Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (IDXX, Financial) contributed to performance in the quarter. Veterinary visits continued to exhibit a "V" shaped recovery from the initial pandemic-related slowdown, with visits growing at double-digit rates. IDEXX's competitive trends are outstanding, and we expect new proprietary innovations and field sales force expansion to be meaningful contributors to growth. Margins are moving significantly higher, and we believe that margins can exceed 30% over time.
From Ron Baron (Trades, Portfolio)'s Baron Growth Fund third-quarter 2020 shareholder letter.
