利影響）。

We're planning for solid gross margin gains on a comparable basis supported by growth in CAG Diagnostics reoccurring revenues, benefits from lab and operational productivity initiatives and expansion of our high-margin cloud-based software business. We've captured impacts of tariffs under current laws in our outlook, and we remain well positioned to maintain supply continuity to our customers.

我們計劃在可比較基礎上實現穩健的毛利率成長，這得益於 CAG Diagnostics 經常性收入的成長、實驗室和營運效率提升計畫帶來的效益以及我們高利潤率的雲端軟體業務的擴張。我們在展望中已考慮了現行法律下關稅的影響，我們仍處於有利地位，能夠維持對客戶的持續供應。

Our 2026 EPS outlook is $14.29 to $14.80 per share. This reflects an increase of 10% to 14% on a comparable basis net of a 1% reported growth headwind from comparison to the prior year now concluded litigation accrual adjustment.

我們對 2026 年每股收益的預期為 14.29 美元至 14.80 美元。這反映出，在扣除與前一年相比已結束的訴訟應計調整帶來的 1% 的增長阻力後，以可比較基礎計算，增長了 10% 至 14%。

Our EPS outlook includes $34 million of net interest expense at prevailing rates and foreign exchange benefit of approximately $0.22 year-over-year at rates disclosed in our earnings release, net of established hedge positions.

我們的每股盈餘預期包括以現行利率計算的 3,400 萬美元淨利息支出，以及以我們在獲利報告中揭露的利率計算的約 0.22 美元的年比外匯收益（已扣除既定對沖頭寸）。

We're planning for a consistent year-to-year tax rate when excluding share-based compensation effects. In terms of sensitivities to changes in foreign exchange rates, we project a 1% change in the value of the US dollar would impact full year reported revenue by approximately $16 million and operating income by approximately $5 million net of hedge effects.

我們計劃在不考慮股權激勵影響的情況下，維持每年稅率的一致性。就外匯匯率變動的敏感度而言，我們預計美元價值每變動 1%，全年報告收入將減少約 1,600 萬美元，扣除對沖效應後的營業收入將減少約 500 萬美元。

Our 2026 free cash flow outlook is for net income to free cash flow conversion ratio of 85% to 95%, aligned with the long-term potential and reflects capital spending of $180 million or approximately 4% of revenues. The outlook incorporates capital deployment towards share repurchases to support a 1% to 2% year-over-year reduction in diluted shares outstanding while maintaining leverage ratios similar to the past couple of years.

我們對 2026 年自由現金流的展望是淨收入與自由現金流的轉換率為 85% 至 95%，與長期潛力相符，並反映了 1.8 億美元的資本支出，約佔收入的 4%。該展望計畫將資本投入股票回購，以支持稀釋後流通股數量年減 1% 至 2%，同時維持與過去幾年類似的槓桿率。

Regarding our Q1 outlook, we're planning for overall reported revenue growth of 11.5% to 13.5%, including approximately 2.5% growth benefit from foreign exchange at rates outlined in our press release. Organic revenue growth of 9% to 11% includes approximately 1% to 1.5% growth benefit from CAG instrument revenues supported by ongoing momentum in inVue Dx analyzer placements.

關於我們第一季的展望，我們預期整體報告營收將成長11.5%至13.5%，其中包括以新聞稿中概述的匯率計算，外匯帶來的約2.5%的成長收益。有機收入成長 9% 至 11%，其中包括 CAG 儀器收入帶來的約 1% 至 1.5% 的成長收益，這得益於 inVue Dx 分析儀的持續成長勢頭。

As noted, growth of capital revenues is projected to become a headwind to overall growth over the balance of the year as we lap the launch of inVue Dx.

如前所述，隨著 inVue Dx 的推出，資本收入的成長預計將在今年剩餘時間內成為整體成長的阻力。

We expect Q1 CAG Diagnostic reoccurring revenue growth of 8.5% to 10.5%, which includes approximately 50 basis point benefit from equivalent days at midpoint and US clinical visit trends and pricing expectations aligned with the full year guidance levels.

我們預計第一季 CAG Diagnostic 經常性收入成長 8.5% 至 10.5%，其中包括約 50 個基點的收益，這些收益來自中點的等效天數以及美國臨床訪問趨勢和定價預期，與全年指導水準一致。

Our Q1 reported operating margins are planned for 31.4% to 31.9%, reflecting solid expansion of comparable margins in the quarter, aligned with our full year expectations net of approximately 90 basis point headwind from lapping a discrete litigation accrual adjustment in the prior year quarter and approximately 30 basis point benefit from year-over-year foreign exchange impacts.

我們第一季報告的營業利潤率計劃為 31.4% 至 31.9%，反映出本季度可比利潤率的穩健增長，與我們全年的預期相符，扣除了上年同期因一次性訴訟提列調整而產生的約 90 個基點的不利影響，以及因同比匯率影響而產生的約 30 個基點的利好。

We're well positioned entering 2026 with an expanded global field team and innovative platforms aimed at solving customer challenges. This concludes our guidance update, and I'll now turn the call over to Jay for his comments.

進入 2026 年，我們擁有了更強大的全球現場團隊和旨在解決客戶挑戰的創新平台，處於有利地位。我們的指導方針更新到此結束，現在我將把電話交給傑伊，請他發表意見。

Thank you, Andrew, and good morning. IDEXX delivered a very strong fourth quarter, closing a year marked by exceptional execution across the organization and meaningful strategic progress towards our long-term potential. In many respects, 2025 was a defining year for our company. We successfully scaled multiple transformative innovations, expanded our commercial presence in key international regions and continued to demonstrate the resilience and durability of the IDEXX business model pressured by broader economic uncertainty.

謝謝你，安德魯，早安。IDEXX 在第四季業績表現強勁，為過去一年畫上了圓滿的句號。這一年，公司各部門執行力卓越，在實現長期潛力方面取得了意義重大的策略進展。從很多方面來看，2025年是我們公司具有決定性意義的一年。我們成功地擴大了多項變革性創新的規模，擴大了我們在關鍵國際地區的商業影響力，並繼續證明 IDEXX 商業模式在更廣泛的經濟不確定性壓力下仍具有韌性和持久性。

Our performance reflects the strength of that model, one built on customer-centric innovation, high-quality, durable recurring revenue and solutions deeply embedded in the daily workflows of veterinary practices. This year through significant innovations like inVue Dx, Cancer Dx, Vello and Catalyst cortisol, our solutions provided valuable insights in the productivity lift sought by our customers.

我們的業績反映了該模式的優勢，該模式建立在以客戶為中心的創新、高品質、持久的經常性收入以及深深融入獸醫診所日常工作流程的解決方案之上。今年，透過 inVue Dx、Cancer Dx、Vello 和 Catalyst cortisol 等重大創新，我們的解決方案為客戶尋求的生產力提升提供了寶貴的見解。

The human-animal bond continues to deepen and pet owners remain committed to providing a high standard of care given what for many of them may be challenging household economics. This commitment is especially evident in the aging pet population where owners and veterinarians alike are prioritizing early detection, proactive screening and longitudinal monitoring.

人與動物之間的連結不斷加深，儘管許多寵物主人面臨嚴峻的家庭經濟挑戰，但他們仍然致力於提供高標準的照護。這種重視程度在老化寵物族群中尤其明顯，寵物主人和獸醫都更加重視早期發現、主動篩檢和長期監測。

Early signs of aging pets with solid visit growth for canines five-plus years old more weighted to non-well supported a second consecutive quarter of improving visits in this important segment. Additionally, in the fourth quarter, diagnostics frequency, the percentage of visits that include diagnostic testing, expanded, highlighting the structural demand for advanced diagnostics and the role it plays in driving the broader veterinary care envelope.

寵物老化的早期跡象，以及五歲以上犬類就診量的穩定增長（其中健康狀況不佳的犬類佔比較高），支持了這一重要細分市場就診量連續第二個季度增長。此外，第四季度診斷頻率（包括診斷測試的就診百分比）有所增加，凸顯了對高級診斷的結構性需求及其在推動更廣泛的獸醫護理範圍方面所發揮的作用。

Our commercial organization continues to be a core competitive advantage for IDEXX. In Q4, we completed the targeted expansion of our commercial footprint in geographies where we see significant long-term opportunity to increase diagnostics adoption and utilization. These new team members were fully onboarded and trained and are now active in their respective territories, in Germany, the United Kingdom and Australia, alongside an expansion in the United States.

