IDEXX Laboratories Inc at Bank of America Merrill Lynch Animal Health Summit Transcript
Here with us, we have Brian McKeon from -- CFO of IDEXX; and Tina Hunt, Head of VetLab for IDEXX Labs. We'll follow the same format, about 30 minutes of fireside chat and then some Q&A. Last session before lunch. So just hold on.
So maybe just to start, recap of where you are at the end of 2019, beginning of 2020, sort of what's your view of the market? How it's evolved? And sort of what are the big takeaways you have from us -- from the last year?
Yes. We had a very good 2019 as a company, very much aligned with our long-term performance goals. A key metric that we focus on is our CAG Diagnostics recurring revenue growth. So think of that as the recurring annuity revenues of the business, high margin, recurring revenue is about 75% of our total revenues. And normalized, they grew roughly 12% last year, 11% in the U.S., 13% internationally. Those metrics are all very well aligned with our long
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