So I here I go again, about to incite the wrath of the VCA Antech (NASDAQ:WOOF) cult. Actually, this veterinary lab service provider and animal hospital consolidator is an interesting case study in investor psychology. Speak ill of it at all, and the Antechies will give you an earful. Don't speak ill enough of it, and the vets out there who don't like VCA Antech will give you an earful.

Looking at the quarterly results, there's a few different ways to analyze them. Top-line growth of more than 25% and adjusted bottom-line growth of better than 32% are both terrific. Kinda. Gross margins and operating margins were both basically flat, which isn't particularly great, though it's better than some of the declines of the past. And while I'm the first person to admit that quarter-by-quarter cash flow analysis isn't all that helpful, that 9% free cash flow growth looks pretty paltry relative to sales and income growth.

Certainly the growth part of the story is working out all right. The lab operations saw sales growth of more than 15% and boosted margins nicely. And on the hospital side, the margin growth wasn't so hot, but same-facility revenue improved by over 5%. And while the company's medical technology business isn't yet profitable, it's getting close, and I'd imagine that some meaningful potential contributions will come from that biz in the future.

Once again, my biggest hang-up here is that I talk to too many vets to get comfortable with this company. As the owner/operator of the vet clinic that I patronize likes to joke, he's seen VCA Antech "turn a clinic into a $1 million-a-year business ... from a $3 million-a-year business before they bought it." In addition, the lab business may not be as secure as some think -- a lot of those same vets seem to think Idexx (NASDAQ:IDXX) is a better option for their practices.

Obviously, these complaints can only be valid to a point. Vets are still selling their practices to this company, and the company continues to book solid revenue from both the lab and hospital sides of the business. And if you're a pet owner with the misfortune of sick pets, you can probably appreciate the revenue and profit potential here.

All in all, then, it's still an interesting business with ample growth potential. By the same token, the valuation suggests to me that it's a bit overvalued. And when I couple the numbers with the vet feedback I hear, I'm just not willing to take the leap for myself.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).