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Profile: IDEXX Laboratories Inc (IDXX.OQ)

IDXX.OQ on NASDAQ Stock Exchange Global Select Market

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18 Aug 2017
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IDEXX Laboratories, Inc., incorporated on December 19, 1983, develops, manufactures and distributes products and provides services primarily for the companion animal veterinary, livestock and poultry, dairy and water testing markets. The Company also sells a line of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market. Its segments include diagnostic and information technology-based products and services for the veterinary market, which the Company refers to as the Companion Animal Group (CAG); water quality products (Water); diagnostic products and services for livestock and poultry health, which the Company refers to as Livestock, Poultry and Dairy (LPD), and Other operating segment, which combines and presents products for the human point-of-care medical diagnostics market (OPTI Medical) with its pharmaceutical product line and its out-licensing arrangements. Its primary products and services are point-of-care veterinary diagnostic products, comprising instruments, consumables and rapid assay test kits; veterinary reference laboratory diagnostic and consulting services; practice management and diagnostic imaging systems and services used by veterinarians; biological materials testing, laboratory diagnostic instruments and services used by the biomedical research community; diagnostic, health-monitoring products for livestock, poultry and dairy; products that test water for certain microbiological contaminants, and point-of-care electrolytes and blood gas analyzers used in the human point-of-care medical diagnostics market.

Companion Animal Group

The CAG segment provides veterinarians with the diagnostic capabilities and information management solutions that manage the health and well-being of pets. The Company provides diagnostic capabilities that meet veterinarians' needs through a range of modalities, including in-clinic diagnostic solutions and outside reference laboratory services. Regardless of modality utilized, veterinarians are provided with clinically relevant data, which is integrated within its information management technologies. VetConnect PLUS is a cloud-based technology that enables veterinarians to access and analyze patients' data from all of its diagnostic modalities. In addition, VetConnect PLUS provides instant mobile or browser-based access to results, which can be printed or e-mailed to pet owners and other veterinarians. Its in-clinic diagnostic solutions consist of its IDEXX VetLab suite of in-clinic chemistry, hematology, immunoassay, urinalysis and coagulation analyzers, associated consumable products that provide real-time reference lab quality diagnostic results and a range of single-use, handheld IDEXX SNAP rapid assay test kits that provide point-of-care diagnostic test results for a range of companion animal diseases and health conditions.

The IDEXX VetLab suite includes instrument systems, as well as associated consumable products. Additionally, the Company offers maintenance agreements in connection with the sale of its instruments. The Company sells three chemistry analyzers, the Catalyst Dx Chemistry Analyzer, the Catalyst One Chemistry Analyzer and the VetTest Chemistry Analyzer, that are used by veterinarians to measure levels of certain enzymes and other substances in blood or urine for monitoring health status and assisting in diagnosing physiologic conditions. The Catalyst Dx analyzer allows a veterinarian to run multiple patient samples simultaneously and both the Catalyst Dx and Catalyst One run various sample types, including whole blood, plasma, serum and urine. In addition, the Catalyst Dx and Catalyst One analyzers run a test to measure phenobarbital levels in blood, allowing veterinarians to adjust anticonvulsant medication. The Company also has two other chemistry analyzers, the VetLyte Electrolyte Analyzer and the VetStat Electrolyte and Blood Gas Analyzer. The VetStat analyzer runs single-use disposable cassettes that are manufactured by OPTI Medical.

The Company sells four hematology analyzers that assess the cellular components of blood, including red blood cells, white blood cells and platelets (also called a complete blood count). These analyzers include the ProCyte Dx Hematology Analyzer, an analyzer to combine laser-flow cytometry, optical fluorescence and laminar-flow impedance in its analysis; the original LaserCyte Hematology Analyzer and the LaserCyte Dx Hematology Analyzer, which both use laser-flow cytometry technology in their analysis, and the IDEXX VetAutoread Hematology Analyzer, its original hematology analyzer. In addition, the ProCyte Dx Hematology Analyzer, the LaserCyte Dx Hematology Analyzer and the LaserCyte Hematology Analyzer each have the ability to analyze the components of certain body fluids. The Company also sells the Coag Dx Analyzer, which permits the detection and diagnosis of blood clotting disorders. The Company offers SNAP Pro Mobile Device, which automatically activates a SNAP test, times the run and captures an image of the result. SediVue Dx is a veterinary in-clinic urine sediment analyzer. SediVue Dx brings automation and consistency to urinalysis, a laborious and variable process.

The IDEXX VetLab Station (IVLS) connects and integrates the diagnostic information from all the IDEXX VetLab analyzers and thus provides reference laboratory information management system capability. IVLS securely connects to the Internet, and in this way enables IDEXX to perform, through its SmartService Solutions wireless services, remote instrument service and software updates to IVLS and certain connected instruments. The Company sells IVLS as an integral component of the Catalyst Dx, Catalyst One, LaserCyte Dx and ProCyte Dx analyzers, SNAP Pro Mobile Device, SNAPshot Dx Analyzer and also as a standalone hardware platform. The IVLS includes a touch screen user interface for laboratory work flow, connects with a practice management system and sends information to run the individual analyzers. The Company offers commercial reference laboratory diagnostic and consulting services to veterinarians, including customers in the United States, Europe, Canada, Australia, Japan, New Zealand, South Africa, South Korea and Brazil. Additionally, the Company provides specialized veterinary consultation, telemedicine and advisory services, including radiology, cardiology, internal medicine and ultrasound consulting. Its diagnostic laboratory business also provides health monitoring and diagnostic testing services to bioresearch customers in North America, Europe and Asia.