我們的商業組織仍然是IDEXX的核心競爭優勢。第四季度，我們完成了在那些我們認為有顯著長期發展機會的地區擴大商業版圖的計劃，以提高診斷技術的普及和利用率。這些新團隊成員已完成入職和培訓，目前已在各自的區域開展工作，包括德國、英國和澳大利亞，同時在美國的業務也不斷拓展。

By enhancing commercial capabilities in these markets, we meaningfully reduced the number of accounts assigned to each representative. This enables more frequent, higher quality interactions with clinics and supports deeper integration of diagnostics into everyday care protocols. Our experience consistently shows that increased engagement leads to higher utilization, stronger customer satisfaction and better medical outcomes.

透過增強這些市場的商業能力，我們顯著減少了分配給每個代表的客戶數量。這使得與診所進行更頻繁、更高品質的互動成為可能，並支持將診斷更深入地融入日常護理方案中。我們的經驗始終表明，提高參與度可以帶來更高的使用率、更強的客戶滿意度和更好的醫療效果。

CAG Diagnostics recurring revenue growth in the quarter was driven by a combination of strong volume gains, adoption of new innovations and continued success in premium instrument placements. Diagnostic frequency and utilization per visit remained important contributors, benefiting both patient care and clinic economics.

CAG Diagnostics 本季經常性收入成長得益於銷售強勁成長、新技術的採用以及高階儀器植入的持續成功。診斷頻率和每次就診的使用率仍然是重要的影響因素，既有利於患者護理，也有利於診所的經濟效益。

Customer retention remains in the high 90s for our global CAG Diagnostics business. This level of loyalty underscores the value veterinarians place on the reliability, consistency and clinical performance of IDEXX solutions and the strength of the partnerships our teams build over time.

我們全球 CAG 診斷業務的客戶留存率維持在 90% 以上。這種忠誠度凸顯了獸醫對 IDEXX 解決方案的可靠性、一致性和臨床性能的重視，以及我們團隊隨著時間推移建立的強大合作關係。

Our commercial team delivered an exceptionally productive year, achieving record instrument placements and sustained double-digit economic value growth, including contributions from 6,200 Catalyst placements while delivering on our inVue Dx agenda.

我們的商業團隊度過了碩果累累的一年，實現了創紀錄的儀器部署量和持續兩位數的經濟價值增長，其中包括 6,200 只 Catalyst 的部署貢獻，同時實現了我們的 inVue Dx 計劃。

We continue to see solid momentum in both competitive conversions and greenfield accounts. For the full year, we delivered double-digit growth in our premium instrument installed base, which now includes nearly 78,000 Catalyst analyzers globally. Our expanding premium instrument installed base provides multiple future growth vectors for the business, including benefits from higher diagnostics utilization and new menu additions over time.

我們看到，無論是現有客戶的轉換還是新客戶的開發，都持續保持著強勁的成長動能。全年來看，我們的高階儀器裝置量實現了兩位數的成長，目前全球已有近 78,000 台 Catalyst 分析儀。我們不斷擴大的高端儀器安裝基礎為業務提供了多個未來的成長方向，包括隨著診斷利用率的提高和新菜單的增加而帶來的好處。

We recently announced several new innovations, including expanding the IDEXX Cancer DX panel to include canine mast cell tumor detection with availability expected midyear 2026 in North America. This builds off a successful start to canine lymphoma commercialization where we crossed an important milestone last quarter. Now more than half of lymphoma tests submitted are for screening versus as an aid in diagnosis.

我們最近宣布了幾項新的創新，包括將 IDEXX Cancer DX 檢測組合擴展到包括犬肥大細胞瘤檢測，預計將於 2026 年年中在北美推出。這建立在犬淋巴瘤商業化成功開局的基礎上，我們在上個季度跨越了一個重要的里程碑。目前，超過一半的淋巴瘤檢測是用於篩檢，而不是輔助診斷。

Building off the successful start in North America, we are on track for the next stage of expansion, a Q1 international rollout of IDEXX Cancer DX.

憑藉著在北美取得成功的開端，我們正按計畫進入下一階段的擴張，即在第一季將 IDEXX Cancer DX 推向國際市場。

Getting back to mast cell tumors, they are among the most common cancers in dogs, yet they can be difficult to identify early. These lumps and bumps may go unnoticed, particularly in dogs with long coats and often resemble benign lesions even when detected. This creates uncertainty for clinicians and pet owners alike and underscores the need for tools that support earlier confident assessment.

回到肥大細胞瘤的話題，它是犬類最常見的癌症之一，但早期很難發現。這些腫塊和隆起可能不易被注意到，尤其是在長毛狗身上，即使被發現，也常常類似良性病變。這給臨床醫生和寵物主人帶來了不確定性，也凸顯了支持早期準確評估的工具的必要性。

Building on the strong momentum of Cancer DX panel, mast cell tumor detection will be added at no additional cost, with no change to specimen requirements or workflow, and sustained two- to three-day turnaround in the United States.

憑藉 Cancer DX 檢測板的強勁勢頭，我們將在不增加額外費用的情況下增加肥大細胞瘤檢測，樣本要求或工作流程也不會改變，並且在美國仍能保持兩到三天的周轉時間。

This expansion allows veterinarians to screen at-risk dogs for approximately one third of the most common cancer types during routine wellness visits and to evaluate the symptomatic patients where mast cell tumors are suspected. Importantly, it integrates seamlessly into existing workflows, reducing friction while expanding clinical insight.

這項擴展使得獸醫能夠在例行健康檢查期間對有風險的犬隻進行大約三分之一最常見癌症類型的篩檢，並評估疑似患有肥大細胞瘤的有症狀患者。重要的是，它可以無縫整合到現有工作流程中，減少摩擦，同時擴展臨床見解。

We believe this enhancement further strengthens Cancer DX as a foundational tool for early detection and informed decision-making. We have also seen exciting new developments with the first Cancer DX marker for canine lymphoma. Evidence shows that we could detect a lymphoma signal up to eight months prior to clinical manifestation of disease. This means crucial months of earlier detection and treatment potential. As patients undergo treatment, the lymphoma test has also been proven to be useful for repeated testing to monitor remission during shop chemotherapy, a common treatment for canine lymphoma.

我們相信，這項改進將進一步加強 Cancer DX 作為早期檢測和知情決策的基礎工具的作用。我們也看到了犬淋巴瘤首個癌症診斷標記令人振奮的新進展。證據表明，我們可以在淋巴瘤出現臨床症狀前長達八個月檢測到其訊號。這意味著早期發現和治療的關鍵幾個月。在患者接受治療期間，淋巴瘤檢測也被證明可用於重複檢測，以監測犬淋巴瘤常見治療方法—化療期間的緩解。

With this treatment monitoring use case using reasonable assumptions, we see an addressable opportunity for canine lymphoma monitoring with Cancer DX at approximately 130,000 tests per year in North America alone. As is the case with the broader diagnostics category, the more we test, the more we learn.

根據這個治療監測用例，並採用合理的假設，我們看到，僅在北美，每年就有大約 130,000 次 Cancer DX 用於犬淋巴瘤監測，這是一個可實現的市場機會。與更廣泛的診斷類別一樣，我們測試得越多，我們學到的就越多。

IDEXX inVue Dx continues to be a transformational platform, redefining point-of-care cell cytology across several high-volume use cases. The rollout of inVue Dx represents one of the most successful product launches in IDEXX history.

IDEXX inVue Dx 繼續發揮變革性作用，在多個高容量用例中重新定義了即時細胞學。inVue Dx 的推出是 IDEXX 歷史上最成功的產品發布之一。

And the fourth quarter reinforced that trajectory, bringing inVue Dx placements for the year to nearly 6,400. This performance was driven by strong customer demand, operational readiness and highly positive clinician feedback, exceeding our initial expectations.

第四季鞏固了這一趨勢，使 inVue Dx 全年的植入量接近 6400 個。這一業績得益於強勁的客戶需求、完善的營運準備以及臨床醫生的高度積極反饋，超出了我們最初的預期。

In December, we reached an important milestone with the controlled launch of Fine Needle Aspirate or FNA on inVue Dx. While the initial menu is for mast cell tumor detection, we view the FNA capability as a platform of its own. As with new platforms, this will be a controlled launch that builds over time, ensuring that the testing performance and customer experience are exceptional within the real world environment of a veterinary practice.

