Dan Clark

Andrew cited multiple quarters of international double-digit growth (Europe, APAC) and a rising U.S. recurring-revenue premium to visits, but gave no explicit U.S./international split.

Andrew acknowledged fuel price uncertainty but said guidance is calibrated to recent trailing trends. Wellness and discretionary categories remain pressured while non-well visits have been relatively flat for 3 quarters.

Jay confirmed 2% decline baseline for 2026 includes both wellness and non-wellness roughly in line with 2025. Non-wellness more resilient to macro pressures. Pandemic pet aging green shoots expected to continue modestly growing. Hopes for improvement over time.

Jay clarified IDEXX is now well into sell-in and placement within corporate groups after an initial pilot period. Corporate practices approach adoption differently than independents with longer evaluation cycles requiring demonstration of both clinical and economic benefits.

Jay cited continued salesforce expansion, product-market fit innovation (ProCyte One for hematology-first markets), reference lab network build-out in Europe and APAC, and customer support infrastructure. Expressed confidence the 13-16% range is achievable over long-term horizon.

Andrew clarified the prior-year metric referenced clinical visits and inverse diagnostic frequency, not IDEXX business directly. Nothing notable to call out from lapping that dynamic in Q3.

Andrew reiterated 20,000 5-year target without updating long-term outlook. Noted SediVue and hematology serve slightly different categories. May provide updates at August Investor Day.

Jay noted customers are willing to lean into technology investment for clinical impact and workflow optimization. Staffing has largely stabilized but practices want technology that doesn't add staffing needs.

Andrew acknowledged ~50bps weather impact in Q4 from early October events and some Q1 weather effects, but confirmed all captured in guidance.

Jay confirmed North America preorders are now open while international remains limited to select countries, with plans to revisit throughout the year.

Wetteny was direct that the macro headwinds are expected to persist through the year with no rebound assumed but also no significant further deterioration.

Wetteny said acute franchises (Simparica + Derm) expected to contribute mid-to-high single-digit growth. Simparica franchise to be leading driver. Derm expected to contribute to growth. Apoquel patent extends to ~2032.

Wetteny downgraded key franchise growth expectation from double-digit to high single digits. Year-to-date tracking at 9% but only 2% in Q3. Noted derm therapeutic visits in US clinics were down less than 1% (improving from prior quarters). OA pain stabilization encouraging.

Wetteny confirmed competition was always modeled as back-half with scenarios spanning timing, label, and promotional aggressiveness. Now refined to largely Q4. Reflected in raised guidance including revenue and ANI increases.

Wetteny cited 86% clinic penetration and strong vet satisfaction but didn't directly address whether starts or duration was the bigger shortfall. Emphasized vast opportunity with only 1M on Librela of 27M OA dogs.

Kristin noted triple combo is less than 40% of total market (growing 40%), new entrants bring more awareness, and first-mover advantage of 4+ years creates stickiness.

Adam confirmed Invitae fully integrated with combined labs and salesforce. Will no longer break out Invitae separately. Expects genetic testing to grow 2-3x faster than overall market as part of specialty focus.

Adam confirmed Dx revenue guidance of 5-6% with majority organic. Volume/price-mix split roughly 50/50, consistent with 2025. Julia added enterprise margin expanded 50+ bps in 2025 with both segments contributing, expecting continued expansion in 2026.

Bousbib said top 5-6 CROs are reinvited to large pharma partnerships. IQVIA won and expanded all relationships. In EBP, typically 2-3 bids per RFP. Pricing pressure exists due to tighter market. See More Win More means accepting some short-to-medium-term margin pressure to build backlog rather than walking away from lower-priced deals.

Brian candidly acknowledged illness season forecasting is unreliable but expressed confidence in the alternate-site strategy given aging demographics and cost-effective care delivery trends.