Shares of IDEXX Laboratories, Inc. (IDXX), a leading supplier of diagnostic products and tools to the veterinary market, retreated from all-time highs after the company modestly reduced its 2012 revenue expectations. Nevertheless, management provided better than expected revenue guidance for 2013. We remain excited about the company's significant long-term opportunity in veterinary diagnostics and testing. We believe the confluence of the company's emerging new technology platform, its escalating pace of new product introduction, secular trends toward wellness testing for pets, and a modest economic tailwind driving more traffic to veterinarians will lead to accelerating growth in 2013 and beyond.
From Baron Funds' fourth quarter letter.