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W W W. M A I N E B I Z . B I Z 15 M A R C H 4 , 2 0 2 4 F O C U S I N N OVAT I O N biomedical testing company in Maine, Ventrex Laboratories. Today, IDEXX (Nasdaq: IDXX) is headquartered in Westbrook and employs nearly 11,000 people. Its reach is worldwide, supplying diag- nostic products and software to more than 50,000 veterinary practices in 175 countries and territories. Another Maine company that's carved a niche in veterinary health, ImmuCell Corp. (Nasdaq: ICCC), which initially worked on a bio- technology to purify milk protein for human use. But like IDEXX, the company recognized an unmet need. Eventually, ImmuCell shifted its focus to preventive health products for dairy and beef cattle. It now has a market cap of $40 million and 75 employees. Fast mover Back at Rarebreed, the goal isn't sim- ply to grow fast, though that seems to be happening. Rarebreed last year ranked No. 35 on the Inc. 5000 list of the country's most rapidly growing private companies. Revenue, according to Inc., sky- rocketed 10,293% from 2020 through 2022. e actual amounts aren't dis- closed, but the growth percentage out- distanced any for the other 13 Maine companies on the list. And Rare- breed's debut rank among the fast 5,000 was the highest for a Maine business since 2017. Innovation has been a key driver of growth. For example, borrowing another playbook from human health, Rarebreed has launched an urgent-care spin-off called PetMedic. e business now has almost a dozen locations in New England — including clinics in Freeport and Portland – and more are planned down the East Coast. Rarebreed has also come up with an innovative way to deploy informa- tion across all the clinics, practices and hospitals that make up its network. A patent is now pending for its Corporate Veterinary Operating Sys- tem, which Rarebreed describes as "a one-of-a-kind data integration, mapping and business intelligence capability" that connects the Rare- breed locations. At the same time, Rarebreed is trying to strengthen connections with employees. In addition to great pay and ben- efits, the company says, it's created incentive-based compensation, as well as plenty of advancement oppor- tunities, continuing education and a mentorship program. The goal is to build stronger employee engagement, to build up the "ecosystem" of care providers in its network, and ultimately to build the Rarebreed brand. "We want to be that place where, when people graduate from vet school, they think of first," says Espinal. "And then, when they have a pet they think, wow, I want to be part of this medical system for pets because I'm going to get the best care possible." William Hall, Mainebiz managing editor of digital operations, can be reached at whall @ mainebiz.biz Need support to grow your small business? The Solutions for Maine Hub is here to help. Dedicated UMaine talent and resources to help your small business thrive. umaine.edu/inspire/solutions-for-maine The University of Maine is an equal opportunity/ affirmative action institution. Strategic Partnerships, Innovation, Resources and Engagement Rarebreed rarebreedvet.com / Portland Founded: 2018 Founders: Dan Espinal, Sean Miller Workforce: 130 corporate staff Funding: Initial rounds totaling $40 million, plus follow-on Our role, first and foremost, is really about building a community. — Sean Miller Rarebreed

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