The Company develops, markets and sells practice management systems, including hardware, software and services that run key functions of veterinary clinics, including managing patient electronic health records, scheduling (including for boarding and grooming), client communication, billing and inventory management. Its principal practice management systems are Cornerstone, DVMAX, Animana and Neo. The Company also supports other practice management systems installed with its customers, including Better Choice, VPM, VetLINK and BeeFree. Its practice management services include Payment Solutions, Data Backup and Recovery, Cornerstone Coach, Practice Profile and PetDetect boarding collars. In addition, the Company offers client communication and preventive care plan management services. The Company also offers Pet Health Network 3D, an educational subscription-based service that replaces plastic anatomy models with engaging, three-dimension anatomical animations on a desktop or mobile device. The Company markets and sells three diagnostic imaging systems primarily used in small animal veterinary applications: the IDEXX ImageVue DR50, the IDEXX ImageVue DR40 and the IDEXX ImageVue CR20.

The Company's diagnostic imaging systems employ picture archiving and communication system (PACS) software called IDEXX-PACS, which facilitates radiographic image capture and review. IDEXX Web PACS is its cloud-based software-as-a-service (SaaS) offering for viewing, accessing storing and sharing multi-modality diagnostic images. IDEXX I-Vision Mobile is a software application that allows veterinarians with IDEXX digital radiography systems the ability to request, view and send images using an iPad or an Android mobile tablet. This application integrates with its IDEXX-PACS software.

Water

The Company provides testing solutions for detection and quantification of various microbiological parameters in water. Its principal products are the Colilert, Colilert-18 and Colisure tests, which simultaneously detect the presence of total coliforms and E. coli in water. These organisms are used as microbial indicators for potential fecal contamination in water. Its water tests are used by government laboratories, water utilities and private certified laboratories to test drinking water in compliance with regulatory standards, including the United States Environmental Protection Agency (EPA) standards. Its Enterolert products detect the presence of enterococci in drinking, waste and recreational waters. Its Pseudalert products detect the presence of Pseudomonas aeruginosa in pool, spa and bottled water. Its Filta-Max and Filta-Max xpress products are used in the detection of Cryptosporidium and Giardia in water. The Company also distributes certain water testing kits manufactured by Thermo Fisher Scientific, Inc. that complement its Cryptosporidium and Giardia testing products.

The Company's Quanti-Tray products, when used in conjunction with its Colilert, Colilert-18, Colisure, Enterolert, Pseudalert or Heterotrophic Plate Count (HPC) products, provide users quantitative measurements of microbial contamination rather than a presence/absence indication. The Company also offers Quanti-Tray Sealer PLUS. These instruments are used with the Quanti-Tray products for the determination of bacterial density in water samples. Its SimPlate for HPC product detects the total number of the common bacteria in a water sample. The Company also sells consumables, parts and accessories to be used with many of its water testing products.

Livestock, Poultry and Dairy

The Company sells diagnostic tests, services and related instrumentation that are used to manage the health status of livestock and poultry. Its livestock and poultry diagnostic products are purchased by government and private laboratories that provide testing services to livestock veterinarians, producers and processors. Its herd health screening services are offered to livestock veterinarians and producers. Its principal livestock and poultry diagnostic products include tests for Bovine Viral Diarrhea Virus (BVDV) and Porcine Reproductive and Respiratory Syndrome (PRRS). Its principal dairy products use its SNAP test format and are used by dairy producers and processors to detect antibiotic drug residue in milk. Its primary product lines are SNAP Beta-Lactam ST and SNAPduo Beta-Tetra ST, which detect certain beta lactam and tetracycline antibiotic residues. The Company also sells SNAP tests for the detection of certain other contaminants in milk, such as Aflatoxin M1. The Company offers Rapid Visual Pregnancy Test for cattle, which is a point-of-care test that detects pregnancy.

Other

Through OPTI Medical, the Company sells point-of-care analyzers and related consumables for use in human medical hospitals and clinics to measure electrolytes, blood gases, acid-base balance, glucose, lactate, blood urea nitrogen and ionized calcium, and to calculate other parameters, such as base excess and anion gap. These OPTI analyzers are used primarily in emergency rooms, operating rooms, cardiac monitoring areas and other locations where time-critical diagnostic testing is performed within the hospital setting. Its OPTI CCA-TS2 Blood Gas and Electrolyte Analyzer contains features relative to blood gas analyzers, including customized work flows and a multi-level electronic control. The OPTI CCA-TS2 runs whole blood, plasma and serum samples on single-use disposable cassettes that contain various configurations of analytes. In addition, OPTI Medical manufactures its VetStat analyzer, an instrument and consumable system that is a member of the IDEXX VetLab suite for the veterinary market, and provides the dry slides for electrolyte testing on the Catalyst analyzers for its CAG segment.

The Company competes with VCA Inc., Abaxis, Inc., Heska Corporation, Zoetis Inc., Samsung Electronics Co., Ltd., FUJIFILM North America Corporation, Arkray, Inc., Fujifilm Holdings Corporation, BioNote, Inc., Henry Schein, Radiometer A/S, Siemens Medical Solutions Diagnostics, Instrumentation Laboratory Company, Abbott Laboratories and Roche Diagnostics Corporation.

Company Address

IDEXX Laboratories Inc

1 Idexx Dr
WESTBROOK   ME   04092-2041
P: +1207.5560300
F: +1207.5564346

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