Growth Strategy and Market Opportunity - IDEXX has a significant global testing opportunity to raise standards of care, estimated at over $45 billion in Total Addressable Market (TAM)[11] - The company aims for long-term durable organic revenue growth potential of 10%+ with high Return on Invested Capital (ROIC)[11] - The worldwide addressable companion animal diagnostics revenue opportunity is estimated at $45B+, with only ~15% currently served[34] Financial Performance and Growth Drivers - IDEXX delivered exceptional long-term financial performance from 2018 to 2023, including +11% revenue CAGR, +170 bps average annual comparable operating margin expansion, and +22% average annual comparable EPS growth[17] - In 2023, IDEXX's ROIC was 48%[18] - The company's consistent strategy supports accelerating revenue growth, with CAG Diagnostics recurring revenue showing a 13% CAGR[21] Innovation and New Products - IDEXX is introducing a new wave of innovation, including the IDEXX inVue Dx Cellular Analyzer, which is shipping in Q4 2024[72] - IDEXX Cancer Dx will launch with canine lymphoma in 2025, with plans to expand the panel to cover >50% of canine cancer cases over ~36 months[70] - The company estimates a ~$2.5B opportunity in oncology diagnostics[61] Commercial Engagement and Customer Focus - IDEXX has doubled its commercial field-based professionals since 2015, reaching approximately 1,200[98] - IDEXX-engaged practices grow faster, with average clinical revenue per practice growing at 10.9% CAGR compared to 3% for unengaged practices from 2018-2023[104] - The company's U S Net Promoter Score (NPS) is high across various product lines, with Reference Lab at 33%, In-house Chemistry at 32%, In-house Hematology at 30%, and Rapid Assay at 29%[112] Sector Trends and Future Growth - The estimated global companion animal Dx sector spend is projected to grow from $5.8B in 2023 to $10B+ in 2048, implying a 7.5-8.5% CAGR[116][125] - IDEXX is positioned to outpace sector growth, with an implied CAGR of 9%+[116] - The company estimates that the percentage of clinical visits with bloodwork will increase from 19% in the U S in 2023 to 34% in 2048[116]