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IDEXX Laboratories (Nasdaq: IDXX) | Company Profile, History, Competitors

 

IDEXX Laboratories (NASDAQ: IDXX) designs, manufactures and sells diagnostic products for the veterinary, animal and water testing markets. The company was founded in 1983 and headquartered in Westbrook, ME.

IDEXX was founded in 1983 by David Shaw. Today, it is a leading provider of diagnostic tools for veterinarians. It also sells diagnostic tests to monitor production animals as well as water testing products for drinking water.

Business Overview

IDEXX operates in three main segments:
  • Companion Animal Group (87% of 2017 Revenues): Sells point-of-care instruments, consumables, laboratory services, software services and diagnostic imaging equipment to veterinary clinics.
  • Food Diagnostic Group (8% of 2017 Revenues): Sells diagnostic tests to public and private laboratories to monitor the health of production animals.
  • Water Quality Products (5% of 2017 Revenues): Sells diagnostics tests and reagents to private and public laboratories to identify microorganisms in drinking and recreational water.

Companion Animal Group Segment

IDEXX provides diagnostics and information management solutions to veterinarians. These services include:

Reference Laboratory Diagnostics
IDEXX provides advanced testing and consulting services for the detection, diagnosis, evaluation, monitoring, treatment and prevention of animal diseases. The diagnostic testing menu consists hundreds of different tests for different diseases. These services are provided either on in-house point-of-care (POC) diagnostic systems or outsourced reference lab diagnostic services.

IDEXX VetLab Consumables
IDEXX provides in-house testing products for blood and urine chemistry, hematology, immunoassay, urinalysis, and coagulation analyzers. Within its IDEXX VetLab suite, their key products are CatalystOne, Procyte Dx and SediVue Dx.

CatalystOne Provides blood and urine chemistry testing. Catalyst One is the company’s newest chemistry platform and provides 30 tests for thyroid disease, kidney disease, diabetes and therapeutic drug monitoring.

Procyte Dx Provides hematology analysis which analyzes red blood cells, white blood cells and platelets.

SediVue Provides urinalysis analysis to test for urinary tract infections, kidney injury, toxicity concerns. The test can be done in 3 minutes when compared to traditional urine testing that takes 20 minutes.

Rapid Assays
IDEXX provides SNAP rapid tests, which are lateral flow immunoassays, allowing the veterinary clinic to perform common tests in-house. They test for flea/tick diseases, parasites and viral infections.

Information Management Systems
IDEXX provides diagnostic information management systems that link a veterinarian's office with the company's POC platforms and reference labs. The software also helps coordinate many of the front office activities including scheduling, billing and inventory management, and electronic medical records.

Food Diagnostic Group Segment

IDEXX sells tests to manage the health status of livestock and poultry, to improve bovine reproductive efficiency, and to ensure the quality and safety of milk and food.

Water Quality Products Segment

IDEXX sells products and services to analyze, monitor, treat and protect water supplies. IDEXX provides test kits and reagents to laboratories to test for the presence of microorganisms in the water

Sales & Marketing

IDEXX has a direct distribution model in the United States. As of 2017, IDEXX has a sales force of 300 sales professionals. All of the business in the United States, Western Europe and Australia are sold direct, while IDEXX maintains a joint direct and distribution strategy in China, Brazil and Mexico.

Customers

IDEXX sells to veterinarians, animal hospitals, animal practices, universities and government organizations.

Competitors

Its main competitors in point-of-care diagnostic analyzers are Abaxis (owned by Zoetis) and Heska. In the veterinary diagnostics market, it competes against Banfield (Mars Petcare).

History

The company was founded in 1983 by David Shaw. In the early years, IDEXX focused on two product lines. In 1985, it began introducing systems to the government and businesses to test for contaminants in foods and food processing facilities. In 1986, the company began selling diagnostic equipment for use by veterinarians. In 1991, the company went public. In 1993, the company entered into the water testing business through its acquisition of Environetics.

Management

Jonathan W. Ayers (CEO): Jonathan Ayers serves as CEO since 2002. Prior, he was President of Carrier Corporation, an air-conditioning and refrigeration company. He has also worked as VP Strategic Planning at United Technologies, VP Corporate Finance at Morgan Stanley and a consultant at Bain & Company.

Brian P. McKeon (CFO): Brian McKeon serves as CFO since 2014. Prior, he was CFO of Iron Mountain, a records management company. He has also worked as CFO of Timberland, VP Finance at Pepsi, Consultant at Alliance Consulting and Auditor at Coopers & Lybrand LLP.

Financials

 $ USD in millions    2013    2014 2015 2016 2017
 Revenues $1,377 
$1,486 
$1,602 
$1,775 
$1,969 
 Gross Profit $756 
$816 
 $890 
 $975 
 $1,097 
 Operating Profit $267 
$260 
 $300 
 $350 
 $413 
 Net Income$188 
$182 
$192 
 $222 
 $263 
 EPS$1.74 
$1.79 
$2.05 
$2.44 
$2.94 

Idexx Laboratories
 
  Type     Public
  Ticker     NASDAQ: IDXX
  Industry Healthcare
  Founded 1983
  Headquarters Westbrook, ME
  Revenues
$2.0 (2017)
  Employees 7,600 (2017)
  Website idexx.com