Good morning. Good morning, everybody, and welcome to the 2026 IDEXX Investor Day. A very warm welcome to all of you who are here in the room with me at our global headquarters in Westbrook, Maine, and also to all of you who have joined virtually on the webcast. I am Mike Erickson, President and CEO of IDEXX, and I am delighted to be with you here, along with members of the IDEXX management team. We have a very full agenda for you today, and so let me just walk through what we have planned. I am going to get us started with an overview of our innovation-driven growth strategy and the very compelling opportunity that we see ahead of us. Following me, Julie Godon will come on stage, and she will share an update on veterinary sector trends and some of our latest insights across pets, practices, and owners. After Julie, George Fennell will come on stage, and George will bring to life how our commercial team partners with customers and how we are executing on our global commercial expansion playbook. We will then have our first short break, and we will come back and we will go a little bit deeper into our IDEXX innovation drivers. Starting with Mike Lane. Mike will talk about our multi-modality diagnostics growth strategy across point of care and reference labs, and he will spotlight some really exciting innovations in the area of cancer diagnostics. After Mike, we will have Puja Pathak on stage. Puja is a newer member of the management team, and she will go even deeper into how we are advancing diagnostics at the point of care. After Puja, Tracy Byers will come on stage. Tracy will talk about our software and imaging businesses powered by workflow and AI, and how they act as a force multiplier for diagnostics utilization. We will then have a second short break, and we will come back for a very special customer conversation. I am delighted to have Dr. Jo Malone with us this morning. Dr. Malone is the founder and CEO of VetPartners Europe, and she will sit down with Michael Schreck for a fireside chat on the state of the veterinary industry in Europe and how, as IDEXX, we partner with large multi-hospital networks like VetPartners. Dr. Malone is an extraordinary leader. Jo is passionate about high-quality care, high-performance team culture, and she is someone who really inspires me, and I know all of us here at IDEXX. So Jo, thank you so much for being here. We look forward to hearing what you have to say. After that conversation, Andrew will come on stage, and he will bring us home with a review of the financials, and we will wrap with Q&A. Before we begin, I do want to share our safe harbor disclaimer, which you can also find on our website. So let us begin. I want to start here with our purpose, because as a growth company, it is our purpose that motivates us and inspires our growth mindset culture and connects on a deep personal level with all of us at IDEXX, all around the world. We know that we are making a difference with our customers when it comes to advancing the health and wellbeing of pets and their families, when it comes to safeguarding our quality and ensuring the safety of our protein and dairy food product supply. Now, today I'm going to focus my comments on our Companion Animal Group or CAG area. That's the largest business area at IDEXX. When it comes to CAG, we have a direct line of sight to a very compelling opportunity ahead of us. We measure this in decades and as a $45 billion global testing opportunity that supports the expansion of care and wellbeing for pets as members of our families. We understand that realizing this opportunity requires a highly intentional time over target focused on sector development. This is the combination of deep partnership with our customers and relentless innovation. We are in the early stages of a broad-based innovation cycle here at IDEXX across diagnostics, software, and AI that's raising the bar for what's possible in the practice. This is supported by a global commercial team that works side by side with our customers in their practices, helping them to incorporate these innovations into their everyday protocols. The net result of this is long-term, double-digit organic revenue growth with high ROIC, reflecting the differentiated value that we're bringing as IDEXX. Now, I stated that our purpose is personal for us at IDEXX here, and it's personal for me. This is a picture of me with my dog, Loki, and Loki has been a transformational force in my family, particularly for one of my daughters as she was going through some really challenging moments in her life. It's not an overstatement to say that Loki helped to save our family. That's what pets do. It's powerful. Like most pet parents, I want the very best for Loki. Here's the challenge. Loki, dogs, cats, they can't speak. They can't tell us how they feel. They can't share how long it's hurt. It's diagnostics that give pets the voice into their healthcare. It's diagnostics. This opportunity to detect more disease through high-performing diagnostics, to give pets more birthdays is motivating for me and motivating for all of us here at IDEXX. We wake up every day focused on this mission and doing that in partnership with our customers. This singularity of focus that we have on innovations and diagnostics and software solutions, this is a very important part of our success formula here at IDEXX. We know that people all around the world love their pets. In these uncertain times that we're living in, that we're all experiencing, the unconditional love and stability of a pet in our lives and our families is more important than it's ever been. We feel privileged to work in an industry and a sector with this at the core of long-term, durable, attractive tailwinds that are further propelled by the fact that pets are living longer, which is pretty profound when you think about that and the implications on their need for care and their need for diagnostics as part of that care. While we know our industry isn't immune to some of the macro pressures that we talk about, we do know that it's highly resilient, and we can look back and see this in the past. During prior periods of economic uncertainty, we can see things go down for a period, like pet replacements, but then they come back. The reason why they come back is because the vast majority of pet owners self-identify as lifelong pet parents, committed to having a pet in their lives and committed to their pet's health. The key point is what I said earlier. Pets can't speak. It's diagnostics that give them a voice. When you test, you discover valuable insights across all the different age brackets here. This is even for dogs and cats that come into the practice seemingly perfectly well, with nothing that you could detect by eye or just observation that tells you that they're not well. We know that in one out of four cases, if you test blood work and urinalysis, you'll find clinically meaningful abnormalities that require action. We know that this rate of abnormalities increases dramatically as pets age, just like for people. It's the same thing for pets. If we look beyond detecting disease, diagnostics also drives the entire care envelope in the rest of the practice. We can trace 80% of all the activity in the practice back to diagnostics. I'm talking about things like medical services, therapeutics, prescription diets, and so on. A good example of this is IDEXX SDMA. We know with IDEXX SDMA, you can detect kidney disease in cats as early as stage 1. If you get that cat onto a renal protective diet, you'll extend its life. That's the kind of outcome that we get really excited about here at IDEXX. Diagnostics we know also drives the economic health of the practice. It's the fastest-growing category in the practice, pound for pound the biggest driver of practice EBITDA. The headroom to grow diagnostics is very compelling. Today, we see significant variation across the adoption and utilization of diagnostics for sick and well visits. In the U.S., on average, 13% of wellness visits get blood work today. We know that much higher standards of care, much higher rates of blood work inclusion are possible because we see that. We see that happening today. You can see it up here on this chart. There's significant headroom to grow diagnostics regardless of what's happening with visit trends. When we look outside the U.S., blood work inclusion today is even lower, so the headroom to grow is even that much higher. This is where we come in. Innovative software and diagnostics and a commercial team that helps customers to adopt these tools to advance the medicine in their practice. Across the sector, we're driving on average each year around a 50-basis point increase in blood work inclusion sector-wide, that translates to about 150 basis points of incremental IDEXX CAG diagnostic recurring revenue each year. It's very important to appreciate that not all diagnostics are created equal. Customers that use more of our IDEXX innovations grow materially faster. They grow their diagnostic revenue faster, their clinical revenue, clinical visits. The question is why? Why is this happening? What's behind this? We know. We know that our diagnostics discover more, and they discover more earlier in the disease process and in differentiated testing categories that we've built through decades of investment. Moreover, the practice of medicine is fundamentally one of workflow. We take the time to lean out all the steps of the workflow. We take the time to lean out the preparation of the sample with things like Load and Go technology on our instruments. We drive workflow efficiency through our software and through deep integrations. Our innovations enable our customers to see more and do more in their practices. This deep alignment that we have in objectives with our customer, advancing medicine, shared growth, this is a key driver of our own growth. When we grow our customers, we grow. Our innovations, our commercial investments, and our execution with our customers, all of this translates into highly durable, double-digit organic revenue growth with over 80% of company revenue driven by CAG Diagnostics recurring revenue. I want to go a little bit deeper into our strategic growth drivers, and I'm going to start with innovation. Let's go back to that question that I asked earlier around how do we drive higher diagnostics adoption and utilization. For us, the answer begins with a multi-decade, large scale and expanding investment into R&D that's focused on solving the biggest challenges that our customers face in their practices. We're the only company in veterinary with a full stack innovation engine spanning leading edge biomarker discovery and assay development, purpose-built sophisticated instrument design and manufacturing, and enterprise class software, AI, data, and connectivity. It's very unusual for a company in any industry to be world-class in all three of these areas. At IDEXX, we've scaled and developed these capabilities over decades of investment. We're a company of builders, and we harness this stack to build integrated solutions across point-of-care reference labs and software. Our customers, they don't think in terms of modalities or point solutions in software or diagnostics. Our customers think in terms of patients and cases and protocols and standards of care and medical outcomes. Our integrated solution ecosystem addresses these real challenges that they face, and it all works better together. The result of this is high advocacy and high retention. These outcomes are very important inputs into our own growth algorithm here at IDEXX. We never take that for granted. We never take that for granted. We know that we've got to show up every day with our customers and earn their trust, working side by side with them. We're applying this solution ecosystem approach to take on the biggest unmet needs in veterinary medicine. We look across these categories, and we approach them through a comprehensive portfolio approach that can take up to a decade or more to fully develop. IDEXX has played a lead role in building each of these categories through highly differentiated offerings. I'm talking about things like our 4Dx platform, available at the point of care on SNAP or in our IDEXX reference labs. Fecal Dx antigen, which finds up to 2x more infections than fecal float. IDEXX SDMA, Cystatin B, now SDMA CLIPs on Catalyst, Cancer Dx. The list goes on. If we take a moment to pause and just consider the solutions that we have today from IDEXX, it's hard to imagine how some things used to get done in the practice. I want to take an example of hematology, the complete blood count or CBC. This is a standard part of blood work along with chemistry. You don't have to go back very far, only around 20 years, and the CBC was done with a microscope, counting cells and that little hand clicker that you can see there on the table. IDEXX changed all of that with the LaserCyte, followed by ProCyte Dx, followed by ProCyte One. ProCyte combines load and go sample technology, flow cytometry, lasers, four-dimensional AI scatter analysis. It analyzes over 100,000 cells in just a few minutes to provide the most accurate CBC that you can get at the point of care with performance that matches the industrial scale hematology systems that we run in our reference labs. We changed the paradigm, and no one today could imagine going back to hand-clicking their way to a CBC. You couldn't imagine doing that. Now, we're doing this again in cytology with inVue Dx. Let me take an example of blood smears. It takes many years to hone the skill of doing a high-quality blood smear, knowing where to look in the feathered edge with a glass slide. It takes, once you've honed those skills, 20 minutes or more to actually do one of these and then put it onto a microscope or a slide scanner. inVue Dx changed that paradigm. It's slide-free. The sample goes on the cartridge, and you insert it just like a credit card. It's got precision-tagged fluorescent stains that illuminate different parts of the cell structure, advanced optics, sophisticated NVIDIA chips, AI that's been trained on over 60 million images. It takes 20 glass slides worth of blood smears to equal the diagnostic content of just one run on inVue Dx. We changed the paradigm, and in the future, we're going to look back and say, "How is it that we did this without inVue Dx?" Now, today already, inVue Dx is addressing very large categories of cytology with a tremendous amount of unmet need all around the world. Ear cytology, blood morphology, fine needle aspirate or FNA. We know we're hitting the bullseye. We placed through Q2 over 9,000 instruments around the world, well on track to our goal for the year, but more importantly to our five-year goal here. Utilization per instrument is comfortably in the range that we've talked about of $3,500- $5,500, and that's even before we really have a lot of contribution from FNA. We know there's a tremendous amount of headroom for growth here in every one of the applications that inVue Dx supports. I'm particularly excited about the opportunity with FNA to expand screening for lumps and bumps. Let me describe a scenario that plays out literally every day. You've got a dog owner cuddling with their dog. Maybe some of you in the room can see yourself in this story. You feel a bump, maybe a couple of bumps. You bring your dog into the veterinarian, and what's the question on your mind? You have one question. Is this cancer? You want to know, is that cancer? Today, answering that question requires the complexity of manually making a glass slide and all the technique sensitivity associated with doing that, and also, frankly, the cost, in most cases, of sending that out to a lab. As a consequence, less than or around 10%, only 10% of all the lumps and bumps that are coming into the practice ever get looked at. There are 12 million of these happening all around the world, and that is only around 10% or less of what is actually coming into the practice. FNA on inVue Dx eliminates all that. It eliminates the cost and complexity of glass slides, and you get an answer on mast cell tumor in real time while the pet is still in the practice, and you can do something about it. The cost is around 85% less than sending into the lab. What we are seeing is with customers that move on to FNA with inVue Dx, they are looking at twice as many masses. Twice as many. This is an example of IDEXX innovation, of IDEXX AI, bending the cost curve to expand care. This is growing our reference labs, because if you want a deeper look from one of our pathologists, you just push the button and the image is in most cases, already there for review. Or if you find a mass that has cancer, you are going to want to cut it out and send it in to Histopathology for a review to look at the margins. So it grows the lab also. Puja Pathak will come on stage here in a little bit and talk more about FNA and inVue Dx and the platform within a platform nature of each of these applications on the inVue Dx instrument. Let me now turn to Catalyst. Catalyst is the standard-bearing platform for point of care chemistry, immunoassay, and electrolyte testing. We have continuously innovated on this platform with our Technology for Life drumbeat of menu expansion, adding new capabilities that our customers value, like pancreatic lipase and cortisol. I am very, very proud and excited this week to announce the introduction of proBNP on Catalyst, bringing quantitative cardiac testing to the point of care in the first-ever dual species format. Like all of these innovations on Catalyst, we can push these through the software. So our customers just show up, and their instrument has these capabilities. They do not have to lift a finger to get access to this. There is significant unmet need in the area of cardiac for dogs and cats across a whole wide variety of use cases. One of the common cases is what is called the murmur moment. The murmur moment. That is when, let us say a dog comes in and the doctor detects a murmur and then is faced with the difficult decision of, do I just monitor or should I refer for some more expensive workup? proBNP on Catalyst helps to answer that question. It is quantitative, and it helps the doctor decide what to do. Loki had his first murmur moment in December. As you can imagine, that introduced some anxiety into the family, trying to reconcile with what does that mean. We knew it would come. It is common to his breed. I am grateful because Loki is getting amazing care from his doctor and from his cardiologist, and we have been using IDEXX proBNP to help guide that care. These examples that I am talking about of platform innovation on Catalyst, on inVue Dx, they extend to our entire VetLab instrument suite. This combination of lab-level accuracy, Load and Go ease of use, end-to-end integration across the suite and back into the practice software, Technology for Life menu expansion, unmatched reliability. All of these things together make the IDEXX VetLab Instrument Suite the leader in point-of-care diagnostics. Next, we have MultiCue Dx. MultiCue Dx promises to yet again establish a new paradigm in point-of-care testing. It will address diagnostic categories that we know are highly relevant to our customers, and it is going to do that in a way that sets new standards. It is entirely additive to what we are doing today in our VetLab suite. The design and manufacturing of MultiCue Dx all happens here at our IDEXX facilities in Maine, U.S.A. I am excited to share more about all of this with you at a very special event at VMX in January in Orlando, Florida, and I hope that you can join us for that. If I step back and just look across our VetLab suite, we have a line of sight to tripling our installed base with significant opportunity here in the U.S. and very significant opportunity looking abroad. Every time we place an instrument, it adds to the recurring revenue flywheel for our customers and for IDEXX. Every time we do that, it also expands the surface area of value creation as we bring forward new menu like pancreatic lipase, cortisol, and proBNP. Placing instruments also helps to support and pull through reference lab testing volume through our integrated solution approach. So let me turn and talk a little bit about our reference labs. We bring over three decades of experience and innovation investment in the reference labs with over 80 labs around the world and over 65,000 customers that rely on this service every day. We built a scaled global network through deep science and transportation and logistics expertise and state-of-the-art automation with AI enablement. Our customers, they describe their IDEXX lab experience as being like an extension of their practice, accessing our testing capabilities and our expert specialists consulting with world-class service levels. Delivering this level of service at this scale is complicated. This is challenging to do, but this is what our teams do every day all around the world. If we look beyond logistics and service levels, the other really critical part of our overall lab value proposition for customers is category-creating testing platform innovation that fills big gaps in veterinary medicine. Cancer Dx is a great example of that. Simply put, we are on a mission to make cancer history with our customers. We intend to make cancer history. It is the number one cause of death for dogs. One out of four dogs will be diagnosed. There are 25 million dogs at risk all around the world, and there just are not enough oncologists to even come close to meeting the demand. Probably many of you in this room have been impacted by this. In our family, we have lost two dogs to cancer. In both cases, by the time we had answers, it was too late to do anything. That is a heartbreaking situation, and it is just far, far too common in veterinary medicine. Cancer Dx addresses that. It fills that gap for diagnosis, for monitoring, and for screening. It supports the work that specialists do, but also it provides tools that general practitioners can use to find cancer early. It picks up those subtle signals that arise long before symptoms so that a doctor can take action and actually change the course of that pet's life. We started this mission with canine lymphoma. Truly breakthrough performance matched by breakthrough pricing. We priced it at around $15 when paired with blood work in the IDEXX reference labs for most lab panels. We didn't want doctors or pet owners to be faced with this false choice. "Do I run the blood work on my dog, or do I find out if my dog has cancer?" I mean, that's a false choice. We're trying to inspire blood work. We didn't want that to be the case. We've hit an all-new milestone with Cancer Dx, with well over 11,000 practices now having run Cancer Dx globally. 