Eurofins Scientific (XPAR:ERF, Financial) had a strong 2020 as continued performance by its core business was enhanced by a boost from COVID testing. Revenues grew 18% for the year, driven largely by organic growth as the company shifted its attention away from M&A and towards COVID-related efforts, integrating prior acquisitions, and finalizing some infrastructure and operational initiatives. Despite the shares' strong performance during the year and our expectation for COVID testing tailwinds to abate in the years ahead as vaccination programs and other measures bring the pandemic under control, we remain optimistic about the company's growth prospects under its talented management team.
From Ruane Cunniff (Trades, Portfolio)'s Sequoia Fund 2020 annual report.