12 月，我們在 inVue Dx 上實現了細針穿刺 (FNA) 的控制啟動，這是一個重要的里程碑。雖然最初的菜單是用於檢測肥大細胞瘤，但我們認為 FNA 功能本身就是一個平台。與新平台一樣，這將是一個循序漸進、逐步完善的發布過程，以確保在獸醫診所的真實環境中，測試表現和客戶體驗都達到卓越水平。

FNA is a critical diagnostic technique used daily to evaluate masses and skin lesions. Historically, this process has been manual, time-intensive and dependent on specialized expertise and external lab interpretation. By automating key steps and applying AI-powered analysis, inVue Dx allows technicians to prepare a sample and receive results within minutes while the patient is still in the clinic with the option of a one-click pathologist evaluation for additional expertise and review of FNA images and results.

細針穿刺活檢術（FNA）是一種重要的診斷技術，每天用於評估腫塊和皮膚病變。從歷史上看，這個過程一直是人工的，耗時較長，並且依賴專業知識和外部實驗室的解釋。inVue Dx 透過自動化關鍵步驟和應用 AI 驅動的分析，使技術人員能夠在幾分鐘內準備樣本並收到結果，同時患者仍在診所內，還可以選擇一鍵式病理學家評估，以獲得額外的專業知識並審查 FNA 圖像和結果。

The initial FNA rollout focuses on mast cell tumor detection, one of the most clinically significant canine cancers. Together with Cancer Dx, these innovations will give clinicians confidence at every step, from screening to diagnosis, so they can act sooner and faster [growing] cancer in or out with certainty.

首批 FNA 推廣活動主要集中在肥大細胞瘤的檢測上，這是犬類最具臨床意義的癌症之一。結合 Cancer Dx 技術，這些創新將使臨床醫生在從篩檢到診斷的每一步都充滿信心，從而能夠更快、更準確地採取行動，控制癌症的發展。

Our Catalyst platform continues to reflect IDEXX's Technology for Life strategy, delivering sustained value through disciplined menu expansions that enhance diagnostic confidence and efficiency at the point of care.

我們的 Catalyst 平台持續體現 IDEXX 的「生命科技」策略，透過有條不紊的菜單擴展提供持續價值，從而增強護理點的診斷信心和效率。

In 2025, we built on the strategy with growing adoption of Catalyst pancreatic lipase and the launch of Catalyst cortisol, both of which enable veterinarians to make faster, more informed decisions during the patient visit. Catalyst pancreatic lipase, introduced in late 2024, saw broad uptake throughout 2025 as practices incorporated it into routine workflows to support timely pancreatitis assessment.

2025 年，我們進一步發展了這個策略，Catalyst 胰脂肪酶的普及和 Catalyst 皮質醇的推出，使獸醫能夠在就診期間更快地做出更明智的決定。Catalyst 胰脂肪酶於 2024 年底推出，並在 2025 年廣泛應用，因為各醫療機構將其納入常規工作流程，以支持及時進行胰臟炎評估。

The test provides rapid quantitative results for both dogs and cats, with reference of quality, helping veterinarians address a clinically challenging condition with greater confidence. Adoption across tens of thousands of practices supported diagnostic frequency gains and improved patient outcomes.

該測試可為犬貓提供快速的定量結果，並提供品質參考，幫助獸醫更有信心地處理臨床上具有挑戰性的疾病。數萬家診所採用此方法提高了診斷頻率，改善了患者預後。

We extended this momentum with the launch of Catalyst cortisol in the third quarter, making the third Catalyst menu expansion in under a year when including Catalyst [mark you see]. This test delivers real-time cortisol measurements to support endocrine diagnosis and ongoing disease management, allowing clinicians to move quickly from testing to action. Early adoption exceeded expectations and contributed to solid consumable growth in the second half.

我們在第三季推出了 Catalyst 皮質醇，延續了這股勢頭。如果將 Catalyst 也納入其中，這將是 Catalyst 產品系列在不到一年內的第三次擴充。[標記你看到的]。該測試可提供即時皮質醇測量值，以支持內分泌診斷和持續的疾病管理，使臨床醫生能夠快速從測試過渡到行動。早期市場接受度超出預期，並促進了下半年消費品的穩健成長。

Together these high-impact menu addition underscores the platform benefits of our robust installed base and technology for Life strategy. We are able to rapidly expand new specialty tests like these across a large global installed base of approximately 78,000 Catalysts. For example, in North America, over 50% of Catalyst users adopted the pancreatic lipase test in the first 12 months.

這些極具影響力的選單新增內容共同凸顯了我們強大的使用者基礎和技術在生命策略方面的平台優勢。我們能夠迅速將這些新的專業測試擴展到全球約 78,000 台催化劑的龐大安裝基數上。例如，在北美，超過 50% 的 Catalyst 使用者在前 12 個月內採用了胰脂肪酶測試。

Our software ecosystem remains an important growth driver and a source of strategic differentiation. IDEXX software is deeply integrated across diagnostics, imaging, client communication and practice operations, helping clinics fully realize the value of their diagnostic investments.

我們的軟體生態系統仍然是重要的成長驅動力和策略差異化來源。IDEXX 軟體與診斷、影像、客戶溝通和診所營運深度集成，幫助診所充分發揮其診斷投資的價值。

In 2025, we saw strong performance across our practice information management systems as well as continued momentum in pet owner engagement tools such as Vello. Our ezyVet enabled platforms delivered double-digit installed base growth with particular strength among multi-location practices of corporate customers.

2025 年，我們的實務資訊管理系統表現出色，寵物主人互動工具（如 Vello）也維持了持續成長動能。我們採用 ezyVet 技術的平台實現了兩位數的安裝基礎成長，尤其在企業客戶的多地點診所中表現強勁。

We closed the year with record quarterly bookings, reflecting contracted future ARR, signaling strong momentum for IDEXX's software solutions. Clinics continue to choose our cloud data platforms for their modern interfaces, diagnostics interpretation and ability to scale efficiently across locations with centralized workflows and data.

我們以創紀錄的季度預訂量結束了這一年，反映了已簽訂的未來年度經常性收入合同，表明 IDEXX 的軟體解決方案發展勢頭強勁。診所繼續選擇我們的雲端資料平台，因為它們具有現代化的介面、診斷解釋功能，並且能夠透過集中式工作流程和資料在不同地點高效擴展。

Vello continues to expand, growing its users over 40% from last quarter, and nearly tripling last year. Clinics using Vello report improved communication with pet owners, increased visit frequency and better compliance with diagnostics and treatment plans compared to practices relying on more basic engaged pools. We see Vello as a powerful complement to diagnostics, helping clinics translate clinical insight into action.

Vello 持續擴張，用戶數量較上季成長超過 40%，去年更是成長了近三倍。使用 Vello 的診所報告稱，與依賴更基礎的參與池的診所相比，與寵物主人的溝通有所改善，就診頻率有所增加，並且對診斷和治療方案的依從性也更高。我們認為 Vello 是診斷的有力補充，可以幫助診所將臨床見解轉化為行動。

We also made exciting progress in our diagnostic imaging business where we launched in early January the most advanced radiography system in veterinary medicine, one that combines superb image quality at the lowest dose of radiation an important consideration where 75% of technicians are women of child-bearing age.

我們在診斷成像業務方面也取得了令人興奮的進展，我們在 1 月初推出了獸醫學領域最先進的放射成像系統，該系統在最低輻射劑量下實現了卓越的圖像質量，這對於 75% 的技術人員都是育齡婦女的情況來說是一個重要的考慮因素。

Our solution enables a connected diagnostic imaging workflow for veterinary professionals where AI-powered viewer automates key clinical measurements and customers can now submit and review telemedicine cases practically through Webex.

我們的解決方案為獸醫專業人員提供了一個互聯的診斷影像工作流程，其中人工智慧驅動的檢視器可自動執行關鍵的臨床測量，客戶現在可以透過 Webex 提交和查看遠距醫療病例。

As we close out 2025, IDEXX remains firmly committed to creating long-term value for our customers, employees and shareholders. Over the past year, we strengthened our commercial foundation, scaled impactful innovations and reinforced our leadership in diagnostics and software.

