IDEXX Laboratories, Inc.

  • Overview

IDEXX can identify what's wrong with Fluffy, Fido, Flossie, or Flicka. A leading animal health care company, IDEXX makes diagnostic testing kits and machines for cats and dogs as well as cows and horses. Veterinarians use the company's VetTest analyzers for blood and urine chemistry and its SNAP in-office test kits to detect heartworms, feline leukemia, and other diseases. The company also provides lab testing services and practice management software. In addition, IDEXX makes diagnostic products to detect livestock and poultry diseases and to test for contaminants in water and milk. The company sells its products worldwide.

Operations

Products and services for companion animals (aka: pets) account for more than 80% of IDEXX's sales. Most of that revenue comes from diagnostic products and services, including chemistry analyzers, rapid test kits, and laboratory services. The company operates a network of laboratories, to which vets can send patient samples for analysis.

After companion animals, livestock and poultry (horses, cows, pigs, and chickens) are the company's second-largest market. IDEXX's Livestock and Poultry Diagnostics business includes products to test for Bovine Spongiform Encephalopathy (BSE or "mad cow" disease) as well as porcine illnesses and poultry diseases. Equine products make up a smaller portion of the company's  sales.

IDEXX's water testing segment produces tests to detect E. coli, enterococci, and Cryptosporidia. Water utilities and government laboratories are the primary customers for these products -- half of sales are outside of the US. The company's dairy testing unit produces a SNAP test to measure antibiotic residues in milk, which are highly regulated in markets outside of the US. The company also sells OPTI Medical Systems which measure human electrolyte, blood gases, and glucose levels. The systems and consumables are sold to hospitals and clinics.

Geographic Reach

More than half of the company's sales are made in the US, but it also maintains sales offices in 15 countries in Asia, Europe, and the Pacific. While many of its products and materials are manufactured by third parties, it also maintains manufacturing and assembly facilities in Georgia and Maine and in Bern, Switzerland and Montpellier, France.

Sales and Marketing

IDEXX distributes its products through its own marketing and sales force and through independent distributors and resellers.

Financial Performance

Although IDEXX's revenue growth had been slowed by the economic recession, the company reported modest revenue increases in the last two years. It also saw net income increases, by about 15% and 10%, respectively, in 2011 and 2012. While the Livestock and Poultry Diagnostics business grew more than 15% as a result of a jump in sales of bovine tests to government agencies in Germany in 2011, that same segment began to soften in 2012 as government testing changed.

Strategy

IDEXX continues to grow by focusing on launching new products and consumables for its instruments and test kits. It has also expanded into software by introducing web-based practice management tools for veterinarians.

Mergers and Acquisition

In 2012 the company purchased the assets of Sneakers Software, which had been selling its practice management software.

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IDEXX Laboratories, Inc.


1 Idexx Dr
Westbrook, ME 04092-2041
Phone: 1 (207) 556-0300
www.idexx.com

STATS


  • Employer Type: Public
  • Stock Symbol: IDXX,
  • Stock Exchange: , NASDAQ
  • Chairman of the Board; President; Chief Executive Officer: Jonathan Ayers
  • Executive Vice President: Johnny Powers
  • Chief Financial Officer; Executive Vice President; Treasurer: Merilee Raines

Major Office Locations

  • Westbrook, ME

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