I'm not really sure where you are getting your information from, but here are a few tidbits for you:

IDEXX's long term debt as of 2008 end of year reporting was $5 million. That's about 2% of current revenue. Their total debt was $156 million or around 15% of revenue. Cash on hand was $79 million.

IDEXX currently has a little over a billion in revenue with a market cap of 2.3 billion. At $39.75 share price, their current PE is around 21, which is arguably low for any company performing as well as IDEXX currently is (it was reported last week that IDEXX is one of the few companies in Maine actually expanding work force and increasing revenues). In a normal economy IDEXX could legitimately have a trailing PE of 25 or $46.50. In a bull market they might even go to a PE of 35 or $65.00, but I doubt you will see that anytime soon. The $20 price you suggest would be a PE of around 10. I don't see how you can justify your statement. And with the threat of Sarbanes-Oxley, insinuating fraud is just stupid, that is unless of course you think IDEXX is just pretending to sell stuff to Vets, which I suppose is possible. Stupid…but possible.

All figures posted here were quoted from E-Trade. No guarantee of accuracy (do your own homework)