2025 年即將結束，IDEXX 將繼續堅定地致力於為我們的客戶、員工和股東創造長期價值。過去一年，我們加強了商業基礎，擴大了具有影響力的創新規模，並鞏固了我們在診斷和軟體領域的領先地位。

We enter 2026 with confidence in our strategy, our teams and the opportunities ahead. The human-animal bond continues to deepen and expectations for quality veterinary care continue to rise. IDEXX is uniquely positioned to support this evolution by delivering diagnostic and digital tools that enhance productivity, improve outcomes, support sustainable practice growth.

我們滿懷信心地邁入2026年，對我們的策略、團隊和未來的機會充滿信心。人與動物之間的連結日益加深，人們對高品質獸醫服務的期望也越來越高。IDEXX 擁有獨特的優勢，能夠透過提供診斷和數位化工具來支持這一發展趨勢，從而提高生產力、改善成果並支持永續的業務成長。

I want to close by thanking our 11,000 employees around the world. Your dedication to innovation, quality and customer partnership is what enables IDEXX to deliver consistent performance year after year. We're excited about the year ahead and look forward to continuing to build on this momentum. With that, I'll open the line for Q&A. Thank you.

最後，我要感謝我們遍佈全球的11,000名員工。您對創新、品質和客戶合作的執著追求，使 IDEXX 能夠年復一年地保持穩定的業績。我們對未來一年充滿期待，並希望繼續保持這一發展勢頭。接下來，我將開放問答環節。謝謝。

(Operator Instructions) Chris Schott.

（操作說明）克里斯·肖特。

Great. I just wanted to start on the vet visit side. We're obviously seeing a pretty wide divergence between wellness and non-wellness visits. It sounds like part of that from your perspective is the pandemic puppy starting to age here. But just interested to see how you're thinking about this evolving in 2026 as we think about wellness versus non-wellness visits and that negative 2% overall number.

偉大的。我只想先從看獸醫這方面開始。很明顯，健康檢查和非健康檢查之間存在相當大的差異。從你的角度來看，部分原因似乎是疫情期間出生的小狗開始老了。但我很想知道，當我們考慮健康檢查與非健康檢查以及總體下降 2% 的數據時，您如何看待 2026 年的發展趨勢。

And maybe just related to that, on price, I know you're targeting a bit less price this year. What are you seeing at the vet practice level in terms of price increases? I guess are you seeing any signs of some of these corporate practices starting to moderate price at all this year as well? I'm just trying to get some -- my hands around some of those dynamics.

或許也與此相關，關於價格，我知道你們今年的目標是降低一些價格。就獸醫診所層級而言，您觀察到的價格上漲情況如何？我想你有沒有看到今年這些企業行為開始對價格有一定抑製作用的跡象？我只是想弄清楚——掌握其中的一些動態。

Yeah, good morning, Chris. Yeah, just in terms of -- let me start with the vet visit profile first. We have seen some headwinds more on the wellness side. We think that's, at this point really, macro, probably in the lower economic demographic households where there's obviously some financial pressures.

早上好，克里斯。是的，就目前而言——讓我先從獸醫就診情況說起。我們在健康領域遇到了一些阻力。我們認為，就目前而言，這確實是宏觀層面的問題，可能主要體現在經濟條件較差的家庭中，這些家庭顯然面臨一些經濟壓力。

Less so on the non-wellness side, obviously, and we have seen some green shoots now two quarters in a row with those pets five years plus starting to grow.

在非健康方面，情況顯然不太一樣，而且我們已經連續兩個季度看到一些好轉的跡象，那些五年以上的寵物開始成長。

So we think that's positive. We think that likely reflects the pandemic adoption boom and these pets aging and will likely continue going forward.

所以我們認為這是個好兆頭。我們認為這可能反映了疫情期間寵物領養熱潮以及這些寵物逐漸老去的情況，而且這種情況未來可能會持續下去。

In terms of 2026, we just -- we kept that baseline of about 2% decline until -- I think until we have clear evidence that that's going to improve. We thought that was an appropriate path to take. From a debt inflation standpoint, maybe not on the vet services side, more from the corporate perspective, we have seen a moderation. It's still running hotter than CPI, and I think that will come down over time.

就 2026 年而言，我們只是——我們一直保持著大約 2% 的下降基線，直到——我認為直到我們有明確的證據表明情況會有所改善。我們認為這是一條合適的道路。從債務通膨的角度來看，或許在獸醫服務方面並非如此，但從企業角度來看，我們已經看到通膨有所緩和。目前氣溫仍然高於消費者物價指數（CPI），但我認為隨著時間的推移，氣溫會下降。

What we say is I think the corporate practice is recognized that may be in obstacle to getting care with some of their clients and they're interested in being more aggressive in driving demand and patient traffic into their practices. So I think more to come as that develops.

我們認為，企業診所已經意識到，這可能會阻礙一些客戶獲得醫療服務，因此他們有興趣採取更積極的措施來推動需求和病患流量到他們的診所。所以我覺得隨著事態發展，還會有更多消息傳出。

Yeah, Chris, I'd just add on the visit dynamic just in terms of both the non-well and the wellness visits, we continue to see a really nice quality of visits overall. The frequency and utilization continues to expand in both categories. And so even in those groups in terms of the wellness and discretionary types of visits, when they are coming into the clinic, we're continuing to see really positive momentum for the use of diagnostics, which I think is a key part of our strategy overall.

是的，克里斯，我還要補充一點，就就診情況而言，無論是非健康就診還是健康檢查，我們都繼續看到就診的整體品質非常好。這兩個類別的使用頻率和利用率都在持續成長。因此，即使在這些群體中，就健康保健和非必要就診類型而言，當他們來到診所時，我們也繼續看到診斷的使用呈現出非常積極的勢頭，我認為這是我們整體策略的關鍵部分。

Yeah, Keep in mind, the non-wellness visits represent about 60% of the visits, but 70% to 75% of the diagnostics revenue. So this combination of what Andrew put his finger on, which is they're using more diagnostics when they come in, so we call that frequency. But also, it's more intensive, I think is an important factor to keep in mind, just from a -- through a diagnostic lens.

是的，請記住，非健康檢查就診量約佔就診量的 60%，但卻佔診斷收入的 70% 到 75%。所以，正如 Andrew 指出的那樣，他們入院時會使用更多的診斷方法，我們稱之為頻率。但同時，我認為從診斷的角度來看，它也更加深入，這是一個需要記住的重要因素。

Thank you.

謝謝。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

So could you speak a little bit about the underlying drivers of the consumables growth? How should we be thinking about continuing mid-teens growth into 2026 or the cadence that we should be thinking about things here? What are the components of this? What will you lap? And then also, I assume that inVue isn't necessarily directly contributed all that much in terms of meaningful consumables flow-through as yet.

那麼，您能否談談消費品成長的根本驅動因素？我們該如何看待將青少年時期的成長延續到 2026 年，或者說我們應該以怎樣的節奏來思考這些問題？它由哪些部分組成？你會跑幾圈？此外，我認為 inVue 目前在有意義的消費品流通方面還沒有做出太多直接貢獻。

So is there more to come on that front? What are you seeing in terms of that consumables flow-through? And then if not, like how do you think about when you enter into these contracts with placing inVue, how is that translating into consumables growth across the entire portfolio? Thanks.

那麼這方面還會有更多進展嗎？您觀察到的耗材週轉情況如何？那麼，如果不是這樣，例如，當您與 inVue 簽訂這些合約時，您是如何考慮的？這些合約如何轉化為整個產品組合的消耗品成長？謝謝。

Yeah, let me just maybe set this up from an innovation standpoint, and then I'll hand it off to Andrew who can provide some additional specifics. The approach that we take with putting platforms out, the market and growing our installed base with this overlay of Technology for Life has proved very successful in terms of driving relevant consumables testing.

好的，我先從創新的角度來闡述一下，然後再交給安德魯，他可以提供一些更具體的細節。我們透過推出平台、開拓市場以及結合「科技惠及生活」理念來擴大用戶群的方法，在推動相關耗材測試方面取得了非常成功。

So if you think about Catalyst with these three tests over the last year plus with Smart QC, pancreatic lipase and cortisol, we now have almost 78,000 Catalysts on a global basis.

因此，如果您回顧過去一年來 Catalyst 的這三項測試，再加上 Smart QC、胰脂肪酶和皮質醇測試，我們現在在全球擁有近 78,000 台 Catalyst 設備。

And keep in mind, the way we incent our sales organization is really on quality of premium instrument placements, Catalyst being obviously an important one, but really across the board.

