Idexx Laboratories, Inc. · NASDAQ:IDXX
Idexx Laboratories — Investor Day (August 2025)
167 slides from Idexx Laboratories's investor day presentation, Aug 14, 2025
Slide 1: IDEXX Laboratories, Inc. Investor Day
IDEXX Laboratories, Inc. Investor Day August 14, 2025
Slide 2: Innovation-driven Growth Strategy
Innovation-driven Growth Strategy Jay Mazelsky President and Chief Executive Officer Spider
Slide 3: 2025 IDEXX Investor Day Agenda
2025 IDEXX Investor Day Agenda Time Topic Length 8:00 – 8:05 am Welcome and Introductions 5 min ▪ Jay Mazelsky, President and Chief Executive Officer 8:05 – 9:25 am IDEXX Opportunity and Strategy ▪ Jay Mazelsky – Innovation-driven Growth Strategy 40 min ▪ Tina Hunt, PhD – Strategy and Sector Develop
Slide 4: Safe Harbor Disclaimer
Safe Harbor Disclaimer 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 well as a numb
Slide 5: Innovation-driven Growth
Innovation-driven Growth + Significant global testing opportunity that drives veterinary medical services ($45B+ TAM) + Innovation-driven growth strategy + Multiple new-to-the-world Point of Care platforms + Testing insights for major diseases, including oncology + Vertical SaaS for Animal Health +
Slide 6: IDEXX's Purpose-driven Business Strategy
IDEXX’s Purpose-driven Business Strategy “To be a great company that creates exceptional long-term value for our customers, employees, and shareholders by enhancing the health and well-being of pets, people, and livestock.” + Advancing integrated diagnostics and software that give pets a voice and c
Slide 7: Consistent Strategy Yields High Organic Revenue Gains
Consistent Strategy Yields High Organic Revenue Gains f Care Dia oint o gn P os X IDEXX RevenueX and Normalized Organicti Revenue CAGRs ($B)1,3 E cs ID Sustained Strong Growth 11% $3.9B Supported by Key Drivers Other + Diagnostics Innovation: Dx Revenue menu, new platform 11% $2.4B extensions, integ
Slide 8: Powerful Secular Tailwinds in Pet Healthcare
Powerful Secular Tailwinds in Pet Healthcare + Expanded and aging pet population with pets living longer, younger pet parent demographic shift with benefits long-term + Increased pace of innovation in diagnostics, therapeutics, specialty diets and software positively impacting both workflow and clin
Slide 9: Variability and Absolute Level of Dx Usage Points to Long-term Growth Opportunity
Variability and Absolute Level of Dx Usage Points to Long-term Growth Opportunity % of Clinical Visits % of Wellness Visits % of Non-wellness Visits including Bloodwork, 2019 & 2024 including Bloodwork, 2019 & 2024 including Bloodwork, 2019 & 2024 49% 42% 40% Mean*: Mean*: 25% 20% Mean*: 12% Bottom
Slide 10: Diagnostics Driving Expanding Medical Services
Diagnostics Driving Expanding Medical Services Average U.S. Revenue per Practice by Segment* ($M) Total U.S. Segment CAGR %*** 2010 – 2015 2015 – 2024 $2.1M Total Practice 5.5% 7.5% Product ▪ Other Product 4% 3.5% ▪ Pharma & 5.5% 7.5% Vaccines** $1.2M $1.0M Medical Services 5% 7.5% (excl. diagnostic
Slide 11: Diagnostics is a Highly Profitable Category
Diagnostics is a Highly Profitable Category 2024 Typical U.S. General Practice Estimated Profile* Revenue Breakdown EBITDA Breakdown EBITDA Margin % Pharma Nutrition Diagnostics Vaccines 18% 30% 45% Medical Services Drives broader care envelope Highest contribution margin Highly durable Testing bege
Slide 12: Expanding Investment Drives Accelerated Pace of Innovation
Expanding Investment Drives Accelerated Pace of Innovation IDEXX Cumulative R&D Investment Areas of Expertise ($ in billons, calendar years shown) > $2.4 Billion Instrument Platforms $1.2B (4+ years) Differentiated Assays $1.2B (7 years) $1.2B Software, Data, AI and (20 years) Connectivity © 2025 ID
Slide 13: Innovation Focus Aligned with Significant Testing Opportunities
Innovation Focus Aligned with Significant Testing Opportunities >$1B ~$3.5B ~$4B ~$2.5B Opportunity* Opportunity* Opportunity* Opportunity* Vector-Borne Disease Parasitology Renal Oncology Fecal Antigen Testing Testing for Kidney Impairment Testing for Early Onset of Cancer Screening Tests for More
Slide 14: Significant Opportunity for Cancer Screening and Care Delivery
Significant Opportunity for Cancer Screening and Care Delivery Oncology Diagnostics Potential Addressable Opportunity* IDEXX Cancer Dx , IDEXX inVue Dx and Other Diagnostics have Potential to Capture a Portion of this over 10+ Years $1.8B $2.5B $1.2B $0.7B $1.7B Feline $0.5B Canine Diagnostic Screen
Slide 15: IDEXX Cancer Dx is Transforming Cancer Care
IDEXX Cancer Dx is Transforming Cancer Care IDEXX Cancer Dx for Canine Lymphoma + ~3,400 customers have ordered to date, ~15% competitive + Earlier detection before clinical suspicion of disease, with 79% sensitivity and 99%+ specificity + Proprietary technology enables multiplexing and B vs. T cell
Slide 16: IDEXX Cancer Dx Expands with Mast Cell Tumor
IDEXX Cancer Dx Expands with Mast Cell Tumor + IDEXX Cancer Dx will launch Mast Cell Tumor for canines in 2026 + And will further expand in 2026 with one additional canine cancer type + Complemented by IDEXX inVue Dx FNA, and supported by Vello with personalized feature capabilities + With Mast Cell
Slide 17: IDEXX Integrated Cancer Detection and Interpretation
IDEXX Integrated Cancer Detection and Interpretation New-to-the-World Tools to Advance Oncology Care IDEXX Cancer Dx: IDEXX inVue Dx: Earlier, accurate and Pathologist-level accuracy affordable detection of with slide-free workflow cancer in at-risk dogs IDEXX inVue Dx FNA Lumps and Bumps for Mast C
Slide 18: Transforming Real-Time Insights at the Point of Care
Transforming Real-Time Insights at the Point of Care int of Care Diagn Po os X tic X s DE 2014 2016 2020 2024 Future I IDEXX SmartService IDEXX IDEXX Catalyst One® SediVue® Dx ProCyte One® inVue Dx MultiCue Dx Technology Trusted Accuracy Load and Go End-to-End Integration for Life Reference lab qual
Slide 19: IDEXX inVue Dx is Transforming Point of Care Cytology
IDEXX inVue Dx is Transforming Point of Care Cytology + 5,500 placement forecast in 2025 + Consumables usage tracking well to forecasted usage + 2025 Menu expansion on-track (FNA lumps and bumps) + Multiplier benefit, including extensions in customer relationships and competitive account penetration
Slide 20: Long Runway to Expand Premium Installed Base Over 3X
Long Runway to Expand Premium Installed Base Over 3X Global IDEXX Premium Instrument Global Incremental IDEXX Premium Instrument Installed Base* Placement Opportunity** 90k ~410k 90k 67k International IDEXX inVue Dx 90k 147k Urinalysis Hematology 72k U.S. Chemistry 2024 Total Catalyst ProCyte SediVu
