IDEXX Laboratories (IDXX) FY2013 results: revenue $1.4 billion, up 6.5% on the year
IDEXX Laboratories Inc. (IDXX) reported revenue of $1.4 billion for fiscal 2013, the year ended 31 December 2013, up 6.5% on the year before. Net income was $188 million, up 5.3%, and diluted earnings per share $1.74. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2014.
Revenue
$1.4 billion
+6.5% on the year
FY2008FY2013
Operating margin
19.4%
20.3% a year earlier
FY2008FY2013
Net income
$188 million
+5.3% on the year
FY2008FY2013
Diluted EPS
$1.74
+9.8% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,377
1,293
1,219
+6.5%
Cost of revenue
621
594
572
+4.5%
Gross profit
756
699
647
+8.1%
Gross margin
54.9%
54.1%
53.0%
Research and development
88.0
82.0
76.0
+7.3%
Operating income
267
263
236
+1.6%
Operating margin
19.4%
20.3%
19.4%
Interest expense
5.4
3.8
3.5
+40.0%
Pre-tax income
263
261
234
+1.0%
Income tax
75.5
82.3
72.7
-8.3%
Effective tax rate
28.7%
31.6%
31.0%
Net income
188
178
162
+5.3%
Net margin
13.6%
13.8%
13.3%
Diluted EPS
$1.74
$1.58
$1.39
+9.8%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
246
222
218
+10.6%
Capital expenditure
77.6
57.6
49.7
+34.7%
Free cash flow
168
165
168
+2.2%
Free cash flow margin
12.2%
12.7%
13.8%
Cash from investing
-86.1
-58.1
-94.2
Cash from financing
-102
-125
-97.7
Depreciation and amortisation
54.6
52.4
48.2
+4.2%
Share-based compensation
16.5
16.0
15.5
+3.7%
Buybacks
368
132
256
+178.0%
Diluted shares, weighted
108m
112m
116m
-3.9%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
518
636
540
-18.6%
Non-controlling interest
0.0
0.0
0.0
-17.6%
Debt
151
2.5
3.4
+5,953.3%
Other liabilities
561
465
488
+20.7%
Total liabilities and equity
1,231
1,104
1,031
+11.5%
Fixed assets
281
245
217
+14.7%
Goodwill
181
175
173
+3.2%
Intangible assets
58.8
62.8
69.2
-6.3%
Cash and equivalents
279
224
184
+24.6%
Receivables
158
138
141
+14.3%
Inventory
133
141
133
-5.3%
Other assets
139
117
114
+18.8%
Total assets
1,231
1,104
1,031
+11.5%
10-K for the year ended 31 December 2013, filed 18 February 2014: the filing.