IDEXX Expands Test Menu for the Catalyst Platform to Support Veterinarians Globally in Diagnosing Pancreatitis

Rhea-AI Summary

IDEXX Laboratories has launched the Catalyst Pancreatic Lipase Test, designed for rapid detection of pancreatitis in cats and dogs.

The test provides quantitative results in under 10 minutes and will be available in the U.S. and Canada by September, followed by a global rollout in Q4 2024.

The test is part of IDEXX's Catalyst platform, which aims to enhance diagnostic capabilities for veterinarians worldwide. The Catalyst SmartQC Control, a new quality control system that is 90% faster than current methods, will also be launched in Q4 2024.

Both innovations aim to streamline diagnostic workflows and improve patient outcomes.

Positive

• Launch of the Catalyst Pancreatic Lipase Test for rapid detection of pancreatitis in under 10 minutes.
• Available in the U.S. and Canada by September with a global rollout in Q4 2024.
• Part of a strategic effort to enhance the diagnostic capabilities of the Catalyst platform.
• Catalyst SmartQC Control system is 90% faster than current methods, improving efficiency.
• New test will help veterinarians diagnose pancreatitis more quickly, improving patient outcomes.
• Integration with VetConnect PLUS for long-term management and historical data evaluation.

Negative

• No mention of the test's cost, which could impact adoption rates.
• Potential risks if the global rollout faces delays or logistic issues.
• Relying on a new test may face initial reluctance from veterinarians accustomed to current methods.
• The effectiveness and accuracy of the new test need to be validated through real-world use.

Financial Analyst

Financial Implications: IDEXX's introduction of the Catalyst Pancreatic Lipase Test and the Catalyst SmartQC Control will potentially drive revenue growth by expanding the utility of the Catalyst platform, which already has a substantial installed base of over 70,000 units. This move can lead to increased test usage and sales, directly impacting the company's top line.

Additionally, the launch of these new tests aligns with IDEXX's broader strategy to enhance the clinical value of its technologies, indicating strategic product development that addresses market needs. Such innovations can solidify IDEXX's market position and maintain competitive differentiation in the veterinary diagnostics industry.

Short-term: In the short term, investors might anticipate increased sales from the new test introductions starting in the fourth quarter of 2024, especially given the rapid diagnostic capabilities which address a critical need in the veterinary field. This could translate to a positive market response and potential stock price appreciation.

Long-term: From a long-term perspective, consistent innovation and enhancement of diagnostic tools could ensure sustainable revenue streams and foster customer loyalty among veterinary practices. However, the impact on profitability will also depend on the cost-effectiveness of the new tests and their adoption rate among the existing customer base.

Rating: 1

Veterinary Expert

The introduction of the Catalyst Pancreatic Lipase Test is a significant advancement for veterinary diagnostics. Pancreatitis is a challenging condition to diagnose due to its nonspecific symptoms. The ability to obtain quantitative results in under 10 minutes at the point-of-care can dramatically improve patient outcomes by enabling quicker and more accurate treatment decisions.

This test, especially given its integration with VetConnect PLUS, will provide comprehensive insights and historical data, aiding in the management of chronic cases. This technological capability not only improves diagnostic confidence but also enhances long-term patient care.

Practical Impact: The workflow efficiency gained through this test, coupled with the forthcoming Catalyst SmartQC Control, means veterinary practices can offer higher-quality care without significantly increasing workload. This can lead to more frequent and reliable testing, benefiting patient health and potentially increasing clinic revenues through more comprehensive service offerings.

Rating: 1

Market Research Analyst

From a market perspective, IDEXX's latest innovations reflect a strong understanding of customer needs within the veterinary sector. The demand for rapid, reliable diagnostic tests is critical, particularly for conditions like pancreatitis that require timely intervention. The introduction of the Catalyst Pancreatic Lipase Test in such a quick turnaround time at the point-of-care differentiates IDEXX from competitors.

Market Position: By expanding its test menu, IDEXX not only meets a pressing clinical demand but also reinforces its value proposition to veterinary clinics. The widespread availability of these tests in the U.S., Canada and globally by the end of 2024 suggests a strategic push to capitalize on its extensive installed base, potentially driving higher utilization rates and customer retention.

Furthermore, the integration with IDEXX SmartService Solutions ensures seamless updates and quality control, which could enhance user experience and operational efficiency for clinics.

Rating: 1

The launch of the Catalyst^® Pancreatic Lipase Test demonstrates IDEXX's Technology for Life strategy and will provide veterinarians with quantitative results at the point-of-care in less than 10 minutes 

WESTBROOK, Maine, June 4, 2024 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, announces the launch of 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 Catalyst Pancreatic Lipase Test will be available in the U.S. and Canada this September, with a global rollout to the over 70,000 Catalyst installed base planned to begin in the fourth quarter of 2024.

