### At a GlanceIDEXX Q2 2026 results exceeded expectations, with management raising full-year organic revenue and EPS guidance. CAG Diagnostics recurring revenue grew 10.3%, primarily volume-driven, despite a 1.3% decline in U.S. same-store clinical visits.

Key Data: CAG Diagnostics recurring revenue organic growth of 10.3%; comparable EPS of $4.27, up 15% year-over-year; Premium instrument placements reached 5,265 units, including 1,602 inVue Dx placements.

Business Progress: inVue Dx placed 2,700 units in the first half, with a full-year target of 5,500 units; FNA (fine needle aspiration) application is expanding controlled release as planned, with full launch expected by year-end. Cancer Dx has over 10,000 global ordering clinics, with a new mast cell tumor test to be added by the end of Q3 at the same price. Catalyst CLIPs added SDMA integration; the Fecal Dx platform added a tapeworm detection test. Software and imaging business set records, with the DR50 Plus achieving a sixth consecutive quarterly record for digital X-ray system placements.

Guidance & Outlook: Full-year organic revenue growth guidance raised to 8.5%-9.7%, and CAG Diagnostics recurring revenue growth guidance raised to 9.5%-10.7%. Full-year EPS guidance raised to $14.69-$14.94, representing comparable growth of 13%-15%. Q3 organic revenue growth is expected to be in line with the second half, with slight operating margin expansion of 20-50 basis points.

Risk/Highlight Signals: Management emphasized the positive contribution of aging pets (5 years and older) to visit and diagnostic demand, as well as the long-term growth drivers from the innovation pipeline (inVue Dx, Cancer Dx, FNA). At the same time, it noted that U.S. same-store clinical visits continue to face pressure, with an expected decline of approximately 1.5% in the second half, primarily due to economic pressures and slowing pet adoption.