IDEXX Laboratories (IDXX) Declined on Weak Clinical Visits Across the Industry

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite declined 8.01% net of fees in the third quarter, trailing the Russell Midcap Growth Index’s -5.22% return. A combination of negative stock selection and sector allocation effects resulted in the underperformance of the strategy in the quarter.  In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Mid Cap Composite highlighted stocks like IDEXX Laboratories, Inc. (NASDAQ:IDXX) in the third quarter 2023 investor letter. Headquartered in Westbrook, Maine, IDEXX Laboratories, Inc. (NASDAQ:IDXX) engages in the development and manufacturing of products and services for animal veterinary, livestock and poultry, dairy, and water testing.  On November 15, 2023, IDEXX Laboratories, Inc. (NASDAQ:IDXX) stock closed at $460.56 per share. One-month return of IDEXX Laboratories, Inc. (NASDAQ:IDXX) was 8.19%, and its shares gained 12.21% of their value over the last 52 weeks. IDEXX Laboratories, Inc. (NASDAQ:IDXX) has a market capitalization of $38.25 billion.

Conestoga Mid Cap Composite made the following comment about IDEXX Laboratories, Inc. (NASDAQ:IDXX) in its Q3 2023 investor letter:

“IDEXX Laboratories, Inc. (NASDAQ:IDXX): IDXX is the industry leader in providing instruments (and consumables) used in diagnostics, detection, and information systems for veterinary, food, and water testing applications. Earnings for the quarter came in better than expected as IDXX continues to gain share within veterinary practices. However, shares were pressured as clinical visits across the industry remained weak. Encouragingly, IDXX has seen labor trends and overall veterinary capacity return to pre-pandemic levels.”

IDEXX Laboratories, Inc. (NASDAQ:IDXX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held IDEXX Laboratories, Inc. (NASDAQ:IDXX) at the end of second quarter which was 47 in the previous quarter.

We discussed IDEXX Laboratories, Inc. (NASDAQ:IDXX) in another article and shared Baron Asset Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.