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IDEXX Laboratories Inc IDXX

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Morningstar’s Analysis

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Idexx Should See Sustained Support for Current Demand; Raising Our Fair Value Estimate

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Narrow-moat Idexx delivered a breath-taking quarter that exceeded our expectations, and we’ve moderately raised our fair value estimate to $301 per share after incorporating more robust projections for 2021. Nonetheless, with shares hovering around $525, we still think the stock is in nosebleed territory. Though Idexx consistently posts strong double-digit revenue growth, the companion animal segment knocked it out of the ballpark with quarterly growth of 23% in constant currency compared with the prior-year period. Further, we note that the first quarter of 2020 saw somewhat softer demand, but by no means was it a particularly weak comparison, nor did sales slip into decline.

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Company Profile

Business Description

Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx gets about 38% of its revenue from outside the United States.

One IDEXX Drive
Westbrook, ME, 04092
T +1 207 556-0300
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Aggressive Growth
Employees 9,300