Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (IDXX, Financial) detracted from performance in the quarter as part of a broader rotation away from high-multiple growth stocks. Veterinary visits continued to increase, with practice revenue 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 Partners Fund first-quarter 2021 shareholder commentary.