請記住，我們激勵銷售團隊的方式實際上是根據高端樂器安裝的品質來決定的，Catalyst 顯然是一個重要的樂器，但實際上各個方面都是如此。

So they're looking to make sure that we place season customers who are going to use them and who have higher utilization patterns. So in terms of driving the consumables growth, it really is a combination of being able to grow our installed base of premium instruments and increase utilization intensity through innovation.

所以他們希望確保我們安排那些會使用這些設施且使用率較高的季節性客戶。因此，要推動耗材成長，實際上是透過擴大高端儀器的裝機量和透過創新來提高利用率來實現的。

And for inVue, that's part of the story, of course, with cell cytology, blood morphology, ear cytology and now FNA for lumps and bumps. And so that's tracking plan in terms of consumables usage. So in combination, it's all these things that are driving the type of performance we've seen in 2025 and incorporated into 2026 guidance.

當然，對於 inVue 來說，這也是其發展歷程的一部分，包括細胞學、血液形態學、耳部細胞學，以及現在的腫塊細針穿刺活檢 (FNA)。這就是耗材使用情況的追蹤計畫。因此，所有這些因素共同推動了我們在 2025 年看到的業績表現，並已納入 2026 年的業績預期。

Yeah. Maybe just to add a couple of specific metrics there, both for the full year and Q4, the installed base actually expanded by about 12% overall. So I think really solid economic view here of the expansion of the installed base, to Jay's point, that's supporting the consumable growth. We also had a really exceptional new and competitive Catalyst placements in the fourth quarter. So we did over 1,350 new and competitive placements from a Catalyst perspective on a global basis.

是的。或許應該補充一些具體的指標，無論是全年或第​​四季度，安裝基數實際上整體成長了約 12%。所以我認為，正如 Jay 所說，從安裝基礎的擴張來看，這確實是一個穩健的經濟觀點，它支撐了消費品的成長。我們在第四季也獲得了非常出色且具競爭力的 Catalyst 投資機會。因此，我們從 Catalyst 的角度在全球範圍內完成了超過 1350 個新的、具有競爭力的職位安排。

We did over about 360 in North America. So really nice trajectory there and we see rapid uptake of the new innovations that we deliver. InVue I think continues to be more the $3,500 to $5,500 per instrument. We're tracking well to that. That includes FNA, which we'll launch later this year, as we previously announced. And yes, we're excited by the expansion of that, that controlled rollout.

我們在北美地區完成了大約 360 次拍攝。所以發展勢頭非常好，我們看到我們提供的創新成果得到了迅速推廣。我認為 InVue 的價格仍然在每台儀器 3,500 美元到 5,500 美元之間。我們目前進展順利。這其中包括FNA，正如我們之前宣布的那樣，我們將在今年晚些時候推出。是的，我們對這種可控的推廣和擴展感到興奮。

Okay. And then just quickly on reference lab, you mentioned new customer growth. Is that US market or is it international? Where are you seeing the tangible market share gains?

好的。然後，關於參考實驗室，您提到了新客戶成長。這是美國市場還是國際市場？您認為市場佔有率的實際成長體現在哪些方面？

And then is it innovation that's really changing the game in terms of you winning business in that inherently competitive category? Thanks.

那麼，在這個競爭異常激烈的領域，真正改變遊戲規則，幫助你贏得業務的，是創新嗎？謝謝。

Yes. We think we're doing really well on a global basis, and there have been a number of factors involved in seeing that reference lab growth. First, we've invested heavily in the network, the reference lab network, so the customers get the type of service that they expect next day in both cases. We've invested heavily in enabling infrastructure, whether it's lab information systems and VetConnect plus localized outside the US That's been important.

是的。我們認為我們在全球範圍內都做得非常好，而參考實驗室的成長是由多種因素共同促成的。首先，我們對網絡，特別是參考實驗室網絡，進行了大量投資，因此客戶無論在哪種情況下都能在第二天獲得他們期望的服務。我們在基礎設施建設方面投入了大量資金，包括實驗室資訊系統和 VetConnect，以及在美國境外的在地化服務。這非常重要。

And of course, the innovation story, really across the board, whether you look at fecal antigen and our vector-borne disease. But cancer also has got a lot of attention both in terms of differentiation and having customers who don't use us as their primary reference lab send us samples.

當然，創新故事也貫穿始終，無論是糞便抗原或媒介傳播疾病，都體現了這一點。但癌症也受到了廣泛關注，無論是在鑑別診斷方面，還是在一些客戶不把我們當作主要參考實驗室的情況下，他們也會把樣本寄給我們。

So in terms of competitive submissions, we're at approximately 18% now. That represents, in many cases, a complete break for workflow, veterinarians and customers really focusing and prioritizing on the patient, not who their primary reference lab provider is. They start with cancer as part of a panel, and then we believe, over time, will give us more of their business.

因此，就競爭性投稿而言，我們目前約佔 18%。在許多情況下，這代表著工作流程的徹底中斷，獸醫和客戶真正專注於患者，而不是他們的主要參考實驗室提供者是誰。他們最初將癌症作為一項業務，我們相信，隨著時間的推移，他們會為我們帶來更多的業務。

So I think it's all of those things in combination, which has created really strong differentiation in the reference lab business, and we're just seeing good growth as a result of that.

所以我認為正是這些因素的綜合作用，使得參考實驗室業務形成了非常強大的差異化優勢，而我們也因此看到了良好的成長。

Mike Ryskin, Bank of America.

麥克‧里斯金，美國銀行。

Great, thanks for the question. I want to ask sort of a big picture one on innovation. You guys had a really strong year for inVue placements in 2025. You beat all of your targets as you went through the year. I think you called out $75 million revenue contribution in '25.

太好了，謝謝你的提問。我想問一個關於創新的大方向問題。你們在 2025 年的 inVue 就業安置方面取得了非常優異的成績。在這一年中，你超額完成了所有目標。我想你提到了2025年7500萬美元的收入貢獻。

Any way you could quantify what Cancer Dx was sort of a total innovation contribution in '25 was? Again, it would be great to get a sense of how you think about inVue and Cancer DX, what the dollar contribution for '26 would be, just so we can look at the year-to-year comparison. Thanks.

有沒有辦法量化一下 Cancer Dx 在 2025 年的創新貢獻？再次，我們很想了解您對 inVue 和 Cancer DX 的看法，以及您在 2026 年的美元貢獻額，以便我們進行年度比較。謝謝。

Yeah, Mike, just -- I'm going to keep this high level and Andrew may provide some specifics. The way we think about innovation, this direct economic contribution, is obviously inVue revenue and consumable usage in sales as a result of that.

是的，麥克，我先概括一下，安德魯可能會提供一些細節。我們認為創新帶來的直接經濟貢獻，顯然體現在 inVue 的收入和由此產生的銷售消耗品使用量。

But there's also a tremendous leverage impact, indirect economic benefits when you place capital. It's very often placed through an IDEXX 360 type program, inspires usage of our broader portfolio, including reference labs and software and anything that is part of that program.

但投入資本也會產生巨大的槓桿效應，帶來間接的經濟效益。它通常透過 IDEXX 360 類型的程式進行部署，激發了人們對我們更廣泛的產品組合的使用，包括參考實驗室和軟體以及該程式中的任何內容。

So we've seen, I think, as a result of innovation and overlapping innovation, cancer being a great example with FNA and IDEXX cancer, Dx with mast cell that's coming in '26, a leveraged impact, a multiplier impact across our entire portfolio. I think customers feel like it all works better together, it optimizes their workflow, they're able to really focus on what they want to focus on, which is the patient, of course. And we take care of everything else.

因此，我認為，由於創新和重疊創新（癌症就是一個很好的例子，例如 FNA 和 IDEXX 癌症，以及 2026 年即將推出的肥大細胞診斷），我們整個產品組合都產生了槓桿效應和倍增效應。我認為客戶覺得這一切協同運作得更好了，優化了他們的工作流程，他們能夠真正專注於他們想專注於的事情，當然就是病人了。其他一切都由我們來處理。

Yeah, I think Jay hit it well. Just in terms of a couple of specifics. We haven't broken out the Cancer DX component of that. But I would say it's a direct revenue contribution, but it's modest.

