IDXX Laboratories, Inc. IDXX recently introduced Vello, a revolutionary software solution designed to seamlessly connect veterinary practices and clients through modern digital tools. Available as a new subscription service for ezyVet, Neo, and Cornerstone software in the United States in March 2024 and Canada in the second quarter, Vello marks a significant leap forward for IDEXX’s Companion Animal Group business.
The Breakthrough- Vello Unveiled
Vello is a groundbreaking pet owner engagement solution expressly tailored for IDEXX practice management software. It empowers veterinary offices utilizing ezyVet, Neo, and Cornerstone software to communicate with pet owners in a unified, user-friendly platform. By facilitating ongoing digital participation in a pet’s life, the software fosters informed partnerships in pet care, ultimately leading to improved health outcomes.
Revolutionary Features
The Vello solution boasts a robust multi-year roadmap, incorporating automated appointment reminders and confirmations that minimize no-shows and save invaluable time for veterinary teams. Furthermore, the software offers an online scheduling option, enabling pet owners to conveniently request appointments directly from health service reminders or through the Vello software. Notably, Vello software also facilitates two-way texting, ensuring immediate connections with pet owners while seamlessly updating patient records and communication logs without character count limitations or extra fees.
Impact of Vello Software
IDEXX’s unwavering commitment to enhancing cloud-based software solutions is evident in Vello’s potential to revolutionize veterinary clinic productivity and reinforce client relationships. By streamlining pet-owner interactions and automating repetitive administrative tasks, Vello software is set to save significant hours for IDEXX’s team each week, while also substantially reducing no-shows and cancellations.
Prospects and Progress
A report by Grand View Research underscores the promising prospects within the global veterinary software market, which was estimated at $847.5 million in 2022 and is projected to witness a CAGR of 8.2% from 2023 to 2030. This growth trajectory is attributed to the increasing awareness of the benefits of software solutions and a rise in clinical visits by pet owners, highlighting a fertile environment for IDEXX’s innovative software offerings.
The unveiling of Vello is a testament to IDEXX’s steadfast commitment to software innovation. IDEXX’s cloud-based products, including ezyVet and NEO PIMS, continue to experience high demand, driven by the industry’s growing preference for cloud-native products, which accounted for more than 90% of fourth-quarter 2023 placements.
Moreover, IDEXX’s integrated diagnostics portal, VetConnect PLUS with IDEXX DecisionIQ, is revolutionizing clinical insights and workflow management across a diverse range of clinical scenarios. The company’s cloud-native workflow engine for digital imaging, IDEXX Web PACS, is also witnessing robust subscriber growth, underscoring the increasing relevance of IDEXX’s software solutions.
Price Performance and Market Potential
In the last year, IDEXX’s shares have demonstrated robust growth, gaining 14.6%, outpacing the industry’s growth of 6.6%. This impressive performance not only underscores IDEXX’s market appeal but also reflects the lucrative potential of the pet care technology landscape.
Zacks Rank and The Finest Selection
IDXX currently holds a Zacks Rank #3 (Hold). However, within the broader medical space, other compelling options include Stryker Corporation, Cencora, Inc., and Cardinal Health. Stryker, which carries a Zacks Rank #2 (Buy), recently reported stellar financial performance, exceeding the Zacks Consensus Estimate for both EPS and revenue. This performance underscores the growing prominence of medical technology amidst evolving consumer needs.
