IDEXX Laboratories (IDXX) FY2018 results: revenue $2.2 billion, up 12.4% on the year
IDEXX Laboratories Inc. (IDXX) reported revenue of $2.2 billion for fiscal 2018, the year ended 31 December 2018, up 12.4% on the year before. Net income was $377 million, up 43.3%, and diluted earnings per share $4.26. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$2.2 billion
+12.4% on the year
FY2011FY2018
Operating margin
22.2%
21.0% a year earlier
FY2011FY2018
Net income
$377 million
+43.3% on the year
FY2011FY2018
Diluted EPS
$4.26
+44.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,213
1,969
1,775
+12.4%
Cost of revenue
972
872
800
+11.5%
Gross profit
1,242
1,097
975
+13.1%
Gross margin
56.1%
55.7%
54.9%
Research and development
118
109
101
+8.0%
Operating income
491
413
350
+19.0%
Operating margin
22.2%
21.0%
19.7%
Interest expense
34.7
37.2
32.0
-6.7%
Pre-tax income
458
381
322
+20.1%
Income tax
80.7
118
99.8
-31.5%
Effective tax rate
17.6%
30.9%
31.0%
Net income
377
263
222
+43.3%
Net margin
17.0%
13.4%
12.5%
Diluted EPS
$4.26
$2.94
$2.44
+44.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
400
373
339
+7.2%
Capital expenditure
116
74.4
64.8
+55.6%
Free cash flow
284
299
274
-4.9%
Free cash flow margin
12.8%
15.2%
15.4%
Cash from investing
139
-139
n/a
Cash from financing
-598
-208
n/a
Depreciation and amortisation
83.2
83.1
78.2
+0.0%
Share-based compensation
25.2
23.5
19.9
+7.0%
Buybacks
369
283
304
+30.7%
Diluted shares, weighted
88m
90m
91m
-1.2%
Shares outstanding at period end
86m
87m
n/a
-1.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
-9.5
-54.1
-108
Non-controlling interest
0.3
0.3
0.1
+6.1%
Debt
602
607
594
-0.8%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
945
1,161
1,045
-18.6%
Total liabilities and equity
1,537
1,713
1,531
-10.3%
Fixed assets
437
379
357
+15.3%
Goodwill
214
200
178
+7.3%
Intangible assets
41.8
43.8
46.2
-4.6%
Investments
0.0
284
237
Cash and equivalents
124
188
155
-34.0%
Receivables
249
235
204
+6.1%
Inventory
173
164
158
+5.5%
Other assets
298
220
195
+35.5%
Total assets
1,537
1,713
1,531
-10.3%
10-K for the year ended 31 December 2018, filed 15 February 2019: the filing.