IDEXX Laboratories (IDXX) FY2022 results: revenue $3.4 billion, up 4.7% on the year

IDEXX Laboratories Inc. (IDXX) reported revenue of $3.4 billion for fiscal 2022, the year ended 31 December 2022, up 4.7% on the year before. Net income was $679 million, down 8.8%, and diluted earnings per share $8.03. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue

$3.4 billion

+4.7% on the year

FY2015FY2022

Operating margin

26.7%

29.0% a year earlier

FY2015FY2022

Net income

$679 million

-8.8% on the year

FY2015FY2022

Diluted EPS

$8.03

-6.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,367	3,215	2,707	+4.7%
Cost of revenue	1,363	1,326	1,136	+2.8%
Gross profit	2,004	1,889	1,571	+6.1%
Gross margin	59.5%	58.8%	58.0%
Research and development	255	161	141	+58.3%
Operating income	899	932	695	-3.6%
Operating margin	26.7%	29.0%	25.7%
Interest expense	39.9	29.8	33.1	+33.7%
Pre-tax income	860	903	662	-4.7%
Income tax	181	158	79.9	+14.6%
Effective tax rate	21.0%	17.5%	12.1%
Net income	679	745	582	-8.8%
Net margin	20.2%	23.2%	21.5%
Diluted EPS	$8.03	$8.60	$6.71	-6.6%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	543	756	648	-28.1%
Capital expenditure	149	120	107	+24.5%
Free cash flow	394	636	541	-38.0%
Free cash flow margin	11.7%	19.8%	20.0%
Cash from investing	-195	-293	-109
Cash from financing	-371	-697	-248
Depreciation and amortisation	112	105	96.0	+7.0%
Share-based compensation	49.8	37.8	31.0	+31.8%
Buybacks	820	747	183	+9.8%
Diluted shares, weighted	85m	87m	87m	-2.3%
Shares outstanding at period end	83m	85m	85m	-2.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	609	690	632	-11.8%
Non-controlling interest	n/a	0.0	0.7
Debt	1,348	924	909	+46.0%
Operating lease liabilities	101	87.4	77.0	+15.9%
Other liabilities	688	736	676	-6.5%
Total liabilities and equity	2,747	2,437	2,295	+12.7%
Fixed assets	649	588	555	+10.5%
Goodwill	362	359	243	+0.7%
Intangible assets	97.7	99.0	52.5	-1.4%
Cash and equivalents	113	144	384	-22.1%
Receivables	401	368	331	+8.8%
Inventory	368	269	210	+36.7%
Other assets	757	609	518	+24.2%
Total assets	2,747	2,437	2,295	+12.7%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.