70% of those runs paired with a panel in the reference labs, and 20%, 20% of those practices are practices that had been using a different lab provider as their primary laboratory service. You have to reflect on what that means. That's a scenario where a doctor is breaking their workflow and prioritizing their patient in order to get access to this valuable innovation from IDEXX. Customers are captivated by this. You can see a quote up here on the screen. One customer shared, "This is changing how I practice in ways I never thought possible." Another customer shared, "I did not expect to have anything like this in the scope of my career." This is what our customers are telling us. Now we're taking the next steps with Cancer Dx. With Cancer Dx expanding from a test to a multi-cancer panel. We're adding canine mast cell tumor detection in September and canine hemangiosarcoma in December. Along with lymphoma, these are two of the most common canine cancers with very poor outcomes if not detected early. We specifically have tuned our mast cell tumor detection for the more aggressive and more dangerous forms of the tumor. That's what our customers care most about. Hemangiosarcoma very often gets missed. It grows internally, typically within an organ. Every veterinarian's worst nightmare is a dog that comes in that's not doing well, and they start feeling around, and they palpate an enlarged spleen. As they're feeling that spleen, they can feel it just dissolve as the splenic hemangiosarcoma ruptures, and the dog dies within the hour. It's that urgent and dangerous. As we add these two cancers to lymphoma, Cancer Dx will address 40% of all canine cancers, 40%. I am exceptionally proud that we're sticking with our $15 price point when run with blood work in the IDEXX Reference Lab for this multi-cancer panel. This is one important way that we at IDEXX are doing our part to support wide access to affordable early cancer detection in a manner that also supports expanded blood work. If we just step back and look at the performance of Cancer Dx and compare it to what we all have in human medicine. Its performance exceeds most of the screening tests that we can talk about, typically used in human medicine. The exception would be the more recent innovations around liquid biopsies. The performance is on par with those liquid biopsy offerings. But those offerings in human medicine cost $800, $900, up to $1,000, and they require one to two weeks to get results back. This is a tipping point. This is a tipping point in veterinary medicine when it comes to cancer and when it comes to cancer as a part of screening. Over time, we expect that multi-cancer screening with Cancer Dx will become a de facto standard for wellness screening for all at-risk dogs. Our customers, they see this opportunity, too. They appreciate, like we do, like probably many of you do, that cancer is an emotional topic. It creates a lot of pull. It helps to create even more demand for blood work, and we are seeing that as well. One of our large partners in Australia, corporate group, they, on their own, added Cancer Dx into one of their senior dog wellness programs, and they are seeing higher enrollments and higher utilization. We are just at the very beginning here. We are at a tipping point. Mike Lane, in a little bit, will come on stage and talk more about the roadmap and the path ahead in Cancer Dx. Let me now talk about another way that we are working to close the gap in wellness blood work inclusion. As you can imagine, at IDEXX, this is a topic that we are keenly interested in, and we spend a lot of time deeply studying this area. What we consistently find is that doctors' intent to include blood work exceeds their actual inclusion by a significant margin. Doctors want to do this. So why are not they? Why is not this happening? Well, you could maybe ask, is this a question of belief? That is a reasonable question, but I showed you the data for why you want to do this, and here doctors are saying they want to do this. So that is not the primary issue. The bigger issue is the friction in the practice associated with disparate protocols or workflows or setting the right pricing for wellness and getting all of that properly sorted in the practice management software. The care team, they have got a lot on their shoulders. They want this to be easier, and that is an opportunity that we share with them. When it comes to the conversation with the pet owner, sometimes doctors make assumptions about who is coming through the door, and they might shy away from making the offer, even though we know that the majority of pet owners say yes when blood work is offered. So knowing how to position the value, knowing how to price wellness appropriately, casting a broad net with the right diagnostic panels, adding things like cancer into the panel, which creates even more value and demand. These are some of the building blocks for successfully advancing wellness programs in the practice. These are things we understand well. Our software, our IDEXX software, is a critical part of the solution for closing these gaps. When it comes to software at IDEXX, we apply a business system approach. We look across the entire end-to-end practice workflow, and we're working to try to reduce that cognitive load on the care team. We see AI embedded in the digital workflow as a critical unlock here for doing things like recommending protocols or ambient voice to action or providing clinical insights right there in the care team's fingertips when they need them. We're hard at work building to this vision with effort underway on a large-scale clinical intelligence engine that can feed insight in every step of this workflow for the care team in every one of their digital surfaces. We're open-minded to considering innovations that are outside IDEXX as well if they can help to bolster this vision. Our own work in AI is powered by a tremendous amount of data. I'm talking about 35 billion full pet diagnostic records, including IDEXX differentiated biomarker insights. Over 750 million full pet lifespan medical records. Over 650,000 calls into our expert specialist medical consulting service line every single year. This is just an example of some of the data that we're harnessing to advance AI innovations that can help our customers close this gap that I'm talking about. Some examples up here on the screen, like the AI that I talked about within inVue Dx, adding AI, as we've done into our radiology interpretation services, to add quality, a whole another layer of quality to what we produce there. Using AI to help build large-scale disease registries in areas like cancer or renal disease, so we can bring forward new insights to the industry, and this clinical intelligence engine work that I talked about. These are just some of the good examples. Importantly, when we deliver AI capabilities, we work hard to deliver them embedded in the care team's existing workflows across our integrated enterprise-class software ecosystem, including VetConnect PLUS, ezyVet, and Vello, with over 65,000 practices around the world using some or all of this system. We see significant opportunity here over time through the convergence of diagnostics, software, and AI to help our customers close this gap. We don't have to imagine the impact. We can see it today with practices that are using our software configured for wellness. They're doing a much higher level of blood work inclusion. We can see that today. We expect to see even higher levels being possible as we continue to add in intelligence and personalization. In a little bit, Tracy Byers will come on stage, and she'll share more of this vision and work that we're doing in the area of software. I now want to turn to our IDEXX commercial model. Our commercial model stands side by side with our products and our services and our innovations as an integral part of our value proposition for customers. We take a commercial ecosystem approach with a whole complement of experts, subject matter experts, that can help practices with the different types of problems that they face every day. Our teams on the ground partner closely with customers in their practices, working shoulder to shoulder to help them achieve their practice goals. Just in June I've been doing a lot of travel to meet with team members and customers. And in June, I was outside Baltimore with our team, meeting with one of our customers there, Dr. Bailey. She's an extraordinary and dynamic veterinarian, owner of two practices, and she also happens to be a mom with four young kids at home, so she's very busy. She took some time just to explain to me what a day in her life looks like. Throughout the day, she's got people coming to her, asking her questions. "Dr. Bailey, I've got a tough case. What should I do? Dr. Bailey, what should I do with this patient? Dr. Bailey, I've got a question." That's happening all through the day. Then she wraps up her day and she goes home, and what do you think happens at home? "Mom. Mom, I've got some homework. Can you help me with my Mom, I've got a question. Mom, what should" This is what she, every day, is wrestling with. It's a lot. Then she turned to me and said, "So who do I turn to when I have a question? When I have a tough case that I need help with? When I'm trying to do something truly new in my practice, and I need help? That's when I turn to IDEXX. That's when I look to you." We take that responsibility very seriously. We take that seriously, and we know that we best serve that need when we're present, when we're there, when we have high customer proximity. This is the driver behind our IDEXX Direct commercial model and our ongoing investments into commercial expansions that bring us even closer to our customers all around the world. We have a proven playbook for doing these expansions with very reliable financial returns. As I shared on our Q2 call, we are advancing incremental investments the second half of this year to further expand in four important countries, Spain, France, South Korea, and Canada, also with targeted editions here in the U.S. We're going to keep doing this. We're going to keep doing this because this supports proximity, and this supports our wave of innovations coming through. In a little bit, George will come on stage and really bring this whole playbook further to life for you. The combined impact of these commercial investments, our investments also into innovation and the sector tailwinds that I talked about, the combined impact of these things provide for an attractive long-term growth opportunity. We see the opportunity ahead for consistent, high, single-digit growth for the sector based on continued increase in blood work utilization, which, as I've shared, is at the very core of our strategy. As a leader, we're going to continue to play a key role in advancing this goal Through our focus on sector development, through expanding the pie. As a leader, we also benefit through the value that we deliver and through a growth premium that Andrew will come on and talk a little bit about later this morning. So in closing, I'm rounding the bend on my first three months as CEO, and I have never been more excited about the path ahead for IDEXX and for the industry that we have the privilege to serve. We're out executing the headwinds that we've been talking about. We're out executing those in the field through commercial execution, through paradigm-changing innovation. This opportunity that I showed you to grow blood work inclusion, it's very significant, and we're moving that needle. The long-term prospects for the sector remain very strong. This picture on the screen that you're looking at, this is Brian. Brian's a member of our R&D team. He's on the team that's bringing Cancer Dx forward. I am grateful for what Brian is doing, his whole team, and all of our 11,000 IDEXXers all around the world who are living our growth mindset culture and advancing innovations that we know are making a difference in the lives of our customers, of pets, and their families. There's a tremendous opportunity ahead of us, and we are highly motivated to go make it happen and deliver strong returns for our shareholders. I want to thank you very much. Now, it is my pleasure to invite Julie Godon to the stage to share an update on sector insights and opportunities. Julie? Thank you, Mike, and a warm welcome from me as well. I really enjoyed last night getting to spend some time with some of you who have been coming to IDEXX Investor Day longer than I have, and also some folks that are coming to IDEXX headquarters for the first time today. Thank you for being here. I joined IDEXX about six years ago, and I came here from the human health side, and I came here for a reason. I wanted to come over to animal health because I knew what a resilient and purpose-driven sector this was. My dad's a veterinarian, my daughter aspires to be one, and we as a family, we're pet people. We consider ourselves to be permanent pet parents. I'm going to come back to this notion of pet permanence a little bit later, but what I mean by this is pet owners are telling us that they don't think about owning a pet as something they just do. They think about it as a part of who they are. I'm excited to say, I was bragging about it last night, we're getting a puppy in a couple of weeks, so I am counting down the days, and we're really excited to have that new addition to our family. The human and animal bond continues to grow stronger year-over-year, and there's no question that this connection with people and their pets, this is really a foundation for strong sector fundamentals. This is really great runway for diagnostic opportunity. Around the globe, pets are increasingly a part of our family, and this is really supported by an expanding medicalized pet population. They are aging, and like us, when you age, you need to go to the doctor more. You need to get more testing. We are seeing an evolution and an emerging new segment of pet owners. We know that Millennials are the largest group of pet owners, and Gen Z is the fastest-growing. These pet owners are raising their hand for diagnostics, and they are making sacrifices for their pets' care. We also know that in the veterinarian's office, we are seeing meaningful gains with blood work. We are seeing that aging COVID cohort is starting to age up, and they are coming back to the practices, and they need more testing. There is a clear role for IDEXX in all of this. As we hear these care expectations and they evolve around us, we are committed to helping our practices succeed. We are going to do this by deepening those relationships with our pet parents, by enabling clinical care through innovation, and helping really raise the standard of care overall. To understand where we are headed next, let's look at the underlying sector trends. I think a great place to start will be the total pet population. The total pet population and total clinical visits are above pre-pandemic levels. This, important to say, the underlying care base, it's still expanding. Despite some softening in recent years, we are seeing that pets are on the rise. If you look at on the left, we can see the historical trend is that we grow 1% on an annual basis. We all know during 2020 something happened, and millions of pets joined our families. Despite some macro conditions that happened after that point, we are still above where we were before COVID. Importantly, we continue to see the demand for care, and this is reinforcing the larger term opportunity created by an expanded pet population. Let's double click on medicalized species, and let's look at both dogs and cats. We can see both dogs and cats are net higher than pre-pandemic. They just got there in a slightly different way. Dogs are steadily rising, and then we saw a step up during the pandemic. The population remains elevated and has returned to historical growth levels. Cats have taken a steady pace over this whole time horizon, and cats are a much smaller base. It's important to note, we do not see felines at the expense of canines. An important thing to look at next is how our pets are engaging in care. We spoke about the fact that the pet population has expanded 1% annually over time. But we can see adoption trends over the past two decades, they haven't been linear. While pet healthcare is highly resilient, it's not immune to macroeconomic pressure. Looking back, you can see the rapid expansion of the pet population during the pandemic, with significant growth in canine. More recently, we've seen canine adoptions have been more muted, reflecting the inflationary environment. The cat population has expanded, but at a lower rate, and we've seen modest impacts to the recent adoption rates. These impacts are consistent with what we've been seeing historically. During periods of economic uncertainty, pet owners may be slower to add or replace a pet. We remain confident that the pet population will continue to expand over time. Underpinning this conviction is a concept we're calling pet permanence. Let me just take a minute and unpack that. Based on a survey that we did with 9,000 pet owners across multiple geographies, this new concept emerged. We're seeing that for the vast majority of pet owners, they're telling us that owning a pet and caring for that pet, it's part of their core identity. This is reshaping how people think about their pets and how they're engaging in veterinary care, and this is the notion of pet permanence. This really matters because pet owners not only have strong belief and conviction, like you can see on this slide, but it's also changing their behaviors. We know that this segment is leaning into preventive care. They're more opt-in to advanced diagnostics, and they're telling us that they will make trade-offs with their own household spend in order to make sure that their pet has better health. I've already shared with you, we're 100% in this camp in my family, and an example of this is our last family pet, Honey. We were able to give her more care in the late stages of her life when she had cancer. Due to those early interventions, we got a couple extra years with her, and I'm so grateful for that. Whether you identify as a permanent pet owner or not, I have great news for you and for the industry, and that's that our pets' lifespans are expanding. It's fantastic to see that just in the last decade, we're seeing the average pet is living 1.5 years longer. That's above a 10% increase for both cats and dogs. That's meaningful because it's not only more time with you as the pet owner, but it's more visits, it's more care opportunities. That equates to a 16% increase in lifetime diagnostic spend per patient. Both species are realizing these gains, and it's a true testament to the veterinary industry and pet healthcare in general. This is where diagnostics really come in. As our pets get older, we get new diseases, and that's a great time to detect early and put our pets on a better care path. Cats are such a great example of this because feline diseases really do progress silently and many times our cats, they're under-indexed in terms of care. The industry is starting to take notice of this. You are starting to see around the globe, we're seeing more cat-friendly clinics. We're seeing low-stress environments. I have some colleagues trying out the new self-cleaning litter boxes. There's all sorts of stuff for cats today, and IDEXX is playing a role in this as well, and I'd love to share with you some great news with a new study that we just published this year. This really speaks to how diagnostics can help improve outcomes and contribute to longevity. We followed about 1,500 cats that had early-stage CKD, so that's chronic kidney disease, and we watched them to see the progression of the disease and to watch for survival rates. We saw that cats that were fed that renal diet stayed in the early stages of the disease for a year versus those that didn't. In other words, we weren't only detecting that disease early, we were actually changing the progression of this disease. The survival rates back it up. We saw that on average, the renal diet group that was fed the renal diet, excuse me, they were surviving for five months longer on average over this three-year follow-up period. This is real meaningful extension of life that is directly tied to catching it early and putting an action plan into place. This is the value of diagnostics, and this is why we have our SDMA. We have it as part of our core reference lab panel, and we added it to the point of care CLIPs just recently. We are not just talking about SDMA and kidney health, and we are not just talking about cats. IDEXX is very much carrying this dual species commitment across our entire portfolio. We have many examples of this and just