IDEXX Laboratories Touts AI Push, inVue Dx Momentum at Stifel Conference

Key Points

• CEO Michael Erickson used a Stifel conference to highlight IDEXX’s long-term focus on diagnostics, software, and AI, saying the company is pushing integrated tools that improve veterinary workflow and customer productivity.
• inVue Dx was described as one of IDEXX’s most successful launches, with strong early placements and expanding capabilities in areas like blood morphology and the upcoming broader FNA rollout.
• Management said growth is being supported by multiple drivers, including double-digit point-of-care and reference lab growth, while Cancer Dx continues to gain traction and expand its cancer-detection coverage.

IDEXX Laboratories NASDAQ: IDXX President and CEO Michael Erickson used a Stifel investor conference appearance to emphasize the company’s innovation pipeline, expanding commercial reach and growing use of software and artificial intelligence across veterinary diagnostics.

Erickson, who recently became CEO after roughly 14 years at the company, said IDEXX remains focused on a long-term strategy built around diagnostics, software and customer engagement. He described the company as “purpose-driven” and said its platform is intended to help veterinarians gain deeper clinical insights and improve practice productivity.

“We’re really focused on innovation,” Erickson said. “I’ve never been more excited about our portfolio of innovations.”

Software and AI Remain Key Priorities

Erickson said IDEXX sees significant opportunity in software and AI, both in its products and in internal operations. He pointed to inVue Dx and SediVue Dx as examples of AI already embedded in IDEXX diagnostic platforms.

With inVue Dx, Erickson said IDEXX has transformed manual, technique-sensitive cytology workflows by eliminating the need to make a slide in certain applications. The instrument uses optics and onboard AI to provide answers in about 10 minutes for areas such as cytology and blood morphology, he said.

He also said AI could help improve veterinary practice efficiency through tools such as ambient scribing and could support IDEXX’s own productivity. Erickson said some software teams at IDEXX are using AI to generate code, reducing work that previously took “weeks or months” to “days or weeks.”

Erickson said IDEXX may develop some AI-enabled capabilities internally while also partnering with third parties. He noted that the company has a connected software ecosystem with more than 100 third-party integrations.

inVue Dx Launch Described as One of IDEXX’s Most Successful

Much of the discussion centered on inVue Dx, the company’s point-of-care diagnostic platform. Jonathan Block, managing director at Stifel, said IDEXX had previously discussed expectations for 5,500 placements in 2026 and noted that first-quarter placements were 1,100.

Erickson said inVue Dx has been “one of the most successful launches” in IDEXX history and said the company remains comfortable with its full-year forecast despite quarterly lumpiness. He said the initial applications in ear cytology and blood morphology address large categories of testing already occurring in veterinary hospitals.

The CEO said IDEXX continues to expand the platform’s menu through connected instruments. Since the company’s first-quarter call, he said IDEXX added additional red blood cell morphology capabilities, including spherocytes, schistocytes and keratocytes, after previously adding acanthocytes.

Erickson also said IDEXX is in a controlled launch for fine needle aspirate, or FNA, and expects to move to a broader launch later this year. He described FNA as a “platform within a platform” and said it addresses high-stakes cancer-related use cases, such as evaluating lumps and bumps in pets.

Block asked whether some practices might be waiting for the full FNA launch before adopting inVue Dx. Erickson said that could happen in some cases, but IDEXX has not seen it as a headwind to achieving its goals.

Erickson also said inVue Dx is already “comfortably” within the previously discussed $3,500 to $5,500 revenue-per-box range, even before the broader FNA launch. He said most practices with inVue Dx are using it for both ear cytology and blood morphology, and some customers want multiple instruments to handle volume.

Growth Outlook Tied to Multiple Drivers

Asked about the company’s growth cadence for the remainder of the year, Erickson said IDEXX’s performance is not dependent on a single product. He pointed to double-digit first-quarter growth across point-of-care diagnostics and reference labs, including 15% growth in point-of-care consumables.

Erickson said innovation is helping IDEXX grow faster than the broader sector. He also said the company is seeing “green shoots” among dogs older than five, including in both wellness and non-wellness visits during the first quarter. The company has been facing headwinds in clinical visits, but Erickson said IDEXX modestly adjusted its full-year view from negative 2% to negative 1.5%.

John Ravis, vice president of investor relations, added that IDEXX is seeing benefits from net customer gains and adoption of new innovations. He said the company’s installed base grew 12% in the first quarter and that reference lab growth has accelerated across major modalities and geographies, including international markets.

Cancer Dx Seen as a Long-Term Development Opportunity

Erickson also discussed Cancer Dx, IDEXX’s early cancer detection test that currently starts with lymphoma. Block said roughly 7,500 practices are ordering the test.

Erickson said IDEXX is pleased with demand and described the test as a breakthrough in a historically underdeveloped area of veterinary medicine. He said the test can detect lymphoma up to eight months before clinical signs and can help type the lymphoma to guide care.

The company has priced Cancer Dx at $15 when packaged with an IDEXX blood panel, which Erickson said supports broader access while also driving blood work at IDEXX reference labs. He said 70% of the Cancer Dx volume is being run together with blood work at IDEXX reference labs.

Erickson said about 20% of Cancer Dx volume is coming from practices that do not use IDEXX as their primary reference lab, which he said supports new customer growth. He also said IDEXX plans to add mast cell tumor later this year and expects to cover about one-third of major cancers after that addition. The company has said it expects to reach 50% coverage by 2028.

MilQ-ID Details Remain Limited

Block also asked about MilQ-ID, a trademark he said Stifel had identified. Erickson declined to provide details on the product’s functionality or timing, saying IDEXX will discuss it when it is ready.

“What MilQ-ID will do, it will transform the category that it’s in, and it will be entirely complementary to what we have today in our IDEXX VetLab Suite,” Erickson said.

Asked whether IDEXX’s commercial organization can support multiple point-of-care analyzer innovations at the same time, Erickson said there is no capacity issue. He said the company has continued to invest in its commercial organization in the U.S. and internationally and plans to keep expanding that footprint.

Erickson closed by describing IDEXX’s innovation strategy as “multi-front,” spanning instruments, assays, software and AI. He said the company will continue to pursue integrated solutions across those areas.

About IDEXX Laboratories NASDAQ: IDXX

IDEXX Laboratories, Inc NASDAQ: IDXX is a global developer, manufacturer and provider of diagnostic products and services primarily for the animal health, water testing and food safety markets. Headquartered in Westbrook, Maine, the company supplies in-clinic diagnostic instruments, consumables, reference laboratory testing and practice-management tools that support veterinarians, livestock and dairy producers, and utilities and food producers worldwide.

IDEXX's product portfolio includes point-of-care tests and immunoassays designed for rapid diagnosis in veterinary clinics, in-clinic chemistry and hematology analyzers, automated urinalysis systems, and digital diagnostic solutions.

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