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WIKI ANALYSIS
IDEXX Laboratories (IDEXX) is a worldwide leader in innovative products and services for veterinary, food and water applications. Its companion animal and equine businesses combine biotechnology with medical devices and information technology to support veterinarians' efforts in providing excellent care while building successful practices. The food and water businesses employ efficient technologies for livestock/poultry monitoring and ensuring the safety of public water and milk.
Financial Hightlights
Total revenue in 2006 reached $700 million. The Companion Animal Group comprises 82% of total revenue. Operating cash flow was $110 million and free cash flow was $64 million. The Company has been using the cash flow to repurchase the shares and engage in acquisitions.
Since 2001, the revenue has grown steadily in about 20% per year. In the five years since 2002 through 2006, IDEXX stock has generated an average annual return of 27%.
Revenue breakdown by product lines in 2006:
Company History and Background
IDEXX was incorporated in 1983 and is headquartered at Westbrook, Maine. IDEXX has approximately 3,900 full-time and part-time employees as of 2006. IDEXX has transformed itself through internal R&D and acquisitions over the 20 years.
See here for more details of this evolution.
Competitions
The following competitive analysis is quoted from IDEXX's 2006 annual report:
- Veterinary diagnostic products and food and water testing products. We compete primarily on the basis of the ease of use, speed, accuracy, completeness and other performance characteristics of our products and services (including unique tests), the breadth of our product line and services, the effectiveness of our sales and distribution channels, the quality of our technical and customer service, and our pricing relative to the value of our products.
- Veterinary laboratory and consulting services. In this market, we compete primarily on the basis of quality, consistency of service levels, technology, and our pricing relative to the value of our services. We compete in most geographic locations in the U.S. with Antech Diagnostics, a unit of VCA Antech (WOOF).
- Veterinary pharmaceuticals. We compete primarily on the basis of the performance characteristics of our products.
- Practice Information Management and Digital Radiography Systems. We compete primarily on the basis of ease of use, functionality, connectivity to equipment and other systems, performance characteristics, effectiveness of our customer service, information handling capabilities, advances in technologies, and our pricing relative to the value of our products and services.
- Electrolyte and Blood Gas Analyzers for the human medical diagnostics point-of-care market. In this market we compete primarily with large human medical diagnostics companies such as Radiometer AS, Siemens AG (SI) Medical Solutions Diagnostics, Instrumentation Laboratory, Abbott Laboratories (ABT) Diagnostics, and Roche Pharmaceuticals (RHHBY) Diagnostics. We compete primarily on the basis of ease of use, menu, convenience, international distribution and service, instrument reliability, and our pricing relative to the value of our products.
References
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