Idexx Laboratories, Inc. · NASDAQ:IDXX
Idexx Laboratories — Investor Day (August 2026)
163 slides from Idexx Laboratories's investor day presentation, Aug 13, 2026
Slide 1: IDEXX 2026 Investor Day
IDEXX Laboratories, Inc. 2026 Investor Day August 13, 2026
Slide 2: Innovation Driving New Care Paradigms and Growth
Mike Erickson, PhD President and Chief Executive Officer Innovation Driving New Care Paradigms and Growth Loki © 2026 IDEXX Laboratories, Inc. All rights reserved.
Slide 3: Agenda – Strategy, Sector, and Commercial
Agenda – Strategy, Sector, and Commercial Mike Erickson, PhD Innovation Driving New Care President and CEO Paradigms and Growth Julie Godon 2026 Investor Day Senior Vice President Sector Insights and Opportunities and Global Marketing Officer George Fennell Partnering with Customers Executive Vice
Slide 4: Agenda – IDEXX Innovation Growth Drivers
Agenda – IDEXX Innovation Growth Drivers Mike Lane Multi-modality Diagnostics Innovation: Executive Vice President and GM Spotlight on Cancer CAG Diagnostics Business Pooja Pathak Transforming Diagnostics 2026 Investor Day Senior Vice President and GM at the Point-of-Care IDEXX VetLab Tracy Byers I
Slide 5: Agenda – Customer Perspective and Financials
Agenda – Customer Perspective and Financials Michael Schreck Customer Dr. Jo Malone Executive Vice President, DVM, Founder and CEO, Conversation VetPartners Group Veterinary Software and Corporate Accounts Andrew Emerson 2026 Investor Day Executive Vice President Financial Review and Chief Financial
Slide 6: Safe Harbor and Legal Disclaimers
Safe Harbor and Legal Disclaimers Forward-Looking Statements. The following presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and beliefs, as wel
Slide 7: IDEXX’s Purpose-Driven Business Focus
IDEXX’s Purpose-Driven Business Focus To be a great company that creates exceptional long-term value for our customers, employees, and shareholders by enhancing the health and well-being of pets, people, and livestock. © 2026 IDEXX Laboratories, Inc. All rights reserved. 7
Slide 8: Innovation Driving New Care Paradigms and Growth
Innovation Driving New Care Paradigms and Growth + Significant global testing opportunity driving veterinary care envelope ($45B+ TAM) + Innovation-driven growth strategy + Multiple new-to-world platforms + New testing category creation (e.g., Oncology) + Technology for Life menu expansion + Softwar
Slide 9: © 2026 IDEXX Laboratories, Inc. All rights reserved.
© 2026 IDEXX Laboratories, Inc. All rights reserved. 9
Slide 10: Powerful Long-Term Growth Tailwinds in Pet Healthcare
Powerful Long-Term Growth Tailwinds in Pet Healthcare Expanded, aging pet population with pets living longer and requiring more care Feline care under indexed but growing as cats become more medicalized Younger and lifelong pet parents fueling willingness to spend on pet care Veterinary service infl
Slide 11: Diagnostics Uncover Hidden Concerns for Seemingly Well Pets
Diagnostics Uncover Hidden Concerns for Seemingly Well Pets % Wellness Dx with Clinical Findings* 80% 69% 65% 58% 54% 49% Dogs Cats 46% 40% 40% 36% 33% 31% 29% 29% 25% 26% 21% 20% 20% 18% 18% 16% 16% 17% 17% 13% 14% 13% 14% 13% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15+ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Slide 12: Diagnostics Are Foundational to Practice Success
Diagnostics Are Foundational to Practice Success Diagnostics Diagnostics expand the care envelope – driving demand for additional services, products, and follow-up testing er Oth Up to 80% Examples: Me of a practice’s dical Services + Medical Services: surgery, sick pets total activity N u t ri ti o
Slide 13: Veterinary Practice Economic Health Depends on Diagnostics
Veterinary Practice Economic Health Depends on Diagnostics 2025 Typical U.S. General Practice Profile* Revenue Breakdown EBITDA Breakdown EBITDA Margin % Pharma Nutrition Diagnostics Vaccines 18% 32% 45% Medical Services Highly durable Drives broader care envelope Highest contribution margin Not sub
Slide 14: Variability of Dx Usage Points to Long-Term Growth Opportunity
Variability of Dx Usage Points to Long-Term Growth Opportunity % of Visits Including Bloodwork % of Wellness Visits Including Bloodwork (2025) 49% 19% clinical visits 45% 40% 35% 30% 13% wellness visits 25% 20% 15% Mean*: 13% 10% 5% 23% non-wellness visits 0% Bottom Quartile Top Quartile Top 2% Quar
Slide 15: Practices Using IDEXX Innovations Grow Faster
Practices Using IDEXX Innovations Grow Faster Practice Growth Metrics by # of IDEXX Innovations Adopted (2020 – 2025 CAGR) 9.1% 8.2% 7.2% 7.4% 6.6% 5.7% 0–1 2–3 4+ Products Products Products 1.3% 0.5% -0.4% Average Diagnostic Revenue Average Clinical Revenue Average Clinical Visits per Practice per
Slide 16: Consistent Strategy Drives Strong Growth
Consistent Strategy Drives Strong Growth IDEXX Revenue and Normalized Organic Revenue CAGRs ($B)1,3 $4.3B Other Revenue Sustained Growth Drivers 10% $2.7B 10% + Broad-based diagnostics innovation 11% across new platforms, expanded menu $1.6B CAG Diagnostics + Software business enabled by AI with $1.
Slide 17: Expanding Investment Drives Accelerated Pace of Innovation
Expanding Investment Drives Accelerated Pace of Innovation IDEXX Cumulative R&D Investment Areas of Investment 5+ years Differentiated Assays > $2.5 Billion 7 years Instrument Platforms $1.3B 21 years $1.3B Software, Data, AI, and $1.3B Connectivity 1998 2018 2025 2030 © 2026 IDEXX Laboratories, Inc
Slide 18: Integrated Solution Ecosystem with World-Class Customer Advocacy
Integrated Solution Ecosystem with World-Class Customer Advocacy DIAGNOSTIC & WORKFLOW SOFTWARE POINT OF CARE DIAGNOSTICS REFERENCE LABORATORIES 97%* Customer Retention 64** IDEXX Brand Net Promoter Score 99% Product Availability *CAG Diagnostics Business recurring revenue retention © 2026 IDEXX Lab
Slide 19: Addressing Large Disease Categories with High Unmet Need
Addressing Large Disease Categories with High Unmet Need >$1B ~$3.5B ~$4B ~$2.5B ~$4B Opportunity* Opportunity* Opportunity* Opportunity* Opportunity* Vector-Borne Disease Parasitology Renal Oncology Cardiac Screening Tests for More Fecal Dx Antigen Testing Testing for Kidney Testing for Early Onset
Slide 20: IDEXX Solutions Change the Paradigm in Animal Health
IDEXX Solutions Change the Paradigm in Animal Health Before Today © 2026 IDEXX Laboratories, Inc. All rights reserved. 20
Slide 21: IDEXX Solutions Change the Paradigm in Animal Health
IDEXX Solutions Change the Paradigm in Animal Health Before Today © 2026 IDEXX Laboratories, Inc. All rights reserved. 21
Slide 22: IDEXX inVue Dx is Transforming Point-of-Care Cytology
IDEXX inVue Dx is Transforming Point-of-Care Cytology… Ear Blood Fine Needle Cytology Morphology Aspirates (FNA) © 2026 IDEXX Laboratories, Inc. All rights reserved. 22
Slide 23: Expanding Access and Unlocking Volume of Care
…Expanding Access and Unlocking Volume of Care ~10% of lumps and bumps tested today* more masses tested ~2x with IDEXX inVue Dx 85% lower cost *Estimate based on Key Opinion Leader (KOL) focus group of small animal general practitioners; directionally aligned with broader mixed animal practice data.
