IDEXX Laboratories (IDXX) FY2015 results: revenue $1.6 billion, up 7.8% on the year
IDEXX Laboratories Inc. (IDXX) reported revenue of $1.6 billion for fiscal 2015, the year ended 31 December 2015, up 7.8% on the year before. Net income was $192 million, up 5.6%, and diluted earnings per share $2.05. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2016.
Revenue
$1.6 billion
+7.8% on the year
FY2008FY2015
Operating margin
18.7%
17.5% a year earlier
FY2008FY2015
Net income
$192 million
+5.6% on the year
FY2008FY2015
Diluted EPS
$2.05
+14.5% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
1,602
1,486
1,377
+7.8%
Cost of revenue
712
670
621
+6.3%
Gross profit
890
816
756
+9.1%
Gross margin
55.6%
54.9%
54.9%
Research and development
99.7
98.3
88.0
+1.4%
Operating income
300
260
267
+15.2%
Operating margin
18.7%
17.5%
19.4%
Interest expense
29.2
15.4
5.4
+89.5%
Pre-tax income
273
247
263
+10.8%
Income tax
81.0
64.6
75.5
+25.4%
Effective tax rate
29.7%
26.2%
28.7%
Net income
192
182
188
+5.6%
Net margin
12.0%
12.2%
13.6%
Diluted EPS
$2.05
$1.79
$1.74
+14.5%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
n/a
236
246
Capital expenditure
82.9
60.5
77.6
+37.0%
Free cash flow
n/a
175
168
Free cash flow margin
n/a
11.8%
12.2%
Cash from investing
n/a
-80.4
-86.1
Cash from financing
n/a
-103
-102
Depreciation and amortisation
69.0
58.9
54.6
+17.1%
Share-based compensation
19.9
18.1
16.5
+9.9%
Buybacks
402
618
368
-35.0%
Diluted shares, weighted
94m
102m
108m
-7.7%
Shares outstanding at period end
n/a
95m
n/a
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
-84.1
118
518
Non-controlling interest
0.1
0.1
0.0
+78.1%
Debt
597
350
151
+70.6%
Other liabilities
962
917
561
+4.9%
Total liabilities and equity
1,475
1,384
1,231
+6.6%
Fixed assets
333
304
281
+9.7%
Goodwill
179
184
181
-3.0%
Intangible assets
55.9
65.1
58.8
-14.1%
Investments
214
n/a
n/a
Cash and equivalents
129
323
279
-60.0%
Receivables
188
152
158
+23.6%
Inventory
189
160
133
+17.8%
Other assets
187
196
139
-4.3%
Total assets
1,475
1,384
1,231
+6.6%
10-K for the year ended 31 December 2015, filed 17 February 2016: the filing.