a few here. At the point of care, Mike spoke this morning about proBNP being added to our Catalyst analyzer. Very excited about that because that is going to add cardiac insight for both cats and dogs. Our rapid assay line, we take this dual approach as well. We offer both dual species solutions that can help simplify workflows, and we also offer species-specific tests that can get to unique clinical needs for both dogs and cats. Of course, as we expand our diagnostic capabilities at the reference lab, we are going to continue to think about both species as well, and Mike shared a couple great innovations in the pipeline ahead. No one else has the breadth of canine and feline care as IDEXX does in terms of diagnostics. Ultimately, our goal is to help make sure that our practitioners have the tools they need to elevate care, whatever patient is walking through the door. These diseases, it is an important thing to think about early detection, especially right now, because those puppies and kittens that we adopted during COVID are aging, and this is exactly when these diseases are starting to emerge. Let us think a little bit about the sector and what that means. We know that diagnostics become increasingly important as our pets age. What you are seeing here is puppies and kittens and seniors and geriatrics, they go to the vet around the same number of times. If you are younger and you are older, you are going to go to the doctor more often because you need more checkups. We can clearly see that when our pets are aging, they just need more diagnostic, increasing frequency and intensity. This total view shows you a couple things. It shows you, number one, there is headroom here to elevate care across all of these age cohorts. Massive opportunity in front of us. Number two, we know that diagnostics help improve outcomes, but we are also seeing that diagnostics are doing a great job driving diagnostic revenue at the practice. That is important. Number three, this is only going to accelerate as we look at that COVID cohort and they age up. Because we can follow that age profile and see what has been happening and where to look in the future, we can really see the wave of utilization demand in front of us. If you did adopt a pet or a puppy or kitten during those years, they are about five or six years old. I think I spoke to a couple of you last night that might have a five or six-year-old. You are sitting right in the middle of this chart. This is when diagnostic increasy really spikes. What you are seeing is a point in time here, 2020 and 2025 clinical visits, and the bubbles at the bottom, they are showing you percentage of clinical visits with diagnostics. The story here is clear. Those puppies and kittens we adopted are now supporting a much larger adult population who is about to become a senior, and they are really driving increased diagnostic gains. As we discussed earlier, we are in a cycle with puppies, and we are seeing some normalization versus those pandemic highs. The overall picture is demand is in front of us. We are understanding where these pets are in their healthcare journey. It can really help us clarify where future diagnostic demand will emerge. Let us take a look at the most common and foundational test that is run in the clinic, and that is blood work. Takeaway here is that diagnostic growth is not limited to visits alone. We have a lot of opportunity in front of us with the visits that are already happening. We can see that the total visits, yes, we have made meaningful gains year-over-year with our blood work inclusion, but we also know that it is only one in five of these clinical visits where they are using blood work. You can see there is even more opportunity when we look at wellness. Nice step ups, and we are very happy to see that, and the majority of preventive care visits today still do not include blood work tests. This is a story of consistent progress and significant opportunity. Our strategy is to develop the sector globally through innovation and commercial execution and help our practices connect those needs that our pet owners are asking us for with delivering more advanced care. This is where we really can help our customers move from episodic testing to more proactive screening. You are going to hear a little bit more later today when Jo Malone and Michael Schreck talk about wellness at a corporate account. We will hear about what that is like at VetPartners. Another important dynamic that is shaping healthcare demand is the type of pets that are entering the population. When it comes to pet healthcare spending, costs really vary significantly by breed. If you normalize this over a patient lifespan, what we see is that there are breeds increasing in popularity that have higher care needs over the course of their lifetime. An important thing to say here, breed mix is driven by consumers. You might have a neighbor who loves Bernedoodles, and he will have Bernedoodles for most of his life. I am going to get another Standard because I enjoy Standard Poodles. Consumers are driving these choices. If we think about that higher spend set, these are dogs like Golden Retrievers, Labradoodles, French Bulldogs, to name a few. They are trending up, they are more popular, and they cost more on an annual basis because they have more well-known health risks. On the flip side, we see that the lower side of medical spend, that they are actually starting to take a smaller share of the population. Overall, this is showing a mix and shift of breed. Over time, we expect to see more dogs that need higher care and therefore will be spending more on an annual basis. I will give you a quick example of one of these higher spend breed dogs. Maybe some of you in the audience might have a Golden. If you do, it is the second most popular dog today, and your Golden is living about a half a year more than they did a decade ago. If you are a Golden owner, you are also spending about 20% more than the average dog owner because your Golden is prone to some medical conditions. One of these conditions is lymphoma. We at IDEXX are doing our part. We want to raise awareness that cancer is out there, and that there is an ability to get that earlier and take a look at that. Cancer screening is really at the core of many of the trends that I have spoken about today. No matter what breed you have, as your dog ages, they are at a higher risk of cancer. That is exactly where early detection and the emotional stakes of pet parents come into focus. There are very few words that land as heavily on a pet owner as that word, cancer. The emotional weight of that is why screening matters. We know that our preventive care protocols are helping our clinicians provide good information and put our pets on good care paths, but our pet owners are telling us it means a lot more. It is giving them confidence, it is helping them get peace of mind about the situation, and it is really giving them a sense of control to help better care for their pet. We are seeing that the majority of pet owners are interested in cancer screening, and this is particularly resonating with those at-risk breed owners I just spoke to you about. Let us also think about those aging COVID cohorts. They are aging into the time where we are going to start to see cancer is going to surface and be more prevalent, and screening is going to be more of something that they will be interested in. Mike Erickson said it this morning, we are super passionate here at IDEXX to make cancer history. We are committed to help bring awareness about cancer, and we really are at a tipping point. Mike Lane is going to share a little bit more of the roadmap in more detail in his section later today. The final sector trend I would love to cover off with you is durability of pet spend. You see on the chart on the left, we are seeing remarkable consistency in pet spending across both time and across cohorts. We do know consumers are facing pressure, but what this data is showing us is that they are spending a steady share of wallet for pet spend. On the right, you can see veterinary care is a fraction of this spend, and diagnostics is even smaller yet. While levels may vary by income as expected, the commitment to pet spend is showing a durability across all the cohorts, and I think this is to be expected given some of the trends that we have outlined today. To continue to understand how pet healthcare spend is stacking up across the economic spectrum, we did something new at IDEXX, and we matched our IDEXX PIMS data with a new anonymized consumer set of data. This is a large data set, 30 million consumers, and spans 15 million households. It is a pretty clear picture when you look at this slide. What we are seeing is that pet healthcare spending absolutely remains an important category of household spend. Prioritizing spend for our pets, it is not limited to one income cohort. Growth is broad based, whether you are lower, middle, or high income. We are seeing both clinical and diagnostic revenue is increasing. You can see that diagnostics continues to be an important contributor. Medical insight is helping provide clinical care, and our pet owners are looking to spend on this. This does not mean that all consumers experience the market the same way. We do know affordability matters, and some of our practices are navigating this in communities. The broader point is that pet healthcare demand has remained remarkably resilient across a range of household income segments. In this case, the lower income is even outpacing some of the rest. This supports our view that the sector's long-term growth drivers are durable and not concentrated in only one income segment. In sum, these trends create a compelling opportunity for IDEXX and for the industry. The pet population remains elevated. Pets are living longer, and aging cohorts are aging up into higher care need stages. Our pet parents continue to show a deep commitment to their pets, and they are willing to make sacrifices. IDEXX is positioned to translate these durable tailwinds into better care and long-term growth for the sector. We will do that by expanding the standard of care through our innovation and increasing diagnostic utilization and frequency. We are also advancing our preventive and diagnostic care envelope, whether it is wellness screening, early detection, or ongoing patient monitoring. We are helping our practices deliver more personalized, focused care by integrating our diagnostics workflow, software, and clinical pathways. This is how IDEXX will help grow the sector globally, by partnering with our practices to make sure that we help them succeed, and expanding access to high-quality care, improving outcomes for our pets, and driving long-term growth. It is my extreme pleasure to introduce George to the stage. George will talk a little bit more about our customers and where we are going next. Thanks, George. Julie, thank you, thank you. A considerably younger George Fennell in that picture there. Good morning, everybody. It is great to be with you. Welcome to those of you joining along on our webcast. It stands to reason, after Mike has confirmed our IDEXX innovation growth strategy, and Julie has provided great sector backdrop, that the next reasonable place to go is to the central figure in all of this, the IDEXX customer, the healthcare teams that support veterinarians around the world. So I have the privilege this morning of sharing a little bit about our commercial motion, how we show up with innovation, how we present and talk to customers, and importantly, how we translate the value of IDEXX innovation into adoption. It is easy to fit on a slide, and it is decidedly a great commercial challenge in the field. The commercial organization, broadly described, are those teams that work on the front lines with our customers every single day. It's happening now. It's happening right now, East Coast of the U.S. It's mid-afternoon in Europe, it's still going on. We are doing that work right now as we gather, and that's incredibly exciting to think about. Translating the value of products and services is a process. It is not an event. Point number one, I'll leave that out there. Our organization is fundamentally built for demand generation. Demand generation is different than revenue generation. Revenue happens after you generate demand. The work of demand gen is difficult. It's a proper challenge. Innovation provides a pathway to a few essential elements to generating demand. That's what the commercial organization here at IDEXX does. It's the aggregation point of all of our ideas, all of our products, all of our services. It all aggregates within the commercial team, and then we turn and we face the markets in which we serve. Importantly, not unlike biomarker research, assay development, or instrument design, we think of commercial execution as a discipline, a set of tools with a set of skills, with a set of capabilities that we operationalize at scale and constantly refine. Commercial activity isn't just work with customers, it's a discipline. We bring that mindset to everything that we do with our customers around the world. What I want to do now is just build a little bit more texture on Julie Godon's backdrop as we think about commercial execution in the field. What do our realities look like today in the field. Certainly veterinary care sophistication is growing. Looked at from a patient care perspective, this is wonderful. New diagnostic tests. We've got more diagnostic capabilities coming since 8:00 A.M. This morning. Since 8:00 A.M. T his morning more capabilities are coming. When you think about this from a pet care perspective, this is wonderful. New tools, new opportunities, new care sophistication. Increasingly, you've got a client who is incredibly interested and deeply empowered and engaged in the exam room with the healthcare teams, with their own sets of curiosity, their own sets of information. Oftentimes present with that information when they talk to veterinary healthcare teams, an increasingly important stakeholder. I'm coming up on nearly 25 years in our industry. I have never seen the pet owner as engaged in the healthcare equation as they are right now, and that's growing. That's a part of the backdrop. Can't opt out of that. We have to lean into it. It's a really important dynamic to think about, and these clients come in with very high expectations. It's not a bridge too far to believe that in some cases they're more interested in Scout's health than their own. That's not a bridge too far. I can tell by the nonverbal reactions in the room that that's reasonable to conclude. When you think about this also, and you think about this through the veterinary healthcare team lens, customers are balancing this care complexity with veterinary capacity. We've had a lot of discussions about veterinary capacity and complexity over the last several years, and that balance continues. That balance continues. Interestingly enough, I sort of describe this as a daily resilience test is happening in veterinary medicine. That's what's happening every single day, this balancing act between care, client, the tenderness of the healthcare team. Are we caring for our employees? Those dynamics continue to play out literally in real time. This is part of the moment that we need to meet. Interestingly enough, veterinary medicine, all of my time in this industry, I have always found this incredible, deep emotional pull to the rewarding nature of providing veterinary care. Many of our customers feel like the profession of veterinary medicine was a calling. Something invited them into this space from an early age, and it is incredibly rewarding to do the hard work that they do. That said, because I am fond of saying that several things can be true at once, it is also emotionally demanding. There is no question about it. Just a little bit more texture in terms of what we see in the field. This is now the backdrop. The question is: how does the commercial organization at IDEXX show up in this space? The way we meet this moment begins with a level of empathy and understanding. Empathy and understanding. It is about our ability collectively around the world to read the room. To read the room. To know whether to advance, hold still, or retreat. That is a thing. That is a thing. Your ability to read the room, because you just do not know what happened 15 minutes before you walk in that hospital. You do not. So you have to have the presence of mind to be able to read the room and understand how to bring the IDEXX commercial agenda and our innovation ideas to life. IDEXX teams around the world, God bless you, are highly professional and deeply experienced. Growing tenure from consistency of face in front of customer allows them to understand customers' needs at new and more profound levels. We are meeting this moment Julie described, Mike set up, and I just talked about a moment ago with a growth mindset and this notion that it is really important to bring both subject matter expertise and ability to read the room, effectively relate with customers, and understand how to deliver value in translating innovation. All of those things are important, but with a partnership mindset. Now, partnership is a word that is very often used in veterinary medicine, perhaps even overused. Let me just talk about what that mindset is in the IDEXX commercial organization. What that means is that we find mutually agreeable pathways for both parties to grow based on patient care first. Some of you have heard me say this, and I am going to repeat it intentionally because I share it with my own teams. The fastest way to agree on nothing is when you try to agree on everything. Okay? So we find places along the care continuum to create agreement. Why? Because we have deeply internalized that veterinary customers are a part of their communities, very likely to be there for a long period of time. We also deeply internalize that to the companion animal veterinary customer around the world, veterinary diagnostics and software is not some of what we do. It is all that we do. That is all that we do. The customers are going to be there for a long time, and this is all we do. It stands to reason with those notions in your consciousness, you're going to try to find points of agreement and try to eliminate points of friction, as Mike noted, to constantly advance. Why? Because we're always going to be back in the veterinary hospital. Why are we always going to be back at the veterinary hospital? Because the IDEXX innovation machine gives the commercial organization new, novel products, tests, and services. If you know you're always going to be back, and you know they're always going to be there, and you can read the room at all times, you will find those points of agreement and build a layered relationship over time. Our commercial teams are advanced practitioners of this. This is the way we speak to one another and to our customers about this. What you see is a picture in Montreal, Canada, of one of our colleagues truly working as a partner in the room, shoulder to shoulder with our customers, talking about the value of IDEXX products and services. This is truly how it happens, and how it's happening literally in real time. A very important notion. Mike talked about our commercial ecosystem. That's an IDEXX term, and I'm going to bring that to life a little bit for you. You've got in-the-practice resources on the left, and you have what we call backstage resources on the right. It's not about having the resources. It's how they work together in a tightly integrated way. This is a unique motion with respect flowing across the IDEXX ecosystem with the customer truly at the center of this. In the practice, you have account managers at the core of all of this. You have specialists based on the unique needs. It could be laboratory specialization. It could be software specialization. It could be instrumentation specialization. It might even be a peer for our customer. It might be a professional services veterinarian. These are the folks on the stage in the practice bringing innovation to life. It's not the having, it's how you work together. Really, really important. Mike talked about this with Dr. Bailey. There's a lot of Dr. Baileys in the world, which is great. That's why we love this business, because there's a lot of Dr. Baileys. When IDEXX's ecosystem performs well, we truly become an extension of Dr. Bailey's practice. It turns out that she likes that support. It turns out IDEXX teams like providing that level of support. There's two notions here that are important, that the customer needs this activity and the IDEXX teams enjoy this. Let me just talk a little bit about backstage. The internal medicine consultant on the phone, the clinical pathologist working through a case with a veterinarian is as important to the value proposition we extend to our customers as the account manager who may be articulating a growth strategy through care expansion with the professional services veterinarian soon to talk about the addition of hemangiosarcoma to the cancer panel. It's all important, and it's carefully coordinated, and this model is what we are scaling globally because it's effective delivering results. Our business results only measure the rate of agreement we forge with the customer, not about us. They're about the value we deliver to the customer, and they check that with their growth in diagnostics. And so it's important as you think about our innovation-based growth strategy as Mike articulated it, why we would want to have the commercial capacity and capabilities globally to scale this. Now let me just talk a little bit about innovation looked at through the commercial lens. Confronting commercial organizations at IDEXX around