Slide 24: Catalyst Expands to Address Major Need in Cardiac Testing
Catalyst Expands to Address Major Need in Cardiac Testing Catalyst proBNP coming October ‘26 Serves significant unmet need 1 in 6 cats* 1 in 10 dogs* Available to all Catalyst customers 80K Installed Base 66K Placement Opportunity *JVetInternMed.2019 Apr 11;33(3):1127-1440.doi:10.1111/jvim.15488 htt
Slide 25: Complete Solution for the Point-of-Care, Built for Veterinary
Complete Solution for the Point-of-Care, Built for Veterinary 2014 2016 2020 2024 NEXT Catalyst One SediVue Dx ProCyte One IDEXX inVue Dx IDEXX MultiCue Dx Trusted Accuracy: Reference lab quality | Load and Go: Low effort sample prep | End-to-End Integration: Optimized workflow Technology for Life ©
Slide 26: MultiCue Dx is Our Next Paradigm-Changing Platform
MultiCue Dx is Our Next Paradigm-Changing Platform VMX January 2027 Designed and built by IDEXX in Maine, USA © 2026 IDEXX Laboratories, Inc. All rights reserved. 26
Slide 27: Long Runway to Expand Premium Installed Base Over 3X
Long Runway to Expand Premium Installed Base Over 3X IDEXX Premium Instrument Incremental IDEXX Premium Instrument Placement Installed Base* Opportunity** 90K ~387K 84K ~6,400 64K International 165K IDEXX inVue Dx 83K Urinalysis Hematology 66K U.S. Chemistry 2025 Total Catalyst ProCyte SediVue Dx ID
Slide 28: Technology-Enabled Reference Lab Excellence at Scale
Technology-Enabled Reference Lab Excellence at Scale 80+ laboratories globally, ~65K customers served New-to-world biomarker and platform innovation Global specialist network for expert interpretation Worldclass automation, digital- and AI-enabled >99.99% sample pickup NPS 63* and processing accurac
Slide 29: We’re on a Mission to Make Cancer History in dogs
We’re on a Mission to Make Cancer History 1 in 4 dogs will be diagnosed with cancer* 25M at-risk dogs globally $2.5B global opportunity across screening and diagnosis *What are the most common types of cancers in dogs? How many dogs typically get cancer? Veterinary Cancer Society; 2021. Accessed Nov
Slide 30: IDEXX Cancer Dx Began with Canine Lymphoma
IDEXX Cancer Dx Began with Canine Lymphoma… Breakthrough performance 99%+ specificity ・ 79% sensitivity B/T-cell phenotyping Breakthrough pricing $15 with most panels* “ This is changing how I practice in ways I never thought possible ” © 2026 IDEXX Laboratories, Inc. All rights reserved. *IDEXX Can
Slide 31: Adding Canine Mast Cell Tumor and Hemangiosarcoma
Adding Canine Mast Cell Tumor and Hemangiosarcoma Mast Cell Tumor Hemangiosarcoma September December © 2026 IDEXX Laboratories, Inc. All rights reserved. 31
Slide 32: Cancer Dx Expands to a Multi-Cancer Panel – At the Same Price
Cancer Dx Expands to a Multi-Cancer Panel – At the Same Price 40% of canine cancers covered $15 with most IDEXX Ref Lab panels* Lymphoma Mast Cell Tumor Hemangiosarcoma © 2026 IDEXX Laboratories, Inc. All rights reserved. *IDEXX Cancer Dx multi-cancer panel is available for as low as $15 in the U.S.
Slide 33: IDEXX Cancer Dx – Integral Part of Wellness Screening
IDEXX Cancer Dx – Integral Part of Wellness Screening Complete Blood Count Physical Vector-Borne Examination Disease Cancer Dx Diagnostic Multi-cancer Testing screening for Fecal Testing at-risk dogs Clinical History Chemistry, All dogs ≥ 7 y/o Electrolytes, At risk breeds ≥ 4 y/o SDMA Current Dx in
Slide 34: Gap Between Clinical Intent and Diagnostics Inclusion
Gap Between Clinical Intent and Diagnostics Inclusion… All Dogs Mature & Senior Dogs 100% All ages 4+ years old 91% What closes the gap? INTENTION % veterinarians would like to offer Diagnostic protocols Chem + CBC during canine wellness visits* 66% and real-time insights 74 pt that support decision
Slide 35: Majority of Pet Owners Say ‘Yes’ When Bloodwork Offered
…Majority of Pet Owners Say ‘Yes’ When Bloodwork Offered Pet Owner Wellness Clinical Bloodwork Opportunity* Currently offered and accepted Would accept if offered Potential 24% 31% 55% “ If there's a way to recommend to my clients that doesn’t feel like an upsell, that would be persuasive and educat
Slide 36: IDEXX Software Powers Care Delivery Optimization
IDEXX Software Powers Care Delivery Optimization Pre-Visit During Visit Post-Visit + Case Prep + Ambient Notes & Charting + Dx Interpretation + Patient History Summaries + Real-Time Prompts + Next Step Actions Veterinarians + Reminders & Prompts + In-Visit Pet Updates + Visit Summaries & Dx Results
Slide 37: IDEXX AI Draws Upon Broad and Deep Data Insights
IDEXX AI Draws Upon Broad and Deep Data Insights IDEXX AI Applications ~35B Historical Dx Results Embedded Instrument AI 750M+ Radiology Image Interpretation Longitudinal Pet Medical Records Disease Registry Studies 650K+ Annual Real-Time Clinical Intelligence Medical Consulting Calls © 2026 IDEXX L
Slide 38: IDEXX Software Addresses Workflow Needs for Practices, Enterprises, Pet Parents
IDEXX Software Addresses Workflow Needs for Practices, Enterprises, Pet Parents INTEGRATED IDEXX Dx ECOSYSTEM In-House Analyzers • IDEXX VetLab Station Reference Laboratories • VetConnect PLUS PRACTICE ENTERPRISE Veterinary Software Digital Workflow PET PARENT Group Oversight Referral 100% Digital M
Slide 39: IDEXX Software is a Force Multiplier for Diagnostics
IDEXX Software is a Force Multiplier for Diagnostics Wellness Bloodwork Inclusion (% of Wellness Visits)* Illustrative future state opportunity +300 bps +200 bps Competitor Competitive ezyVet*** ezyVet + Vello AI-Enabled On-Prem PIMS** With Pre-Visit Personalization Bloodwork Prompt**** *IDEXX CIS d
Slide 40: Global Commercial Model Focused on Deep Customer Partnership
Global Commercial Model Focused on Deep Customer Partnership In the Veterinary Practice Extension of the Practice Veterinary Diagnostic Consultant Medical Consultants Veterinary Diagnostic Specialist Pathologists Professional Service Veterinarian Digital Radiography Field Support Representative Cust
Slide 41: Commitment to Roadmap of Expansions that Bring Us Closer to Customers
Commitment to Roadmap of Expansions that Bring Us Closer to Customers 2021 - 2022 2023 - 2024 2025 - 2026 2027+ Germany United States Australia South Korea Spain Japan UK United States Ongoing Global Commercial Expansions France Brazil Germany Canada South Korea Italy Spain France Sales Operations C
Slide 42: Committed to Our Long-Term Growth Objectives
Committed to Our Long-Term Growth Objectives Estimated Companion Animal Dx Sector Spend ($M)* Sector Growth IDEXX CAG Dx Implied CAGR Recurring Revenue 2025 – 2050 Growth Potential +9% International 10%+ 13 – 16% CAGR ~8% CAGR $6.5B U.S. 7.5 – 8.5% 10 – 13% $4.1B 2019 2025 2050 % of Clinical Interna
Slide 43: IDEXX Innovation Drives Long-Term Growth Potential
IDEXX Innovation Drives Long-Term Growth Potential Innovation creating and expanding testing categories with large TAMs Software, AI, and integrated workflow transforming practice productivity Global commercial expansions driving customer proximity and adoption Long-term, compounding growth supporti
Slide 44: Julie Godon
Julie Godon Senior Vice President and Global Marketing Officer Sector Insights and Opportunities Honey © 2026 IDEXX Laboratories, Inc. All rights reserved.
