Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (IDXX, Financial) fell in the quarter. The broader veterinary industry was a pandemic beneficiary as pet adoptions surged and owners working from home were more attentive to pet illness. While 2022 results are being adversely impacted by difficult comparisons, we believe the pandemic has accelerated long-term secular trends around pet ownership and pet care. IDEXX’s competitive trends are outstanding, and we expect new proprietary innovations and field sales force expansion to be meaningful contributors to growth.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund second-quarter 2022 letter.
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