the world are two questions every day from customers, "How are you?" and, "What's new?" They're not really waiting for the, "How are you?" They're really interested in the, "What's new?" Every single day, customers ask, "What's new?" Now let's talk about why that's important and what IDEXXers have the privilege of saying in response to, "What's new?" And it might begin with a look at their phone or a look at their watch. Well, how much time do you have? Because IDEXX teams have a lot of innovation to bring to customers on a daily basis, but the reality is those two questions come every single day. And innovation, looked at commercially, is a pathway to access. Now, any commercial leader in our business will tell you that access to veterinarians is not a right. That is not an entitlement. That must be earned. But what we activate with innovation is curiosity. Curiosity is what opens up the access gap, and then there's an opportunity to perform. So let me just provide three lenses of IDEXX innovation and how the commercial teams think about this around the world. Let's begin with Catalyst. Okay? Catalyst slide expansion new menu is incredibly important for a handful of reasons. One, it gives us an immediate reason to talk to the more than 80,000 Catalyst customers around the world and let them know and remind them that the Catalyst is not a product, but rather a platform. A product is an asset that tends to depreciate in value over time. The IDEXX Catalyst has just taken on additional capability over time. It's a platform with extensibility. And adding new capability, regardless of when the customer put the Catalyst on the bench, might be Catalyst One in 2014, it could be 2019, it might even be 2025. That analyzer now has more capability than it did last week. That's a great message because that builds long-term loyalty with our customers, and loyalty obviously is the foundation for growth. So while we're opening up new care pathways, and that's important, it's also a loyalty driver and a business driver. It's a chance to remind the customer of the wisdom associated with their decision to put the Catalyst on the bench whenever they made the call. So that's important if you're an account manager in the field to build that long-term loyalty. inVue Dx. inVue Dx fundamentally is, as Mike described, paradigm-shifting technology. This is now about having the commercial scale and capability and partnership mindset to help customers not adopt, but go through a change management process. This is about training. This is about new workflows. This is about extensibility of the platform over time. This is about driving relevance in testing categories where technology now is going to provide incremental clinical insight to our customers. That's a moment if you're in a commercial organization, you want to be in that conversation. You want to be in that conversation. It's a proper challenge, but it's not hard. It's a proper challenge, but it's not hard. What's hard is making something old appear new. That's hard. This isn't that. This is about technology and paradigm-shifting technology that we're a part of every single day. Let's just talk about cancer. Mike touched on it. Julie did as well. Commercially, the cancer evolution, the addition of hemangiosarcoma to the cancer panel, looked at through the commercial team's lens, we are deeply internalized with this notion that IDEXX is leading from the front here. We're leading from the front. This is a privilege. Sometimes the hardest moment to see is the one you're in. We try to help commercial teams understand what this cancer journey is all about. It's very hard to see it in the moment. If it was 2035, we could probably look back with greater clarity and understand what's happening in 2026. But right now, you can see that IDEXX is trying to work together with the veterinary profession on a profound journey to make cancer history. This, again, is another opportunity for access to customers to talk about what IDEXX technologies can bring. An opportunity to focus on what we have, not what we don't. Not what we don't. Because the IDEXX teams are so professional, this notion activates their own sense of purpose about why they're in the industry, about why they're working with customers. They're out here to try to make a mark, to try to make a contribution, and this cancer story is particularly profound. The point here is that innovation absent commercial capacity and capability only gets you so far. It's one thing to have the innovation, it's another thing to translate it and scale it. Let's just spend a minute talking about how this happens in practice. This is sort of George's lens on what happens in the real world at the street level. We walk in with IDEXX innovation. We're convinced. New care pathways, new opportunities, et cetera. That is what we talk about when the customer says, "What's new?" It activates veterinary curiosity. But increasingly, we think about innovation a little bit differently than maybe we did years ago. Innovation doesn't first require that you do something new, it requires something a lot harder. It requires the customer and the healthcare team actually to let go of something. Humans run on routines. It's hard to let go of things that are essential to our routines. What if what we're asking the customer to let go of is what they were taught at Cornell or at the Royal College of Veterinary Medicine? What if we're asking the customer to let go of something that's been the only way they've practiced for 13 years? Now you've got a view on the proper challenge in front of the IDEXX commercial team. In order to adopt something new, you must be willing to let go of something to make room for it. Now it sounds like a challenge and not like, well, I get the question all the time, "George, you guys have all these new products." I'm like, "Yeah." Well, just think about what this means. What this means is having the trust, the credibility, and the subject matter expertise to ask the customer if they're open-minded to learning something new. Now you're in a conversation. But this is the conversation you want to be in because the customer has invited you into this space. They're curious. They want to know what you have. When you show up, you have to bring clinical evidence, the right answers in the room, the right perspectives, the right thoughts, so that the customer can start to process this. Again, innovation adoption and translation of value is not an event, it is a process. It takes time. Therefore, the commercial model has to be built in such a way that allows teams to spend more time with customers to go through this process. It is an important part of the way we think about this. Commercial teams are either gaining ground or losing ground. No one is standing still. You are either gaining ground or you are losing ground. So your ability to read the room and bring change management programs and ideas and thoughts to the entire healthcare team, not just the owner veterinarian, not just the practice manager, but all the associates, all of the paraprofessionals. Everybody at the hospital goes through change management when innovation presents. So you must have the capabilities and the capacity to do this globally to get this innovation adoption taken. That is what our commercial model has been designed for. Fundamentally, it is a change management endeavor. It is great breakthrough science, but you have to ask the customer to put aside what they learned at UC Davis and say, "Okay, I hear you on that, and yes, this is what you have been doing for 22 years in the hospital, but we have a different idea." Now you see what confronts the IDEXX commercial teams and why we need scale. Here is a bit of a take, and I am going to unpack this a little bit on the cancer piece of this. This is incredibly exciting work, what we are doing. On the left is a pictorial of Mike's comment. 20% of the customers who have submitted a Cancer Dx test to an IDEXX reference lab are from customers who do not consider IDEXX their primary reference lab. Why is that? If hospitals run on routine, tell me why now this customer will send those samples to the IDEXX reference lab. My own personal take, and it is only a personal take, is that all innovation adoption in veterinary medicine tends to happen the same way. It begins with a specific product, or in this case, a test, a profile, a set of efficacy requirements, how does it perform, veterinary curiosity and willingness, and a pet. That is how innovation adoption begins. Those four factors together, product with a set of requirements and profile, veterinary curiosity and willingness, and a specific patient. That is where it begins. Cancer Dx, and in this case for lymphoma, those pets that activate that veterinary curiosity and willingness happen in customers who do not necessarily use the IDEXX reference lab as primary, and they break their workflow, they set up an account with the IDEXX reference lab, and they send that sample to us to provide them with a result. That is a profound statement. Looked at commercially, that opens up opportunity. We are in the face of record reference laboratory conversions as a commercial business right now globally. Record. We are just getting started. This mast cell tumor at the reference lab has not arrived. Hemangiosarcoma has not arrived. This is just lymphoma. Activating customers who do not consider IDEXX their primary reference lab. On the right, two really important notions. It's the Net Promoter Score of customers who use the IDEXX reference lab, that's in blue, and the Net Promoter Score of the IDEXX reference lab for customers who are not primary users of the IDEXX reference lab in green. Those scores are nearly identical, which is almost unheard of. IDEXX customers think extremely highly of the IDEXX reference lab. We perform well. IDEXX customers who are non-primary to the lab who have used the lab think as highly of the IDEXX reference lab as their own. That is a stunning finding. What does that mean for the commercial team? Well, that means the funnel of opportunity is wider than we ever gave ourselves credit for. So between capacity, innovation, and the fact that the lab has clearly performed so highly, has earned nearly identical Net Promoter Scores. As a reminder, the Net Promoter Score is a willingness to recommend to a peer. Let's just say, scores or points, but what does it really mean? It means I'm willing to recommend this to a peer of mine, and 50 is world-class. So the backdrop of opportunity looked at globally here as Cancer Dx arrives at Corn West time and in Brisbane is bright. So you want to make sure if you know what's coming and you know the tailwinds behind you, that you install the capacity to do this well ahead of time. Mike shared this slide. I cut off the far right. This is all about our motivation to drive greater adoption of IDEXX innovation faster. We accept these as truths. IDEXX customers that adopt more grow faster. That's the message. If you accept this as a truth, you'll install the commercial capacity to do it, and do it well. Now, the next two slides go together. This is an I describe it as an opportunity-dense global landscape. This is utilization benchmarked against the U.S. Mike has made the case persuasively that the opportunity for utilization in U.S.A. and North America is still extraordinary, the headroom. We've just benchmarked against the U.S. and looked at the next 14 countries, and we see utilization opportunity, significant utilization opportunity. But if it involves change management, it's about having the commercial capacity and capabilities to do this, and do this well. Taken together with this opportunity lens, the Venn diagram, customers that use IDEXX chemistry and IDEXX reference laboratory services, you can see even in the North America context, how much additional opportunity there is to have customers partner with us in those two diagnostic modalities. More opportunity in Europe, even more in the Asia-Pacific theater. On the right, you see a stacked bar of instrument placement opportunities approaching 400,000. Now, that will become my goal at some point. Not yet, but it will become my goal at some point. And the point is, the mind tends to find what it seeks. If you're looking for opportunity, you can find opportunity. There are incredible placement opportunities here. And placement opportunities, again, are not about the instrument and what the instrument itself does at the present time. It's a platform that is going to grow over time in capability. It will be a renewal asset in those countries where we use contracting as an element, not the element, an element of how we do business with customers. This opportunity lens is why we are installing commercial capacity globally to pursue it, both now and into the future as these platforms take on the extensibility that they have in the past. This is a snapshot, another reason to believe what has been happening in our international business these last five years. Strong double-digit growth in recurring revenue, and we have nearly doubled our customers from an instrument placement perspective. That is with the capacity that we have. When you look at the last two slides strung together, you would see why we want to get, as Mike describes, more proximity to these customers. Why? Because we have internalized the notion of change management. Why? Because we have understood that that is a process and not an event. Why? Because we know we have to ask the customer to first let go of something before they adopt something new, and that that is a proper commercial challenge requiring trust, subject matter expertise, credibility, and an ecosystem to bring that to life. That is what we are scaling globally. Now, originally, and only to have fun with you, we were going to de-identify the flags and see how well you knew your global flags. See if everybody understood that the Netherlands and France had the same colors, but differently organized. Anyway, we labeled them for you. The point here is the playbook on the left is what we are doing. We understand territory loading. We understand the optimal balance of customers in any given geography. We know the ratio and match-up of the job systems and the job types. We know how to work carefully with one another. We have specialization where necessary in order to drive that subject matter expertise that we talk about. This ecosystem approach is not about having the roles, it is how they work together, and we train the teams to bring value and deliver value to customers globally. One really, really important part of this is not necessarily the motion itself, but the profile of the colleagues, the talent that drives this business. This is a people-based model matching up with our customers, and we believe we have truly identified the right professional profile across these job types to optimize the way we deliver value to our customers. Increasingly powered by AI-enabled commercial tools to help colleagues answer the three fundamental questions of the IDEXX commercial model. I have said this for now almost 15 years. The model is about where to go, who to see, and what to say. The more efficient we can make them with AI-enabled commercial tools, the more time they can spend with our customers in the field. Fundamentally, this is about reach. This is about reach. This is about getting to the customer to be able to spend the quality time to talk about just what we talked about here. Change management and staying with the customer throughout this journey. This is not transactions, this is partnership. Agreeing on what we can agree on and extending from there and reaching our customers. Our investments in commercial capacity are designed to do this, but in a very thoughtful, calibrated way. This is not an arms race. This is not bedlam, hiring people at breakneck speed just to have them. This is not that. This is a measured view of what we're doing, constantly with a pipeline ready to go based on organizational capacity, leadership readiness, and all of the right commercial attributes. There are two stakeholders that love this. One is the customer. That is Dr. Michael Stief on the left. Those are his words, not mine. This is how he thinks about this. The best possible care ladders up from the best possible diagnostics. That is how he is thinking about the business and its impact on his teams. On the right, another colleague of ours in the purple sweater. That is Anke Schaller in the Leipzig, Germany territory. This is how she describes her own work. Support is important, but it is really about jointly developing solutions, not selling a customer something. If I am trying to bring anything to life, it is this idea that what we are doing is working with customers. Working with customers. That is what this is all about. In fact, she loves this. I love this. This is where the action is. This is what we like. This is why we do this. We end where we began. This is an opportunity-rich environment. We see endless decades of opportunity to expand and deliver value to customers. Our offer is clarity in the face of complexity. Our offer is a commercial ecosystem, tightly integrated, delivering value through the change management programs that are necessary to move innovation into adoption and long-term utilization. We are using a well-established commercial playbook, scaling it globally in the moment, proven with high returns, good efficacy, well accepted by customers, and we bring a growth mindset to commercial execution. All of those things taken together produce a highly engaged global commercial organization. You need high engagement at the point of the customer, and that is what we present to our customers around the world. While quantity has a quality all of its own long term, this is about both quantity and quality to be able to do the work of paying off IDEXX innovation. At this point, I will thank our global commercial organization for the great work they do bringing value to our customers every day. My phone is beginning to blow up because I have communicated to them what Mike shared just an hour ago. They are already more excited than they were to start their day. I will thank them there, and I will conclude our opening segment. Mike Lane will have the wheel on the other side of a 15-minute break. I will ask everybody to be punctual. Our investor relations team will gather everybody here in the room. 15 minutes for those on the webcast, and we will take a break. Thank you. Thank you, everyone. [Break] Good morning. I want to start by thanking golden retriever, Lemon, and her parent, Abby, and Dr. Lindquist at Louisville Animal Hospital, and our Louisville lab team, our global pathology team, and our R&D team, to bring to life what we do every day and why we do it. It's my pleasure this morning to share the progress we are making and spotlight Cancer Dx as an example of how we turn innovations into recurring revenue, and highlight why the period we are in is the most exciting in my time at IDEXX. It all starts with the patient. Patients like Lemon, in the moment of need, with the right diagnostics at the right time. With world-class advocacy in a connected experience. Our customers don't just purchase products and services, they recommend them because our innovations change what's possible, supporting them in their pursuit of providing the best health and well-being for the pets in their care. Let's talk about how we do this. It starts with novel biomarkers. Our R&D teams have a long track record of developing markers. Lyme Quant C6, SDMA, IDEXX Cystatin B Test, Fecal Dx antigens, more recently cardiac, and of course, Cancer Dx. Biomarkers that see disease earlier and more precisely than ever before. And value multiplies when we combine these markers into integrated panels and protocols as part of a connected experience. This is how one scientific advancement on our R&D team generates revenue and multiplies value across modalities at IDEXX, and generates value over decades from the initial day of introduction. Whether it be at the point of care with our real-time diagnostics and chemistry and immunology, hematology, urinalysis, and now cytology. Real-time diagnostics don't just generate great insights. They support very productive conversations between veterinarians and pet parents. Conversations with answers and insights in hand, helping to turn recommendations into care. And we're introducing innovations at the point of care at an accelerating pace. And Puja Pathak, right after me, will share how we're transforming diagnostics at the point of care. We're also transforming diagnostics at our global reference laboratory with 80 labs around the world forming a sophisticated hub and spoke network. And over 260 pathologists that together form a follow the sun model of coverage to support our clinical pathology customers 24/7/365, including our IDEXX inVue Dx customers. Automation, digitization, and AI work together with our proprietary LIMS to simultaneously provide service quality, productivity for our lab teams, and margin expansion. We take a technology and talent approach to innovation in AI, so our technicians and our specialists can spend time on only what they can do in supporting as an extension of the practice. Veterinarians. We have over 800 medical specialists in oncology, radiology, pathology, internal medicine, that often for a general practitioner who is seeing such a wide range of species and ages and disease states often reach out to our medical consulting team, often with their most difficult cases. This is what world-class service looks like. When you measure it, you have seen some Net Promoter Score results. These are the Net Promoter Score results in that same survey for the customer groups, our largest customer groups, our