是的，我覺得傑伊打得很好。僅就幾個具體細節而言。我們還沒有單獨列出癌症診斷部分。但我認為這確實是一項直接的收入貢獻，只是金額不大。

I think the stand-alone test pricing is about $60, and when it's included in a broader diagnostic panel, which we're seeing increasing percent of the tests being done that way, it's about $15. So, the direct contribution here isn't super large, but to Jay's point, I think it's really the opportunity to continue to see broader adoption of our screening core blood work.

我認為單獨進行這項測試的價格大約是 60 美元，而當它被包含在更廣泛的診斷套餐中時（我們看到越來越多的測試都是以這種方式進行的），價格約為 15 美元。所以，直接貢獻雖然不大，但正如 Jay 所說，我認為這確實是一個機會，讓我們能夠繼續看到篩檢核心血液檢測得到更廣泛的應用。

And over time, I think it would be really compelling to see the direct contribution as well. We believe that for Cancer Dx, the opportunity to expand that panel or profile about $1.1 billion over time. So yes, it's a really meaningfully large category that we want to continue to advance through the innovation, including the launch of mast cell tumor, as Jay highlighted.

隨著時間的推移，我認為看到直接貢獻也會非常有說服力。我們認為，對於癌症診斷而言，隨著時間的推移，擴大檢測範圍或檢測範圍的機會將達到約 11 億美元。所以，是的，這是一個意義重大的龐大領域，我們希望透過創新繼續推進，包括推出肥大細胞瘤治療藥物，正如 Jay 所強調的那樣。

Yes. One way to think about the innovation impact, if you take a look at Catalyst one, and we began shipping that in late 2014, and you compare its economic value 10-plus years later as a result of coming up with all the slides and the innovation we have, it's about 2.5 times as impactful from an EV standpoint.

是的。思考創新影響的一種方法是，看看 Catalyst One，我們從 2014 年底開始交付它，然後你比較一下 10 多年後，由於我們提出的所有幻燈片和創新，它的經濟價值，從電動車的角度來看，它的影響大約是原來的 2.5 倍。

And so that's always been our strategy, that testing drives differentiation, not just within that modality, but across the enterprise. And that the instruments that we have placed in the case of Catalyst, nearly 78,000, they're just -- they're used more and they're therefore worth more to the company.

因此，我們的策略始終是讓測試驅動差異化，不僅在測試模式下，而且在整個企業範圍內。而我們為 Catalyst 公司購買的儀器，數量接近 78,000 台，它們的使用頻率更高，因此對公司來說更有價值。

Okay. And then if I could follow up on price. You guys were talking about 4% total company next year, 3.5% in the US. It seems like you're bringing that down as you had previously said to be back within the LRP. I'm just curious what the conversations with vet clinics have been on pricing power over the last couple of years.

好的。然後，如果可以的話，我想再了解一下價格。你們之前說過，明年公司總成長率要達到 4%，美國市場成長率要達到 3.5%。看來你正在降低標準，因為你之前說過要回到 LRP 內部。我只是好奇過去幾年裡，你們和獸醫診所就定價權問題進行的討論有哪些內容。

I know that in '21 and '22, it was sort of understood that, with inflation what it was, it was going to be taking a lot more price. Are you having more conversation with bets on that? Is there any pushback? Is there any dialogue with you on how to manage that? I know you have your long-term contracts and relationships, but just wondering if that's becoming a more common discussion point with your customers.

我知道在 2021 年和 2022 年，人們普遍認為，由於通貨膨脹，物價會上漲很多。你們是不是在談論這件事，並就此打賭？是否有反對意見？是否有任何關於如何處理這個問題的對話？我知道你們有長期的合約和合作關係，但我只是想知道這是否正在成為你們與客戶之間越來越常見的討論話題。

Yes. It hasn't been a big flash point with customers. They recognize that during the period of high inflation, they and their partners, you need to take a little bit more in price. The cost went up. They wanted to invest back in their practices, their staff.

是的。這並沒有引起顧客的強烈不滿。他們意識到，在高通膨時期，他們和他們的合作夥伴需要承受更高的價格。成本上漲了。他們想把資金重新投入他們的業務和員工。

And I think that's -- we, if you take a look at over the last four-plus years, we've remained pretty close to where the CPI is, a bit above, but not much above. I think what we've seen now is more a volume-based recovery in our business. And so it's more balanced. We're back to, I think, a volume-driven top line growth profile, which is healthy.

我認為，如果我們回顧過去四年多的時間，就會發現我們的價格一直與消費者物價指數 (CPI) 非常接近，略高於 CPI，但高不了多少。我認為我們現在看到的更多是業務量方面的復甦。這樣就更加平衡了。我認為，我們又回到了以銷售驅動的營收成長模式，這是健康的。

Inflation has subsided. It's a little bit under 3%. So I think it just reflects getting back to more of a historical baseline of what we've seen in the business.

通貨膨脹已經緩解。略低於3%。所以我認為這只是反映出我們正在回歸到該行業過去的歷史基線水平。

All right. Thank you.

好的。謝謝。

Jon Block, Stifel.

Jon Block，Stifel。

Yeah, hi guys, good morning. First one pretty straightforward, second one not so much. But just on the first one, Jay or Andrew, any thoughts or color on the 2026 international CAG Dx recurring revenue growth rate versus the US? Just as we sit here and sort of contemplate the year to tie to the worldwide, I know you've got some of those commercial investments going on in international markets and, arguably, some of the innovation is more in an infancy stage relative to the US. So any color there would be great. And then I'll just ask a follow-up.

嗨，大家好，早安。第一個問題很簡單，第二個問題就沒那麼簡單了。但就第一個問題而言，Jay 或 Andrew，你們對 2026 年國際 CAG Dx 經常性收入成長率與美國相比有何看法或見解？正當我們坐在這裡思考如何將這一年與全球聯繫起來時，我知道你們在國際市場上進行了一些商業投資，可以說，相對於美國而言，一些創新還處於起步階段。所以任何顏色都行。然後我也會問一個後續問題。

Yes. So we think the international region offers -- and we've shared sort of the assumptions behind this profile, a bit of a higher growth profile than the US over time. Part of that just comes back to where they are in terms of diagnostics usage, how often it's included. It's more of a sick patient testing market.

是的。所以我們認為國際地區——我們也分享了這一觀點背後的假設——隨著時間的推移，其成長前景比美國要好一些。部分原因在於他們在診斷使用上所處的階段，以及診斷的使用頻率。這更像是一個針對患病患者的檢測市場。

We've made some very substantial investments over time, not just in the commercial piece, as important as that is. We shared that we invested in Germany and UK, Ireland and Australia. But also, the reference lab network, all the enabling infrastructure, which is important from just a customer success standpoint.

隨著時間的推移，我們進行了一些非常實質的投資，不僅是在商業方面，儘管商業方面也很重要。我們分享了我們在德國、英國、愛爾蘭和澳洲的投資情況。但同樣重要的是參考實驗室網路和所有配套基礎設施，這對客戶成功而言至關重要。

So we do think the international opportunity is a bit higher from a CAG Diagnostics recurring growth rate. It obviously still requires sector development. But all the pieces are in place. And so what we've seen is that the -- we've sustained double-digit growth now for multiple years. And I think that's just the result of the pieces that we've put in place and the focus that we have, but also the inherent customer opportunity.

因此，我們認為，從 CAG Diagnostics 的經常性成長率來看，國際市場的機會要高一些。顯然，這方面仍需進一步發展。但一切條件都已具備。因此，我們看到的是──我們已經連續多年保持兩位數的成長。我認為這既是我們所採取的措施和我們所關注的重點的結果，也是客戶本身所面臨的機會的結果。

Okay, thanks for that. And then maybe a little bit more detail one, Andrew. Can you help me out with this if I've got these numbers correct? So the 1Q '26 CAG Dx recurring revenue growth guidance of 9.5% at the midpoint is off a 4.5% comp. So the two-year stack for the first quarter is 14%, and that includes a 50 bps days tailwind, if I heard you correctly.

好的，謝謝。然後，安德魯，或許可以再詳細一點。如果這些數字沒錯的話，你能幫我解決這個問題嗎？因此，2026 年第一季 CAG Dx 經常性營收成長預期中位數為 9.5%，去年同期成長率為 4.5%。因此，第一季的兩年期收益率為 14%，如果我沒聽錯的話，這其中包含了 50 個基點的順風。

The full year '26 guide for CAG Dx recurring is 9% at the midpoint off what you did in 8%, so a 17% stack. So can you just talk to why the 1Q guidance is a decent discounted full year on the stack basis? Maybe tell us what you saw in the first month of the year with some weather challenges that seem to be out there. Any color there would be helpful.

