We expect our H2 organic revenue growth results to benefit by approximately 0.5% overall from equivalent days effects, reflecting approximately 1% organic growth rate benefits in Q3 with limited overall effects to full year growth. Our full year CAG Diagnostic recurring revenue outlook reflects consistent expectations for global net price improvement of approximately 5%. In terms of our profit guidance, we’re maintaining our outlook for reported operating margins of 30.2% to 30.7% for the full year 2024, supported by continued high levels of operating execution. This outlook aligns with 20 to 70 basis points in full year comparable operating margin expansion, net of a negative 40 basis point impact related to the lapping of the Q1 2023 customer contract resolution payment.
Our updated full year EPS outlook of $10.82 to $11.20 per share is down $0.08 per share at midpoint, driven by our updated foreign exchange estimates. We now estimate foreign exchange will have a negative $0.09 per share full year EPS impact, $0.11 per share unfavorable to prior estimates. Operationally, reductions to the high end of our organic revenue growth guidance are mitigated by our sustained operating margin improvement outlook by approximately $0.06 per share of net favorability from updated net interest expense projections. In terms of our outlook for Q2, we’re planning for reported revenue growth of 5% to 7.5%, net of an estimated 1.5% growth headwind from FX. This outlook aligns with an organic revenue growth range of 6% to 8.5% and incorporates growth benefits from our recent software acquisition.
As noted, at midpoint, the Q2 organic revenue growth outlook aligns with the relatively softer US clinical visit growth trends seen at the end of the first quarter. We’re planning for reported operating margins of 31.0% to 31.4% in Q2 and flat to down moderately on a comparable basis, factoring in projections for relatively higher quarterly R&D spending in support of new platform advancement. That concludes our financial review. I’ll now turn the call over to Jay for his comments.
Jay Mazelsky: Thank you, Brian, and good morning. IDEXX had a solid start to the year as we continue to advance our strategy to drive the development of the companion animal diagnostics sector through innovation and customer engagement. Our ongoing progress benefits from the durable secular growth drivers that have supported the multi-decade expansion of companion animal medical services. These drivers include growth in the pet population and the strengthened human pet bond as well as the ongoing expansion of pet health care services. Medical Services is in turn enabled by diagnostics and is a key element of vet clinic growth and profitability. IDEXX’s business strategy is focused on enabling long-term sector growth by providing unparalleled diagnostic insight through our leading testing and software solutions.
This is supported by a robust innovation agenda and a high-touch customer-centered commercial model that helps clinicians test with confidence in an intuitive and efficient way, supporting their mission of delivering high levels of care. Our strategy is brought to life by teams across IDEXX, who collectively executed at a high level in the quarter, reflected in continued global expansion of our diagnostics and software solutions and solid growth in recurring revenues. CAG Diagnostics recurring revenues once again grew at a healthy premium to the sector, supported by solid contribution from new business gains, sustained high customer retention rates and net price realization that reflects the increased value that our products and services deliver to our customers.
IDEXX commercial teams delivered strong growth in global premium instrument placements, reflecting high interest in adopting IDEXX’s point-of-care innovations including expansion of our newest platform solution, ProCyte One. Cloud-based software placements once again expanded in the quarter, reflecting vet clinic interest in cloud native solutions and the IDEXX full stack software suite that continues to advance in scope and functionality. These gains supported double-digit organic growth in recurring software revenues as veterinarians turn to IDEXX to help them grow their practices and drive productivity. As Brian noted, we continue to work through dynamics in terms of staffing challenges and broader pressure on consumers that have impacted clinic visit growth levels.
Our strong business performance demonstrates our ability to work through these near-term challenges while continuing to expand our business globally to deliver strong financial performance and advance key drivers of our long-term growth strategy and potential. Today, I’ll provide an overview of IDEXX’s progress against our strategic initiatives during the first quarter. Let’s start with an update on our commercial efforts, which are key to driving the adoption and utilization of IDEXX’s testing and software solutions. IDEXX commercial teams continue to execute at a high level, bringing a customer-first mindset to their work, helping IDEXX customers to grow faster. Intuitive point-of-care testing platforms are foundational to this approach. Customer adoption of IDEXX solutions remains high globally, reflected in record first quarter global premium instrument placements for the third consecutive year.
This performance, combined with the ability to retain our customers at consistently high levels by delivering an excellent user experience resulted in double-digit growth in our global premium instrument installed base, in total and individually for in-clinic chemistry, premium hematology and urinalysis platforms. This progress is aligned with the approximately 220,000 global placement opportunity we see today for our business. A key area of commercial focus is international regions that are at earlier stages of development than the US and provide a relatively more greenfield growth opportunity. Leveraging the successful commercial playbook we have developed from our decades of experience in the US, our international sales teams continue to deliver high international installed base growth.
Progress on this front is reflected in strong international premium instrument placement gains supported by continued global expansion of our new platform innovations such as ProCyte One. ProCyte One provides significant benefits compared to our legacy hematology analyzers from a more intuitive workflow with load and go reagents to a smaller benchtop footprint and even back-office productivity benefits due to its paper run model, all of which combined to drive greater utilization for customers who upgrade. A recent analysis revealed a 20 plus percent uplift in runs per day for customers who upgraded from LaserCyte to ProCyte One with consistent benefits noted across major regions. Upgrades and adoption of new platforms also delivers multiplier benefits to our business to increase customer loyalty and retention and adoption of other IDEXX in-clinic analyzers.
Our continued installed base expansion in our international sector results in another quarter of strong CAG Diagnostics recurring revenues. Our integrated platform solutions, including benefits from our software ecosystem are well aligned to also support the formation of new practices in regions like the US, which continues to contribute a net 0.5% to 1% to sector growth. High interest in IDEXX solutions among new practices in the US has become an increasingly important driver of new and competitive placements. Our flexible and customer-friendly marketing programs like IDEXX 360 modified to appeal to new practice growth dynamics have attracted strong interest in full point-of-care suites with high attach rates of catalysts and increased testing across modalities.
