A：Idex's highlights for Q4 and full year 2025 include double-digit top line gains in revenue, record premium instrument placements in Q4, and strong gains across major platforms. The company achieved 10% overall organic revenue growth for the full year, with 8% organic growth in CAG diagnostics, a 12% year-over-year expansion in the global premium instrument installed base, and full year operating margins of 31.6%, an increase of 31 basis points on a comparable basis.

A：Organic revenue growth and reoccurring revenues had a positive impact on Idex's full year 2025 financial performance by driving solid revenue expansion and contributing to a 10% overall organic revenue growth. The growth supported strong financial performance aligned with the company's long-term potential.

A：In the fourth quarter, Idex's organic revenue growth was 6%, with gains across major business segments including 19% organic growth in CAG diagnostics, 4% organic gains in LPD, and 10% organic growth in worldwide TAG diagnostics reoccurring revenue.

A：Pressure on clinical visits due to the sector's challenges, with U.S. same store clinical visit declines of approximately 1.7% in Q4 and 1.9% for the full year 2025, contributed to the situation. However, Idex's performance showed a revenue growth premium compared to U.S. clinical visit growth levels, indicating the company's resilience in the face of headwinds.

A：Foreign exchange had a modest negative impact on Idex's full year 2025 financial results with a 1% basis point full year revenue growth benefit and an increase in operating profits by $10 million and EPS by 10 cents per share, net of $1 million in hedge losses.

A：Idex plans to deliver solid organic revenue growth and profit gains in 2026, supported by strong commercial execution and innovative new platforms. The company expects revenue of $4.2 billion to $4.4 billion, a 7.6% to 9% increase reported basis with 7% to 9% organic growth for CAG diagnostics reoccurring revenues, and foreign exchange impacts expected to be an approximate 1% benefit to full year revenue growth.

A：A script change in the value of the US dollar would impact full year reported revenue by approximately script million dollars and operating income by approximately $5 million net of hedge effects.

A：QA reported operating margins are planned for lyrics to Ed Ed, reflecting solid expansion of comparable margins in the quarter.

A：Customer retention in the global CAG diagnostics business remains in the high ridges, highlighting the value of Idex solutions and the strength of the partnerships.

A：New innovations include the expansion of the Idex Cancer Dx panel and the addition of mast cell tumor detection to the cancer Dx panel in North America. These innovations build on the success of canine lymphoma detection and support early detection and informed decision-making.

A：InSight Dx is a transformational platform redefining point of care cell psychotically across several high volume use cases. The controlled launch of fine needle aspirate (FNA) on MVDX is part of this platform, initially for mast cell tumor detection.

A：The latest menu additions, like the cat and catalyst cortisol tests, enhance diagnostic confidence and efficiency at the point of care, contributing to quicker diagnosis and treatment, particularly for clinically challenging conditions.

A：The software ecosystem plays a role as a growth driver and source of strategic differentiation, integrating across diagnostics, imaging, client communication, and practice operations to help clinics realize the value of their diagnostic investments.

A：Idex made significant progress in diagnostic imaging by launching the most advanced radiography system in veterinarian medicine. This system offers superb image quality at the lowest radiation dose and automates key clinical measurements with an AI-powered viewer. Additionally, customers can now submit and review telemedicine cases directly through Webex, enhancing the diagnostic imaging workflow for veterinarian professionals.

A：Idex is firmly committed to creating long-term value for customers, employees, and shareholders. The company has reinforced its leadership in diagnostics and software, entered the year with confidence in its strategy and teams, and is uniquely positioned to support the evolution of the human-animal bond and rising expectations for quality veterinarian care by providing diagnostic and digital tools that enhance productivity, improve outcomes, and support sustainable practice growth.

A：The pandemic puppy boom has led to a diverse trend in wellness versus non-wellness visits. While wellness visits have faced some challenges due to macroeconomic pressures, non-wellness visits have shown growth, likely reflecting the aging of these pets and a positive sign for future growth. Idex anticipates a 2% decline in wellness visits until there is clear evidence of improvement. There has been some moderation in service prices, which is expected to continue as corporate practices seek to drive demand and improve access to care.

A：The quality of both wellness and non-wellness visits is expanding, and utilization is increasing in both categories. This is evident from the positive momentum seen in the use of diagnostics when non-wellness visits occur, indicating that even in the wellness and discretionary visit categories, there is a growing use of diagnostics which is a key part of the company's strategy.

A：The drivers of consumables growth include a focus on growing the installed base of premium instruments and increasing utilization intensity through technologies like iView. This strategy has been successful in generating relevant consumable tests. Specific catalysts include smart QC tests and others like pancreatic lipase and cortisol. The company's sales organization places a premium on high-quality instrument placements and driving consumables growth by ensuring customers have higher utilization patterns. Notable achievements include a 12% expansion in the installed base and over 1350 new and competitive catalyst placements globally in the fourth quarter.

A：Idex has seen growth in the reference lab market, with a significant portion of gains realized globally. The company's investment in networks and infrastructure, ensuring next-day service for customers, has been instrumental. The innovation story across various tests, such as feline energy, vector borne diseases, and cancer diagnostics, has also contributed to competitive submissions and market differentiation. Approximately 18% of the competitive submissions are now in favor of Idex, reflecting its prioritization of patient care over the provider's primary reference lab. These factors have created strong differentiation and contributed to the company's reference lab business growth.

A：Customers using the company's software solutions exhibit fewer no-shows, more clinical visits, and increased diagnostic usage.

A：The company experienced solid double-digit growth in software on a recurring basis in the fourth quarter.

A：Utilization is largely consistent through the script. The opportunities to improve utilization are in seeing the benefits of these improvements within the utilization bucket.

A：To achieve the utilization growth guidance of 26%, the company does not need to push the utilization metric too much, even when adjusting for price changes next year. They expect to be within the midpoint of the range guided, and they are seeing some opportunities to see benefits from utilization.

A：The factors contributing to the 100 basis point year-to-year improvement in the diagnostic recurring growth rate are primarily driven by volume and the expansion of the customer base, coupled with maintaining and growing strong utilization metrics, especially due to innovation benefits.

A：The company views FNA's potential as something that will help in 2026, having captured it in their outlook already. They anticipate a solid expansion into corporate accounts, which typically takes longer than individual launches but have a good momentum. The company is targeting about 5500 in-view placements for 2026.

A：The expected range of gross margin improvement for 2026 is organically 30 to 80 basis points. Factors contributing to this include moderation in pricing in the U.S., continued investment in innovation with strong R&D numbers, and the benefit from gross margin perspective as they invest back into the business for the long term.