IDEXX Laboratories (IDXX) FY2014 results: revenue $1.5 billion, up 7.9% on the year
IDEXX Laboratories Inc. (IDXX) reported revenue of $1.5 billion for fiscal 2014, the year ended 31 December 2014, up 7.9% on the year before. Net income was $182 million, down 3.1%, and diluted earnings per share $1.79. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2015.
Revenue
$1.5 billion
+7.9% on the year
FY2008FY2014
Operating margin
17.5%
19.4% a year earlier
FY2008FY2014
Net income
$182 million
-3.1% on the year
FY2008FY2014
Diluted EPS
$1.79
+2.9% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,486
1,377
1,293
+7.9%
Cost of revenue
670
621
594
+7.9%
Gross profit
816
756
699
+7.9%
Gross margin
54.9%
54.9%
54.1%
Research and development
98.3
88.0
82.0
+11.7%
Operating income
260
267
263
-2.4%
Operating margin
17.5%
19.4%
20.3%
Interest expense
15.4
5.4
3.8
+186.5%
Pre-tax income
247
263
261
-6.3%
Income tax
64.6
75.5
82.3
-14.4%
Effective tax rate
26.2%
28.7%
31.6%
Net income
182
188
178
-3.1%
Net margin
12.2%
13.6%
13.8%
Diluted EPS
$1.79
$1.74
$1.58
+2.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
236
246
222
-4.1%
Capital expenditure
60.5
77.6
57.6
-22.0%
Free cash flow
175
168
165
+4.1%
Free cash flow margin
11.8%
12.2%
12.7%
Cash from investing
-80.4
-86.1
-58.1
Cash from financing
-103
-102
-125
Depreciation and amortisation
58.9
54.6
52.4
+7.9%
Share-based compensation
18.1
16.5
16.0
+9.4%
Buybacks
618
368
132
+68.1%
Diluted shares, weighted
102m
108m
112m
-6.0%
Shares outstanding at period end
95m
n/a
n/a
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
118
518
636
-77.3%
Non-controlling interest
0.1
0.0
0.0
+160.7%
Debt
350
151
2.5
+131.2%
Other liabilities
917
561
465
+63.4%
Total liabilities and equity
1,384
1,231
1,104
+12.5%
Fixed assets
304
281
245
+8.0%
Goodwill
184
181
175
+2.2%
Intangible assets
65.1
58.8
62.8
+10.7%
Cash and equivalents
323
279
224
+15.6%
Receivables
152
158
138
-3.6%
Inventory
160
133
141
+20.2%
Other assets
196
139
117
+40.4%
Total assets
1,384
1,231
1,104
+12.5%
10-K for the year ended 31 December 2014, filed 17 February 2015: the filing.