Slide 21: Technology-enabled Reference Lab Services at Scale
Technology-enabled Reference Lab Services at Scale + 30+ years of innovation and industry expertise + 80+ Laboratories + ~65k Customers served + New-to-the-world biomarker and testing platform innovation + Highly automated, digitized, and AI-enabled + >99.99% sample pickup and processing accuracy +
Slide 22: Integrated Software Portfolio Built for Animal Health
Integrated Software Portfolio Built for Animal Health Practice Info Systems VetConnect PLUS including Pet-owner Engagement Vello by IDEXX Payments & Financing IDEXX DecisionIQ Practice workflow tools - Digitize pet owner Test results, trended Integrated workflow and manage care and communications cl
Slide 23: Customer Focus Results in Excellent Customer Advocacy
Customer Focus Results in Excellent Customer Advocacy 97% + Customer Retention* IDEXX 57** Brand Net Promoter Score 99% Product Availability *2024 Worldwide CAG Diagnostics Recurring Revenue retention rate **Double-blind primary research study conducted in April-May 2025 (n = 481, All things conside
Slide 24: Continued Commercial Expansions Develop Global Opportunity
Continued Commercial Expansions Develop Global Opportunity 2021 - 2022 2023 - 2024 2025 Germany France Brazil Italy United States South Korea United States Europe Spain South Korea Japan Europe Asia-Pacific Sales Operations Global Commercial Systems Education & Training Marketing Global Customer Sup
Slide 25: Customers Appreciate Integrated Multi-modality Offering
Customers Appreciate Integrated Multi-modality Offering Companion Animal Customer Overlap Percentage of IDEXX Reference Lab or IDEXX In-house Chemistry Platform Customers Who are IDEXX Customers for Both* IDEXX Ref Lab ONLY IDEXX VetLab® ONLY Customers Customers 57% 49% 51% +100bps +400bps +100bps A
Slide 26: Growing Clinical Beliefs in Dx Use Benefit Both Testing Modalities
Growing Clinical Beliefs in Dx Use Benefit Both Testing Modalities Percentage of 2024 U.S. Clinical Visits Including a Chemistry Panel by Practice Decile 29% Ref Lab 15% Overall Mean 4% In-House Bottom 9 8 7 6 5 4 3 2 Top Decile Decile Source: Based on an analysis of IDEXX Practice Intelligence data
Slide 27: Majority of Corporate Groups Embracing Wellness Diagnostics
Majority of Corporate Groups Embracing Wellness Diagnostics to Drive Organic Growth % of 2024 Wellness Clinical Visits Including Bloodwork* U.S. Sector Corporate-Owned Group Means Mean*: Mean*: ~14% ~12% Bottom Top Bottom Top Quartile Quartile Quartile Quartile Quartiles of Practices Quartiles of Pr
Slide 28: Addition of Cancer Screening Will Inspire Broader Dx Inclusion
Addition of Cancer Screening Will Inspire Broader Dx Inclusion Preventive Healthcare Today… …and with the next chapter Physical Complete Examination Vector Blood Count Borne Disease Diagnostic Cancer Testing Screening Clinical Fecal History Testing Chemistry, Electrolytes, SDMA Current Dx inclusion
Slide 29: IDEXX Positioned to Outpace Sector Growth
IDEXX Positioned to Outpace Sector Growth Sector Growth IDEXX CAG Dx Estimated Global Companion Animal Dx Sector Spend ($M)* Implied CAGR Recurring Revenue 2024 – 2049 Growth Potential 9%+ 10%+ 13 – 16% International CAGR ~8% CAGR 7.5 – 8.5% 10 – 13% U.S. $6.1B $4.1B % of Clinical International 6% ~
Slide 30: IDEXX Innovation Drives Long-term Growth Potential
IDEXX Innovation Drives Long-term Growth Potential Durable Recurring Revenue Business with … + Investments in innovation driving expanded and new testing categories + Commercial model expansion to drive belief change and adoption + Long-term 10%+ growth potential supporting strong financial returns
Slide 31: Tina Hunt, PhD
Tina Hunt, PhD Executive Vice President Global Strategy & Commercial Ishka
Slide 32: IDEXX Strategy & Sector Development
IDEXX Strategy & Sector Development Dr. Tina Hunt Executive Vice President Global Strategy & Commercial IDEXX Investor Day August 14, 2025 © 2025 IDEXX Laboratories, Inc. All rights reserved. 32
Slide 33: IDEXX is Positioned for Durable, Long-term Growth
IDEXX is Positioned for Durable, Long-term Growth + Strong sector tailwinds: aging pets, longevity, demographics, and a deepening pet-human bond - expand lifetime diagnostic demand + Rising expectations for personalized care - and a strong emotional response to cancer + Diagnostics anchor veterinary
Slide 34: Significant Pet Population Growth – More Care Opportunities
Significant Pet Population Growth – More Care Opportunities U.S. Pet Population and Annual Growth* ~3% CAGR Historical Trend +1% +2% 0% +6% +4% ~1% ~1% historical growth Pandemic period ~12% growth Long-term outlook ~1% growth *2020, 2021, 2022, 2023, and 2024 estimated U.S. pet population growth of
Slide 35: Longer Pet Lifespans are Expanding Lifetime Diagnostic Demand
Longer Pet Lifespans are Expanding Lifetime Diagnostic Demand + 22% increase Average Patient Lifespan 2010 – 2024* in lifetime diagnostic spend per patient** 14.4 +2.2 years 13.4 18% 12.3 +1.8 years 11.6 16% *Based on an analysis of IDEXX Practice Intelligence data from 2 million canine and feline p
Slide 36: Modest Feline Growth Supports Clinic Visits and Dx Opportunity
Modest Feline Growth Supports Clinic Visits and Dx Opportunity Cats Visiting Clinic at Least Once per Year (M)* Feline *Analysis based on IDEXX Practice Intelligence data (n = 7,800 practices), weighted to be representative of the U.S. based on practice size and region. © 2025 IDEXX Laboratories, In
Slide 37: IDEXX Product Portfolio Positioned to Inspire Feline Practice Visits
IDEXX Product Portfolio Positioned to Inspire Feline Practice Visits Total Annual Clinic Visits (M)* Feline-Specific Portfolio and Sector Development + Kidney Health Innovations: SDMA, Cystatin B, FGF-23 + SNAP® Feline Triple, Catalyst® Total T4, IDEXX SDMA®, Fructosamine + SediVue Dx®, IDEXX inVue
Slide 38: U.S. Clinical Visits Show Growth Aided by Pet Population Expansion
U.S. Clinical Visits Show Growth Aided by Pet Population Expansion CAGR Average Annual Clinical Visits per Practice* 2018 - 2024 +460 -160 ~1.5% -30 +250 +175 *Analysis based on IDEXX Practice Intelligence data (n = 7,800 practices), weighted to be representative of the U.S. based on practice size a
Slide 39: Diagnostic Spend Rises with Age – Significant Headroom to Grow
Diagnostic Spend Rises with Age – Significant Headroom to Grow Top Third of Practices Use ~1.5X More Diagnostics Than the Peer Average U.S. Average Annual Practice Diagnostic Revenue Per Active Patient by Age Segment* Top Third of Practices, based on clinical bloodwork usage** All U.S. Practices Pup
Slide 40: Pandemic Pets Reaching High Diagnostic Utilization Lifestages
