Idexx Kicks Off Year With Strong Start in First Quarter
Narrow-moat Idexx Labs posted first-quarter results that were very consistent with our projections, and we plan to modestly raise our fair value estimate upon increasing our assumptions for VetLab consumables, reference lab, and instruments. Nonetheless, Idexx shares remain overvalued even after our initial adjustments. We continue to think there is a take-out premium inflating the stock, and find it difficult to justify where shares have been trading. In reverse engineering the current share pr...IDEXX Laboratories develops, manufactures, and distributes products and provides services primarily for the companion animal veterinary, livestock and poultry, dairy and water testing markets. The company operates primarily through three business segments: Companion Animal Group, which provides diagnostic and information management-based products and services for the veterinary market; Water Quality Products, which designs, develops, manufactures, and distributes products used in the detection of various microbiological parameters in water; and Livestock, Poultry and Dairy, which provides diagnostic products and services for livestock and poultry health.
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