Slide 45: Sector Insights and Opportunities
IDEXX Investor Day | August 13, 2026 Sector Insights and Opportunities Julie Godon Senior Vice President and Global Marketing Officer © 2026 IDEXX Laboratories, Inc. All rights reserved. 45
Slide 46: Sector Trends Continue to Expand Diagnostic Opportunity
Sector Trends Continue to Expand Diagnostic Opportunity Pet populations remain larger and more medicalized, supporting a growing base of healthcare demand Much like humans, aging pets require more care and diagnostics use Pet ownership around the globe is identity-driven, fueling greater willingness
Slide 47: Pet Population Remains Elevated, Supporting Long-term Growth
Pet Population Remains Elevated, Supporting Long-term Growth U.S. Pet Population and Annual Growth* U.S. Average Annual Clinical Visits per Practice** ~2.5% ~1.0% CAGR CAGR +22M Pets 2019 2025 2019 2025 *Based primarily on modeling of dog and cat population growth leveraging analyses of multiple dat
Slide 48: Medicalized Cat and Dog Populations Have Grown at Varied Paces
Medicalized Cat and Dog Populations Have Grown at Varied Paces Medicalized Patients by Species (Millions)* Chart Title +3.7M vs 2019 65 48 +4.7M vs 2019 26 18 2011 2013 2015 2017 2019 2021 2023 2025 *Analysis based on 2026 IDEXX Practice Intelligence data (n = ~6,000 practices). Medicalized patients
Slide 49: Pet Adoptions Have Proven Resilient Through Cycles
Pet Adoptions Have Proven Resilient Through Cycles U.S. Newly Medicalized Puppies (M)* U.S. Newly Medicalized Kittens (M)* 9 GFC Post-COVID GFC Post-COVID Recessionary Inflationary 9 Recessionary Inflationary 8 Period Period Period Period 8 7 7 6 6 5 5 4 4 3 3 2 2 1 1 0 0 2002 2008 2014 2020 2025 20
Slide 50: Pet Permanence Reflects an Identity-level Commitment
Pet Permanence Reflects an Identity-level Commitment Owning a pet is a long-term 92% commitment for me I feel personally responsible 91% for my pet's wellbeing Caring for my pet is an 83% important part of who I am I would expand spending to 70% cover unplanned care costs Q2 2026 Pet Owner Trending,
Slide 51: Longer Lifespans Expand Lifetime Diagnostic Demand
Longer Lifespans Expand Lifetime Diagnostic Demand Average Patient Lifespan 2015 – 2025* + 16% increase in lifetime diagnostic spend per patient** 14.6 +1.5 years 13.4 11% 13.1 +1.5 years 11.9 13% 2015 2020 2025 *Based on an analysis of IDEXX Practice Intelligence data from ~1.5 million canine and f
Slide 52: Felines Create Opportunity for Accelerated Diagnostic Use
Felines Create Opportunity for Accelerated Diagnostic Use IDEXX study published in Cats fed a renal diet stayed in early-stage disease 2026 monitored 1,430 ~1 year longer than those that weren’t early-stage CKD patients’ stage On average, the renal diet fed group survived 5 progression and survival
Slide 53: IDEXX Platform Innovation Spans Canine and Feline Care
IDEXX Platform Innovation Spans Canine and Feline Care Multi-Modal, Dual-Species Innovation + + + + Catalyst SDMA, Total T4, Pancreatic Lipase, and proBNP SNAP 4Dx Plus and Feline Triple Fecal Dx now with Flea Tapeworm, Cystoisospora and Taeniid Tapeworm © 2026 IDEXX Laboratories, Inc. All rights re
Slide 54: Older Pets Drive Higher Visits and Diagnostic Utilization
Older Pets Drive Higher Visits and Diagnostic Utilization Average Annual Practice Diagnostic Revenue Per Active Patient by Age Segment* Top Wellness Bloodwork Practices** $295 $250 All U.S. Practices $205 $170 $170 $140 $115 $100 $85 $65 Puppies and Kittens Young Adult Senior Geriatric (1 to 3 years
Slide 55: Aging Pandemic Cohorts Create a Visible Utilization Growth Wave
Aging Pandemic Cohorts Create a Visible Utilization Growth Wave U.S. Clinical Visits by Age Group* +26% +14% Clinical Visits -34% 2020 2020 2025 2025 2025 2025 2020 2020 2020 2025 Puppies & Kittens Young Adult Senior Geriatric (1 to 3 Years) (3 to 7 Years) (7 to 11 Years) (11 Years and Over) % Clini
Slide 56: Significant Opportunity to Increase Standard of Care
Significant Opportunity to Increase Standard of Care % of U.S. Clinical Visits % of U.S. Wellness Clinical Visits including Bloodwork including Bloodwork +0.5% per year +0.5% per year 19% 18% +0.5% 15% per year +0.5% 13% per year 10% 7% 2010 2010 2019 2019 2025 2025 2010 2010 2019 2019 2025 2025 Sou
Slide 57: Breed Shifts Increase Future Care Intensity and Spend
Breed Shifts Increase Future Care Intensity and Spend % Newly Medicalized Canines by Spend Level* Total Annual Spend per Patient** (2025 Dollars) Lower Spend (American Pit Bull Terrier, Chihuahua, Yorkshire Terrier) +4.4% 25% 32% - 7 pts. Higher Spend (Golden Retriever, Index vs 2025 French Bulldog,
Slide 58: Strong Interest in Cancer Screening – Elevated for At-risk Breeds
Strong Interest in Cancer Screening – Elevated for At-risk Breeds Benefits of Preventive Pet Healthcare* US would be likely to consider Feeling responsible 80% 74% cancer screening if it improved early detection and is simple Confidence as pet owner 77% Peace of mind 75% of U.S. pet owners with at-
Slide 59: Pet Care Spending Has Sustained Over Time and Income Levels
Pet Care Spending Has Sustained Over Time and Income Levels U.S. Pet Spending as a Percentage of Household Consumption Spending* Total Pet Spending for All Pet-owning Households For All Pet-owning Households By Household Income Segment* Seeking Care** 2024 1.5% 1.5% 1.7% 1.7% 1.6% 0.9% 0.2% 2015 1.4
Slide 60: Analysis of 15M+ Households Reveals Broad-based Resilience
Analysis of 15M+ Households Reveals Broad-based Resilience Average Annual Clinical Spending per Household by Income Level* Diagnostic Spend per Household +6.5% Other Clinical Spend per Household +7.0% +7.0% +7.5% 5-year CAGR** +7.5% +8.0% +6.0% +8.0% +6.5% +9.0% +6.5% +7.0% 2020 2025 2020 2025 2020
Slide 61: Multiple Drivers Support Durable Diagnostic Growth
Multiple Drivers Support Durable Diagnostic Growth Aging pet populations are increasing healthcare demand, expanding lifetime diagnostic opportunity Pet healthcare demand has proven resilient, across economic cycles, income levels and care settings Integrated diagnostics and software support care de
Slide 62: George Fennell
George Fennell Executive Vice President Global Commercial Organization Partnering with Customers to Translate Innovation to Adoption © 2026 IDEXX Laboratories, Inc. All rights reserved.