Pandemic Pets Reaching High Diagnostic Utilization Lifestages U.S. Clinical Visits by Age Group* +50% +30% +20% 37% Clinical Visits 2030 2030 2030 2030 2030 2024 2024 2024 2024 Puppies & Kittens Young (1 to 3 Years) 2024 Adult (3 to 7 Years) Senior (7 to 11 Years) Geriatric (11 Years and Over) *Anal
Slide 41: Bloodwork Inclusion Will Benefit From an Aging Pet Population
Bloodwork Inclusion Will Benefit From an Aging Pet Population % of U.S. Clinical Visits including Bloodwork… Average By Age Cohort (Years) +0.5% per year +0.5% per year Source: Based on an analysis of IDEXX Practice Intelligence data from ~2,200 to 4,700 practices. Bloodwork includes chemistry and/o
Slide 42: Clinical Findings Reinforce Value of Wellness Screening
Clinical Findings Reinforce Value of Wellness Screening Frequency of Clinically Relevant Abnormalities on Preventive Care Lab Work* Dogs Cats 1 in 7 1 in 5 2 in 5 1 in 5 1 in 3 3 in 5 Young adults Mature adults Seniors Young adults Mature adults Seniors 1 to < 4 years 4 to < 9 years > 9 years 1 to <
Slide 43: Rising Pet Parent Generations Show Stronger Belief in Wellness
Rising Pet Parent Generations Show Stronger Belief in Wellness % of Pet Parents from Younger Generations* Belief in Annual 50% Wellness Diagnostics** Boomers 41% Gen Z Gen Z Gen Z Boomers Gen Z Gen Z Gen Z Millennials Millennials Millennials Gen X Millennials Millennials Millennials Millennials Boom
Slide 44: High Diagnostic Acceptance by Pet Parents
High Diagnostic Acceptance by Pet Parents Diagnostic Recommendations by Veterinarians* Pet Parent Acceptance Rate Recommended Not Recommended Assumed Pet Parent Financial Situation 93% 86% 81% 0% Recommendation rate for blood tests 100% *Question: In the past 12 months, did a veterinarian ever recom
Slide 45: 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 Examples: Up to 80% Me of a practice’s + Medical Services: surgery, sick pets dical Services total activity N u t ri ti
Slide 46: Practices are Focused on Productivity Improvements
Practices are Focused on Productivity Improvements IDEXX study revealed how clinics can unlock up to 2,000 hours per year— the equivalent of adding one full-time veterinarian 1 Workflow 2 Technology 3 Culture Source: IDEXX Finding the Time study, published February 2023 © 2025 IDEXX Laboratories, In
Slide 47: IDEXX Innovations Support Better Medicine and Productivity
IDEXX Innovations Support Better Medicine and Productivity IDEXX inVue Dx IDEXX VetLab Station Vello by IDEXX ezyVet Vello Load-and-go Integrated clinical AI-enabled clinical notes Automated reminders workflow eliminates workflows enable teams reduce charting time and online scheduling 15–20 minutes
Slide 48: Pet Parents, Veterinarians Want Early Cancer Detection Globally
Pet Parents, Veterinarians Want Early Cancer Detection Globally Likelihood to Include Cancer in Wellness Screening Veterinarians Veterinarians are likely to add Cancer screening to wellness protocols Pet Parents 60% - 85% of pet parents are likely to say yes to cancer screening % of veterinarians ‘v
Slide 49: Breed-specific Cancer Risk is Increasingly Relevant
Breed-specific Cancer Risk is Increasingly Relevant Risk of Mast Cell Tumors and Lymphoma Mast Cell Tumors Lymphoma Thirteen canine breeds with greater risk of mast cell tumors and/or Incidence Rate lymphoma at an earlier (Indexed) age represent…. 13.0M dogs Age of Incidence (Median) Source: Practic
Slide 50: Transforming Cancer Care Delivery Through General Practitioners
Transforming Cancer Care Delivery Through General Practitioners Expanding Evidence Advancing Care Elevating Support with & Education Standards Software & Technology Build compelling clinical evidence AI-enabled diagnostic interpretation Advance case management with and next action support to advance
Slide 51: Global Diagnostic Utilization Remains a Significant Growth Lever
Global Diagnostic Utilization Remains a Significant Growth Lever 2024 Estimated Diagnostic Revenue per Companion Animal Practice Indexed to the U.S.* Top 14 International Countries in terms of Diagnostic Segment Revenue Next 14 Countries in Terms of Total Diagnostic Segment Revenue *Revenue per coun
Slide 52: Advancing Investments to Expand Customer Reach Internationally
Advancing Investments to Expand Customer Reach Internationally 2024 Reach to Revenue 2024 Reach to Customers Animal Practices per Territory 91% 253 80% 72% 115 26% * * * *EU region is the average of the top five largest countries (Germany, France, UK, Spain and Italy) that utilize the IDEXX Commerci
Slide 53: Our Customers Grow Faster When We Call on Them
Our Customers Grow Faster When We Call on Them 2024 Year-Over-Year Average Quarterly Growth in CAG Revenue (%)* Loyal IDEXX Customers** Country A Country B Country C Customers Not Called On Customers Called On *Revenue Growth Methodology: Customer classification as ‘Loyal IDEXX’ or ‘Competitive Prac
Slide 54: IDEXX Strategy to Support the Long-term Development of Sector
IDEXX Strategy to Support the Long-term Development of Sector + Enable practices to scale care - unlocking productivity to meet rising patient demand + Equip general practitioners with tools for early detection and care management of diseases like cancer + Fuel innovation adoption and diagnostic uti
Slide 55: Martin Smith, PhD
Martin Smith, PhD Executive Vice President Global Operations and R&D
Slide 56: An Accelerated Pace of Innovation
An Accelerated Pace of Innovation Dr. Martin Smith Executive Vice President Global Operations and R&D IDEXX Investor Day August 14, 2025 © 2025 IDEXX Laboratories, Inc. All rights reserved. 56
Slide 57: An Accelerated Pace of Transformational Innovation
An Accelerated Pace of Transformational Innovation + Expanding investment drives accelerated pace of innovation + Deeply integrated R&D and Manufacturing + Systematizing key technical and process building blocks of product development + Strengthening key capabilities and skill sets, including AI, op
Slide 58: IDEXX's Current Wave of Innovation
IDEXX’s Current Wave of Innovation Point of Care Reference Labs Software IDEXX Cancer Dx with Canine Lymphoma New IDEXX VetLab® Station PL Fecal Dx Catalyst® IDEXX Cystatin B Expansion Pancreatic Lipase & Catalyst® for kidney injury with Cystoisospora Catalyst® Cortisol SmartQC® © 2025 IDEXX Laborat
Slide 59: Expanding Investment Drives Accelerated Pace of Innovation
Expanding Investment Drives Accelerated Pace of Innovation IDEXX Cumulative R&D Investment Areas of Expertise ($B, calendar years shown) > $2.4 Billion Instrument Platforms $1.2B (4+ years) Differentiated Assays $1.2B (7 years) $1.2B Software, Data, AI (20 years) and Connectivity © 2025 IDEXX Labora
