IDEXX Laboratories Inc. (IDXX) has announced the acquisition of the innovative practice information management system (PIMS), ezyVet. With this acquisition, IDEXX will enhance its software offerings with technology that improves patient care, boosts practice efficiency, and effectively connects with pet owners.
The company’s CEO Jay Mazelsky said, “ezyVet is a truly impressive cloud-native software solution that continues to transform the industry and the software experience for veterinary practitioners.” He added that they admire how ezyVet allows veterinarians to focus on expanding their businesses and caring for patients.
IDEXX now has a wide range of PIMS options for corporate groups, veterinary hospitals, and universities. Customers will continue enjoying comprehensive support, advanced software functionality, and training resources regardless of the IDEXX PIMS they pick. The ezyVet acquisition also includes Vet Radar, a “mobile-responsive electronic treatment sheet and whiteboarding solution”. (See IDEXX stock analysis in TipRanks)
Barclays analyst Balaji Prasad maintained the Buy rating on the stock after the company’s Q1 earnings topped expectations. However, Prasad raised IDEXX’s price target from $600 to $616 as he considers “the stock thesis as intact given the global rollout of ProCyte One.”
Consensus among analysts is a Moderate Buy based on 1 Buy and 1 Hold. The average analyst price target of $616 implies 12.5% upside potential to current levels.
IDXX scores an 8 out of 10 on TipRank’s Smart Score, indicating that the stock has strong potential to outperform market expectations.
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