largest install bases, ProCyte, Catalyst, IDEXX Reference Labs, SNAP, VetConnect PLUS. All above the threshold of 50, considered world-class across industries. This does not happen by accident. It is the elegant Load and Go workflows on our point-of-care instruments. It is a five nines and a five-star experience at our reference lab. It is these differentiated diagnostic menu across modalities. This is a leading indicator behind retention and loyalty in price realization, in the foundation of our recurring revenue growth. Let me share a couple of examples of how diagnostics work together. The highest value for customers is not to have one modality or even the same two modalities from the same provider. It is about how the diagnostics work together in integrated solutions. We have been doing this for decades. Let us take Lyme disease, for example. Ticks and Lyme bites or tick bites and Lyme disease are surging. Veterinarians need the tools, the technology to diagnose, quantify, manage, and monitor. This protocol typically starts with SNAP 4Dx Plus at the point of care for heartworm, Ehrlichia, Anaplasma, and Lyme. When there is a Lyme positive, IDEXX customers have the opportunity to reflex to the IDEXX Reference Laboratory for what we call IDEXX Lyme Quant C6. So this is a quantitative test for antibodies, supporting veterinarians with their care decisions and recommendations for treatment with pet parents, all integrated together in VetConnect PLUS. In the cloud, available anywhere, anytime, in the practice, on the phone, even on the watch, with one connected experience. One clinical question, revenue across both modalities. This is one example of numerous of multimodality integrated diagnostic solutions from IDEXX. Here is a more recent, mast cell, the most comprehensive integrated solution. Cancer Dx as a liquid biopsy, looking at the entire body of the dog for signals of mast cell. inVue, with the ability to interrogate specific lumps and bumps. This could start either way. It could start perhaps with Cancer Dx as part of a wellness panel, and a signal is found. Maybe it is a pet with a thick coat or maybe the lumps just were not visible. Or it could start with a concerned pet parent coming in about a particular lump that they saw. Could start on either side, and it is all supported by our global pathology team with one-click reflex from inVue. It is important to note that all inVue FNA customers are IDEXX customers. They are either already IDEXX customers, or they become IDEXX customers as part of the installation of inVue FNA and training to access this highly integrated, comprehensive solution. Now, George shared this, and you can see both progress and opportunity, with 40% of customers in North America still single modality with IDEXX. Over half internationally, single modality. But we continue to make progress as customers value the integrated multimodality diagnostic solutions that I shared. We often get asked, does one modality, does reference lab or point of care pull volume from the other? Our experience is no. Testing begets testing, and you can see this big data, thousands of IDEXX customers that use both modalities with IDEXX. As they use more of one, they use more of both. You can also see the opportunity here with a fivefold difference between the first decile and the 10th decile. In overall, just 18% of these clinical visits, these are U.S. clinical visits, including a chemistry panel. A significant opportunity for us to continue to partner, as George described, partner with our customers to support them in their mission to provide care. We do this innovation in significant unmet disease category areas, whether it be vector-borne, renal, parasitology, oncology, and cardiac. Puja will talk more about cardiac and renal. I will talk a little bit more deeply on parasitology and cancer. Another lens on this opportunity is to look at the underlying, it is about a dozen highly differentiated diagnostic categories. This is combined across point of care and reference lab. Everything from immunology, chemistry, hematology, cytology, radiology, and of course, cancer. As you look from the left to the right, that white space, those are existing IDEXX customers that just have not yet adopted the breadth and depth of this diagnostic menu. They are already on our systems. They are already using some of our point-of-care instruments. They are already set up with courier service. This is an opportunity as we partner for them to adopt more of this highly differentiated menu. Parasitology is an example where we have run the Technology for Life play end to end, transforming fecal testing. For over a century, this testing was done by looking through a microscope. Whether you are looking through a microscope at another reference laboratory or in the practice or with a traditional microscope or even an automated microscope, if you are looking through a microscope, you are looking for eggs and you are going to miss infections. We changed this paradigm of testing by looking for the protein, and as a result, we discover 2x the parasitic infections because the eggs are not always there based on the infection cycle. You can see over a decade, starting with Giardia and then to most recently Taenia tapeworm just a couple of months ago, the Technology for Life approach we have taken. Taeniids was one of the parasites that customers asked for quite a bit because it is zoonotic. Not surprising, we have already run 1 million fecal antigen panels just in the past two months since adding Taenia tapeworm. So we redefined what is possible for parasitology. We are doing it again with cancer. One in four dogs, one in five cats, a tremendous disease burden representing a $2.5 billion addressable opportunity. Starting with lymphoma, which covered about a quarter of the canine cancer cases. Mast cell next month, 35%, and then hemangio will be at 40%. We are not done. We are then going to continue to add cancers to the canine cancer panel to 50% in 2028, and we are still not done. We're going to find more cancers to address, and we're going to go to other species as well. We, as you have heard, are on a mission to make cancer history. Lymphoma now has claims across wellness, aid in diagnosis, and monitoring. As you heard, already over 11,000 purchasers of Cancer Dx, almost 1,000 additional customers just in the month of July. It's the breakthrough performance and pricing that helps earn this adoption with our customers. It does not stop at diagnosis. It can now be used also for monitoring remission during CHOP chemotherapy, resulting not just in one testing event, but recurring testing. Then mast cell, as you've heard about a bit already. This is one of the most requested, one of the most diagnosed. You can picture the number. If you're a general practitioner, it's top of mind, the number of pet parents that are coming with concerns about lumps and bumps. What we've done is we've optimized this test to be most aggressive to the aggressive tumors. Some are benign, some are cancerous, but there are degrees of aggressiveness. It's the aggressive ones that we want to be most concerned about, and it's important because veterinarians take different approaches to surgery and treatment. This all works together, as I described previously, along with the integrated mast cell cancer detection capability combined with IDEXX, combined with our global pathology team. As you've heard, lots of excitement about hemangiosarcoma, the silent killer. This is perhaps the most heartbreaking situation in veterinary medicine. Not just for the pet parent, but for the whole team. When there's an emergency and there's a pet and there's internal bleeding, and this pet looked and acted healthy the day before, even maybe that morning, and suddenly within hours, they're gone. These tumors typically form on the spleen and once ruptured, in one peer-reviewed study, if you find it pre-rupture, over a third, 35% survived a year or longer. Sadly, in that study, no pets lived a year. Again, typically within hours. This one's personal. I've been there. We've had four dogs in our family. This is Moose with one of my sons. Three dogs died of cancer, two from hemangiosarcoma, and all in this heartbreaking way where they were acting and looked healthy the day before, and then they were gone. My veterinarian shared words like these that you see on the slide. Here's the good news. Even with disease this aggressive, when found early, it can make a huge difference in the outcomes, as I mentioned in the study I shared. 35%, if found early, which is what this test is made to do, had survival a year and longer. But not found before rupture. Sadly, no pets in that study lived a year. So here's some more good news. There's a wide range. When you look at these three common cancers that will be in the panel this year, as we move from a test to a multi-cancer panel. There's a broad range of therapeutic options. For mast cell and hemangio, that may typically start with surgery, followed by chemotherapy, immunotherapy, as well as other treatments for all three. The outlook for veterinary cancer care is very promising. Let me translate this innovation-led growth strategy into the business impact it's having. You've heard about the 20%, the non-IDEXX customers that are accessing Cancer Dx, and some of the implications of that. The implications from a lab perspective, it means these customers are now set up with our courier service. They're now experiencing the five nines, five-star service we aim to deliver with every sample. They're getting introduced to the broader menu of the IDEXX reference laboratory. As also mentioned, 70% of all the submissions to date, coming with broader blood work. As we look at the adopters, we're seeing higher wellness diagnostic utilization among the adopters relative to non-adopters. Cancer Dx is a powerful growth driver and multiplier, and we're just getting started. Further translating this innovation-led growth strategy into the impact it is having. Here you see the VetLab and reference lab recurring revenue combined, nearly doubling over the past five years. Two modalities, similar growth, as customers value this integrated diagnostic capability. The model's straightforward here. We partner with customers to bring these first-in-world innovations with world-class service levels to help them with advancing care and help them grow. When they grow, we grow. When we grow based on our investment of decades in lab network and logistics and extensible point-of-care platforms, we have high profit drop-through on incremental growth. We're able to reinvest that in all the elements of the strategy that we talked about today: biomarkers, software, workflow, connected experience, technology, and talent. In summary, we deliver diagnostics at the point of need. The right diagnostics at the right time for the patient, right there, based on their age, based on their breed, based on their situation. Veterinary confidence turns the diagnostic insight into action. I want to thank all my IDEXX colleagues around the world for all they do every day to support our customers and earn the trust of customers as we partner with them. Cancer Dx is at a tipping point, as you've heard. The opportunity, the care gap, you've seen the decile chart. You've seen it a variety of ways. The opportunity to close that gap is what I'm most excited about. We know how to do this. We are uniquely positioned across point-of-care diagnostics, reference laboratory, software, to partner with our customers to close that care gap. In closing, it's the needs of those you see on this slide. It's the needs of Lemon and her parent, Abby, and doctors like Dr. Lindquist, that inspire us every day to advance our purpose of enhancing the health and well-being of pets around the world. Thank you. I'd now like to introduce Pooja Pathak, who leads our VetLab point-of-care business, and will discuss more how we're transforming diagnostics at the point of care. Thank you, Mike, and good morning, everyone. I joined the team earlier this year, so I have two quarters under my belt. I am new to IDEXX, but I am not new to diagnostics. I have spent most of my career in point of care and diagnostic imaging on the human health side. I led the mammography business for breast cancer screening at GE HealthCare. Julie and I were a part of the team that launched the very first molecular platform at the point of care in the U.S. And more broadly, I have built point-of-care testing programs in cardiology and infectious diseases globally. I really believe in the impact of prevention and real-time care, and it is my pleasure and privilege to lead our VetLab business. That is me, and you met Lemon earlier today, or just a couple minutes ago. Lemon came in with a lump, and she left with an answer. There was no slide, no courier, no waiting for a call back. That is the window that we operate in at the point of care. It is one visit, one diagnostic workup, one conversation with the family, and decision before they go home. Most of the time, the answer is reassuring, and the family can go home just knowing. But sometimes it is not, and that is when the answer in the room changes the outcome. I will show you some truly incredible innovations in the next few minutes, but all of it exists to do what happened to Lemon. Give our clinicians a result that they can trust and act on, give the pet parent clarity on what happens next, and give the technician some time back with the patient. More time back with the patient. Let us widen out from that exam room and look at the innovative platforms that make this all possible. This is what has been built over the past decade, delivered to roughly 100,000 practices globally. MultiCue Dx will be an exciting addition to the family. We already covered the first principles of each of these, real-time results, reference lab accuracy, and Load and Go simplicity. What matters as much as each analyzer is how they come together. Chemistry, hematology, urinalysis, and now cytology, all designed to work with one another. A single interface across the entire suite. One workflow, one integrated report. A technician trained on one can easily operate any of the other analyzers. That is key, and every result flows into the record and onto the invoice without anyone touching it. Catalyst is at the heart of this suite. Catalyst is the sector's most versatile, highest-performing chemistry analyzer. It is the workhorse of any in-clinic diagnostic program. You may have caught the Load and Go workflow above me. It takes seconds. This is the slide next to it. A single form factor across a majority of our tests. Dry slide technology, combined with a modular platform design, drives that breadth and menu. It is how we put chemistry, electrolytes, and immunoassay on a single analyzer with reference lab accuracy. Anywhere else, it would take two or three. It is also how we add menu without touching the hardware. Super sophisticated technology, super simple for the user. With a Net Promoter Score of 63, customers love it. Today, Catalyst runs 43 parameters across 11 prepackaged CLIPs and 34 high-value singles. The prepackaged CLIPs are the foundation of in-house testing, run on nearly every sick patient and every pre-surgical patient. The singles answer specific clinical questions, either alone or in combination with the clip. We keep adding to it, which is how the platform becomes more valuable every year it sits on the customer's counter. This is Technology for Life in a single picture. We add roughly one menu item to Catalyst every year. We have had two innovations just this year and five in the last three years. Pancreatic lipase, cortisol, and SmartQC are seeing strong adoption globally. This year, we introduced SDMA-inclusive clips as well as proBNP. Each menu item lands across the entire installed base of 80,000 analyzers, not just the next one. The platform value continues every year for the customer. 2.5x expansion of economic value per placement since the launch of Catalyst One. The two additions this year expand our largest disease franchises, renal and cardiac. I want to spend a moment on each of them. IDEXX redefined the management of kidney disease with the discovery of SDMA. SDMA rises earlier than creatinine during the onset of kidney disease, and unlike creatinine, it is not distorted by muscle mass. So it finds kidney function loss sooner in patients who look unremarkable on a standard panel. A decade later, customers have run more than 120 million SDMA tests. In sick pets with reduced kidney function, a standard panel misses about 30% of cases. SDMA catches them. In cats, early diagnosis and treatment delays disease progression by about a year. So in June, we did the obvious thing and built SDMA directly into our most common chemistry panels across North America. No separate slide, no separate decision. It is simply included. It drives compliance to care guidelines. Early adoption has been strong and international markets will follow in the first quarter. Our second launch this year takes us into a category that we have not yet served fully at the point of care. Heart disease affects nearly 1 in 10 dogs and one in six cats, and it remains underserved in general practice. Today, cardiac evaluation is limited a little bit to specialists. Echocardiography is the gold standard, but access to echo can be limited with about only 420 cardiologists in the country for more than 23 million cats and dogs with heart disease. General practice needs better tools. In October, we bring Catalyst proBNP to our customers in North America. It is the first and only dual-species NT-proBNP test at the point of care with reference lab accuracy and quantitative results during the patient visit. The test helps doctors understand risk and make clinical decisions in real time. Think of an older cat with pre-anesthetic blood work, where heart disease is often silent and finding it changes the plan. Or a small breed dog with a heart murmur, where proBNP helps evaluate the likelihood of clinically significant disease, and earlier treatment can gain about 15 months of healthy life. It builds on our connected cardiac offering, reference lab testing, ECG, advanced imaging, AI-assisted tools, and specialist expertise, so a doctor can know who to treat, who to image, and who to refer. Both launches reinforce the value proposition of Catalyst to our customers over time. New menu is a key driver of Catalyst's economic value expansion. As I mentioned, 2.5x since the launch of Catalyst One. That extensibility has been designed in from the start, and it's what enables the breadth of menu across chemistry, immunoassay, and electrolytes. With Catalyst proBNP, we push the platform further again, delivering a precise quantitative immunoassay across a wide dynamic range. The inVue Dx and MultiCue are also designed with that same extensibility in other large existing test categories. For inVue Dx, that means utility across cytology. There are 150 million of them done every year, and we're only at the beginning with inVue Dx, so that blue bar has a lot of opportunity to grow. Let me show you what this looks like in the practice, why customers choose inVue Dx today, and where we're going from here. Mike and George talked about the change and transformation in cytology with inVue Dx. That change is directly tied to improved clinical, operational, and financial outcomes for the practice. The first is improved consistency. With load and go workflow, there's no slide to make and no subjective read, so the result isn't dependent on who ran it. The consistency and quality is built into the analyzer. With ear cytology, it's 96%. The second, and perhaps the one customers care the most about, is the time savings. More than 90% of hands-on time is freed up with inVue Dx. That's about 10-20 minutes per patient. That's a technician back in the room with the patient rather than on the bench and a clinician with more time to practice medicine. The third is the integration. A microscope result lives nowhere unless someone types it in. With inVue Dx, 100% of the results are recorded and invoiced automatically. For one practice, this matters. Across a corporate group running hundreds of practices, it translates into a standard of care that's actually implemented. You've seen these inVue Dx categories before. There are roughly 150 million cytology readings done a year on the microscope. This is work already happening today. If we look at ear cytology, blood morphology, and FNA, they're completely different areas of care. But the needs that we just discussed around consistency, around operational efficiency, around integration, these are common across all of them, and this is reflected in the adoption rates for inVue Dx. A vast majority of inVue Dx customers are running both ear and blood and have expressed interest in FNA as well. FNA is a significant category in its own right. 