Slide 60: Holistic Innovation Engine Delivering New to Industry Solutions
Holistic Innovation Engine Delivering New to Industry Solutions Tools Process • Biomarker Engine • Disciplined Program Management • Pilot Infrastructure • Technology Readiness Roadmaps • Rapid Prototyping • Revamped Stage Gate • Machine Learning • Robust Risk Assessments Talent & Culture • Leadershi
Slide 61: Translating Customer Needs Through Industrialized Science and Technology
Translating Customer Needs Through Industrialized Science and Technology Industrialized Science & Products Designed for Highly Differentiated Product Technology Manufacturing & Assembly Platforms & Assays Insights-driven Customer Needs and Requirements + State of Art Value Streams + Production Workf
Slide 62: Technology Platforms Accelerate Delivery of New Innovations
Technology Platforms Accelerate Delivery of New Innovations IDEXX inVue Dx Platform focus enables ProCyte One technology re-use for Re-usability Examples: faster delivery ~40% embedded ✓ Computational Hardware instrument software ✓ Software Ecosystems code ✓ Manufacturing Technology Central Processi
Slide 63: Biomarker Engine Delivers Years to Months Outcomes
Biomarker Engine Delivers “Years to Months” Outcomes IDEXX Cancer Dx Example Discovery Processes Sample Primary Cell Single Cell Proteomic Genomic 1 Collection and Biobank 2 Culture 3 Interrogation 4 Comparative 5 Comparative AI AI AI Analytical and Commercial Processes Marker and Clinical Automatio
Slide 64: Integrated Manufacturing Facilitates New Product Development Acceleration
Integrated Manufacturing Facilitates New Product Development Acceleration + NPD = Turnover of a validated and capable manufacturing process + Design for Manufacturing at earliest stages of development + Process scale-up characterization + Manufacturing process enhancements + Embedded within IDEXX Qu
Slide 65: Innovation Focus Aligned with Significant Testing Opportunities
Innovation Focus Aligned with Significant Testing Opportunities >$1B ~$3.5B ~$4B ~$2.5B Opportunity* Opportunity* Opportunity* Opportunity* Vector-Borne Disease Parasitology Renal Oncology Fecal Antigen Testing Testing for Kidney Impairment Testing for Early Onset of Cancer Screening Tests for More
Slide 66: IDEXX Innovations a Key Driver of Organic Revenue Growth
IDEXX Innovations a Key Driver of Organic Revenue Growth IDEXX CAG Dx Recurring Revenue from New Innovations Actuals Launched + In Development Transformational Dx • IDEXX Cancer Dx • IDEXX inVue Dx • IDEXX MultiCue Dx Core Innovation Technology Transitions • SediVue Dx • ProCyte One • Catalyst SDMA
Slide 67: IDEXX is State of the Art with AI Across Key Products
IDEXX is State of the Art with AI Across Key Products Telemedicine/ IDEXX Cancer Dx IDEXX inVue Dx Digital Imaging Generative AI Rapid Medical Evidence Accelerated Biomarker Case Input Generation Summaries Generation Discovery Accelerated Menu Auto AI Image Agentic AI Smart Prompts Expansion Labelin
Slide 68: Real-Time, Clinically Relevant Patient Data, with AI, to Transform Cancer Care Management
Real-Time, Clinically Relevant Patient Data, with AI, to Transform Cancer Care Management How Do I Prepare for Visit ? What Do I Do Next? + Which details from the patient record summary + What are the most common types of help drive testing recommendations? Lymphoma or MCT in similar patients? + Can
Slide 69: IDEXX Delivering New-to-the-World Innovation at Record Pace
IDEXX Delivering New-to-the-World Innovation at Record Pace + Innovating across key categories of biomarker, instrumentation, software & Al + Deep customer intimacy embedded within the Product Development process + Integrated R&D and Manufacturing enables speed at scale + Utilizing large pools of cu
Slide 70: Michael Lane
Michael Lane Executive Vice President and General Manager Global Reference Laboratories, Diagnostic Solutions, and Information Technology
Slide 71: Break
CREATING CLARITY Break Return in ~10 minutes
Slide 72: Global Reference Laboratories and Enterprise Oncology
Global Reference Laboratories and Enterprise Oncology Michael Lane Executive Vice President and General Manager Global Reference Laboratories, Diagnostic Solutions, and Information Technology IDEXX Investor Day August 14, 2025 © 2025 IDEXX Laboratories, Inc. All rights reserved. 72
Slide 73: IDEXX Reference Labs: Accelerated Innovation and World-class Customer Experience
IDEXX Reference Labs: Accelerated Innovation and World-class Customer Experience ▪ Global scale, agility, and embedded capability ▪ World-class customer experience ▪ Accelerated innovation delivering highly-differentiated menu expansion ▪ New oncology offering unlocking wellness growth ▪ Expansive r
Slide 74: Continuously Advancing Operational Excellence, Innovation, and Patient Care
Continuously Advancing Operational Excellence, Innovation, and Patient Care Three Reinforcing Layers of Capability Deepen Competitive Advantage and Drive Growth CARE ADVANCEMENT Enabling Advanced Patient Care INNOVATION Differentiated Offering OPERATIONAL Best-in-class Lab Performance Global EXCELLE
Slide 75: Global Network and Capability at Scale
Global Network and Capability at Scale EXX Reference Labs ID Global Network Operational Excellence ▪ 80+ Laboratories ▪ Continuous improvement ▪ ~65k customers served ▪ Advancing automation, ▪ Follow-the-sun pathology digitization and AI-enablement network Technology World-class Service Level ▪ Prop
Slide 76: IDEXX Reference Labs with VetConnect PLUS Continue to Lead on Customer Advocacy
IDEXX Reference Labs with VetConnect PLUS Continue to Lead on Customer Advocacy 2025 U.S. Net Promoter Score* (NPS) World-class Level = 50 IDEXX VetConnect® Reference Labs PLUS *Double-blind primary research study conducted in April-May 2025 (n = 809 veterinarians, Question: How likely are you to re
Slide 77: VetConnect PLUS: How Our Customers Experience Diagnostic Insights
VetConnect PLUS: How Our Customers Experience Diagnostic Insights IDEXX Point of Care IDEXX Reference Diagnostics Laboratories June 13, 2025 Expected completion by: June 15, 2025 11:59 pm June 13, 2025 IDEXX Cystatin B Test-Canine/Feline Expected completion by: Tomorrow 8:00 am © 2025 IDEXX Laborato
Slide 78: Digitizing Workflows Saves Practices Time and Money
Digitizing Workflows Saves Practices Time and Money 5/27/25 Maggie Christopher Struebing Finalize request in IDEXX VetConnect PLUS - Reference X We’re so glad you brought Maggie for a routine wellness visit that includes screening tests. Running these tests every year helps us understand what’s norm
Slide 79: Extensive Opportunities to Grow Breadth and Depth of Customer Relationships
