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Taking Stock of Idexx Laboratories’ Business Segments

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Business segments

Idexx Laboratories’ (IDXX) business segments include its Companion Animal Group (or CAG). This segment includes VetLab consumables, rapid assay products, reference laboratory diagnostics and consulting services, as well as software, services, and diagnostic imaging systems for the veterinary market. Idexx’s revenues from its Companion Animal Group segment increased from $439.95 million in the second quarter of 2017 to $507.49 million in the second quarter.

The Water segment includes water quality products. Revenues from this segment increased from $29.42 million in the second quarter of 2017 to $32.66 million in the second quarter, primarily due to higher sales of its Colilert test products and associated accessories.

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Idexx’s Livestock, Poultry, and Dairy (or LPD) segment includes diagnostic products and services for livestock and poultry health. This segment also ensures the quality and safety of dairy products. The LPD segment’s revenues increased from $33.55 million in the second quarter of 2017 to $34.99 million in the second quarter.

The Other segment includes products for the human point-of-care medical diagnostics market with Idexx’s pharmaceutical products and out-licensing arrangements. Revenues from this segment decreased from $6.0 million in the second quarter of 2017 to $5.61 million in the second quarter.

Geographic performance

Idexx Laboratories’ (IDXX) major geographic segments include the United States, Europe, the Middle East and Africa (or EMEA), and the Asia-Pacific region. Its US revenues increased from $315.69 million in the second quarter of 2017 to $356.74 million in the second quarter.

Revenues from EMEA increased from $102.48 million in the second quarter of 2017 to $122.27 million in the second quarter. Idexx’s revenues from the Asia-Pacific region increased from $56.08 million in the second quarter of 2017 to $62.5 million in the second quarter.

We’ll look at Idexx Laboratories’ valuation metrics and analysts’ recommendations in the final part of this series.

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