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IDEXX (IDXX) Expands Test Menu for the Catalyst Platform

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IDEXX Laboratories, Inc. (IDXX - Free Report) recently launched the Catalyst Pancreatic Lipase Test, a single-slide solution for canine and feline patients suspected of pancreatitis. With the innovative load-and-go workflow of the Catalyst analyzers, the test can run effortlessly alongside chemistry profiles, leading to a faster path to diagnosis and enhanced patient outcomes.

The latest development is likely to strengthen IDEXX’s Companion Animal Group (“CAG”) Diagnostics business.

Significance of the New Test

Pancreatitis is a common disease among cats and dogs, and while treatable, it can prove fatal if not caught early. Diagnosing pancreatitis can be difficult due to its nonspecific symptoms and subtle clinical signs, including vomiting and weight loss, which are among the 10 most frequently recorded clinical signs in primary care clinics. With the new Catalyst Pancreatic Lipase Test, veterinarians can receive quantitative results in under 10 minutes.

By delivering quantitative diagnostic insights during the patient visit, the new Catalyst Pancreatic Lipase Test empowers veterinarians to confidently confirm or rule out pancreatitis and immediately begin treatment, saving crucial time and improving patient outcomes. Coupled with VetConnect PLUS software, the Catalyst Pancreatic Lipase Test provides a critical solution for the long-term management of pancreatitis patients due to the chronic nature of the disease. VetConnect PLUS allows for seamless integration of historical data and test results, enabling efficient patient progress evaluation and treatment response.

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Furthermore, the test marks the tenth menu addition launched for the Catalyst platform since 2012. According to an IDEXX representative, delivering such a highly requested test reinforces the company’s commitment to extend the clinical value and diagnostic capabilities of its technologies. It aims to streamline the diagnostic workflow and equip veterinarians with the necessary clinical insights for prompt action.

More on the News

In the fourth quarter of 2024, IDEXX plans to further enhance the Catalyst platform with the launch of the Catalyst SmartQC Control, a load-and-go quality control testing system that is 90% faster than current methods. The Catalyst SmartQC Control offers an intuitive workflow that takes less than 15 minutes, ensuring quality control is run consistently without compromising staff productivity.

These enhancements will be delivered through IDEXX SmartService Solutions, a cloud-based software that supports in-house instruments and powers seamless upgrades for new tests and features.

Industry Prospects

Per a Research report, the global veterinary diagnostics market was valued at $9.29 billion in 2023 and is expected to witness a CAGR of 10.02% up to 2030. Some of the key factors driving the market growth include increased expenditure on animal health, rising incidence of diseases in animals, advancements in diagnostics and an increasing medicalization rate.

Other Developments in the CAG Segment

In February 2024, IDEXX launched a new software solution that seamlessly connects veterinary practices and clients through modern digital tools. As the only pet owner engagement solution purpose-built for IDEXX practice management software, Vello enables veterinary practices using ezyVet, Neo and Cornerstone software to communicate efficiently with pet owners in a single, easy-to-use system.

Price Performance

In the past year, shares of IDEXX have risen 7.9% compared with the industry’s growth of 6.5%.

Zacks Rank and Key Picks

IDEXX currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the broader medical space are Hims & Hers Health (HIMS - Free Report) , Medpace (MEDP - Free Report) and ResMed (RMD - Free Report) . Each of these presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.

Hims & Hers Heath stock has surged 136.7% in the past year. Estimates for the company’s earnings have risen from 11 cents to 18 cents in 2024 and from 25 cents to 33 cents in 2025 in the past 30 days.

HIMS’ earnings beat estimates in three of the trailing four quarters and missed in one, delivering an average surprise of 79.2%. In the last reported quarter, it posted an earnings surprise of a staggering 150%.

Estimates for Medpace’s 2024 earnings per share have moved up to $11.29 from $11.23 in the past 30 days. Shares of the company have surged 85.6% in the past year compared with the industry’s 4.9% growth.

MEDP’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 12.8%. In the last reported quarter, it delivered an average earnings surprise of 30.6%.

Estimates for ResMed’s fiscal 2024 earnings per share have moved to $7.70 from $7.64 in the past 30 days. Shares of the company have declined 3.9% in the past year against the industry’s rise of 3.2%.

RMD’s earnings surpassed estimates in three of the trailing four quarters and missed in one, the average surprise being 2.8%. In the last reported quarter, it delivered an earnings surprise of 10.9%.

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