Idexx Laboratories, Inc.

Q2 results were strong; CAG Diagnostics led growth - Revenue ~10% reported / 9% organic in Q2, driven by ~9% CAG growth, Water +13%, and LPD +9% (all organic). - CAG Diagnostics recurring revenue +10.3% organic (net of ~50 bps headwind from calendar/equivalent days and ~4% global net price improvement). - U.S. same-store clinical visits -1.3% in the quarter (wellness down is the main drag), but diagnostics/utilization and recurring revenue still grew—implying improving visit quality vs visit count.

InVue Dx momentum + consumables opportunity (FNA rollout on track) - Premium instrument placements: 5,265 units in Q2; ~1,602 IDEXX inVue Dx units. - Company is on pace for full-year inVue Dx placement goal: 5,500. - FNA (fine needle aspirate) on inVue Dx: progressing through a controlled launch; broadened into Q3 with full availability targeted by end of year. - Early indications from FNA: more masses evaluated (management expects this to translate into upside in consumables over time). - Management said overall inVue consumables performance is comfortably within prior guidance range (mentioned target range: $3,500 to $5,500 per instrument).

Profitability improved; strong cash generation; aggressive buybacks - Comparable operating profit +12%, and reported operating margin 35% in Q2; gross margin 64% (about +120 bps comparable). - EPS $4.27 (+18% reported / +15% comparable). - Free cash flow: $323M in Q2; $557M in 1H 2026; 110% trailing net income→FCF conversion. - Capital returns: share repurchases $332M in Q2 / $693M YTD, reducing diluted shares by about ~2% YoY in Q2. - Balance sheet remains strong: leverage ratios 0.6x gross / 0.5x net of cash. - Company raised full-year FCF conversion target to 90%–100% of net income, with ~$180M capital spending.