Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (IDXX, Financial) contributed to performance in the quarter. Veterinary visits continued to recover from lows in the early months of the pandemic, with practice visits growing at double-digit rates through October. IDEXX's competitive trends are outstanding, and we expect new proprietary innovations and field salesforce expansion to be meaningful contributors to growth. Margins are moving significantly higher, and we believe margins can exceed 30% over time.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund fourth-quarter 2020 shareholder letter.
Also check out:
