IDEXX Laboratories (IDXX) FY2020 results: revenue $2.7 billion, up 12.5% on the year
IDEXX Laboratories Inc. (IDXX) reported revenue of $2.7 billion for fiscal 2020, the year ended 31 December 2020, up 12.5% on the year before. Net income was $582 million, up 36.0%, and diluted earnings per share $6.71. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2021.
Revenue
$2.7 billion
+12.5% on the year
FY2013FY2020
Operating margin
25.7%
23.0% a year earlier
FY2013FY2020
Net income
$582 million
+36.0% on the year
FY2013FY2020
Diluted EPS
$6.71
+37.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,707
2,407
2,213
+12.5%
Cost of revenue
1,136
1,041
972
+9.1%
Gross profit
1,571
1,366
1,242
+15.0%
Gross margin
58.0%
56.7%
56.1%
Research and development
141
133
118
+6.0%
Operating income
695
553
491
+25.6%
Operating margin
25.7%
23.0%
22.2%
Interest expense
33.1
31.1
34.7
+6.7%
Pre-tax income
662
522
458
+26.8%
Income tax
79.9
94.4
80.7
-15.4%
Effective tax rate
12.1%
18.1%
17.6%
Net income
582
428
377
+36.0%
Net margin
21.5%
17.8%
17.0%
Diluted EPS
$6.71
$4.89
$4.26
+37.2%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
648
459
400
+41.1%
Capital expenditure
107
155
116
-31.0%
Free cash flow
541
304
284
+77.9%
Free cash flow margin
20.0%
12.6%
12.8%
Cash from investing
-109
-206
139
Cash from financing
-248
-286
-598
Depreciation and amortisation
96.0
88.0
83.2
+9.1%
Share-based compensation
31.0
39.3
25.2
-21.2%
Buybacks
183
302
369
-39.4%
Diluted shares, weighted
87m
88m
88m
-0.9%
Shares outstanding at period end
85m
85m
86m
-0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
632
177
-9.5
+256.2%
Non-controlling interest
0.7
0.4
0.3
+100.9%
Debt
909
699
602
+30.0%
Operating lease liabilities
77.0
67.5
0.0
+14.2%
Other liabilities
676
888
945
-23.9%
Total liabilities and equity
2,295
1,832
1,537
+25.2%
Fixed assets
555
534
437
+4.0%
Goodwill
243
240
214
+1.5%
Intangible assets
52.5
58.5
41.8
-10.1%
Investments
n/a
n/a
0.0
Cash and equivalents
384
90.3
124
+325.0%
Receivables
331
269
249
+23.1%
Inventory
210
195
173
+7.6%
Other assets
518
446
298
+16.3%
Total assets
2,295
1,832
1,537
+25.2%
10-K for the year ended 31 December 2020, filed 12 February 2021: the filing.