IDEXX Laboratories (IDXX) FY2011 results: revenue $1.2 billion, up 10.4% on the year
IDEXX Laboratories Inc. (IDXX) reported revenue of $1.2 billion for fiscal 2011, the year ended 31 December 2011, up 10.4% on the year before. Net income was $162 million, up 14.5%, and diluted earnings per share $1.39. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2012.
Revenue
$1.2 billion
+10.4% on the year
FY2008FY2011
Operating margin
19.4%
18.5% a year earlier
FY2008FY2011
Net income
$162 million
+14.5% on the year
FY2008FY2011
Diluted EPS
$1.39
+17.3% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
1,219
1,103
1,032
+10.4%
Cost of revenue
572
525
505
+9.0%
Gross profit
647
579
526
+11.7%
Gross margin
53.0%
52.4%
51.0%
Research and development
76.0
68.6
65.1
+10.9%
Operating income
236
204
176
+15.9%
Operating margin
19.4%
18.5%
17.1%
Interest expense
3.5
2.4
1.9
+46.9%
Pre-tax income
234
202
175
+16.0%
Income tax
72.7
60.8
52.3
+19.5%
Effective tax rate
31.0%
30.1%
30.0%
Net income
162
141
122
+14.5%
Net margin
13.3%
12.8%
11.8%
Diluted EPS
$1.39
$1.19
$1.00
+17.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
218
179
175
+21.9%
Capital expenditure
49.7
38.9
50.7
+27.7%
Free cash flow
168
140
124
+20.2%
Free cash flow margin
13.8%
12.7%
12.0%
Cash from investing
-94.2
-43.2
-53.6
Cash from financing
-97.7
-86.8
-95.3
Depreciation and amortisation
48.2
46.0
49.8
+4.9%
Share-based compensation
15.5
13.3
11.6
+16.8%
Buybacks
256
143
83.1
+78.6%
Diluted shares, weighted
116m
119m
121m
-2.3%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
540
574
515
-6.0%
Non-controlling interest
0.0
0.0
0.0
-69.6%
Debt
3.4
n/a
n/a
Other liabilities
488
323
294
+51.1%
Total liabilities and equity
1,031
897
809
+14.9%
Fixed assets
217
202
200
+7.5%
Goodwill
173
149
149
+15.8%
Intangible assets
69.2
55.8
63.9
+24.1%
Cash and equivalents
184
157
107
+17.2%
Receivables
141
120
115
+17.7%
Inventory
133
128
110
+4.1%
Other assets
114
85.7
63.7
+33.0%
Total assets
1,031
897
809
+14.9%
10-K for the year ended 31 December 2011, filed 17 February 2012: the filing.