Slide 63: Partnering with Customers to Translate Innovation to Adoption
IDEXX Investor Day | August 13, 2026 Partnering with Customers to Translate Innovation to Adoption George Fennell Executive Vice President Global Commercial Organization © 2026 IDEXX Laboratories, Inc. All rights reserved. 63
Slide 64: The Realities of Modern Veterinary Care Continue to Evolve
The Realities of Modern Veterinary Care Continue to Evolve Veterinary care continues to Practices are balancing advance in sophistication complexity and capacity More diagnostics, treatment options, Teams are optimizing workflows data, and clinical decisions are and resources while delivering shapin
Slide 65: IDEXX Solutions Meet the Moment Bringing Clarity to Complexity
IDEXX Solutions Meet the Moment Bringing Clarity to Complexity Products Expertise Insights Partnership © 2026 IDEXX Laboratories, Inc. All rights reserved. 65
Slide 66: IDEXX Translates Value Through Our Differentiated Ecosystem
IDEXX Translates Value Through Our Differentiated Ecosystem In the Veterinary Practice Extension of the Practice Veterinary Diagnostic Consultant Medical Consultants Veterinary Diagnostic Specialist Pathologists Professional Service Veterinarian Digital Radiography Field Support Representative Custo
Slide 67: Innovations Generate Customer Interest and Expand Access
Innovations Generate Customer Interest and Expand Access Catalyst Menu Expansion IDEXX inVue Dx IDEXX Cancer Dx More Reasons to Test New Ways to Practice New Standards of Care Expanding diagnostic Evolving how innovative Creates entirely new utilization across everyday solutions integrate into oppor
Slide 68: Breakthrough Innovation Requires Multi-Dimensional Engagement
Breakthrough Innovation Requires Multi-Dimensional Engagement + New diagnostic capabilities IDEXX Innovation + Expanded care pathways + Access opportunity Customer Curiosity + New conversations + Clinical evidence Subject Matter Expertise + Medical credibility + Change management Education & Impleme
Slide 69: Clinical Value Creates Pull Beyond Existing Customer Base
Clinical Value Creates Pull Beyond Existing Customer Base IDEXX Reference Lab Net Promoter Score (NPS)** ~20% 67 63 64 61 53 47 Of IDEXX Cancer Dx 37 submitting customers 25 are not IDEXX +36 pt. NPS improvement among primary reference non-IDEXX lab customers since 2024 lab customers* 2023 2024 2025
Slide 70: Early Adopters Grow Clinical and Diagnostic Revenue Faster
Early Adopters Grow Clinical and Diagnostic Revenue Faster Practice Growth Metrics by # of IDEXX Innovations Adopted (2020 – 2025 CAGR) 9.1% 8.2% CAGR CAGR 7.4% 7.2% CAGR 6.6% CAGR 5.7% CAGR CAGR 4+ 2–3 Products Products 0–1 Products Average Diagnostic Revenue Average Clinical Revenue per Practice p
Slide 71: Global Diagnostic Utilization Remains a Significant Growth Lever
Global Diagnostic Utilization Remains a Significant Growth Lever Estimated Diagnostic Revenue per Companion Animal Practice Indexed to the U.S.* 100% 80% 60% 40% 20% 0% US CA AU UK NZ Nordics CH DE FR BE NL TW AT PT IT Next 14 Countries in Terms of Total Diagnostic Revenue *Revenue per country estim
Slide 72: Multiple Drivers Support a Durable, Decades-long Growth Runway
Multiple Drivers Support a Durable, Decades-long Growth Runway Companion Animal Customer Overlap Global Incremental IDEXX Premium Instrument Placement Opportunity** % of IDEXX Ref Lab or IHD Chemistry Customers or IDEXX Customers for Both* 90K MultiCue Dx North America Europe Asia Pacific IDEXX inVu
Slide 73: Commercial Expansions and Innovation Driving International Growth
Commercial Expansions and Innovation Driving International Growth International CAG Diagnostics Recurring Revenue and Organic Growth CAGRs2 ($B) International Premium Instrument Installed Base* $1.2B 12% CAGR 96K IDEXX 13% inVue Dx CAGR Urinalysis $0.7B Hematology 52K Chemistry 2020 2021 2022 2023 2
Slide 74: Proven Playbook, Refined Over 12+ Years, Now Scaling Globally
Proven Playbook, Refined Over 12+ Years, Now Scaling Globally Commercial Playbook Accelerated Global Execution 2021-2022 2023-2024 2025-2026 1 Customer Segmentation Right customer, right opportunity Customer Proximity Germany United States Australia South Korea 2 High-frequency engagement drives ado
Slide 75: Advancing Investments to Expand Customer Reach
Advancing Investments to Expand Customer Reach 2025 Reach to Revenue 2025 Reach to Customers Customers per Territory 92% 81% 256 70% 116 34% * * * *Europe region is the average of the top five largest countries (Germany, France, UK, Spain and Italy) that utilize the IDEXX Commercial (VDC) Model (202
Slide 76: Proximity Builds Deep Relationships and Partnership-Led Growth
Proximity Builds Deep Relationships and Partnership-Led Growth Customer Perspective IDEXX Perspective "Our mission is to provide “The support is very, very the best possible care for important to them, as is our patients, and the best the advice – that you’re not possible care naturally simply selli
Slide 77: The Commercial Engine Behind Durable, Long-Term Growth
The Commercial Engine Behind Durable, Long-Term Growth Today’s veterinary clinics are operating under unprecedented complexity – IDEXX brings clarity Our highly differentiated commercial model is a structural advantage that translates innovation into adoption IDEXX's proven commercial playbook, refi
Slide 78: Mike Lane
Mike Lane Executive Vice President and GM CAG Diagnostics Business Multi-modality Diagnostics Innovation: Spotlight on Cancer Summer © 2026 IDEXX Laboratories, Inc. All rights reserved.