Extensive Opportunities to Grow Breadth and Depth of Customer Relationships 2024 Number of U.S. IDEXX Reference Lab Customers and by Dx Category in Q4 2024 (Thousands of Practices) Total IDEXX Anatomic Molecular Clinical Chemistry Immunology Hematology Parasitology Urinalysis Microbiology Radiology
Slide 80: IDEXX Reference Labs Supports Major Disease Franchise Expansion
IDEXX Reference Labs Supports Major Disease Franchise Expansion Renal Health Oncology ~$4B Opportunity* ~$2.5B Opportunity* + IDEXX Cystatin B (2023) + IDEXX Cancer Dx Canine Mast Cell Tumor plus one more cancer (2026) + IDEXX FGF-23 (2022) + IDEXX Cancer Dx Canine + IDEXX SDMA® (2015) Lymphoma (202
Slide 81: A Decade of Multimodal Renal Innovation Deepens IDEXX Differentiation
A Decade of Multimodal Renal Innovation Deepens IDEXX Differentiation IDEXX is Shaping Standard of Care IDEXX Cystatin B Test is the first commercial veterinary test \ to detect kidney injury in dogs and cats Injury IDEXX SDMA® and Creatinine \ help establish a baseline for kidney health monitoring
Slide 82: High-accuracy Parasite Screening Supports Largest Therapeutic Category
High-accuracy Parasite Screening Supports Largest Therapeutic Category 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 the Parasitic Infections* Flea Giardia Wh
Slide 83: Cancer is the Leading Cause of Mortality and Suffering
Cancer is the Leading Cause of Mortality and Suffering Cancer is Highly Prevalent in the Cancer is the Leading Cause of Death in Adult Dogs, Canine and Feline Population ~3x the Next Cause Mortality of Adult Dogs in North America by Physiological Process*** 1 in 4 dogs (% of Deaths) will have cancer
Slide 84: IDEXX Cancer Dx Canine Lymphoma Launched the Journey to Transform Cancer Care
IDEXX Cancer Dx Canine Lymphoma Launched the Journey to Transform Cancer Care IDEXX Cancer Dx Canine Lymphoma + ~3,400 customers have ordered to date, ~15% competitive + Earlier detection before clinical suspicion of disease, with 79% sensitivity and 99%+ specificity + Proprietary technology enables
Slide 85: IDEXX Cancer Dx Canine Panel Expands with Mast Cell Tumor Detection
IDEXX Cancer Dx Canine Panel Expands with Mast Cell Tumor Detection + IDEXX Cancer Dx will launch Mast Cell Tumor plus one more cancer in 2026, expanding the canine panel + With Mast Cell Tumor and Lymphoma, IDEXX Cancer Dx will detect over 1/3 of canine cancer cases + Panel will continue to expand
Slide 86: IDEXX Provides New-to-the-World Tools to Advance Oncology Care
IDEXX Provides New-to-the-World Tools to Advance Oncology Care IDEXX Breakthrough Oncology Innovations IDEXX Cancer Dx: IDEXX inVue Dx: Earlier, accurate and Pathologist-level affordable detection of accuracy, with ability to cancer in at-risk dogs reflex to specialist Best-in-cla ss Portfolio of On
Slide 87: Giving Tools to GPs for Management of Mast Cell Cancer
Giving Tools to GPs for Management of Mast Cell Cancer Mast Cell Tumor Example Screen / Diagnose Diagnose / Rule In Characterize / Treat Monitor W e ll n IDEXX Cancer Dx IDEXX inVue Dx IDEXX Cancer Dx ess Visit FNA One-click Path Review Suspicious Skin Masses Se t Se is t g is No t nd nd og isi to t
Slide 88: Mast Cell Tumor is One of the Most Frequently Diagnosed Canine Cancers
Mast Cell Tumor is One of the Most Frequently Diagnosed Canine Cancers Canine Cancers Most Frequently Diagnosed (% of U.S. Veterinarians Naming Cancer in Top 3 Most Frequently Diagnosed) Mast Cell Lymphoma Soft Tissue Hemangio- Bladder Osteo- Oral Tumor Sarcoma sarcoma Cancer sarcoma Melanoma IDEXX
Slide 89: Scarcity of Oncology Specialists Highlights the Necessary Role for General Practitioners
Scarcity of Oncology Specialists Highlights the Necessary Role for General Practitioners to Manage Cancer Cases Number of Veterinary Medical Estimated Number of Household Oncology Specialists* Dogs Living with Cancer** U.S. 470 2.7 million UK 49 0.3 million Canada 23 0.2 million Australia 12 0.2 mil
Slide 90: Earlier Cancer Detection will Enable Better Patient Outcomes
Earlier Cancer Detection will Enable Better Patient Outcomes Canine Mast Cell Tumor Example Disease Solitary Tumor Pre-metastatic Metastatic Organ Progression without metastasis* Lymph Nodes** Lymph Nodes** Metastasis*** Typical Prognosis 6.1 years 5 years 2.2 years 0.3 years Median Survival Time *K
Slide 91: Today's Therapeutics Deliver Better Outcomes with Earlier Detection
Today’s Therapeutics Deliver Better Outcomes with Earlier Detection Chemotherapy Immunotherapy Targeted and Palliative (And Adjunct Chemotherapy) ▪ CHOP* (multi-drug protocol) ▪ Gilvetmab (anti-PD-L1) ▪ Palladia® (tyrosine kinase inhibitor) ® ® ▪ Rabacfosadine (Tanovea ) ▪ CAR-T Cells ▪ Tigilanol ti
Slide 92: Higher Standard of Wellness Care Driven by Innovation and Systematic Practice Approach
Higher Standard of Wellness Care Driven by Innovation and Systematic Practice Approach Bloodwork Inclusion has Increased 0.5% per Top 3 Deciles of Practices have more than 2x the Year for Past 14 Years Average Bloodwork Inclusion Rate % of U.S. Wellness Visits including Bloodwork 2024 % of U.S. Well
Slide 93: Sustained Investment in Innovation Drives Growth and Profitability
Sustained Investment in Innovation Drives Growth and Profitability Global Reference Lab Diagnostic Global Reference Lab Diagnostic and Consulting Services Recurring Revenue and Consulting Services Gross Margin and Organic Revenue Growth2 And Gross Margin Expansion $1.3B ~+400bps 11% CAGR ~+340bps 13
Slide 94: Innovation-driven, Technology-enabled Global Services Platform
Innovation-driven, Technology-enabled Global Services Platform ▪ Significant unmet need and global opportunity ▪ Deep global capability built over decades ▪ Five-star customer experience with world-class Net Promoter Score ▪ Highly accurate, affordable, convenient cancer screening has the potential
Slide 95: Mike Erickson, PhD
Mike Erickson, PhD Executive Vice President and General Manager Point of Care Diagnostics and Telemedicine Loki
Slide 96: Shaping the Future of Point of Care Diagnostics
Shaping the Future of Point of Care Diagnostics Dr. Mike Erickson Executive Vice President and General Manager Point of Care Diagnostics and Telemedicine IDEXX Investor Day August 14, 2025 © 2025 IDEXX Laboratories, Inc. All rights reserved. 96
Slide 97: Innovation-driven Growth at the Point of Care
Innovation-driven Growth at the Point of Care + Reference lab testing performance at patient side + New-to-world platforms expanding what’s possible at the point of care + Step function boosts to practice team productivity through seamless workflow and integration + Accelerated pace of Technology fo
Slide 98: © 2025 IDEXX Laboratories, Inc. All rights reserved.
