IDEXX Announces CFO Transition

WESTBROOK, Maine, November 21, 2024-IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced that Brian McKeon has decided to retire from IDEXX effective June 1, 2025. Andrew Emerson, currently Senior Vice President, Corporate and Companion Animal Group ("CAG") Finance, will succeed Mr. McKeon as IDEXX's Executive Vice President, Chief Financial Officer and Treasurer, effective March 1, 2025. Mr. McKeon will serve as EVP and Special Advisor to the Company from March 1, 2025 until his retirement from IDEXX on June 1, 2025, to help ensure a smooth and seamless transition.

"Andrew brings nearly 20 years of broad financial experience to his new role, as well as nine years of deep and intimate knowledge of our strategy and finances, working side by side with Brian, making him a natural fit to succeed Brian as CFO," said Jay Mazelsky, IDEXX's President and Chief Executive Officer. "Andrew has been deeply involved in virtually all aspects of CAG finance since 2015, and has helped achieve significant growth for the Company, with CAG now generating more than 90% of IDEXX's total revenue. He also has overseen our corporate finance areas since 2020, including financial reporting, investor relations, tax, treasury, and financial planning and analysis. IDEXX has significant opportunities to continue expanding our reach, driving innovation, delivering for our customers and executing on business development initiatives, while creating long-term value for our shareholders and other stakeholders. We are confident Andrew is the right person to help drive our next phase of growth and profitability."

"I am honored to be named IDEXX's CFO-elect, and look forward to building on IDEXX's momentum," said Mr. Emerson. "With a strong financial foundation and clear strategic drivers, the Company is well-positioned to continue growing revenue, increasing profitability and delivering long-term value. I am excited to lead the finance organization and look forward to working closely with Brian as I transition into the CFO role."

Mr. Mazelsky added, "On behalf of the Board and management team, I thank Brian for his leadership, guidance and partnership. Brian has been a true asset to IDEXX for more than two decades, having first served as a Director on our Board before stepping into the CFO role ten years ago. With Brian's help and oversight, we have delivered outstanding financial results, expanded our global footprint and executed a disciplined capital allocation strategy. IDEXX is in a position of strength today, poised for continued success, and we wish Brian the very best in his next chapter."

"It has been the highlight of my career to work alongside the talented team at IDEXX, and I am proud of all we have accomplished together," said Mr. McKeon. "Since joining IDEXX first as a Director in 2003, and then as CFO in 2014, I have been honored to play a part in the growth of IDEXX and development of solutions that are enhancing the health and well-being of pets, people and livestock. IDEXX is fortunate to have a strong and talented leader like Andrew as the Company's next CFO. I look forward to watching the Company's continued success for many years to come."

The Company also reaffirmed its 2024 full year guidance as provided on October 31, 2024.