Slide 79: Break
> “Break Return in ~15 minutes
Slide 80: Multi-modality Diagnostics Innovation: Spotlight on Cancer
IDEXX Investor Day | August 13, 2026 Multi-modality Diagnostics Innovation: Spotlight on Cancer Executive Vice President and GM Mike Lane CAG Diagnostics Business © 2026 IDEXX Laboratories, Inc. All rights reserved. 80
Slide 81: Innovation-Led Growth Through Diagnostic Insights
Innovation-Led Growth Through Diagnostic Insights Care that reaches further – the right diagnostics, at the right moment, for every patient One connected experience – Point-of-Care, Reference Labs, and digital ecosystem working as one Customer advocacy across modalities – built on world-class produc
Slide 82: From Novel Biomarkers to Integrated Diagnostic Protocols
From Novel Biomarkers to Integrated Diagnostic Protocols Innovation designed for diagnostic insights across every care setting Novel Biomarkers Diagnostic Protocols Connected Experience © 2026 IDEXX Laboratories, Inc. All rights reserved. 82
Slide 83: Real-Time Diagnostics Enable Care During the Patient Visit
Real-Time Diagnostics Enable Care During the Patient Visit Point-of-Care Platforms Real-Time Care + Same-visit diagnosis and treatment decisions + Higher compliance with recommendations Simple by Design + Load-and-go workflow C h e mi str + Accurate, reliable results log y Cyto y Technology for Life
Slide 84: Reference Labs Serve as Extensions of the Veterinary Practice
Reference Labs Serve as Extensions of the Veterinary Practice IDEXX Reference Labs Sophisticated Hub-And-Spoke Network + 80+ Laboratories with ~65K customers served + 260+ Pathologists, with follow-the-sun coverage Please World-Class Experience replace image + Over 7M courier pick-ups with a P a t h
Slide 85: World-class Capabilities Across Diagnostics and Software
World-class Capabilities Across Diagnostics and Software 2026 U.S. Net Promoter Score* (NPS) World-class Level = 50 ProCyte Catalyst IDEXX VetConnect SNAP Reference Labs PLUS *Double-blind primary research study conducted in April-May 2026. Question: How likely are you to recommend the following pro
Slide 86: Integrated Protocol for Lyme Disease Detection and Treatment
Integrated Protocol for Lyme Disease Detection and Treatment 1 2 3 Screen and Quantify Decide and Treat Recheck and Monitor IDEXX SNAP 4Dx Plus IDEXX Lyme Quant C6 Rapid screening for Lyme Quantification of antibodies for disease, heartworm, Lyme disease treatment ehrlichiosis and anaplasmosis Resul
Slide 87: IDEXX Integrated Oncology Solution Expands Clinical Insights
IDEXX Integrated Oncology Solution Expands Clinical Insights IDEXX Cancer Dx IDEXX inVue Dx Earlier, accurate and Pathologist-trained affordable detection of for canine mast cell tumor, with cancer in at-risk dogs ability to reflex to a specialist Best-in-class Portfolio of Oncology Diagnostics and
Slide 88: Customers Around the World Value a Complete Diagnostics Solution
Customers Around the World Value a Complete Diagnostics Solution Companion Animal Customer Overlap % of IDEXX Ref Lab or IHD Chemistry customers or IDEXX Customers for Both* North America Europe Asia Pacific 60% 46% 43% IDEXX Ref Lab IDEXX Point-of-Care (IHD Chemistry) Both IDEXX Ref Lab and Point-o
Slide 89: “Testing Begets Testing”
“Testing Begets Testing” Percentage of Trailing 12-Month U.S. Clinical Visits Including a Chemistry Panel by Practice Decile 32% 18% Reference Lab 18% Overall Mean 17% 14% 12% 9% 10% 7% 5% 6% 4% 15% Point-of-Care 2% 6% 7% 8% 7% 7% 8% 8% 8% 4% Bottom 2 3 4 5 6 7 8 9 Top Decile Decile Source: Based on
Slide 90: Innovation Enables Major Disease Franchise Expansion
Innovation Enables Major Disease Franchise Expansion Cardiac Disease Oncology ~$4B Opportunity* ~$2.5B Opportunity* + Catalyst proBNP (2026) + IDEXX Cancer Dx Canine Mast Cell + Lab CardioPet proBNP Tumor & Hemangiosarcoma (2026) + Diagnostic Imaging + IDEXX Cancer Dx Canine Lymphoma + IDEXX inVue D
Slide 91: Extensive Opportunities to Grow Breadth and Depth of Testing
Extensive Opportunities to Grow Breadth and Depth of Testing Number of U.S. IDEXX Customers by Dx Category in Q1 2026 Expanding Panel Total U.S. Molecular Anatomic IDEXX Dx Immunology Chemistry Hematology Parasitology Urinalysis Microbiology Cytology Radiology Cardiology Cancer Dx Diagnostics Pathol
Slide 92: IDEXX Fecal Antigen Testing Transforms Parasite Screening
IDEXX Fecal Antigen Testing Transforms Parasite Screening IDEXX Fecal Dx Antigen Testing is Technology for Life Approach Has Resulted in More Accurate Increasing Coverage Over Time Uncovers Up to 2x Parasites added to IDEXX Fecal Antigen Testing Parasitic Infections* Flea Taeniid Giardia Whipworm Ho
Slide 93: Canine Multi-Cancer Panel Transforms Screening and Care
Canine Multi-Cancer Panel Transforms Screening and Care Lymphoma Mast Cell Tumor Hemangiosarcoma Panel Expansion March 2025 2026 2026 2027 and 2028 24% 35% 40% 50%+ Percentage of Canine Cancer Cases Covered* *Estimates based on analysis of publicly available incidence data and peer-reviewed literatu
Slide 94: Started With Canine Lymphoma Wellness Screening, Aid-in-Diagnosis and Therapeutic Management
Started With Canine Lymphoma Wellness Screening, Aid-in-Diagnosis and Therapeutic Management Earlier detection before clinical suspicion of disease Detects up to 8 months prior to clinical signs Monitor remission during CHOP chemotherapy © 2026 IDEXX Laboratories, Inc. All rights reserved. 94
Slide 95: IDEXX Cancer Dx Expands with Canine Mast Cell Tumor Detection in September
IDEXX Cancer Dx Expands with Canine Mast Cell Tumor Detection in September Screens whole body for life-limiting disease Enables earlier intervention and improved outcomes Complete spectrum of care coupled with IDEXX inVue Dx FNA © 2026 IDEXX Laboratories, Inc. All rights reserved. 95
Slide 96: Panel of Three Common Canine Cancers with Hemangiosarcoma in December
Panel of Three Common Canine Cancers with Hemangiosarcoma in December Most requested cancer screening test Tumor rupture leads to death within hours or days Pre-rupture detection saves lives © 2026 IDEXX Laboratories, Inc. All rights reserved. 96
Slide 97: The dog is bleeding to death by the time the diagnosis of hemangiosarcoma is made
“ The dog is bleeding to death by the time the diagnosis of hemangiosarcoma is made. ” © 2026 IDEXX Laboratories, Inc. All rights reserved. 97
Slide 98: Today’s Therapeutics Deliver Better Outcomes with Earlier Detection
Today’s Therapeutics Deliver Better Outcomes with Earlier Detection Surgery Canine Cancers Treated + Standard of care for Mast Cell Tumor and Hemangiosarcoma when the tumor is resectable. The therapies below are largely used additively alongside surgery. Lymphoma Mast Cell Tumor Hemangiosarcoma Chem
Slide 99: IDEXX Cancer Dx is an IDEXX Diagnostics Growth Multiplier
IDEXX Cancer Dx is an IDEXX Diagnostics Growth Multiplier Growing Customer Driving Broader Dx Expanding Wellness Base Testing Bloodwork Utilization 20% of practices 70% of IDEXX Cancer Dx Adopters have higher adopting are competitive submissions come with wellness diagnostic lab customers broad bloo
Slide 100: Strong Growth Across Diagnostic Modalities Over Decades
Strong Growth Across Diagnostic Modalities Over Decades IDEXX VetLab Consumables Reference Lab Recurring Revenue & Organic Growth2 Recurring Revenue & Organic Growth2 $1.5B 9% 13% CAGR $1.4B CAGR $0.9B $0.8B 2020 2025 2020 2025 2Non-GAAP financial measure, please refer to Appendix for descriptive fo
Slide 101: Innovation-Led Growth Fueled by Patient and Practice Outcomes
Innovation-Led Growth Fueled by Patient and Practice Outcomes Earlier diagnostic insights improve patient outcomes, enabling intervention and therapeutic options Veterinarian confidence at the point of decision, enabled by world-class diagnostics, turns insight into action IDEXX Cancer Dx reaches ti
Slide 102: Pooja Pathak
Pooja Pathak Senior Vice President and GM IDEXX VetLab Transforming Diagnostics at the Point-of-Care Maxine Animal Refuge League of Greater Portland, Maine © 2026 IDEXX Laboratories, Inc. All rights reserved.
