IDEXX Laboratories (IDXX) FY2017 results: revenue $2.0 billion, up 10.9% on the year
IDEXX Laboratories Inc. (IDXX) reported revenue of $2.0 billion for fiscal 2017, the year ended 31 December 2017, up 10.9% on the year before. Net income was $263 million, up 18.5%, and diluted earnings per share $2.94. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$2.0 billion
+10.9% on the year
FY2010FY2017
Operating margin
21.0%
19.7% a year earlier
FY2010FY2017
Net income
$263 million
+18.5% on the year
FY2010FY2017
Diluted EPS
$2.94
+20.5% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,969
1,775
1,602
+10.9%
Cost of revenue
872
800
712
+9.0%
Gross profit
1,097
975
890
+12.5%
Gross margin
55.7%
54.9%
55.6%
Research and development
109
101
99.7
+8.0%
Operating income
413
350
300
+17.9%
Operating margin
21.0%
19.7%
18.7%
Interest expense
37.2
32.0
29.2
+16.2%
Pre-tax income
381
322
273
+18.4%
Income tax
118
99.8
81.0
+18.0%
Effective tax rate
30.9%
31.0%
29.7%
Net income
263
222
192
+18.5%
Net margin
13.4%
12.5%
12.0%
Diluted EPS
$2.94
$2.44
$2.05
+20.5%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
373
339
n/a
+10.1%
Capital expenditure
74.4
64.8
82.9
+14.8%
Free cash flow
299
274
n/a
+9.0%
Free cash flow margin
15.2%
15.4%
n/a
Cash from investing
-139
n/a
n/a
Cash from financing
-208
n/a
n/a
Depreciation and amortisation
83.1
78.2
69.0
+6.3%
Share-based compensation
23.5
19.9
19.9
+18.2%
Buybacks
283
304
402
-7.1%
Diluted shares, weighted
90m
91m
94m
-1.4%
Shares outstanding at period end
87m
n/a
n/a
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
-54.1
-108
-84.1
Non-controlling interest
0.3
0.1
0.1
+89.9%
Debt
607
594
597
+2.2%
Other liabilities
1,161
1,045
962
+11.0%
Total liabilities and equity
1,713
1,531
1,475
+11.9%
Fixed assets
379
357
333
+6.1%
Goodwill
200
178
179
+12.1%
Intangible assets
43.8
46.2
55.9
-5.0%
Investments
284
237
214
+20.0%
Cash and equivalents
188
155
129
+21.2%
Receivables
235
204
188
+14.7%
Inventory
164
158
189
+4.0%
Other assets
220
195
187
+13.0%
Total assets
1,713
1,531
1,475
+11.9%
10-K for the year ended 31 December 2017, filed 15 February 2019: the filing.