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.¹ Now, with the Catalyst Pancreatic Lipase Test, veterinarians can receive quantitative results in under 10 minutes. By delivering quantitative diagnostic insights during the patient visit, the new test empowers veterinarians to confidently confirm or rule out pancreatitis and immediately begin treatment, saving crucial time and improving patient outcomes.

"The Catalyst Pancreatic Lipase Test marks the tenth menu addition launched for the Catalyst platform since 2012, reinforcing our commitment to extend the clinical value and diagnostic capabilities of our technologies," said Jay Mazelsky, President and Chief Executive Officer of IDEXX. "We are pleased to deliver a highly requested test, which will streamline the diagnostic workflow and equip veterinarians with the necessary clinical insights for prompt action."

The Catalyst Pancreatic Lipase Test, coupled with VetConnect^® PLUS software, 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.

"The Catalyst Pancreatic Lipase Test is the first test to use dry chemistry slide technology that specifically measures pancreatic lipase and correlates with the IDEXX Reference Laboratories Spec cPL^® and Spec fPL^® tests* to provide the most accurate, quantitative results patient-side for dogs and cats," said Jörg M. Steiner, Dr.med.vet., PhD, DACVIM-SA, DECVIM-CA, AGAF, Texas A&M University.^†

New Catalyst SmartQC Control
In the fourth quarter of 2024, the Catalyst platform will be further enhanced with the launch of the Catalyst^® SmartQC^® Control, a load-and-go quality control testing system that is 90% faster than current methods.² 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.

Please visit idexx.com for more information on the Catalyst Pancreatic Lipase Test and Catalyst SmartQC Control.

About IDEXX
IDEXX is a global leader in pet healthcare innovation. Our diagnostic and software products and services create clarity in the complex, constantly evolving world of veterinary medicine. We support longer, fuller lives for pets by delivering insights and solutions that help the veterinary community around the world make confident decisions—to advance medical care, improve efficiency, and build thriving practices. Our innovations also help ensure the safety of milk and water across the world and maintain the health and well-being of people and livestock. IDEXX Laboratories, Inc. is a member of the S&P 500® Index. Headquartered in Maine, IDEXX employs approximately 11,000 people and offers solutions and products to customers in more than 175 countries and territories. For more information about IDEXX, visit: www.idexx.com.

Note Regarding Forward-Looking Statements
This news release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "may," "anticipates," "intends," "would," "will," "plans," "believes," "estimates," "should," "project," and similar words and expressions. These forward-looking statements are intended to provide our current expectations or forecasts of future events; are based on current estimates, projections, beliefs, and assumptions; and are not guarantees of future performance. Actual events or results may differ materially from those described in the forward-looking statements. These statements are subject to risks, uncertainties, assumptions, and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by IDEXX pursuant to United States securities laws contain discussions of some of these risks and uncertainties. IDEXX assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are advised to review IDEXX's filings with the United States Securities and Exchange Commission (which are available from the SEC's EDGAR database at sec.gov and via IDEXX's website at idexx.com).

¹Robinson NJ, Dean RS, Cobb M, Brennan ML. Investigating common clinical presentations in first opinion small animal consultations using direct observation. Vet Rec. 2015;176(18):463. doi:10.1136/vr.102751
*The Spec cPL Test for dogs and the Spec fPL Test for cats measure the level of pancreas-specific lipase in the blood: www.idexx.com/en/veterinary/reference-laboratories/pancreatic-health.
^†Dr. Steiner has received compensation from time to time for consulting services he has provided to IDEXX.
²Data on file at IDEXX Laboratories, Inc. Westbrook, Maine USA.

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SOURCE IDEXX Laboratories, Inc.

FAQ

What is the Catalyst Pancreatic Lipase Test by IDEXX?

The Catalyst Pancreatic Lipase Test is a diagnostic tool for detecting pancreatitis in cats and dogs, providing quantitative results in less than 10 minutes.

When will the Catalyst Pancreatic Lipase Test be available?

The test will be available in the U.S. and Canada by September 2024, with a global rollout starting in Q4 2024.

How does the Catalyst Pancreatic Lipase Test benefit veterinarians?

The test offers rapid, quantitative diagnostic results, enabling veterinarians to diagnose pancreatitis quickly and begin treatment promptly, improving patient outcomes.

What is the Catalyst SmartQC Control?

The Catalyst SmartQC Control is a quality control testing system for the Catalyst platform that is 90% faster than current methods, launching in Q4 2024.

How does the Catalyst Pancreatic Lipase Test integrate with VetConnect PLUS?

The test integrates with VetConnect PLUS to provide historical data and test results, aiding in the long-term management and evaluation of pancreatitis in patients.

What makes the Catalyst Pancreatic Lipase Test unique?

It uses dry chemistry slide technology for highly accurate, quantitative results and correlates with IDEXX's Spec cPL and Spec fPL tests.

What is the stock symbol for IDEXX?

The stock symbol for IDEXX Laboratories is IDXX.