Slide 103: Transforming Diagnostics at the Point-of-Care
IDEXX Investor Day | August 13, 2026 Transforming Diagnostics at the Point-of-Care Senior Vice President and GM Pooja Pathak IDEXX VetLab © 2026 IDEXX Laboratories, Inc. All rights reserved. 103
Slide 104: Real-Time Diagnostics Change What Happens Next…
Real-Time Diagnostics Change What Happens Next… © 2026 IDEXX Laboratories, Inc. All rights reserved. 104
Slide 105: Load-and-Go Platforms with Reference Lab Accuracy
Load-and-Go Platforms with Reference Lab Accuracy 2014 2016 2020 2024 VMX 2027 Catalyst One SediVue Dx ProCyte One IDEXX inVue Dx IDEXX MultiCue Dx Trusted Accuracy: Reference lab quality | Load-and-Go: Low effort sample prep | End-to-End Integration: Optimized workflow Technology for Life © 2026 ID
Slide 106: One Platform, Comprehensive Menu, Deep Loyalty
One Platform, Comprehensive Menu, Deep Loyalty 63 Catalyst One 2026 NPS* Comprehensive Menu Specialty Slides 43 parameters 34 high-value singles 11 pre-loaded CLIPs Standalone or with CLIP Chemistries + Electrolytes + Immunoassays *U.S. double-blind primary research study conducted April – May 2026,
Slide 107: Technology for Life Expands Customer and Economic Value
Technology for Life Expands Customer and Economic Value ~80,000 Catalyst 2.5X Catalyst Economic Value 5 new Menu innovations installed base* (EV) Expansion** in 3 years 2008 2012 2013 2014 2015 2016 2018 2019 2020 2022 2024 2025 2026 2027+ Catalyst Dx Catalyst Catalyst Catalyst One Catalyst Catalyst
Slide 108: IDEXX SDMA Now Integrated into Catalyst Panels
IDEXX SDMA Now Integrated into Catalyst Panels Pre-packaged 30% SDMA inclusive CLIP Sick pets with decreased kidney function missed without SDMA* 1 Year Delay in progression of feline chronic kidney disease with early Built-in SDMA delivers earlier diagnosis and treatment** insights with seamless wo
Slide 109: Catalyst proBNP Provides Quantitative Results at Point-of-Care
Catalyst proBNP Provides Quantitative Results at Point-of-Care 1 in 10 Dogs impacted by heart disease* 1 in 6 Cats impacted by heart disease* + First dual canine and feline test at the point-of-care 15 Months + Reference lab performance Extended healthy life with early diagnosis and treatment** + Qu
Slide 110: Extensible Platforms Expand Economic Value Over Time
Extensible Platforms Expand Economic Value Over Time IDEXX Instrument Economic Value (EV)* 2.5X Expansion Expanding Future + New Menu + New Menu + Platform expansion + Utilization + Utilization opportunities Catalyst IDEXX inVue Dx IDEXX MultiCue Dx *Economic Value represents cumulative 7-year gross
Slide 111: IDEXX inVue Dx Sets the Standard for In-clinic Cytology
IDEXX inVue Dx Sets the Standard for In-clinic Cytology Slide-free, load-and-go simplicity, consistent and repeatable 96% >90% 100% Consistency* Reduced Hands-on Time* Recorded and Charged *Experimental modeling of ear cytology. Data and experimental conditions on file at IDEXX Laboratories, Inc. We
Slide 112: Addressing Large, Well-Established Cytology Categories
Addressing Large, Well-Established Cytology Categories Fine Needle Aspirates Future Blood Morphology Ear Cytology Lumps and Bumps Opportunity 20M 19M 12M 100M+ Potential morphology Annual ear cytologies Annual FNAs Other in-clinic cytologies volume at POC* using microscope** using microscope* done a
Slide 113: Each Cytology Category Is a “Platform Within the Platform”
Each Cytology Category Is a “Platform Within the Platform” IDEXX inVue Dx Blood Morphology + Core menu: sick pet, + Strengthen detection of + Uncover liver disease or + Identify toxin exposure + Further characterize Expand to 6-part differential common critical illness neoplasia anemia Dec 2024 Apr
Slide 114: First Ever Comprehensive Hematology Solution at Point-of-Care
First Ever Comprehensive Hematology Solution at Point-of-Care Testing Begets Testing 50K ProCytes in the field, every one is a candidate for IDEXX inVue Dx 6% ProCyte CBC utilization lift after IDEXX inVue Dx Blood Morphology adoption* Integrated CBC + blood morphology *Comparison of average WW CBC
Slide 115: IDEXX inVue Dx FNA Is Expanding Lump and Bump Testing
IDEXX inVue Dx FNA Is Expanding Lump and Bump Testing Diagnose Load-and-go workflow Optional one-click Mast Cell Tumor with results in ~12min pathologist review 2X more lumps & bumps tested* Every IDEXX inVue Dx customer is an IDEXX Reference Lab customer *2026 average, traditional IDEXX Reference L
Slide 116: Long-Term Opportunity for 3X Expanded Global Installed Base
Long-Term Opportunity for 3X Expanded Global Installed Base 10%+ Annual IB New Platforms Growth Potential IDEXX MultiCue Dx 550K+ Core Platforms* IDEXX inVue Dx International Int’l U.S. IDEXX ~165K inVue Dx Core US Platforms* 2025 Base US Int'l inVue Dx Future Total Opportunity Total Global IDEXX Pr
Slide 117: Point-of-Care Innovation Drives High Growth and Value
Point-of-Care Innovation Drives High Growth and Value Rapid innovation across new-to-world platforms and highly differentiated menu elevates standard of care Step change in practice growth and productivity, enabled by integrated diagnostic workflows Accelerated pace of innovation generates significa
Slide 118: Tracy Byers
Tracy Byers Senior Vice President and GM Veterinary Software & Imaging IDEXX Software and AI as a Force Multiplier for Diagnostics Monk © 2026 IDEXX Laboratories, Inc. All rights reserved.
Slide 119: IDEXX Software and AI as a Force Multiplier for Diagnostics
IDEXX Investor Day | August 13, 2026 IDEXX Software and AI as a Force Multiplier for Diagnostics Senior Vice President and GM Tracy Byers Veterinary Software & Imaging © 2026 IDEXX Laboratories, Inc. All rights reserved. 119
Slide 120: Software is a Key Part of IDEXX’s Integrated Platform
Software is a Key Part of IDEXX’s Integrated Platform Practices have strong appetite for software that supports workflow productivity and expanded care IDEXX’s integrated software platform delivers solutions at scale for practices and groups Software is a force multiplier of IDEXX diagnostic adoptio
Slide 121: Integrated, Intelligent Ecosystem Addressing Key Pain Points
Integrated, Intelligent Ecosystem Addressing Key Pain Points PRACTICE ENTERPRISE PET PARENT Smoother workflows, faster Operationalizing care protocols Higher engagement, preparation, follow-up and reduced burnout across the network with insights and long-term loyalty © 2026 IDEXX Laboratories, Inc.
