(MONEY Magazine) – The mad cow stir in Canada is drawing attention to one of the biggest obstacles to containing the deadly brain disease: The inability to test for it in live cattle. Current tests involve killing the animal and then putting its brain under a microscope--not an appealing option for ranchers or anybody else. But Maine-based Idexx Laboratories (IDXX), a leader in veterinary testing for pets and livestock, may be on the verge of solving this problem. Idexx and a team of University of Toronto researchers have reportedly discovered a blood test for mad cow--one that might even pave the way for a vaccine. Idexx won't discuss a timetable, stating that any test or vaccine is still in the discovery stage. Nevertheless, the stock is worth a look. Idexx had earnings growth of 27% over the past year vs. 24% for the overall biotech sector, and at a recent $35 a share, the stock trades for 22 times 2003 estimated earnings (vs. 35 times for the sector). Scott Brayman, who owns 125,000 shares of Idexx in his Sentinel Small Company fund, likes the fact that animal owners pay cash for veterinary testing. "There's no [insurer] with the ability to dictate price," he says. --JON BIRGER