IDEXX Laboratories (IDXX) FY2019 results: revenue $2.4 billion, up 8.8% on the year
IDEXX Laboratories Inc. (IDXX) reported revenue of $2.4 billion for fiscal 2019, the year ended 31 December 2019, up 8.8% on the year before. Net income was $428 million, up 13.4%, and diluted earnings per share $4.89. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$2.4 billion
+8.8% on the year
FY2012FY2019
Operating margin
23.0%
22.2% a year earlier
FY2012FY2019
Net income
$428 million
+13.4% on the year
FY2012FY2019
Diluted EPS
$4.89
+14.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,407
2,213
1,969
+8.8%
Cost of revenue
1,041
972
872
+7.2%
Gross profit
1,366
1,242
1,097
+10.0%
Gross margin
56.7%
56.1%
55.7%
Research and development
133
118
109
+13.0%
Operating income
553
491
413
+12.5%
Operating margin
23.0%
22.2%
21.0%
Interest expense
31.1
34.7
37.2
-10.6%
Pre-tax income
522
458
381
+14.1%
Income tax
94.4
80.7
118
+17.0%
Effective tax rate
18.1%
17.6%
30.9%
Net income
428
377
263
+13.4%
Net margin
17.8%
17.0%
13.4%
Diluted EPS
$4.89
$4.26
$2.94
+14.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
459
400
373
+14.8%
Capital expenditure
155
116
74.4
+33.9%
Free cash flow
304
284
299
+7.0%
Free cash flow margin
12.6%
12.8%
15.2%
Cash from investing
-206
139
-139
Cash from financing
-286
-598
-208
Depreciation and amortisation
88.0
83.2
83.1
+5.8%
Share-based compensation
39.3
25.2
23.5
+56.1%
Buybacks
302
369
283
-18.3%
Diluted shares, weighted
88m
88m
90m
-1.0%
Shares outstanding at period end
85m
86m
87m
-0.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
177
-9.5
-54.1
Non-controlling interest
0.4
0.3
0.3
+25.7%
Debt
699
602
607
+16.2%
Operating lease liabilities
67.5
0.0
n/a
Other liabilities
888
945
1,161
-6.0%
Total liabilities and equity
1,832
1,537
1,713
+19.2%
Fixed assets
534
437
379
+22.1%
Goodwill
240
214
200
+11.8%
Intangible assets
58.5
41.8
43.8
+39.8%
Investments
n/a
0.0
284
Cash and equivalents
90.3
124
188
-27.0%
Receivables
269
249
235
+8.2%
Inventory
195
173
164
+12.5%
Other assets
446
298
220
+49.7%
Total assets
1,832
1,537
1,713
+19.2%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.