12 million tests run on the microscope. That's only a fraction of the opportunity because, as Mike mentioned, only one in 10 lumps and bumps is actually tested today. Beyond these three, there are 100 million more other in-clinic cytologies that are run every year. That's our runway. None of these categories is a single test. Each one of them is a platform within the platform. Let's take blood morphology. We launched in December 2024 with a core menu focused on sick pets, CBC reflex, and pre-surgical testing. Since then, we've added new morphologies continuously. I won't go into each one. The point is that each addition is enhancing the clinical decision-making at the point of care. The depth inside each one of these categories is something no one else has. A global network of board-certified pathologists training our deep learning AI across 60 million samples, plus the engineering and software capability to put this all on a benchtop analyzer. Every addition reaches our customers through a software update over the air, so there's no service visit or no additional hardware required. We're nowhere close to done here. We keep adding menu to blood morphology, ear, and of course, FNA. I am pleased to share that in Q4 for blood morphology, we will be adding nucleated red blood cells to the menu. They point to severe regenerative anemia, toxin exposure, and sometimes marrow disease. Together with CBC, they also ensure more accurate and reliable blood counts, which is exactly why CBC and blood morphology belong together. Every veterinarian is trained on this, but in practice, blood morphology often gets skipped because, as George says, time is precious and the technique is variable. Put ProCyte and inVue Dx together, and the problem goes away. The first comprehensive hematology solution at the point of care. It works because the interfaces are linked. An abnormal CBC links directly to a morphology that needs to be run, and both results come back in a single report. The prompt is built into the workflow. Testing begets testing. As customers see the value of the comprehensive hematology, testing volumes increase. Practices that adopt inVue Dx see 6% higher utilization of CBC on their ProCytes. There are 50,000 ProCytes in the field globally. Every one of them is a candidate to be paired with inVue Dx. Which brings me back to FNA. FNA is progressing well through our controlled launch process. We meaningfully expanded our customer base entering into the third quarter. Practice team training on the integrated workflow is a key part of the continued rollout, and we are planning broad availability by the end of the year. Stepping back, though, FNA shows what happens when we take both cost and complexity out of a test. With inVue FNA, we simplified the sample prep, we created a five-minute alert to confirm sample viability, and we priced it for access. So the doctor never has to think about whether a lump is worth interrogating. Adopters are testing twice as many lumps and bumps. As we talked about, every inVue Dx customer is an IDEXX reference lab customer. After the inVue Dx run is complete, with one click and inside the same workflow, the clinician can have the case reviewed by an IDEXX pathologist, and a malignant result can be immediately followed up on. This is how a test becomes a protocol rather than an exception. As this happens, the standard of care rises, and testing volumes increase both at the point of care and also in the reference lab. inVue Dx is growing quickly, and with every placement, it multiplies across IDEXX. More CBCs run, more cytology is done in the reference lab, and more of the diagnostic pathway being completed. All of this innovation scales with our install base. Let me just end with a forward look on that. We have visibility to 10% or better growth over the long term, and this opportunity is weighted towards international and towards new platforms. In closing, real-time reference lab quality answers at every visit produce a step change in practice productivity and growth because it is built into the workflow. We are innovating at a pace that we have never seen, opening categories of testing that did not exist in general practice. Technology for Life keeps raising the value of every analyzer already placed without new hardware. And this execution compounds high quality placements, expanding utilization, and world-class customer loyalty are what make this recurring revenue stream durable, and that's what generates value for our customers and for our shareholders. Mike ended with the note that behind every innovation is a pet, a pet parent, and a clinician who needed an answer. Behind every innovation is also an IDEXX colleague who was inspired by that need and figured out a solution. That curiosity is what discovered SDMA and built inVue Dx. My thanks goes to those cross-functional colleagues around the world doing that work every day. With that, I'll hand over to Tracy Byers. Tracy is going to review with us our software and AI strategy and how it multiplies our diagnostic opportunity. Tracy. Thank you, Pooja. I love my son and soon-to-be daughter-in-law's cat, Monk, here. What's funny about this photo is I'm allergic to cats. Good morning. My name is Tracy Byers, and I lead the software and diagnostic imaging portfolio for IDEXX. I joined about four months ago, and I brought with me about 25 years of experience in people medicine. I spanned a number of big tech companies like Philips, IBM, and Optum. My dedication is really to the mission of driving healthcare impact, and it's been a great match here at IDEXX. I've been able to bring my experience in software, artificial intelligence, diagnostics, and medical imaging to IDEXX and the team, and I'm super happy to be here. Veterinarian software has the privilege of playing a very vital role in the mission of helping pets live longer and healthier lives. The software is an enabler of great care delivery, and it's also the benefit of serving as a strategic growth lever for IDEXX. More importantly, though, we view it as a critical part of allowing practices to operate at their best. Both helping the veterinarian practice the care they want to practice, and helping pet parents engage and advocate for the care that they want to receive for their pet's health. Over the last few years, we've been building the first intelligent, integrated ecosystem for veterinarian practice. One that helps serve as an operating system to achieve those core goals. Over the last few years, when I think about the power of artificial intelligence, the impact that it's having on things like pet prompts, parent prompts, and the impact it can have on the future of innovation, both inside and outside the company to help raise the standard of care at scale. When I think about the goals to build an integrated, intelligent, AI-driven platform, I think about it through the lens of our customers and the problems that they're trying to solve. Veterinarian practices are incredibly busy with swiveling chairs to use different systems to run their practice. Our enterprise customers are looking for ways to standardize and scale the practices. Our pet parents are looking for easy ways to engage and manage their pet's health. We know that the time of care, the consistency of care, and the confidence in care are three of the most major pain points that are experienced across the board. What we're really seeking to do is take the work out of workflow. Our integrated ecosystem enabled by AI allows for smoother workflows, more reliable care, and higher care acceptance. I'm excited to get into a little bit more of the why. When I think about solving those problems, time, consistency, and confidence in care, this slide helps capture our unique approach to building the ecosystem. It's engineered end-to-end for the health of the pets we serve. We're addressing the needs of three key populations involved in the care continuum, the practice, the enterprise, and the pet parent. The tight connection of our software solutions to our diagnostic ecosystem supports delivery of incredible care to pets. Now, the platform's purpose-built for veterinarian care. It's designed end-to-end workflow across clinical, operational, and financial journey, and this is relevant both for general practice and emergency and specialty hospitals. It's built on an expandable ecosystem that enables hundreds of our partners and future modules to plug in seamlessly. It's powered by a domain-specific data model that understands veterinarian context, and that's critical for AI deployment and deep insight into our customer. Corporate groups have enterprise-scale needs that legacy PIMS largely were not built to handle, but ezyVet is. With ezyVet, we offer enterprise-grade platforms that enable standardization across multi-site operations. Our software delivers centralized controls, real-time insights across multi-site operations, and it helps them drive wellness at scale for their network. It's built with enterprise-grade security to meet the standards of PE-backed and global organizations. It's backed by a world-class software team, including talent from Google and lots of other tech leaders. It's designed to meet the unique and complex needs for emergency and specialty hospitals, as well as the general practitioner. On the right side, the impact's clear. The growth is being driven by corporate demand for platforms that scale and have world-class security and innovation. Bottom line, our value for enterprise is clear, and it fuels accelerated growth across the enterprise segment. Now our data shows a surge of momentum, and it's a validation that we're constantly improving in our ability to solve those customer needs. Nearly 70% of our IDEXX PIMS installed base is in the cloud, and it delivers on a scalable, safe environment. We have net recurring revenue that we're really proud of at 105% across our ecosystem. In the past six months, we've seen meaningful user growth with 37% with Vello. Now I'd like to turn to something we're really excited here at IDEXX. We've identified key moments along the care continuum where our platform is already having an impact today. When you layer AI on top of those moments, it's an area of huge opportunity to unlock value for clinicians and practices. Think about the impact of prompting the pet parent to consider a wellness test or Cancer Dx for an at-risk breed, or a post-visit prompt with a follow-up on a visit. I know I really probably would have remembered to bring in my fecal sample if I had been prompted the morning I was walking my dog to bring it in and it really would've been helpful. The good news is that we have really immense scale. We have more than 107 million clinical visits a year across our practice management platform, so we have more to do. There is a great opportunity ahead of us with AI and the ability to drive moments such as configuration, appointment reminders, summarization, and real-time prompts in the visit, not only more efficiently, but faster, and delivering real value both to the veterinarian and the pet parent. Our software brings meaningful impact for customers, but it is also showing significant impact on blood work inclusion. Practices that use our system have higher wellness inclusion, but it is another 300 basis points higher when it is combined with Vello. This is an impact that is not simply prompting the pet parent with blood work reminder, but it is reinforcing the importance of engaging directly with pet parents. The impact that AI is having across our portfolio extends to our imaging and telemedicine business as well. When it comes to imaging, we know that image quality is the largest driver to better diagnosis. For IDEXX, we are applying a layer of AI across the entire imaging portfolio, and that is delivering improved quality to every image. We have AI applied to the new ImageVue DR50 Plus, the Web PACS workflow software, and with our board-certified radiologists in telemedicine. The result is IDEXX Web PACS imaging workflow software and telemedicine are driving meaningful productivity and image quality in the industry. Each of our products in the imaging portfolio deliver customer value on its own, and then it brings even more value when it is combined with the broader imaging portfolio. Then again, when you combine it with the example Puja Pathak gave with the cardiology test and the diagnostics. Our imaging solutions are just another instance of innovative platforms across the entire ecosystem. Having spent more than 25 years in human imaging, I am really proud to see the deep commitment to dose and staff safety here at IDEXX. The good news is that veterinarians do not need to trade dose for image quality. You can see in this image, the ImageVue DR50, we have an unmatched digital X-ray image quality at a lower dose. In fact, it is 60% lower than the premium competitors. We know how critical to maximize the safety of our healthcare colleagues and while we still allow for the highest tier of quality. These solutions are embedded directly into the practice workflow, and they drive better productivity. Before closing, I wanted to turn to some of our high-level financial outcomes. The bottom line is this is a great business and we are delivering. We are driving cloud migration, expanding ARR, driving pet parent engagement that delivers diagnostic synergy, and it is fueled a high-growth software business within IDEXX. These durable, high-quality revenue streams supported investments in new software features and also deliver solid profit gains. This is exactly the business we set out to build, and we are really proud of the customer response and the strong financial outcomes. What you have seen today here is how our ecosystem is unlocking enterprise standardization, and it is driving higher practice revenue through a combined power of software and diagnostics. Our corporate customers are leaning in, and pet parents are engaging digitally, and it is leading to higher compliance, stronger wellness uptake, and better pet health and more sustained growth. As we scale new innovations like Cancer Dx, software becomes even more critical. It's how we educate, embed into the workflow, engage with the pet parent, and help make new standards of care stick. This is not just a tech shift. It's a transformation in how care is delivered and how IDEXX captures and delivers value with software at the center, diagnostic scaling, and the profession evolving. IDEXX is not just building an integrated, intelligent ecosystem, we're redefining the future of veterinarian practice and pet care. Thank you. Next up, Michael Schreck will interview and have a discussion, fireside chat, I guess, with Dr. Jo Malone from VetPartners Group, but we'll have a short break, I think, here, and we'll hand it over to you. We're going to take a shortened 5-minute break. Quick break and we'll be back for that great customer conversation. Thank you. [Break] Well, good morning. Welcome back from break. It is good to see you. My name is Michael Schreck, and one of the privileges I have as a part of my responsibilities is to support our largest strategic partners around the world. In that capacity, I am delighted to introduce Jo Malone, who is the founder and CEO of VetPartners Europe, and is one of the largest hospital networks in the world. We will talk about that in a moment. I also wanted to share in context of, Jo, maybe you could share a little bit about yourself just to give us some background. Before you do that, I have a public confession, which is I asked your team, your team mentioned that you had a night job, and we really wanted to know what it was. Apparently it is running ultramarathons as part of your night job. It is not like you had enough to do already, but maybe you could share a little bit about the awareness that you are raising for this as well as a part of your background. Yeah. I would love to hear a little bit about your journey as a DVM. I didn't mention that. Also a DVM and founder and CEO of VetPartners. Thank you, Michael. I am a vet. Someone said earlier on, vets have a calling. I am typical of that. I can't remember when I didn't want to be a vet. I worked in clinical practice for 18 years before I founded VetPartners in 2015. And yes, I run ultramarathons. I'm raising money for two charities close to my heart. One is Vetlife, that provides mental health support for all vets in the U.K., and they do a phenomenal job. And the other is Macmillan Cancer. My mom's had cancer twice in the last 10 years, both diagnosed through screening. So another topic close to my heart. And very fortunately, she has survived both and she's now cancer-free. So, raising money for both of those charities. Yeah, it's six weeks away, so I'm still getting up very early in the morning and running late at night. I know you ran twice since you've been here in Portland, Maine, so I know you're on a different body clock, but that's impressive. We're excited to hear about this event. Maybe a little bit of background on VetPartners Europe and how you're thinking about its development and impact in Europe. 2015, VetPartners started five sites, £8 million revenue sterling. Fast-forward 10.5 years, we have 800 sites-ish, about 13,000 employees, and revenues of about £1 billion sterling. It has been a whirlwind 10 years. Probably even slightly better than my 18 years of clinical work actually. You can make an even bigger impact on the patients that we serve. When we started VetPartners, we were quite clear in our intent. We wanted to be the veterinary group of choice for our team, our clients, and our patients, and all the partners that we work with. Really, quite simply, our key strategies are broken down into four real areas. Be a great place to work, number one, most important. Number two, provide an excellent experience for our clients. Three, provide outstanding patient care, and four, grow our business in an ethical, sustainable, and profitable way. Actually, that fourth one is delivered by focusing on the first three. That sounds super simple, and most groups can probably say that. It is simple. Simple to write down, that is for sure. What is complex is actually delivering that and doing that whilst you are scaling and at scale. Someone said earlier that change management is a huge part of delivery of the innovation into practice for IDEXX. Well, it is certainly change management at scale when you are growing this quickly. Really, for me, there are two key elements. We focus from the very start on how we do it, how we behave. It is all about our culture, looking after our teams, and delivering what we want to try and do through them. We do that, secondly, through training them. Training them on how to be the best they can possibly be across all our strategic pillars. We actually see ourselves really as a training company. Yeah, it has been a whirlwind. Wow. Impressive. Congratulations. You have had a big impact on IDEXX. You spoke from this stage a little over a year ago to our global team, and you did mention that you saw yourself as a value-add platform, in part through training, and in part through standardization with kindness, I think was your quote. I know IDEXXers around the world still use that in talking to each other about how we can serve you better. I think maybe sharing with the audience a bit about what standardization with kindness looks like and maybe how you see that projecting forward. For me, as a vet, I understand that vets want their clinical freedoms, they want their professional autonomy. But actually, they also want us to make their lives easier. So some element of standardization helps them. Whether that is standardizing our wellness programs, whether it is standardizing estimates and giving treatment options to clients. All of those things, how we send reminders. Standardizing those things, standardizing the messaging, the wording, just makes it so much easier for them. But not losing the bits that they really, really care about. Because for them, they like some freedom. Again, someone said earlier today, it is about treating the patient that is in front of you and the client that is in front of you, and each one is unique and different. If we can give a safety framework of the standardization, but give them some flexibility of flexing the treatments that are important to that client and that patient, that is, I believe, how you can standardize with kindness and help our teams without taking away the bit that they really care about. As you have thought about both recruitment and retention around that with your clinicians, and you are doing that across many, many countries, how has that philosophy landed and how are your teams responding to that? I would say they have responded incredibly well. Our retention rate is excellent. We are market leading across our geographies. We have the benefit of recruitment being slightly easier in Europe than it is in the U.S. Varies a little bit by country. Germany is the most challenging. But really, our reputation then grows and grows within the profession. The profession is tiny. It takes a long time to build up your reputation, and you can lose it very quickly. So really, it is continuing to do what we say we do, or what we are going to do, and sticking to that. But it absolutely is the right approach. As we maybe migrate into some of your growth plans and initiatives, one of the things that is a unique feature of the European environment, and particularly the U.K., is the wellness plans and the membership components of that and how wellness gets woven into an annual cycle. Perhaps you could share a little bit about your wellness plans. I know you've thought a bit about how those get expanded annually and some of the countries in which you've launched them. Maybe we could hear a little bit about that as well. Yep, love to. Pet health plans are incredibly important for us. Our clients love them. It helps them spread the cost of care, and it helps them be reassured they're doing the right thing for their pet. So it includes vaccination, an annual extra check with the vet, parasiticide treatment if it's needed. We have seen it grows our revenues by 1.5% roughly in the U.K. year on year on year. Roughly 32% of our clients currently, our patients, are on a plan, and it grows. We're expecting it probably to get to about 50% penetration in the end. So it's hugely important to us. Some of our European colleagues were thinking in their culture it wouldn't work. I'm pleased to say it does work, and the benefit of being a group across multiple countries is you can share best practice and show how to do it. In Spain, it launched a year ago. They're already at 67% penetration of their active client base, and it's delivering GBP 1 million of revenue per annum already, and they've just started. Really, clients love it, and clinicians love it. More importantly, it gives our teams the reason to have a preventative health conversation, a wellness conversation. There's a reason, and it's also saving the clients money. If they were to purchase everything on the plan independently of the plan, it would cost them about 25% more. So it's a great, good news story for our clients. What we have also discovered through this is you can communicate directly with clients. We send a lot of reminders to them. We send them prompts. A year ago, we included wellness blood testing to our plans at a 50% reduction. This July, from the 1st of July, we wrote to our clients and said, "Great news. From the 1st of July this year, wellness blood testing is now included free of charge on the plan." Our numbers of wellness blood testing went up 15x what they were before. 