IDEXX Laboratories (IDXX) -- Long-Term Growth Prospects in Veterinary Diagnostics | Fundsmith 2024 Q4

Maintaining Leadership in a Growing Industry Despite Short-Term Challenges

Apr 13, 2025

Summary

Investment rationale: Industry leader in veterinary diagnostic testing with strong growth potential.
Market positioning: Dominant player in veterinary diagnostics with a broad product portfolio.
Risks and challenges: Decreased pace of veterinary visits post-pandemic affecting short-term performance.
Recent performance: Negative attribution of -1.2% to the fund’s performance in 2024.
Future outlook: Continued confidence in long-term growth prospects and market leadership.

IDEXX Laboratories (IDXX, Financial) was noted in the Fundsmith 2024 Q4 letter as a detractor from performance due to a slowdown in veterinary visits following the pandemic. Despite this, Fundsmith LLP remains optimistic about IDEXX's long-term growth potential, given its leadership position in the veterinary diagnostics market. The fund intends to hold its position, recognizing the difficulty of reacquiring shares if sold.

"IDEXX which makes veterinary diagnostic testing equipment and supplies is suffering from a slackening in the pace of vet visits after the scramble to adopt pets during the pandemic. As the industry leader in an area with real long-term growth prospects... we intend to continue holding IDEXX." — Fundsmith LLP, Fundsmith 2024 Q4 Fund Letter

Read full letter at gurufocus Fundsmith 2024 Q4 page.

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App 中文

Education

Financial Glossary Tutorials FAQ Schedule Free Session Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Site Map Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.