Zoetis' Impending Acquisition of Abaxis Is No Threat to Idexx
While we think the acquisition of Abaxis by Zoetis makes strategic sense, we do not think the combined company will pose a larger competitive threat to narrow-moat Idexx Labs, the market leader in benchtop vet analyzers. We’re holding steady on our fair value estimate for Zoetis and Idexx. Wide-moat Zoetis has long indicated it was interested in enlarging its presence in animal diagnostics. We think folding Abaxis in with the Zoetis therapeutic portfolio for companion animals makes sense—the fir...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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