Shares of Idexx Laboratories (IDXX 0.87%) were moving higher last month as the veterinary products company announced an acquisition at the beginning of June. According to data from S&P Global Market Intelligence, the healthcare stock finished the month up 13%.
As you can see from the chart below, the stock rose steadily over the course of the month, tracking with a bullish wave in growth stocks.
On June 2, Idexx announced the acquisition of ezyVet, a fast-growing maker of practice information management systems (PIMS) for veterinarians. The deal will allow Idexx to expand its software offerings to further enhance its support for veterinarians and pet owners, and give the company a full range of PIMS options for veterinary hospitals, corporate customers, and universities.
"ezyVet is a truly impressive cloud-native software solution that continues to transform the industry and the software experience for veterinary practitioners," Idexx CEO Jay Mazelsky said. "Their growth has been very strong, but the true testament to what they've created is their industry-leading customer satisfaction."
That news helped Idexx rack up steady gains through the month of June, though the stock also benefited from broader tailwinds in the stock market around the economic reopening and progress in passing an infrastructure bill.
Idexx has been a top performer throughout its history; the stock has returned more than 1,500% over the last decade. In the first quarter, organic revenue jumped 21%, earnings per share was up 73%, and it raised its guidance for the year, showing it continues to put up impressive growth numbers.
With steady growth in the pet care industry, which also has the benefit of being recession-proof, and leadership in veterinary diagnostics and software, Idexx continues to have a bright future ahead of it.