© 2025 IDEXX Laboratories, Inc. All rights reserved. 98
Slide 99: Transforming Real-Time Insights at the Point of Care
Transforming Real-Time Insights at the Point of Care int of Care Diagn Po os X tic X s DE 2014 2016 2020 2024 Future I IDEXX SmartService IDEXX IDEXX Catalyst One® SediVue® Dx ProCyte One® inVue Dx MultiCue Dx Technology Trusted Accuracy Load and Go End-to-End Integration for Life Reference lab qual
Slide 100: Record Placements Supports Recurring Revenue Expansion
Record Placements Supports Recurring Revenue Expansion… Worldwide Premium Instrument Placements* 19k Sustained Strong Execution ~5X Urinalysis + Growth across platforms Hematology supported by global expansion + Record placements in Q2 2025… 4k + … Led by IDEXX inVue Dx with Chemistry ~2,400, with e
Slide 101: Driving Long-term, Durable Recurring Revenue Growth
…Driving Long-term, Durable Recurring Revenue Growth Global IDEXX VetLab® Consumables Recurring Revenue and Organic Revenue Growth2 Over 155,000 Premium Analyzers ~14% Globally* CAGR ~15% CAGR *Installed base as of 6/30/2025. Premium analyzers include Catalyst Dx® Chemistry Analyzer, Catalyst One® C
Slide 102: Long Runway to Expand Premium Installed Base Over 3X
Long Runway to Expand Premium Installed Base Over 3X Global IDEXX Premium Instrument Global Incremental IDEXX Premium Instrument Installed Base* Placement Opportunity** 90k ~410k 90k 67k International IDEXX inVue Dx 90k 147k Urinalysis Hematology 72k U.S. Chemistry 2024 Total Total Catalyst ProCyte
Slide 103: IDEXX Innovation Raising the Bar in Point of Care Diagnostics
IDEXX Innovation Raising the Bar in Point of Care Diagnostics VetConnect® PLUS New Platforms New to world solutions expanding productivity and point of care insights Technology for Life Continuously increasing platform diagnostic capabilities and value Intuitive Software Enabling practice productivi
Slide 104: Technology for Life Expands Customer and Economic Value
Technology for Life Expands Customer and Economic Value $309M 76,000+ 2.5X 2024 Revenue from New Catalyst Global Catalyst Economic Catalyst Menu* Installed Base** Value since 2014*** 2008 2012 2013 2014 2015 2016 2018 2019 2020 2022 2024 2025 2026+ Catalyst Dx® Catalyst® Catalyst® Catalyst One® Cata
Slide 105: Platform Versatility Drives Deep Loyalty and Utilization Growth
Platform Versatility Drives Deep Loyalty and Utilization Growth Comprehensive Menu Specialty Slides Chemistry Electrolytes Immunoassay 64 Catalyst One ~98 % Annual revenue 42 parameters including IDEXX SDMA 6 pre-loaded CLIPs 33 high-value singles… and growing Standalone or with CLIP 2025 NPS* reten
Slide 106: Catalyst New Menu Consistently Drives Adoption at Scale
Catalyst New Menu Consistently Drives Adoption at Scale % of U.S. Catalyst customers adopted in the first year of launch* >65% >55% >50% >50% Catalyst® Catalyst® Lyte 4 CLIP Catalyst® Total T4 Test Catalyst® SDMA Pancreatic Lipase Launched December 2008 Launched February 2015 Launched January 2018 L
Slide 107: Catalyst Cortisol Addresses a Critical Customer Need
Catalyst Cortisol Addresses a Critical Customer Need Real-time, accurate Cortisol is #1 Most Requested test* Diagnosis for life-threatening Addison’s – “the great pretender” Diagnosis and management for Cushing’s syndrome *Primary customer research, including multi-year feedback from field teams, cu
Slide 108: Platform Extensibility Key to Economic Value Expansion
Platform Extensibility Key to Economic Value Expansion IDEXX Instrument Economic Value (EV)* 2.5X Expansion** + New Menu + Utilization Future Expansion + New Menu + Utilization Near-term EV + Ear Cytology + Blood Morphology + FNA ‘Lumps and Bumps’ Catalyst IDEXX inVue Dx *Economic Value represents c
Slide 109: IDEXX inVue Dx Sees Cells Like Never Before
IDEXX inVue Dx Sees Cells Like Never Before Deeper Cellular Insights Revolutionary, Slide-free Workflow © 2025 IDEXX Laboratories, Inc. All rights reserved. 109
Slide 110: IDEXX inVue Dx Captures More Diagnostic Insights
IDEXX inVue Dx Captures More Diagnostic Insights IDEXX inVue Dx One run delivers the diagnostic depth of 10-20 glass slides, read by thousands of expert pathologists* Unmatched consistency and objectivity Deep-learning AI models trained by IDEXX’s global network of board-certified pathologists Blood
Slide 111: Going Slide-free Revolutionizes In-clinic Cytology Workflow
Going Slide-free Revolutionizes In-clinic Cytology Workflow Slide-free, Load-and-go simplicity Hema tocrit 10-20 >90% 100% Minutes Saved* Reduced Hands-on Time* Charge Capture Per patient compared to Staff can focus on other clinical Automated charge capture drives traditional methods tasks while te
Slide 112: IDEXX inVue Dx Advances Large, Well-established Cytology Categories
IDEXX inVue Dx Advances 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 micro
Slide 113: First Ever Comprehensive, In-Clinic Hematology Solution
First Ever Comprehensive, In-Clinic Hematology Solution ProCyte One Cumulative Placements 5 Year 20k Placement Goal Achieved in Year 4 + Blood Complete Blood Morphology Count (CBC) 2021 2022 2023 2024 2025 © 2025 IDEXX Laboratories, Inc. All rights reserved. 113
Slide 114: Advancing Mast Cell Tumor Diagnostics at the Point of Care
Advancing Mast Cell Tumor Diagnostics at the Point of Care IDEXX inVue Dx FNA Today only ~10% of lumps and bumps get tested* Critical to differentiate cancer from benign inflammation IDEXX inVue Dx to Pathology revenue multiplier (One-click) *Estimate based on Key Opinion Leader (KOL) focus group of
Slide 115: Giving Tools to GPs for Management of Mast Cell Cancer
Giving Tools to GPs for Management of Mast Cell Cancer Mast Cell Tumor Example Screen / Diagnose Diagnose / Rule In Characterize / Treat Monitor W e ll n IDEXX Cancer Dx IDEXX inVue Dx IDEXX Cancer Dx ess Visit FNA One-click Path Review Suspicious Skin Masses Se t Se is t g is No t nd nd og isi to t
Slide 116: IDEXX SNAP is the Trusted Standard for Rapid Testing
IDEXX SNAP is the Trusted Standard for Rapid Testing VetConnect® PLUS Superior Accuracy End-to-end Solution with SNAP Pro® High Advocacy NPS = 79* IDEXX SmartService *Double-blind primary research study conducted in April – May 2025, Rapid Assay represented by SNAP® 4Dx® Plus, n = 399 and SNAP® Trip
Slide 117: SNAP Leish 4Dx Driving Double Digit Rapid Assay Growth
SNAP Leish 4Dx Driving Double Digit Rapid Assay Growth and Expanded Wellness Screening in Europe Heartworm Ehrlichia 1 in 10 Dogs test positive Anaplasma for Leishmania Leishmania in endemic areas* Point of C eference XX ar XXR La E b D DE e I I IDEXX Anywhere Leishmania Seropositivity rate* 7% 18.5
Slide 118: Customers Seek IDEXX's Integrated Imaging Solutions
Customers Seek IDEXX’s Integrated Imaging Solutions 95%+ attach of software recurring revenue** IDEXX Telemedicine IDEXX Web PACS Digital Radiography Unmatched digital X-ray Imaging workflow software Board-certified Radiologists image quality at lowest dose driving productivity + Embedded AI Install
Slide 119: Point of Care Innovation Drives High Growth and Value
Point of Care Innovation Drives High Growth and Value + Innovation-driven growth powered by new-to-world platforms and menu acceleration + Driving step-function improvements to practice productivity and diagnostic quality + Generating significant value for IDEXX customers and shareholders + Enormous
Slide 120: Michael Schreck
Michael Schreck Executive Vice President and General Manager VetSoft, Corporate Accounts, and Customer Experience Callie
Slide 121: IDEXX Vertical SaaS for Animal Health
