Millennials love their ‘fur babies’ and that means solid growth for a Maine firm
A dog’s wet nose and cat’s head butt are warming the market for veterinary medicines, with Westbrook-based IDEXX Laboratories expecting an average 10 percent revenue growth each year from now until 2023.
Behind that growth is the way humans feel about their companion animals and how much they’re willing to spend on them. About 98 percent of pet owners feel their pet is an important family member, and 95 percent couldn’t imagine giving up their pet for any reason, IDEXX Chairman and CEO Jonathan Ayers told securities analysts on Wednesday, citing various pet-owner surveys.
The company disclosed its growth plans and financial goals to securities analysts during a two-day briefing made available Wednesday and Thursday via webcasts on the company’s website.
The 10 percent is the compound annual growth rate, which essentially averages the yearly ups and downs from 2018 to 2023.
The company, which had close to $2 billion in revenue in 2017, expects to end this year with $2.21 billion.
To read the rest of “Millennials love their ‘fur babies’ and that means solid growth for a Maine firm,” an article by contributing Bangor Daily News staff writer Lori Valigra, please follow this link to the BDN online.