Idexx Laboratories, Inc.

Strong Q1 performance + continued diagnostics-led momentum (good/surprising) - Revenue: +14% reported / +11% organic in Q1 2026. - CAG Diagnostics recurring revenue: +11% organic (incl. ~4% net price realization and ~50 bps benefit from equivalent days). - Diagnostics utilization expanding: even with softness in wellness, IDEXX is seeing higher diagnostic frequency/utilization per visit, supporting the care model and volumes. - EPS: $3.47 in Q1; +15% comparable EPS growth. - Margins/ops: Comparable operating margin +100 bps, driven by gross margin expansion and strong recurring revenue.

Full-year guidance raised (good) - Revenue outlook (reported): $4.675B to $4.76B (midpoint implies ~8.6% to 10.6% reported growth). - Organic revenue outlook: +7.7% to +9.7% (midpoint ~70 bps higher than prior guidance). - CAG Diagnostics recurring (organic): +8.7% to +10.7%. - EPS outlook: $14.45 to $14.90 (midpoint +$0.13 vs prior guide), including a $0.05 negative impact from a Q1 equity investment loss.

Clinical visit softness is real, but being “offset” by mix/quality (bad but manageable) - U.S. same-store clinical visits: ~−1% in Q1 (slightly better than initial expectations); wellness visits: −3% while non-well visits: +20 bps YoY. - Management notes aging pets (5+ years) continue to provide green shoots—now the multi-quarter trend supports a more stable outlook. - Updated full-year U.S. clinical visit assumption: ~−1.5% (after Q1 improving trend).