IDEXX Vertical SaaS for Animal Health Michael Schreck Executive Vice President and General Manager VetSoft, Corporate Accounts, and Customer Experience IDEXX Investor Day August 14, 2025 © 2025 IDEXX Laboratories, Inc. All rights reserved. 121
Slide 122: Critical Importance of Veterinary Software within Animal Health
Critical Importance of Veterinary Software within Animal Health Veterinary practices have strong appetite for software that supports workflow productivity, team collaboration, and client engagement The industry has operated historically without a unified software ecosystem tailored to contemporary A
Slide 123: Our Software Platform Accelerates Customer Growth & Productivity
Our Software Platform Accelerates Customer Growth & Productivity First Vertical SaaS Platform for Animal Health Enterprise Features for Corporates AI Deployment within PIMS Workflow Personalized Pet Owner Engagement Unlocking New Vectors of Diagnostic Growth © 2025 IDEXX Laboratories, Inc. All right
Slide 124: Fully Integrated Vertical SaaS Platform Engineered for Animal Health
Fully Integrated Vertical SaaS Platform Engineered for Animal Health Purpose-Built Functionality PET PARENT Reminders & Next Action ENTERPRISE Care Plans End-to-End Workflow Portfolio Enterprise Analytics PRACTICE Security Expandable Ecosystem Referral Coupons + 100% Digital Management Payments Mark
Slide 125: Suite Application Revenue Scaling with PIMS Installed Base Growth
Suite Application Revenue Scaling with PIMS Installed Base Growth Artificial Intelligence Pet Owner Engagement Digital Workflow & Data Insights Payments & Financing IDEXX Decision IQ Clinical Practice PIMS Decision Admin Support Efficiency ® ® + + + + Vertical SaaS Platform © 2025 IDEXX Laboratories
Slide 126: Cloud Momentum Surging on the Strength of Proven Benefits
Cloud Momentum Surging on the Strength of Proven Benefits Benefits of Cloud PIMS Practices 2X More Likely Security Better data protection & compliance to Move to the Cloud Percentage of On-Prem clinics planning to switch PIMS* IT Cost & Complexity Latest version & less maintenance Mobility Access an
Slide 127: ezyVet as Go-To Platform for Practices Desiring Cloud PIMS
ezyVet as Go-To Platform for Practices Desiring Cloud PIMS Intent to Switch Likelihood To Consider a Given PIMS By Current PIMS Product – % of clinics* Clinics Evaluating “Switching PIMS” – % of clinics** + 8pts*** 50% vs. 2024 Cloud 1.4X 37% On-Prem 1 Major PIMS Provider On-Prem 2 3% Major Cloud *I
Slide 128: Differentiated Enterprise Offering Supports Corporate Standardization
Differentiated Enterprise Offering Supports Corporate Standardization New Corporate Account Bookings IDEXX Software Solves Core Enterprise Needs (Annual Recurring Revenue) Optimized Workflow & Protocols Single, Scaled Software Provider ~6X Centralized Control & Visibility Integrated Suite of Applica
Slide 129: Two-thirds of IDEXX's Installed PIMS Base is Now Cloud
Two-thirds of IDEXX’s Installed PIMS Base is Now Cloud Annual IDEXX PIMS Placements (Global) Total IDEXX PIMS Installed Base (Global) Cloud vs. On-premise* Cloud vs. On-premise* 34% Cloud 30% Cloud CAGR CAGR 99% 87% 61% *ezyVet® bookings and Install base included in post-acquisition only starting in
Slide 130: ezyVet Customers Increasingly Adopt IDEXX Diagnostics
ezyVet Customers Increasingly Adopt IDEXX Diagnostics % of Acquired ezyVet Customers using both IDEXX Reference Lab & IDEXX In-house Chemistry Platform* 2021 ezyVet Profile of IDEXX Users 2025 ezyVet Profile of IDEXX Users Reference Lab IDEXX VetLab® Reference Lab IDEXX VetLab® ONLY Customers ONLY C
Slide 131: Practice and IDEXX Dx Revenue Grows Faster for ezyVet Customers
Practice and IDEXX Dx Revenue Grows Faster for ezyVet Customers Practice Revenue Index* IDEXX Dx Spend Index** (CAGR, 2021-2024) (CAGR, 2021-2024) +4pts +4.5pts Competitor PIMS Competitor PIMS *Represents practice revenue CAGR and IDEXX Dx revenue CAGR calculated on a same-store sales basis. For inc
Slide 132: AI Cuts After-hours Work, Boosting Staff Wellbeing and Retention
AI Cuts After-hours Work, Boosting Staff Wellbeing and Retention Post-Visit Note Taking Hours* AI-Enabled Voice Transcription & Pre-Visit Summaries** Mon Tue Wed Thu Significant "after work hours" Fri note completion Sat Sun 9am to 5pm 6pm to 11pm *Shows logged note-taking activity for an IDEXX PIMS
Slide 133: Vello Continues to Deliver Impact on Visit and Revenue Growth
Vello Continues to Deliver Impact on Visit and Revenue Growth Clinically-Enabled Pet Owner Engagement Platform Clinical Visit Practice IDEXX Dx Growth Revenue Revenue Bella has 2 items to review Net Impact* for Vello +3.1% +3.4% +4.0% practices *Data as of July 2025. Measured across N=477 ezyVet®, C
Slide 134: Next-Gen Personalization Coming to Clinics via Vello
Next-Gen Personalization Coming to Clinics via Vello PRE-VISIT PRE-VISIT DURING VISIT DURING VISIT POST-VISIT POST-VISIT Personalized wellness screening notification Discounted offers to support affordable care Personalized follow-ups (tailored to medical history, breed, age, etc.) powered by . with
Slide 135: Animal Health Vertical SaaS Strategy Drives Strong Momentum
Animal Health Vertical SaaS Strategy Drives Strong Momentum IDEXX Veterinary Software, Services and Diagnostic Imaging Systems Revenue* ($M) Gross Profit 20% Recurring CAGR2 27% CAGR 80% Recurring 72% 71% Non- Recurring *2020-2024 4-year reported revenue includes impact from ezyVet®. 2Non-GAAP finan
Slide 136: Enabling the Future of Veterinary Care via Our Vertical SaaS Platform
Enabling the Future of Veterinary Care via Our Vertical SaaS Platform IDEXX has rapidly advanced SaaS-based PIMS innovation in Animal Health Rising demand among Corporate Groups for harmonized software infrastructure Software-driven productivity enables future practice growth — potentially without a
Slide 137: A Customer Conversation with Dr. Brian Greenfield
CREATING CLARITY A Customer Conversation with: Facilitated by: Dr. Brian Greenfield George Fennell DVM, Animal Clinic Northview EVP, Global CAG Commercial
Slide 138: Break
CREATING CLARITY Break Return in ~10 minutes
Slide 139: A Customer Conversation with Dr. Brian Greenfield
A Customer Conversation with Dr. Brian Greenfield Facilitated by George Fennell
Slide 140: Andrew Emerson
Andrew Emerson Executive Vice President and Chief Financial Officer Sunny Uki Mysia Izzy Mixie Bajie
Slide 141: IDEXX Financial Review
IDEXX Financial Review Andrew Emerson Executive Vice President and Chief Financial Officer IDEXX Investor Day August 14, 2025 © 2025 IDEXX Laboratories, Inc. All rights reserved. 141
Slide 142: Financial Review – Key Messages
Financial Review – Key Messages + Delivering strong financial results through strategic focus and strong execution + CAG innovation and global customer engagement drive 10%+ long-term organic revenue growth potential + Durable annuity model supports operating margin expansion and investment toward l
Slide 143: Strong Long-term Financial Performance and Potential
Strong Long-term Financial Performance and Potential IDEXX Long-term Financial Performance 2019 - 2024 Multi-year Goals* Organic Growth Revenue EPS 10%+ Operating Margin Annual Operating Margin + 11% + 150 bps + 20% Gains** 50 – 100 bps Average Annual Comparable Average Annual Organic Revenue CAGR2
Slide 144: 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 ($ Billions) 2015 – 2019 2019 – 2024 12% International 14% 13% 13% U.S. 12% 11% 2Non-GAAP financial measure, please refer to Appendix for descriptive footnotes.