2026 年全年 CAG Dx 復發指南的中點是 9%，比你 8% 的收益高出 17%。那麼，您能否解釋一下，為什麼第一季業績指引相當於全年業績的合理折現值（從整體來看）？或許您可以跟我們說說您在今年第一個月裡遇到的一些天氣挑戰。任何顏色都會有所幫助。

Yes. Thanks, Jon. So I think just in terms of Q1, the performance that we had outlined, what I would highlight is really consistent with the full year outlook overall. Certainly, we are picking up some days benefit, which I think would be captured in that 4.5% metric that you quoted. We had a bit of a day's headwind last year, and so we're picking that back up to some degree.

是的。謝謝你，喬恩。所以我覺得就第一季而言，我們之前概述的業績，我想強調的是，與全年的整體展望非常一致。當然，我們確實獲得了一些收益，我認為這應該反映在你引用的 4.5% 的指標中。去年我們遇到了一天的逆風，所以今年我們在某種程度上又遇到了這種情況。

So when you normalize for those, I think it's a relatively more consistent story.

所以，當你把這些因素標準化之後，我認為這是一個相對更連貫的故事。

Certainly, I think from a clinical visit pressure, it's an area that we want to make sure that we continue to understand. In Q4, we saw about a 1.7% decline in overall clinical visits. So we're planning for about 2% for both Q1 and the full year. So it's a metric we'll continue to watch, as well as some pricing dynamics as we get in '26, is a bit of a headwind into the full year math here.

當然，我認為從臨床就診的壓力來看，這是我們想要確保繼續了解的領域。第四季度，我們看到整體臨床就診量下降了約 1.7%。所以我們計劃第一季和全年的成長目標都約為 2%。所以我們會繼續關注這個指標，以及 2026 年的一些價格動態，這對全年的計算來說有點不利。

So I think the way we look at it is -- it's actually a relatively consistent story, and we're really focused on executing against the innovation that we have. But there's nothing I'd call out specific to January at this point. We won't get into kind of a week-to-week or month-to-month metrics here, but we feel good about the Q1 positioning overall.

所以我認為我們看待這個問題的方式是——這實際上是一個相對連貫的故事，我們真正專注於執行我們擁有的創新成果。但就目前而言，我還沒有特別想指出一月發生的事情。我們這裡就不討論每週或每月的具體指標了，但我們對第一季的整體狀況感到滿意。

Daniel Clark, Leerink Partners.

Daniel Clark，Leerink Partners。

Great, thank you so much. Just had a question on inVue placements. Where are we sort of in terms of placements into the larger corporate practices? And how are you thinking about placements into those groups in the '26 guide?

太好了，非常感謝。我有個關於 inVue placement 的問題。就進入大型企業實務領域的安置情況而言，我們目前處於什麼階段？那麼，您如何考慮在 2026 年指南中將這些分組進行劃分呢？

Yeah, we're now placing inVue into corporate practices. Yes, as I've shared in the past, it tends to be a little bit longer selling cycle. They like to do the pilots and then they want to make sure that there's both clinical and economic benefit. So they approach it a little bit differently than independent practices. But we're now well into the sell-in and placement within the corporate groups.

是的，我們現在正在將 inVue 應用於企業實踐中。是的，正如我之前分享過的，銷售週期往往會稍長一些。他們喜歡先進行試點，然後他們希望確保試點計畫既有臨床效益又有經濟效益。所以他們的做法與獨立執業者略有不同。但目前我們已經進入了向企業集團推銷和安置的階段。

Got you, thanks. And then just one on sort of divergence in wellness and non-wellness visits. When we think about the relative stability of non-wellness heading into 2026, if that does hold, would it be fair to kind of take the second half of '25 run rate for non-wellness and extrapolate that forward? Or how should we think about kind of that run rate into '26 in the context of the 2% overall visit decline guide that you gave?

明白了，謝謝。然後，還有一點是關於健康檢查和非健康檢查之間的差異。當我們考慮到 2026 年非健康狀況的相對穩定性時（如果這種情況能夠持續），是否可以公平地將 2025 年下半年的非健康狀況發生率向前推算？或者，我們應該如何看待您給出的 2% 整體訪問量下降指導方針，以及 2026 年的這種運行率？

Yes. So the 2% for '26 is the baseline, and that includes both well and non-well, roughly within what we saw in '25. What I would say is the non-well is more resilient to macro pressures. Obviously, pets are getting sick, they need to come into the practice. So I think that they tend to be a bit more resilient.

是的。因此，2026 年的 2% 是基準線，其中包括富裕人群和貧困人群，大致與我們在 2025 年看到的情況相同。我想說的是，非井水對宏觀壓力的抵抗力更強。很明顯，寵物生病了，它們需要來診所就診。所以我認為他們往往更具韌性。

We also expect that the pandemic dog and cat -- puppy and kitten boom will continue and will -- those green shoots that we've seen will continue to modestly grow over time as these pets age and require more health care. So I think it's reflected at this point in the 2% decline guide for '26. And hopefully, as time progresses, that improves.

我們也預計，疫情期間犬貓（幼犬和幼貓）數量的激增將會持續，而且隨著這些寵物年齡增長並需要更多醫療保健，我們所看到的這些增長勢頭將會隨著時間的推移而繼續溫和增長。所以我認為這一點已經反映在 2026 年 2% 的下降預期中了。希望隨著時間的推移，這種情況會有所改善。

Brandon Vasquez, William Blair.

布蘭登·瓦斯奎茲，威廉·布萊爾。

Everyone, excuse me, thanks for taking the question. Maybe you can start, pivot us a little bit, we spent a lot of time talking about the good innovation on the hardware side. Maybe you can spend a couple of minutes talking about the software especially some of the pet owner facing ones like Vello. I don't think we've gotten a good update on those. How are they contributing to results? And then more specifically, are they really helping you offset any of this weakness we're seeing in end markets?

各位，不好意思，謝謝大家回答這個問題。或許你可以先引導我們稍微改變一下思路，我們花了很多時間討論硬體方面的優秀創新。或許您可以花幾分鐘時間談談這些軟體，特別是像 Vello 這樣的寵物主人軟體。我認為我們還沒有得到關於這些問題的確切消息。它們對結果有何貢獻？更具體地說，它們真的能幫助你抵消我們在終端市場看到的這些疲軟態勢嗎？

Are you -- in the accounts that are using things like Vello, are you seeing better pull-through of the portfolio?

在使用 Vello 等工具的帳戶中，您是否看到投資組合的轉換率有所提高？

We are. The software piece is very, very important strategic business within the overall IDEXX business. It's a great business in and of itself, software business. It's growing strongly. We see good profitability.

我們是。軟體業務在IDEXX整體業務中是非常非常重要的策略業務。軟體產業本身就是一個很棒的產業。它正強勁增長。我們看到良好的獲利能力。

There's a nice leverage impact in terms of diagnostics. We've grown our cloud-based PIMS placements at double digits. So we're a leader within cloud-based PIMS within the North American market, something that we think is very important.

在診斷方面，這具有很好的槓桿效應。我們的雲端PIMS部署量實現了兩位數的成長。因此，我們在北美市場的雲端PIMS領域處於領先地位，我們認為這一點非常重要。

With that, from just an ARR standpoint, we see better engagement. Application Vello is getting excellent traction. We shared some statistics both quarterly from a sequential basis and year-on-year. We know that those customers who use our software solutions use more of our diagnostics with -- specifically with reference to Vello, we see fewer no-shows for clinical visits, more diagnostics usage, all the things that you would expect. So it is an important part -- it's an important offset.

由此可見，僅從年度經常性收入（ARR）的角度來看，用戶參與度有所提升。應用軟體 Vello 獲得了極佳的關注度。我們分享了一些統計數據，包括按季度環比和按年同比數據。我們知道，使用我們軟體解決方案的客戶會更多地使用我們的診斷功能——特別是對於 Vello 而言，我們看到臨床就診爽約率降低，診斷功能使用率提高，所有這些都符合預期。所以它是重要的一部分——它是一個重要的偏移量。

Now it's still relatively small compared to our total installed base of customers who use diagnostics, but we're very bullish on it. And we think it's an important element of really driving a solutions portfolio.