Slide 122: IDEXX Software Addresses Workflow Needs for Practices, Enterprises, Pet Parents
IDEXX Software Addresses Workflow Needs for Practices, Enterprises, Pet Parents INTEGRATED IDEXX Dx ECOSYSTEM In-House Analyzers • IDEXX VetLab Station Reference Laboratories • VetConnect PLUS PRACTICE ENTERPRISE Veterinary Software Digital Workflow PET PARENT Group Oversight Referral 100% Digital M
Slide 123: Differentiated Enterprise Offering Supports Corporate Standardization
Differentiated Enterprise Offering Supports Corporate Standardization IDEXX Software Solves Core Enterprise Needs New Corporate Account Bookings (Annual Recurring Revenue) Optimized Workflow & Protocols Single, Scaled Software Provider ~7x Centralized Control & Visibility Integrated Suite of Applica
Slide 124: Growth Drivers from Expanding Installed Base and ARR
Growth Drivers from Expanding Installed Base and ARR IDEXX PIMS Installed Base* IDEXX Cloud PIMS 105% +33% Cloud CAGR On-Prem Net Revenue Retention** IDEXX Cloud PIMS 51% ARR CAGR Since 2020*** On-Prem ~2/3 ~1/4 37% Vello User Base Growth**** 2020 2025 *Cloud installed base includes ezyVet, Neo, Ani
Slide 125: IDEXX Software Powers Care Delivery Optimization
IDEXX Software Powers Care Delivery Optimization Pre-Visit During Visit Post-Visit + Case Prep + Ambient Notes & Charting + Dx Interpretation + Patient History Summaries + Real-Time Prompts + Next Step Actions Veterinarians + Reminders & Prompts + In-Visit Pet Updates + Visit Summaries & Dx Results
Slide 126: IDEXX Software is a Force Multiplier for Diagnostics
IDEXX Software is a Force Multiplier for Diagnostics Wellness Bloodwork Inclusion (% of Wellness Visits)* Illustrative Future State Opportunity +300 bps +200 bps Competitor Competitive ezyVet*** ezyVet + Vello AI-Enabled On-Prem PIMS** With Pre-Visit Personalization Bloodwork Prompt**** *IDEXX Clini
Slide 127: IDEXX’s Integrated Imaging Solutions are Changing Care Access
IDEXX’s Integrated Imaging Solutions are Changing Care Access Digital Radiography IDEXX Web PACS IDEXX Telemedicine + Unmatched digital X-ray image + Imaging workflow software + Board-certified Radiologists quality at lowest dose driving productivity + Embedded AI (human in the loop) AI Image Proces
Slide 128: Innovation in Radiology Delivering Safety and Quality
Innovation in Radiology Delivering Safety and Quality lower dose than 60% premium competitors* High quality images, every time Improved contrast, spatial resolution, and 17x17 coverage Competitor IDEXX Premium Offering ImageVue DR50 Plus *Data on file at IDEXX Laboratories, Inc. Westbrook, Maine US
Slide 129: Software and Imaging Drive Strong Financial Returns
Software and Imaging Drive Strong Financial Returns Organic Revenue2* ($M) Gross Profit* ($M) $400 Millions 16% $350 CAGR2 19% CAGR Non-Recurring $300 $250 $200 $150 80% Recurring $100 70% $50 $0 2020 2025 2020 2025 *IDEXX Veterinary Software, Services and Diagnostic Imaging Systems 2Non-GAAP financ
Slide 130: Powering Care Delivery with Software and AI
Powering Care Delivery with Software and AI IDEXX has rapidly advanced innovation in animal health Rising demand across independents and corporates for harmonized, intelligent software Software-driven productivity enables practice growth and patient outcomes Practices are prioritizing digital pet pa
Slide 131: A Customer Conversation with Dr. Jo Malone
A Customer Conversation with: Facilitated by: Dr. Jo Malone Michael Schreck DVM, Founder and CEO, Executive Vice President, VetPartners Group Veterinary Software and Corporate Accounts WOODCROFT Veterinary Hospital Greater Manchester, United Kingdom
Slide 132: Break
| Break Return in - | ~15 minutes
Slide 133: A Customer Conversation with Dr. Jo Malone
A Customer Conversation with: Facilitated by: Dr. Jo Malone Michael Schreck DVM, Founder and CEO, Executive Vice President, VetPartners Group Veterinary Software and Corporate Accounts WOODCROFT Veterinary Hospital Greater Manchester, United Kingdom
Slide 134: Jo Malone's Ultramarathon
FUNDRAISING CHALLENGE · SEPTEMBER 2026 Jo Malone's Ultramarathon 5 Valleys Ultra Event · Ambleside to Keswick · 26 Sept 58.4 2,303 km on foot m of ascent Raising funds for Macmillan Cancer Support and Vetlife
Slide 135: Europe
Europe 800 30 practices across Europe 445 45 13,000 25 team members 55 15 Millions of animals under our care 45 Broader Animal Health Ecosystem 15 125 Nurse VetUK Pet Laboratory colleges Ecommerce cremation services © 2026 IDEXX Laboratories, Inc. All rights reserved. 135
Slide 136: A Customer Conversation with Dr. Jo Malone
A Customer Conversation with: Facilitated by: Dr. Jo Malone Michael Schreck DVM, Founder and CEO, Executive Vice President, VetPartners Group Veterinary Software and Corporate Accounts WOODCROFT Veterinary Hospital Greater Manchester, United Kingdom
Slide 137: Andrew Emerson
Andrew Emerson Executive Vice President and Chief Financial Officer Financial Review Sunny Uki © 2026 IDEXX Laboratories, Inc. All rights reserved.