1, 5, 15. 15. Wow. 15x the number that we were doing before. Our teams in the practice did not really have to do anything. It is because we let the clients know about it. Clients want this. It comes down to how we support our teams. We support our teams by letting clients know, by educating them. That has absolutely shown me that this is what clients are looking for, and we see that more than ever. Wow. Maybe two reflections on that. One is, as you have looked at the Gen Z rising generation, are you seeing them adopt the wellness plan and this approach more readily? Are you seeing also perhaps how they are reacting to your expansion of wellness, including blood work? I would say when we have looked at our client base, it is across all generations. They want this for their pet. It was said earlier on today, I cannot emphasize enough, people love their pets. more than they have ever loved their pets. So across all age profiles, but I think the younger generation, and actually the generation to come next- The Alphas. The Alphas. Yeah. I have two myself. They are into wellness like I have never been. They really are. So when they become pet owners, I know this is the sort of thing they will be looking for for their pets. So, everything you have heard this morning, I see play out in our practices with our clients. It is what our clients want. Your children must be ultimately well. For an ultramarathoner to say that her children are focused on wellness. Yeah. That is amazing. I do think it is fascinating that that generation is focused on their own wellness and that translates to their pet. Maybe thinking a little bit about your journey with cancer. You mentioned your mother. Naturally, you have been in clinic and had to face the cancer dynamic. Maybe you could share a little bit about how that plays out as a clinician. Yeah. Then perhaps we will talk about how Cancer Dx might play a role in supporting your clinicians in that dynamic. Yeah. Certainly for us, most definitely in the U.K., but across most of our European countries, there is a lack of oncologists. Actually, we are seeing cases like lymphoma being referred less because we cannot access appointments with oncologists. It is such an emotive and difficult time when a pet is diagnosed with cancer. Actually, our first opinion clinicians are being asked more and more to deal with these really upsetting cases. They are having to manage them, diagnose them, treat them, guide clients through it, so it is really challenging. As a vet, even when I qualified more than 25 years ago, clients asked if there was a blood test for cancer. What could they do to understand and know? So actually, the innovation that IDEXX is bringing out is absolutely fantastic. This is something we have been looking for for a very long time, and the disease is coming. Hemangiosarcoma is as traumatic as discussed. Yeah. These patients can die within an hour or two of being presented, and this has come as a total shock to pet owners. It's going to be hugely helpful. Yeah. Wonderful. As you put your CEO hat back on and think about Cancer Dx and its connection potentially to your wellness plans, how do you think about, especially now that in Europe it'll be a panel in Q1. Yeah. How do you reflect on that as an opportunity to drive wellness inclusion with blood work? I think the fact that it is a blood test, it is super simple. The specificity is really high. For me as a CEO, it gives us a growth opportunity, and more importantly, it gives us a growth opportunity through providing outstanding patient care and an excellent experience for our clients because it is what they have been asking for. It helps all of them, and it makes our teams happy because they know there is more they can do. Across the board, there are no negatives as I can see, apart from the very interesting discussion we had about change management. This is about just changing habits, creating workflow so that our clinicians are confident about how to use the testing, when to recommend it, what breeds to recommend it more in. That does lead then to pet health plans because seeing what has happened with our wellness blood testing, what happened in July, and we are anticipating even more wellness blood testing in August. We are looking at all our numbers now, but actually we are planning, hoping to put Cancer Dx as a panel in our wellness blood testing because, we know that with more testing comes more testing. With more testing, we will find more subclinical disease, which helps our team members. They feel like they are doing a more fantastic job than they are already doing. It helps our patients, and it is fantastic in the eyes of our clients. Really it is a win-win. Maybe pivoting a bit to inVue and your experience with inVue. It is early days. You have started to roll that out, I think starting in March. Maybe we could get a sense for the early clinician reception and, second part of the question would be around the menu expansion and how you see that driving or supporting adoption. Yeah. I guess I will start with when I was a vet, the worst thing you could possibly do was a fine needle aspirate because about 30% of the samples that you take, that you send off to an external lab, come back embarrassingly saying there were not enough cells detected in the sample to give you any sort of reading. Phoning an owner and telling them that when they were in the practice a few days before is incredibly frustrating. We know that ear cytology, we know that blood morphology helps us diagnose cases better and treat cases better. So why don't we do more of it already? Because actually it's time-consuming, it's complex, it's quite difficult to get samples that are consistent, that give you the answers that you want to, and actually, you don't have time in the day to spend the time you need to looking down a microscope. Then you often send them off to an external lab, which means they don't come back for a few days, and then you have to ring the client back. All of those things are more complex workflows. If a workflow is complex and you're not sure to get consistent results, clinicians put off recommending them, and that's why we don't do as much. With inVue Dx, it unlocks a different workflow, which means you can do ear cytology. The veterinary nurse can do an ear cytology while the client waits. You could do an FNA, which is fantastic by the way, that's coming, while the client waits. So actually, if your sample hasn't got enough cells, you could repeat that sample before the client leaves the building, and you haven't got to make that embarrassing phone call. For me, all these things are fantastic innovation. The inVue Dx will massively help and simplify workflows. The challenge is, and it was said earlier, is change management. It's getting our clinical teams used to a different workflow and getting confident to use the different workflow. But we will get there. We will absolutely get there. The more we can use AI innovation, contacting our clients and telling them about these things that are possible if they're booking in with their pet with an ear problem, actually sending a prompt to them to say, "Part of the treatment management for Fluffy could be ear cytology. This is what it would mean. Click here to read more about this," so that clients come in more informed. All of the innovation that is coming with the power of AI as well is hugely exciting for me as a clinician and as a CEO. Wow. Thank you. Our partnership with you is relatively new, and I can speak on behalf of our IDEXX teams. We're energized and grateful for the chance to be your partner. That's led us to do a pretty significant conversion of your lab business. Perhaps you could share a little bit around how our joint team showed up together, how that transition went. Maybe give us a reflection on that. Yeah, I think it's fair to say I've worked with IDEXX since I was seeing practicing practice when I was 14, packaging up samples to send to our local lab. So, I've known IDEXX for a long time. But yeah, I think it's been the last two years when our understanding of each other's companies and our perspectives has really strengthened. What has really amazed me is how similar they are. When I visited here for the first time, the passion that all the team members I met have for looking after pets. You don't imagine that someone creating the machine you're going to use in practice is as passionate about pets and talks about that when you meet them, so it's lovely to see. Then moving on to the lab switch, changing close to 400 sites, external lab provider, courier service, all of those things, that's change management at a huge scale. Then we discovered we had to do it in an accelerated fashion over the span of two months. I think we had lots of phone calls organizing it, but actually it went incredibly well. I was surprised actually by the Net Promoter Scores you put on here because I think if you asked our teams around that experience and their experience of their external lab provider in the U.K. now, it would be higher than that. I am sure it would. So huge thank you to all the teams that are involved because it has gone incredibly well and just in time for the inclusions we added to our pet health plan and the increased volume as well. Beautiful. It went very well. Beautiful. Thank you for that. Maybe just because we are never satisfied, this is probably something we share together, which is thank you for those kind words. We are always more interested in what we could do better or more of to serve you and serve your clinicians. So I will ask the other side of the coin question. What is it that we could do as a company better to support you? Yeah. So I think it is two main things. First one would be training. Training for all members of the clinical teams. So the front of house teams, them understanding what happens about a sample, why Cancer Dx is such a fantastic thing. So you cannot do enough training because people forget. You train and then two months later they forget. So training, which you guys already do an awful lot of. The second is simple workflows. I think the recent partnership we have had training out on Cancer Dx through lots of roadshows around the U.K. has been a really great example because the person in our team who was working with your team came and saw me in the office and said, "I want you to see the materials we are using." She put this folder on my desk, and I thought that was the materials from every roadshow. No, these were just one set of materials. I think everything had been thought about, checklists, asking where the laminated sheet would go. It was all about making sure our clinical teams understood the workflow so that they would adopt these things really easily. I was heartened by the commercial discussion echoing that. Sometimes as a clinician, you are on the end of what feels like a sales pitch. Actually, you are worried that they do not understand how challenging changing those workflows is. What I heard today is they absolutely understand that their job is still to sell stuff. Yeah. At the end of the day and make you see what is really good for your business. They should not change what they do, but echoing more that they understand the workflow and the changing workflow. In hospitals that have got a lot of employees, getting them all to understand and change that workflow is challenging. Yeah. Thank you. Just focusing still on those two things, which you do, but doing more of. We're listening. Thank you. With a few minutes left, maybe two questions. One is, we haven't really touched on artificial intelligence. I'd love to get your view on how that is, in your mind, going to play out in supporting your clinicians and care teams. Secondly, just as you're leaving final thoughts with this group around over the next 5 or 10 years, what do you think is going to be materially different? What does that future look like to you? Yeah. I think those two things are linked. I am a dinosaur when it comes to IT. Even I am now in love with Claude. I think AI is huge. The veterinary profession's very traditional. We haven't even touched yet really using AI at scale for customer communications. We're just getting our head around how many reminders you should send to somebody to prompt them to come in. Imagine a world where we're calling them and it's seamless, and the AI makes the appointment vary in a very personalized way. There's a huge amount to come. I know our clinical teams want more help with prompts around clinical treatment plans. Imagine when that's in the practice management system and the prompts are coming up saying, "These are the treatment options. These are the differential diagnoses." All of that will be immensely powerful. Using AI to work out which treatment pathways actually enhanced our patients' well-being, which caused them to live longer, what were the treatment options that worked. All of those things I think are going to be huge. I think for me, if you look forward now, we all had a fantastic time during COVID. There was more work than we could shake a stick at. Our clinical teams didn't have such a great time. Coping with that volume of work was really challenging. They're all now having maybe a slightly easier time. We're all mourning the loss of that volume of growth, but it was inevitable. The COVID moment and the growth was always a bit of a blip. You saw earlier, we're still seeing the same growth trajectory. When we look at our active patients, actually they are coming in as often, or actually when you look at the age profile for that age group, they are coming in more often than they used to do. All of those things are positive in our profession. We have a great profession. We have a great sector. There are a huge amount of things to look forward to. People love their pets more than ever. I think the younger generations will love their pets more than the last generation before them. We have got huge improvements in medicalization happening. Our Southern European countries are growing phenomenally. Double digits still. Why? Because actually medicalization, humanization of pets is further behind. The U.K. is further behind the U.S., so there are huge growth trajectories left in many parts of the world. I think if you see what AI is going to unlock, as well as the trajectory of people still love their pets, they want to do what they can for their pets, and there being more options, I think we have got a lot to be optimistic about. Beautiful. Well, it has been a real treat, and we are grateful that you took a little hop across the pond to join us today. Thank you for your insight and perspective. It has been tremendous. Thanks, Jo. Thank you. For everything IDEXX has done. I'm going to transition to We'll let Andrew do it. Andrew, you're up. Well, good morning. I'm Andrew Emerson, IDEXX's CFO. Thank you all for joining our sessions today, and thank you, Dr. Malone, for sharing your insights as well. On the screen here, you can see Sunny and Yuki. These are two of the six rescues that we have in the Emerson household, and we're equally distributed between felines and canines. We are what Julie described earlier as a family with pet permanence. We love our pets today, and we see many more in the future with us. I'm pleased to take you through our financial review. Today, we'll discuss how we're advancing our growth strategy and our overall financial management approach associated with that. Our strategy is really centered on our mission, which is to improve pet healthcare. We do that through expanding the use of diagnostics and software centered on innovation and customer engagement. That builds durable revenue annuities that benefit from scale to deliver strong financial returns and free cash flow generation. This consistent focus strategy has delivered outstanding multi-year financial performance, really aligned with the long-term goals that we've set. Our core attractive businesses and the segments in which we operate in produce ongoing ability to scale operating margins and generate cash. 2026 is on track for another year of strong financial performance. A key driver in this financial performance is our ability to expand CAG diagnostic reoccurring revenues on a worldwide basis. In the last five years, we've expanded these revenues by 10% annually to deliver over $1 billion of highly durable incremental revenue with high margins. Our commercial model is really the key to how we continue to advance this. As George defined earlier, we've really continued to refine this model over a decade plus, and it is globally applicable because it's centered on partnering with our customers. As they grow, we grow. This expansion of revenue is really an expression of the value that customers see in the IDEXX solutions. We see a long runway of growth ahead of us. In the U.S., we see potential for 10%-13% long-term growth on average per year. Internationally, it's even higher as the role of diagnostics is in earlier stages. While clinical visits remain elevated to pre-pandemic levels, we know this has been a key constraining factor to our growth more recently. Clinical visit declines have persisted, and recovery has really been uneven. This started with challenges within the clinic. Staffing was a problem that constrained growth, then broad cumulative inflation continued to compound on consumers. In areas like wellness, that for some can be seen as discretionary, have been more impacted by that. We also know that puppies have also played a role and created a headwind. In periods where we see economic pressure on the consumer, they are slower to add and replace pets. We have seen this before, but we expect this to return over time. We have a number of long-term growth drivers. There is an expanded, an aging pet population. The pet-human bond, as you just heard about, continues to be strengthening. The role of diagnostics in veterinary services is an important characteristic that we continue to advance. IDEXX has been remarkably resilient through this entire period. We have grown well above clinical visit levels through a long period of time. This durability starts with the deep customer relationships that we have. High loyalty rates in the high 90% in areas like VetLab and reference lab imply decades of lifetime value per customer. These deep, trusted relationships pave the pathway for a conversation about innovation to focus on care expansion. That growth continues to support our ability to expand operating margins over time, and we have a long-term track record of delivering the higher end of our long-term goals. That is in the face of some of these pressures that we talked about in the industry and while we invest towards developing the sector over time. In the last 10 years here, we have continued to expand our margins meaningfully. In 2026, we are expecting to deliver over 32% operating profit margin on the year. We do this through continuing to leverage gross margin and our back-office functions in G&A. Those are the predominant areas as we invest in research and development and commercial capabilities, as well as digital enablement as we move forward. We see a long runway ahead of us to continue this as well. Turning our attention to as we move forward, there is a number of areas that continue to drive demand within the sector. For those coming into the practice, diagnostics continues to play an increasing role in that visit type that they come in for. That is evidenced by the percentage of clinical visits, including blood work, expanding on average by about 50 basis points per year. As pets age, they continue to need higher levels of diagnostic utilization. There is a meaningful change when they reach seven years and older, and we know there is a pandemic cohort that is now starting to enter these age brackets. We see multi-year tailwinds associated with diagnostic utilization that do not count on clinical visit changes at all. Innovation can add 2% + to CAG diagnostic recurring revenue growth potential. We are seeing the early benefits of that already, and we have built a robust pipeline that supports this direction well into the future. We have a focus on our core menu expansion, where these are rapidly adopted because they are designed to play on our install base that is out there today. We know we have large install bases in categories like chemistry analyzers with Catalyst and hematology with ProCyte. This is our focus from a Technology for Life perspective to continue to innovate, deliver new menu, and deliver new capabilities to help clinicians around the world. We have also built capabilities to expand transformational innovations and change the paradigm that we talked about earlier. These are meaningful and in categories more recently, like oncology and cytology, we are starting to roll the effects out of this innovation