雖然與我們使用診斷功能的客戶總數相比，它仍然相對較小，但我們對此非常看好。我們認為這是真正推動解決方案組合發展的重要因素。

Yeah, we saw a solid double-digit growth in software on a reoccurring basis in the fourth quarter. And to Jay's point, yes, I think he had highlighted that Vello expanded users by about 40%. So we're seeing some nice traction there, and we're going to continue to build off of that momentum. But there's strong demand, I think, from a customer perspective to continue to move to this vertical SaaS orientation that I think we're amplifying through the different offerings that we have.

是的，第四季度軟體業務實現了兩位數的穩定成長。正如 Jay 所說，是的，我認為他強調了 Vello 的用戶成長了約 40%。所以我們看到這方面取得了一些不錯的進展，我們將繼續鞏固這一勢頭。但我認為，從客戶的角度來看，市場對繼續向這種垂直 SaaS 模式轉型有著強烈的需求，而我們正在透過我們提供的各種產品來強化這種需求。

Okay. And as a follow-up here, as we're a little early playing with the numbers still this morning, but it looks like to get to the '26 guidance, you don't really need to push your utilization metric too much even when you back out price next year to kind of be within the midpoint of that range. But I also hear you making comments about how FNA is still in controlled launch and you maybe haven't even really gotten into the corporate accounts with inVue yet. Correct me if either of those are wrong, especially on the latter.

好的。作為後續，雖然今天早上我們還在對數字進行一些初步分析，但看起來，為了達到 2026 年的指導目標，即使將明年的價格調整到該範圍的中點，你也不需要大幅提高利用率指標。但我也聽到你提到 FNA 仍處於受控發布階段，而且你可能還沒有真正透過 inVue 打入企業客戶市場。若以上兩點有誤，請指正，尤其是後一點。

But I guess the question being, one, is that correct? Like is utilization largely consistent through '26? And then two, are some of these opportunities to maybe push utilization even higher? You're yet to see some of the benefits of innovation in the utilization bucket.Thank you.

但我想問的是，第一，這是正確的嗎？到 2026 年，利用率是否基本保持穩定？其次，這些機會是否能進一步提高利用率呢？您還沒有體會到創新在資源利用上帶來的許多好處。謝謝。

Yes. So Brandon, just in terms of the '26 guide, one thing that I would highlight is, if you look at the midpoint from a comparability on the CAG Diagnostic recurring growth rate, where we ended about 8% in 2025, where midpoint is about 9% for 2026, so about 100 basis point improvement year-to-year. A lot of that is driven by volume. And certainly, it comes with the expansion of our customer base, but also just maintaining and growing strong utilization metrics overall, led by some of the innovation benefits that we have.

是的。所以布蘭登，就 2026 年的指導方針而言，我想強調的一點是，如果你看一下 CAG Diagnostic 經常性增長率的比較中點，我們在 2025 年結束時約為 8%，而 2026 年的中點約為 9%，因此同比提高了約 100 個基點。很多因素都源自於交易量。當然，這得益於我們客戶群的擴大，也得益於我們整體上保持和提升強勁的利用率指標，而這又得益於我們的一些創新優勢。

So I think you captured the controlled launch correctly from an FNA standpoint. Yes, that will be something that helps us in 2026. We've captured that in our outlook already. And as Jay just highlighted, I think we are placing inVue into corporate accounts at this point. So that's an area that we've been working towards and it typically takes a little bit longer than independents.

所以我認為你從 FNA 的角度正確地捕捉了受控發射過程。是的，這對我們2026年的發展會有幫助。我們在展望報告中已經考慮到了這一點。正如 Jay 剛才所強調的那樣，我認為我們目前正在將 inVue 引入企業帳戶。所以這是我們一直在努力的方向，而且通常需要比獨立公司更長的時間。

But we feel good that we have a nice momentum there, and we're targeting about 5,500 inVue placements for 2026 as well. So we feel really good about the innovation and continuing to help our customers drive growth. I think we're just being cautious relative to the macro environment and the sector trends that we've seen on areas like clinical visits that continue to be more muted. But overall, the business is performing quite well despite that.

但我們很高興目前發展勢頭良好，並且我們計劃在 2026 年實現約 5500 個 inVue 安裝位。因此，我們對創新感到非常滿意，並將繼續幫助我們的客戶推動成長。我認為我們只是對宏觀環境和產業趨勢保持謹慎，我們看到臨床就診等領域的成長仍然較為平緩。但總體而言，儘管如此，該業務的業績仍然相當不錯。

Andrea Alfonso, UBS.

瑞銀集團的安德烈亞·阿方索。

Hi, good morning, everyone. Thanks for taking my question. So, I was just curious about the dynamics underpinning the gross margin mix in the quarter. It looks like pricing growth is pretty stable sequentially, although you did cite some pressure from mix.

大家早安。謝謝您回答我的問題。所以，我只是好奇本季毛利率構成背後的動態因素。價格成長看起來相當穩定，儘管你提到了產品組合帶來的一些壓力。

And I guess as we think about the 2026 margin expansion of 30 basis points to 80 basis points organically, how do we think about your gross margin improvement stacking versus that 30 bps to 80 bps? I think you mentioned the moderation in pricing in the US and obviously still calling out the mix impact.

我想，當我們考慮 2026 年毛利率自然成長 30 到 80 個基點時，我們該如何看待毛利率提升與這 30 到 80 個基點之間的疊加效應？我想你提到了美國的價格趨於溫和，而且顯然還在強調產品組合的影響。

And then I guess the other part of that algorithm is how do we think about SG&A growth recognizing some of the ongoing commercial investments you're making?Thanks so much.

那麼，我想演算法的另一部分是，我們如何考慮銷售、管理及行政費用 (SG&A) 的成長，同時考慮到您正在進行的一些商業投資？謝謝。太多了。

Yes. Thanks, Andrea. Just in terms of what we saw in Q4, we did have modest pressure just from instrument revenues in the quarter. Yes, I think we had highlighted that on the call. But we still delivered about 60 basis points comparably from a gross margin expansion standpoint.

是的。謝謝你，安德里亞。僅就我們第四季所見，該季度儀器收入確實帶來了一定的壓力。是的，我想我們在電話會議上已經強調過這一點。但從毛利率擴張的角度來看，我們仍然實現了約 60 個基點的類似成長。

So quite solid on the improvement that we see on gross margins. And then for the quarter, we also saw about 120 basis points of operating margin improvement as well. So quite solid there as well.

因此，我們看到毛利率方面出現了相當穩健的改善。此外，本季營業利潤率也提高了約 120 個基點。所以這方面也相當穩固。

That included investments that we were making. Jay had highlighted we completed the expansions that we're expecting to be announced about midyear. So that was factored certainly into the overall SG&A growth as well as continued investment in areas like innovation, the strong R&D number as well. So that's how the quarter played out. I think it was largely in line with our expectations.

這其中包括我們正在進行的投資。Jay 曾強調，我們已經完成了預計在年中宣布的擴建項目。因此，這無疑已計入整體銷售、管理及行政費用的成長，以及對創新等領域的持續投資，還有強勁的研發投入。這就是本季的情況。我認為這基本上符合我們的預期。

I think the implied midpoint was right around those same metrics.

我認為隱含的中點恰好與這些指標相近。

As we think about 2026, our guidance for operating margin improvement is the 30 basis points to 80 basis points that you had highlighted on a comparable basis. That's largely going to be gross margin led. I think we continue to see benefits from a gross margin perspective there as we invest back into the business for the longer term. So we expect most of that would likely be gross margin led overall, and we'll be -- we feel good about kind of where that positions us as we invest back into the long term.

展望 2026 年，我們對營業利潤率改善的預期是您在可比較基礎上強調的 30 個基點至 80 個基點。這主要取決於毛利率。我認為，從毛利率的角度來看，隨著我們對業務進行長期投資，我們會繼續從中受益。因此，我們預計大部分成長可能會主要來自毛利率，而且我們對目前的狀況感到滿意，因為我們將投資於長期發展。

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

好的。謝謝大家的提問。現在我們結束今天上午電話會議的問答環節。很高興能夠回顧 IDEXX 又一個季度和全年強勁的業績。感謝各位今天早上的參與，我們現在結束今天的通話。

And 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了。