IDEXX Laboratories (IDXX): Why We Finally Invested in 2025?

Описание: In the summer of 2025, Sifter Fund finally invested in IDEXX Laboratories (IDXX). We have followed the company for years, convinced of its quality, but the valuation was always a hurdle. This time, the setup looked different.

In this video, Portfolio Manager Karl Lidsle breaks down exactly what IDEXX does, its powerful "razor and blade" business model, and the four quality pillars that make it a perfect fit for our long-term portfolio.

00.00 Disclaimer
00:02 How IDEXX Laboratories makes money?
01:30 Scope and scale
04:21 Predictable growth
08:14 Strong moat
10:55 Solid financials
13:21 Attractive valuation

About IDEXX Laboratories
IDEXX is a global leader in pet diagnostics, generating roughly $4 billion in annual revenue. The company operates a highly scalable business model where diagnostic analyzers (the "razor") drive long-term demand for high-margin consumables (the "blade"). With a presence in 175 countries, IDEXX serves over 100,000 veterinary clinics worldwide.

The 4 Quality Pillars of IDEXX
We evaluate every investment through four lenses:
1. Predictable Growth: Driven by longer pet lifespans and the human-animal bond, the industry has grown ~9% annually.
2. Strong Moat: High switching costs and a fragmented customer base protect IDEXX from competition.
4. Solid Financials: Gross margins above 60% and ROIC around 40% demonstrate financial health.
5. Attractive Valuation: After the post-pandemic normalization, we found an attractive entry point in June 2025.

Disclaimer:
This is marketing communication for Sifter Fund Global (“Fund”). The information provided is not intended as investment advice to any individual investor. The information provided in marketing materials may contain errors or inaccuracies. Please familiarize yourself with the Fund’s key investor information document and prospectus before making an investment decision. The Fund does not have a benchmark index. Please note that historical performance is not indicative of future results. Investing in funds always involves risks related to uncertainty of returns and fluctuations in value, and investors may lose part or all of the capital invested in the fund.

Information for Investors in Switzerland:
This is an advertising document. The state of the origin of the fund is Luxembourg. In Switzerland, the representative is Acolin Fund Services AG, Maintower, Thurgauerstrasse 36/38, CH-8050 Zurich, Switzerland, whilst the paying agent is Banque Cantonale de Genève Case Postale 2251 1211 Genève 2. The prospectus, the key information documents, the articles of association as well as the annual and semi-annual reports may be obtained free of charge from the representative. Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units.