As a leading pet diagnostics company, Idexx has dug a wide moat

Idexx Laboratories has been steadily increasing its scale and reach in the veterinary diagnostic laboratory industry to carve out a wide moat. It is well-positioned to benefit from two key trends. First, pet ownership continues to grow, having enjoyed a secular tailwind since the late 1980s. In addition, pet owners have shown a greater willingness to spend more on their pets, with spending on pet products and services more than tripling since 1994.