Core Insights - Conestoga Capital Advisors reported that equity markets reached new all-time highs in Q3 2025, but their Mid Cap Composite underperformed with a return of -3.2% net-of-fees compared to a 2.8% gain for the Russell Midcap Growth Index [1] - The focus on high-quality, profitable companies struggled in a risk-on environment during the quarter [1] Company Overview: IDEXX Laboratories, Inc. - IDEXX Laboratories, Inc. is a leader in diagnostics and information systems for veterinary, food, and water testing applications [3] - The company reported a one-month return of -1.74% and a 52-week gain of 38.06%, with shares closing at $637.13 on October 21, 2025, and a market capitalization of $50.97 billion [2] - IDEXX's revenue increased by 11% as reported and 9% organically in Q2 2025, despite weak veterinarian visits [4] Performance and Market Position - IDEXX Laboratories experienced strong earnings in Q3 2025, with accelerated organic revenue growth and rapid adoption of their latest premium instrument [3] - The number of hedge funds holding IDEXX shares decreased from 51 to 48 from the previous quarter, indicating a slight decline in popularity among institutional investors [4]