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IDXX IDEXX LABORATORIES INC
Yes — inVue is the offer
What they are doing
Vet diagnostics. The 10-K already names inVue Dx (optics + AI, slide-free cytology) and SediVue (proprietary AI on urine sediment). The Q2 call is where they sell it: CEO Mike Erickson said vets want objective AI-powered results while the pet is still in the clinic. Consumable revenue $3,500–$5,500 per instrument. FNA still a controlled rollout. DR50 Plus and Web PACS / telemedicine also carry named AI. Cancer Dx is a lab panel — do not score it as AI. Internal coding tools are hygiene. Placements are hardware volume.
Why the score
- Reach 3 not 4: inVue plus imaging AI. Software is the practice system, not a third needle.
- Weight 3 not 4: AI-powered in-clinic cytology is how they sell inVue. 4 waits for it being how the whole franchise goes to market, or a result on the intelligence.
- Proof 3 not 4: live, named, in the loop. $3,500–$5,500 and 9,000 placements are consumable / hardware volume.
What would move it next quarter: An accuracy, attach, or utilization number on inVue AI — not another placement print.
Open these first
Evidence
inVue Dx uses advanced optics and AI technology in a slide-free, load-and-go platform. SediVue Dx features proprietary AI capabilities. Telemedicine / Web PACS embeds proprietary AI. We have built, and expect to continue to build, AI into many of our product and service offerings. Internal AI for code and ops is also named — hygiene.
No new algorithm language. Software recurring $76.3M. inVue instrument revenue down on a hardware lap vs broad availability in Q2 2025. That is box volume, not an AI result.
Erickson: diagnostic confidence of objective AI-powered results; 9,000 inVue; FNA controlled rollout; DR50 Plus AI-powered imaging quality.
Revenue $1,217M, +9% organic. Placement and AI detail is on the call.