Slide 145: Vertical SaaS Expands High Return Recurring Revenues
Vertical SaaS Expands High Return Recurring Revenues Veterinary Software, Services and Diagnostic Imaging Revenue and Recurring Revenue Organic Growth3 Recurring Software Growth Drivers ($ Millions) Expansion of Cloud-based PIMS Non- Recurring Revenue + Worldwide installed base growth 50%+ recurring
Slide 146: Clinical Visits a Near-term Headwind, Remain Above Pre-Pandemic Levels
Clinical Visits a Near-term Headwind, Remain Above Pre-Pandemic Levels Recent Visit Declines Driven by Wellness Visits U.S. Half-year Average Clinical Visits per Practice Indexed with each 2017 half-year = 100 Long-term Clinical Visit Drivers + Expanded and Aging Pet Pandemic period Population 5%+ a
Slide 147: U.S. Diagnostic Utilization Benefit from Aging Pet Population
U.S. Diagnostic Utilization Benefit from Aging Pet Population % of U.S. Clinical Visits including Bloodwork… Average By Age Cohort - Years + 0.5% per year + 0.5% per year + 0.5% Annual U.S. Expansion Drives ~ 1 – 1.5% Global CAG Diagnostics Recurring Revenue Growth Source: Based on an analysis of ID
Slide 148: Innovation Adds 2%+ to Long-term CAG Dx Recurring Revenue
Innovation Adds 2%+ to Long-term CAG Dx Recurring Revenue New Platforms New Franchises IDEXX inVue Dx & IDEXX MultiCue Dx IDEXX Cancer Dx Address $1.1B Opportunity IDEXX inVue Dx Instrument Economics Revenue Future Expansion Consumable + New Menu Core Platform Menu Capital + Utilization $3,500 - Cor
Slide 149: Long-term Opportunity for Global Installed Base Expansion
Long-term Opportunity for Global Installed Base Expansion Global Incremental IDEXX Premium Instrument Placement Opportunity* 10%+ New Platforms Annual Installed Base Growth Potential Core Global Placement Opportunity* IDEXX MultiCue Dx ~230k IDEXX inVue Dx International U.S. IDEXX inVue Dx 147k Urin
Slide 150: Innovation and Execution Support Long-term Growth Potential
Innovation and Execution Support Long-term Growth Potential Average Annual Worldwide CAG Diagnostics Recurring Revenue Organic Growth2 11% - 14% IDEXX Execution ~ 9% 2.5% - 4% Growth Drivers Net Price 4% - 4.5% 3.5% - 4%+ 8.5% - 11% ~ 6%-7% Utilization & New Innovation 1.5% - 2.5% 2.5% - 3% ~ 2% New
Slide 151: Long-term Potential for 10%+ Annual Organic Revenue Growth
Long-term Potential for 10%+ Annual Organic Revenue Growth Driven by double-digit expansion of CAG Diagnostics Recurring Revenue IDEXX Long-term Total Company Annual Organic Revenue Growth2 Potential 10%+ High Mid-Single Annual Growth Single Digit Digit Potential 15%+ 5%+ 11% - 14% International U.S
Slide 152: Attractive Incremental Gross Margins from Scale and Innovation
Attractive Incremental Gross Margins from Scale and Innovation f Care Dia Incremental Gross Margins by Modality oint o gn P os XX ti E cs ID 75% Gross Margin (2024) ® CAG Diagnostics Recurring Revenues *Reference Lab Routine Panels include Chemistry and Hematology testing categories **Veterinary Sof
Slide 153: Sustained Investment Towards Organic Growth Opportunity
Sustained Investment Towards Organic Growth Opportunity Expense % of Revenue 2024 2025+ Long-term Focus Sustained pace and breadth of diagnostic Research & Development 5.6% 5%+ and software solutions Commercial capability to translate value of Sales & Marketing 15.1% ~15% IDEXX innovations to custom
Slide 154: Disciplined Resource Allocation to Advance Strategic Growth Priorities
Disciplined Resource Allocation to Advance Strategic Growth Priorities Strategic Priorities Investment Principles Diagnostic Innovation Centered on expanding core diagnostic and software businesses, solving veterinary clinic challenges Customer-facing Software Opportunity to plug into IDEXX’s Data a
Slide 155: Investment Towards Innovation Supports High Returns
Investment Towards Innovation Supports High Returns R&D Investments & Business Development After-tax Return on Invested Capital, 2017 – 2024 Excluding Cash & Investments7 Point of Care Information Technology Management In-license & Software M&A Investment Areas R&D Investment Reference Labs Areas Ot
Slide 156: Targeting Continued Solid Annual Operating Margin Gains
Targeting Continued Solid Annual Operating Margin Gains Annual Operating Margin and Average Annual Long-term Goal* Comparable Operating Margin Expansion5 (bps) +50 - 100 bps +140 Average Annual Comparable Gains Key Drivers +140 + 75%+ incremental CAG Diagnostics recurring revenue gross margins + Ref
Slide 157: Strong Cash Flow Driven by High Net Income Conversion
Strong Cash Flow Driven by High Net Income Conversion Free Cash Flow % of Net Income8 Large facility projects Key Cash Flow Highlights Discrete R&D + Low capital investment intensity aligned with growth and scale • 4 - 5% of revenue Free cash flow + Consistent long-term target for high conversion to
Slide 158: Deployment Aligned with IDEXX's Long-term Strategy and Value Creation
Deployment Aligned with IDEXX’s Long-term Strategy and Value Creation Cumulative Free Cash Flow Generation8 Capital Allocated to Share ($ Billions) and Share Repurchases since 2015 Repurchases** Over 47% $5.1B reduction in weighted avg share count since 1999 $241 avg purchase price $2.4B $22 avg pur
Slide 159: 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 Long-term Expansion Leverage EPS Growth Potential** 10%+ 50-100 1%-2% bps Incremental EPS Growth 15%+ *Long-term financial model excludes
Slide 160: Q&A
CREATING CLARITY Q&A
Slide 161: Appendix
CREATING CLARITY Appendix
Slide 162: 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 163: Footnotes
Footnotes CAGR CAGR U.S. CAG Diagnostics Recurring 2015-2019 2019-2024 Global Reference Labs Dx and Consulting Services Recurring 2015-2019 2019-2024 Reported Growth 12% 11% Reported Growth 12% 10% Acquisition Impact 0% 0% Acquisition Impact 0% 0% 4 Organic Revenue Growth 12% 11% Currency Impact 0%
Slide 164: Footnotes
Footnotes 4 Constant Currency: Adjustments to GAAP financial measures for “currency impacts” or “changes 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 comparis
Slide 165: 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 166: 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 167: Footnotes
Footnotes 8 Free Cash Flow and Ratio of Free Cash Flow to Net Income: 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, including tax benefits attributable to share-based compensation, reduced by the