capability. They are also more than just the direct benefit that you see in this 2% + potential. There are multiplier benefits that come with this. Often, our innovations allow you to uncover more for less, and this step function change in cost can continue to broaden access to innovation and diagnostics and allows for more comprehensive testing. In the case of canine lymphoma, we have seen a significant reduction in cost to help with affordability when trying to advance cancer cases. This not only identifies cancers earlier, but the affordability of characterizing these between B-cell and T-cell are really important. As Mike described earlier today, we are adding mast cell tumor detection and hemangiosarcoma at no additional cost when you include it with our reference lab panels. As we design these platforms and add new menu, analyzers appreciate and value over time and continue to broaden capabilities in the clinical setting. That is very different than most assets that depreciate. We see a long runway ahead of us to continue to place instruments. We have over 200,000 placement opportunities for our core analyzers alone. In these transformational innovations, areas like inVue and MultiCue not only expand that to attract new customers, but they bring new capabilities to our current customers. Combined with our high levels of loyalty, we see the potential for 10% + install base expansion over time. These placements also benefit from connectivity through software that has long been valued by our customers. Cloud-based software helps expand the workflow capabilities and efficiencies within the clinic, but it also supports this multimodal approach. Our cloud-based business has continued to grow double digits over a long period of time and continues to improve in terms of profitability as we lead the way to converting from an on-prem to a cloud-based approach. It also expands the capabilities within the clinic to help them work through challenges they face every day. When combined with diagnostics, we see the multiplier benefits associated with these two categories. As you can see, blood work inclusion for wellness exams is meaningfully higher in the case where these two categories are used together. Bringing this all together, IDEXX execution and innovation continues to sustain our long-term growth potential for CAG diagnostic recurring revenues. These are the building blocks that we think about. Utilization and innovation is the largest category as we advance diagnostic solutions to help bring confidence to clinicians in managing complex cases. We also see significant opportunity in areas like wellness to continue to benefit earlier screening, earlier detection, and improve patient outcomes. We talked about the long runway of continuing to add new customers and expanding our core instrument install base as well. That is a meaningful driver with significant runway ahead of us. Net price realization is rooted in the value that we create with our customers. And this is something that we've seen elevated more recently given the inflationary environment that we've been operating but has come down over the last several years in a long-term outlook of 2.5%- 4%. So without any benefit from clinical visits, we expect this business can grow between 8.5% and 11% on average over time. Now, we do expect clinical visits to come back, and that'll be another tailwind for us as part of our overall growth. In 2026, this is a solid proof point where we're actually delivering on the upper end of these ranges today, even in face of clinical visit headwinds. CAG Diagnostics recurring revenues form a strong foundation for us. But we also see growth potential for software and diagnostic services on a recurring basis at 15-plus percent. As we talked about, these two categories amplify each other. They create new opportunities to continue to improve patient outcomes while advancing overall growth. While it may be a little bit more uneven, our capital revenues, our instrument revenues, we could see delivering +5% revenue growth potential. Our water and LPD businesses operate within great sectors as well, delivering between mid and high single digits in those categories to deliver a 10%+ organic revenue growth potential. This growth also enables operating profit improvements, as we highlighted. A key driver of that has been and is expected to be our ability to continue to expand gross margins. We have high incremental margin on the recurring revenue base across these categories. So growth benefiting from scale creates a virtuous cycle where we continue to improve our overall ability to scale the business profitably. But we're also focused on continuing cost reductions. You heard Mike talk about, and we've talked about in the past, areas like lab operations through automation and AI enablement. But we do this across the board, manufacturing and supply chain and even our back-office functions. We're constantly looking for productivity in everything that we do. Our software margin, as we moved from on-prem to a cloud-based approach, continues to have high incremental margins as well. So we leverage these benefits in gross margin and G&A to invest back in our strategic priorities of innovation and commercial enablement. We test all of the investments that we make against a core set of principles. They must support our core businesses of diagnostics and software and solve veterinary challenges. They also need to fit into our multimodal approach. So we don't care whether we're looking at OpEx or CapEx or business development. We use the same principles in everything that we do. These are our strategic priorities in how we think about making those investments. We have ongoing processes to look outside of our four walls. We're constantly sourcing and assessing opportunities beyond what we do internally in order to strengthen our assets. In the last five years, we've spent about $400 million in this area to deliver new diagnostic capabilities, software capabilities, and digital capabilities in areas like AI. This disciplined approach has led to the high 50% ROIC. Our long-term potential also includes expectations for strong free cash flow generation. We've consistently seen high conversion rates of net income to free cash flow as part of the business model, and we use that cash to reinvest back into our organic growth strategy and augment through business development opportunities. Yet we generate significantly more cash than we need on an ongoing basis. Typically, we're spending capital in the range of 4%-5% of our revenue per year, oriented around expanding capabilities and growth. We want to continue to return excess cash back to our shareholders, and we found share buybacks has been a really compelling way for us to do this because we believe in the long-term value of the business. You can see over this time period, we reduced our overall share count by about 20% at prices meaningfully below where today's price is. Free cash flow per share on the right hand of this slide really captures our overall model, our growth, our margins, our capital intensity, and our capital allocation approach. This has compounded 25% since 2015. That brings me to my close, at a slide that deliberately doesn't change. This consistency is the confidence that we have in the future of this sector and the strategy. We see potential to continue to grow the business 10-plus percent on an organic basis, deliver 50 to 100 basis points of comparable operating margin, and capture benefits from capital allocation to deliver 15% EPS growth on average per year. Diagnostics and software combined create a meaningful opportunity ahead of us to continue to grow into. At the same time, we elevate our customers, our employees, and our shareholders. That concludes our financial review, and I'd like to welcome Mike back to the stage, and we'll transition to Q&A. Great. Thanks, guys. Good morning. Jonathan Block at Stifel. Mike, maybe for you, we all look forward to the MultiCue event at VMX in 2027 that you highlighted. For inVue, I think you held an event at 2024 VMX, but call it the launch did not really start for another 12 months or so. Maybe you can just talk a little to the rough timing of MultiCue's launch. Do we think about 2027 as an introduction or a launch per se, just using that inVue analog? Then just a second part, same question. inVue's $3,500- $5,500 revenue per box, at a high level, without getting too detailed on what MultiCue does, how do we think about MultiCue, a premium or a discount to that revenue range? Thanks very much. Great. Hey, John. Thanks for those questions. We're not talking about the timing today with MultiCue Dx. The main thing we talked about is the event that we have where we'll share more about all of that. What I will say, just to reinforce a couple of things that I said on stage, is that it's in an entirely new category, so it complements everything that today happens within our VetLab suite. It's going to be paradigm changing. The other aspect that's important to appreciate is that this is not like an OEM instrument where we're slapping a name badge on this, putting IDEXX on something that comes from the outside. This is something that was designed here from a blank piece of paper and built up. It's manufactured here. We know that it's purpose-built for the veterinary industry, addressing real concerns and a real gap that we see at the point of care. We're excited to talk more about that. We'll talk more about economics there today. I don't want to say more about that today, but when we get to the event, we can talk more about those things as well. Thank you. Thanks, John. Great. Thanks, Erin Wright, Morgan Stanley. So two macro questions for you. Just one, the data on slide 59 to 60. It was interesting. It just shows that resiliency in pet spending, but how much of that is price driven given existing or treatment of existing pets may be more resilient, but how do you think about that pet replenishment? You talked about those historical trends. What gives you confidence that you're going to see something similar to what you saw, given that this time around maybe it's different than what we saw during GFC? Then we also have the pleasure of having Dr. Malone. I think she's still here. Yes. Okay. Oh, hi. I think it's great to hear a lot about the U.S. market, which you provided a lot of data on, but would love to hear what you're seeing just macro-wise in Europe, just given how broad-based your practices are across the region. How are your same-store visits, same-store sales trending relative to the overall market? How do you see that evolving as well? Thanks. All right. Do you want to start with the first part of the question, and I can then talk about international? Yeah, sure. I think when we think about the industry, and Julie Godon was able to share some of these insights, we have seen in the past, and more than just the great financial recession more recently. That's an example. But we have seen when consumers are going through periods of challenge economically, they tend to be slower to add and replace pets. We've also seen the high resilience of that. I think at this point, and you heard from Dr. Malone that generationally, pet parents still love their pets. They still see a lot of conviction in bringing pets into their home. I think we have high confidence that at some point along the way here, this will remain kind of a resilient market, and we'll continue to see pets join the overall population. Keep in mind that medicalized pet population is elevated compared to pre-pandemic levels. Right? I think there's a strong foundation here that we can continue to build off of, and we've proven that over a long period of time as well. It's something we'll pay close attention to, but I think we do have conviction over a longer period of time that we'll see the return of clinical visits, and the pet population will continue to expand. Yeah, maybe just to build on a couple of those points, and then I'll come back to your question, Erin, around the international outlook. This deep bond between pets and people that Andrew talked about and we talked about today, pet permanence, that's the driver of this long-term conviction that we have. When you layer on top of that these other things that we talked about, the fact that pets are living one to two years longer is incredibly profound. They're not just having to visit more, but they need more care when they visit and when they come in. You're tacking that extra one or two years on the end of that curve where you're seeing their care needs go up as pets age, just like with people. The breed mix story that Julie talked about, that's consumers opting into breeds that they know. This is not a secret. Everyone knows that these breeds need more care, but that's what consumers want. So all these factors to us when we put it in are what bolster this long-term conviction that we have around both visits and demand for care. We can see it today. We're outcompeting some of the headwinds that we face today with what we're doing in terms of innovation, in terms of what George talked about, partnering with customers. So we know we can move the needle on this, but we have a lot of conviction in the future in general. Then specifically coming to international, Aaron, that's a place where we've invested significantly over the years, not just with our presence and our proximity and expanding our commercial organizations, but also investing into our reference laboratory network so we have more reach and can really provide an excellent service offering. We've invested into localizing our softwares. We have VetConnect PLUS, for example, localized in every one of these countries. Then in our portfolio, you can look at product market fit choices that we've made with things like SNAP 4Dx Leishmania for Southern Europe, where that's a real need, or even ProCyte One, which is a global platform, but part of the impetus for that was recognizing that there are certain parts of the world that needed a high-performing but lower cost platform for hematology, and ProCyte One is fitting that need exactly. The overall macro is somewhat similar, differs a little bit by country. I think Dr. Malone nicely talked about the differences between Northern and Southern Europe. As Jo put it so beautifully, people love their pets all around the world, and there is tremendous opportunity as we look internationally, particularly seeing how the development of wellness is maybe a little further behind in a sense relative to the U.S. But some of the really interesting innovations that Dr. Malone talked about, like these wellness programs that we are seeing you advance in VetPartners in other parts of the world, I think will be a key driver of that. Hey. Hey, Mike. Thanks for taking the question. Mike Ryskin, BofA. I have a little bit of a multi-parter, but it is all on R&D and innovation, so I will just try to bang it all at once. You highlighted MultiCue obviously, and you spent a lot of time talking about that. I think you had a slide where you showed new platform launches over the last 5, 10 years, Catalyst One, SediVue, inVue, MultiVue coming next. It feels like there is a new platform every roughly three or four years. What I want to get at is how much room is there for more platforms at the point of care, in a joking context of like how many boxes can you fit on the bench, and if there is room for more. You also talked about $1.3 billion of R&D over the last seven years, and then $1.3 billion over the next 5+, so certainly continue to ramp that. Where is that incrementally going? Is that more on new platforms, new systems? You had that, I think it was $80 million of in-licensing four or five years ago that led to the two POC platforms. Is it internal? Is it partnership in-license? Which parts, more reference lab or point of care or software? Last one tied to that, the 2%+ innovation in the LRP. You have the platform side of things, but you have also got the menu expansion on the existing platforms. Is there one that is more biased to driving that 2+ versus the other? Okay, Mike. I am going to try to make sure I stay on track to all three of those questions. Maybe Andrew, I will hit the first two, and you can round those out and hit question number three. I shared, I have the privilege of looking behind the curtain and getting to see what is coming from a pipeline perspective, and I will just say it again, I have never been more excited about the innovation pipeline at IDEXX. We are in the very early stages of this broad-based innovation cycle, some of which we have talked about openly, and obviously as we have done in the past. We do not talk about all the things that we are working on. We want to talk about those when we are ready to talk about them. I love the fact that today I shared that we are going to be coming back and talking more about MultiCue Dx at the VMX conference. Mike, you are asking me about what comes after that. I think that is the way we think about things, too. There is always more to come. From an innovation standpoint, maybe I will pivot a little bit to the investment side of things. It is really broad based. We are innovating across all three of those areas that I talked about in our innovation stack. It is platforms. That is a really significant area of investment for us, but it is also assays and tests and capabilities on those platforms. You saw today, throughout the day, across all these different platforms applying this Technology for Life approach. We know that is really valuable. It creates a really good financial return, but even more valuable and what is sort of driving that is it is creating more clinical value in the hands of our customers. Our customers love the fact that they can go home on a Tuesday and come back to their practice on a Wednesday, and their IDEXX instruments do more, and they did not have to do anything. That is true across the board. We talked today about Catalyst. We talked about inVue Dx, MultiCue Dx we built with that same platform extensibility in mind. That is new testing. Then we talked also today, and I talked about software and AI and innovation, data connectivity. That is another real important area of investment for us for all the reasons that we talked about. It is a great business to be in. I think even more important than that is we just see that opportunity to close the intent to care gap. There is friction in the practice. Dr. Malone talked about it as well. If we can do anything, and as we do these things, to take a little bit of that friction out and make it easier for our customers, reduce that cognitive load, make it easier to do things like wellness in the practice, that benefits their practice. That provides more care to more pets, and we see the growth through our diagnostic recurring revenue. Do you want to hit the last part? Yeah, just on the revenue side of this. Again, I think there's the multiplier effects of innovation. It could be probably a little bit hard to parse out what is that direct contribution between category or product because it all works together. There's significant opportunity to continue to expand just the basic use of blood work and how do we think about doing that through innovation approaches, like adding Cancer Dx into wellness panels at a cost that makes sense for our customers and their clients. At the same point, we think about how do we enter these meaningfully new disease state areas and bring capabilities over time into the clinic for workflow efficiency and insight and consistency. We are constantly balancing those dynamics and I think they are both really meaningful contributors to that overall growth number. Hi, thank you for your presentations. Navan from BNP. We know that Zoetis is working on some renal therapeutics in dogs and cats, so maybe if you can discuss the potential tailwinds for IDEXX of upcoming therapeutics in new therapeutic areas. My second question is on software, if you could maybe discuss a bit further your strategy and progress towards the 15%+ growth potential goal. Okay, great. Thank you. Yeah, thanks Navan. We've always seen this benefit as we roll out diagnostics innovations. It in turn inspires innovation on the therapeutic side. We saw that with IDEXX SDMA. It stimulated a lot of exciting innovation in terms of renal protective diets. They've been around, but there's been some great innovation there. And obviously having more innovation on the therapeutic side along with diagnostics innovation helps to grow the sector. It helps to grow the pie. There are more options for clinicians and more options as they diagnose and find disease earlier. I think any investment like that is good, and certainly renal disease is an area of real need, particularly for cats. I think we're seeing the same, and I would expect to see the same thing in cancer, for example, as we're really bringing forward new innovations there and just across the board. If it grows the sector and it helps more pets, it's good. On the software side of things, we've been really pleased with the momentum that we have in software. Double-digit growth in terms of our cloud PIMS growth. You saw Tracy talk about the really strong high double-digit growth in terms of users on Vello and everything that we've done there. We're really pleased with the momentum and the trajectory as well as the opportunity ahead in software, not just for what it does in terms of the software business, but in terms of what it does for diagnostics. Thank you. With that, we are going to draw the program to a close. I want to thank all of you for your participation throughout the day. I want to thank our presenters for all the insights and everything that they've shared, and that concludes our 2026 IDEXX Investor Day program. Thank you very much.