Slide 138: Financial Review
IDEXX Investor Day | August 13, 2026 Financial Review Andrew Emerson Executive Vice President and Chief Financial Officer © 2026 IDEXX Laboratories, Inc. All rights reserved. 138
Slide 139: Financial Review – Key Messages
Financial Review – Key Messages Strategic focus and execution deliver strong financial results CAG innovation and global customer engagement drive 10%+ long-term organic revenue growth potential Durable annuity model and scale support investment and operating margin expansion in sector opportunity C
Slide 140: Focus and Execution Drive Strong Financial Performance
Focus and Execution Drive Strong Financial Performance 2020 - 2025 2026E** Multi-year Goals* 10% 9 - 10% 10%+ Revenue Organic Revenue Growth & CAGR2 100 bps 70 - 90 bps 50 - 100 bps Operating Margin (Average Annual) Comparable Operating Margin Expansion5 16% 13 - 15% 15%+ EPS (Average Annual) Compar
Slide 141: Significant Global Expansion of CAG Dx Recurring Revenues
Significant Global Expansion of CAG Dx Recurring Revenues CAG Diagnostics Recurring Organic Revenue CAGRs2 Regional Organic Revenue CAGRs2 2020 - 2025 H1 2026 Potential +10% $3.4B CAGR +13% CAGR International 12% 12% 13 - 16% $2.1B $1.1B U.S. 10% 10% 10 - 13% 2015 2020 2025 2Non-GAAP financial measu
Slide 142: Clinical Visits Remain Above Pre-Pandemic Levels
Clinical Visits Remain Above Pre-Pandemic Levels Recent Visit Declines Driven by Wellness Visits U.S. Clinical Visits per Practice Long-term Clinical Visit Drivers 130 Indexed with 2017* = 100 + Expanded and aging pet population Non-wellness 120 + Humanization of pets and Pandemic period favorable p
Slide 143: CAG Recurring Revenue Consistently Well Ahead of Clinical Visits
CAG Recurring Revenue Consistently Well Ahead of Clinical Visits IDEXX U.S. CAG Dx Recurring Revenue ‘Premium’ to U.S Clinical Visit Growth Per Practice* Deep Customer Relationships + 97%+ retention of IDEXX VetLab and Reference Lab customer base + World Class NPS across solutions IDEXX Innovation +
Slide 144: Operating Margin Expands while Aggressively Investing for Growth
Operating Margin Expands while Aggressively Investing for Growth Annual Operating Margin and Average Annual Contribution to Average Annual Comparable Comparable Operating Margin Expansion5 Operating Margin Expansion +100 bps +100 bps G&A +180 bps S&M 31.6% 25.7% Gross Margin 18.7% 2015 2020 2025 R&D
Slide 145: U.S. Diagnostic Utilization Benefits from Aging Pet Population
U.S. Diagnostic Utilization Benefits from Aging Pet Population % of U.S. Clinical Visits Including Bloodwork… …by Age Cohort 30% 25% +0.5% per year 20% 19% 18% 15% 15% 10% 5% 0% 2010 2019 2025 <1 1-2 3-6 7-10 11+ Source: Based on an analysis of IDEXX Practice Intelligence data from ~2,200 to 4,700 p
Slide 146: Innovation Adds 2%+ to Long-term CAG Dx Recurring Revenue
Innovation Adds 2%+ to Long-term CAG Dx Recurring Revenue Launched + Transformational Platforms Actuals In Development Contribution to IDEXX CAG Dx Recurring Revenue Growth from New Innovations IDEXX IDEXX MultiCue Dx Transformational Diagnostics 2%+ inVue Dx Cancer Dx CAG Dx Recurring Core Menu Exp
Slide 147: IDEXX Innovation Enables Affordability and Unlocks Volume
IDEXX Innovation Enables Affordability and Unlocks Volume FNA for IDEXX Cancer Dx for Fecal Dx Antigen Canine Mast Cell Tumor Canine Lymphoma Detects up to 2X more intestinal 2X more lumps & bumps tested by 79% sensitivity & 99%+ specificity parasite earlier than flotation alone*** IDEXX inVue FNA a
Slide 148: Global Placement Opportunity Exceeds Installed Base
Global Placement Opportunity Exceeds Installed Base Global Incremental IDEXX Premium Instrument Placement Opportunity* 10%+ Annual Installed Base New Platforms Growth Potential Core Instruments* IDEXX MultiCue Dx ~210K IDEXX inVue Dx International Int’l IDEXX inVue Dx U.S. Urinalysis 165K Hematology
Slide 149: Successful Software Business Multiplies Diagnostic Growth
Successful Software Business Multiplies Diagnostic Growth Bloodwork Inclusion % of Wellness Visits 15%+ Revenue Growth Potential 16% + Cloud services generate incremental ARR +300 bps + Profit compounding faster than revenue Over 10,000 Cloud-based PIMS + Installed base up 50%+ since 2020 13% + Work
Slide 150: Innovation and Execution Drive Long-term Growth Potential
Innovation and Execution Drive Long-term Growth Potential Average Annual Worldwide CAG Diagnostics Recurring Revenue Organic Growth2 IDEXX Execution 11% - 14% Growth Drivers ~ 11% ~10% 2.5% - 4% Net Price ~ 5% ~4% Utilization & 3.5% - 4%+ 8.5% - 11% IDEXX Execution New Innovation ~ 2.5% 4%+ 2.5% - 3
Slide 151: Long-term Potential for 10%+ Annual Organic Revenue Growth
Long-term Potential for 10%+ Annual Organic Revenue Growth IDEXX Long-term Total Company Annual Organic Revenue Growth2 Potential High Mid-Single 10%+ Annual Growth Single Digit Digit Potential 15%+ 5%+ 11% - 14% International U.S. Global VSS & DI** CAG Capital* Water LPD CAG Dx Recurring 2Non-GAAP
Slide 152: Attractive Incremental Gross Margins from Scale and Innovation
Attractive Incremental Gross Margins from Scale and Innovation Incremental Gross Margins by Modality 75% 62% Gross Margin Gross (2025) Margin (2025) CAG IDEXX VetLab Rapid Assay Reference Lab VSS & DI Consumables Products Routine Panels* Recurring** CAG Diagnostics Recurring Revenues *Reference Lab
Slide 153: Disciplined Resource Allocation Drives Exceptional Returns
Disciplined Resource Allocation Drives Exceptional Returns Strategic Priorities Investment Principles Organic Innovation Investment (2020 – 2025) Innovation + Expand core diagnostic and software businesses, solving $1.1B Diagnostic Innovation veterinary clinic challenges Inorganic Investment (2020 –
Slide 154: Proven Free Cash Flow Generation and Long-term Value Creation
Proven Free Cash Flow Generation and Long-term Value Creation Cumulative Free Cash Flow Generation8 Free Cash Flow Per Share8 and CAGR and Share Repurchases since 2015 since 2015 $6.0B $13.05 Over 20% reduction $5.0B in weighted avg shares $271 +25% $9.71 $4.0B weighted avg price, since 2015 $9.20 C
Slide 155: Strong Long-term Revenue and EPS Growth Potential
Strong Long-term Revenue and EPS Growth Potential Long-term Financial Model* (Average Annual Comparable Gains) Revenue Operating Capital Growth Margin Allocation Expansion Leverage Long-term EPS Growth Potential** 10%+ 50-100 1%-2% bps Incremental 15%+ EPS Growth *Long-term financial model excludes
Slide 156: Q&A
Q&A
Slide 157: Appendix
Appendix
Slide 158: Footnotes
Footnotes 1 IDEXX Reportable Segment Revisions and Divested Revenues: Prior to January 1, 2015, our Companion Animal Group (“CAG”) segment included herd testing diagnostic services processed within and managed by our CAG reference laboratories. We have transitioned the responsibility for these diagn
Slide 159: Footnotes
Footnotes CAGR CAGR Total Company 2010-2015 2015-2020 2020-2025 Reference Labs Dx and Consulting Services Recurring 2020-2025 Reported Growth 8% 11% 10% Reported Growth 9% Currency Impact 4 -1% 0% 0% Acquisition Impact 0% 4 Acquisition Impact 0% 0% 0% Currency Impact 0% Organic Revenue Growth 9% 11%
Slide 160: Footnotes
Footnotes 4 Constant Currency: Adjustments to GAAP financial measures for “currency impacts” or “change from currency” are non-GAAP financial measures which exclude the impact of changes in foreign currency exchange rates and are consistent with how management evaluates our performance and better en
Slide 161: Footnotes
Footnotes 6 Comparable EPS Growth: Comparable EPS growth is a non-GAAP financial measure and represents the percentage change in earnings per share (diluted) (”EPS”) for a measurement period, as compared to the prior base period, net of the impact of changes in foreign currency exchange rates from t
Slide 162: Footnotes
Footnotes 7 After-Tax Return on Invested Capital, Excluding Cash and Investments (“ROIC”): After-tax return on invested capital, excluding cash and investments, is a non-GAAP financial measure that represents our after-tax income from operations, divided by our average invested capital, excluding ca
Slide 163: Footnotes
Footnotes 8 Free Cash Flow and Free Cash Flow Per Share: Free cash flow is a non-GAAP financial measure and means, with respect to a measurement period, the cash generated from operations during that period, reduced by the Company’s investments in property and equipment. Free cash flow per share is