Business Strategy and Outlook| Debbie S. Wang |
Idexx Laboratories has steadily increased its scale and reach in the veterinary diagnostic lab business to dig a narrow moat. It is well-positioned to benefit from two key trends. First, pet ownership continues to grow, with an estimated 70% of U.S. households owning pets in 2021 compared with 56% in 1988. Moreover, pet owners have demonstrated greater willingness to spend more on their animals, having more than tripled spending on pet products and services since 1994.