IDEXX Laboratories Inc. Q4 FY2023 results: revenue $902 million, up 8.8% on the year

IDEXX Laboratories Inc. (IDXX) reported revenue of $902 million for Q4 FY2023, the quarter ended 31 December 2023, up 8.8% on the same quarter a year earlier. Net income was $195 million, up 13.0% on the year, and diluted earnings per share $2.31. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$902 millionup 8.8%

Net income$195 millionup 13.0%

Diluted EPS$2.31

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	902	916	n/a	n/a
Cost of revenue	375	368	n/a	n/a
Gross profit	526	548	n/a	n/a
Gross margin	58.4%	59.9%	n/a
Research and development	51.8	48.0	n/a	n/a
Operating income	245	275	n/a	n/a
Operating margin	27.2%	30.1%	n/a
Interest expense	9.3	8.6	n/a	n/a
Pre-tax income	240	268	n/a	n/a
Income tax	45.1	55.7	n/a	n/a
Effective tax rate	18.8%	20.8%	n/a
Net income	195	212	n/a	n/a
Net margin	21.6%	23.2%	n/a
Diluted EPS	$2.31	$2.53	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	250	272	n/a	n/a
Capital expenditure	32.6	34.1	n/a	n/a
Free cash flow	217	238	n/a	n/a
Free cash flow margin	24.1%	26.0%	n/a
Depreciation and amortisation	29.7	29.0	n/a	n/a
Share-based compensation	15.2	15.2	n/a	n/a
Buybacks	36.9	35.1	n/a	n/a
Diluted shares, weighted	84m	84m	n/a	n/a
Shares outstanding at period end	83m	83m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	3,260	3,086	n/a	n/a
Cash and equivalents	454	332	n/a	n/a
Receivables	457	453	n/a	n/a
Inventory	380	394	n/a	n/a
Goodwill	366	362	n/a	n/a
Long-term debt	698	619	n/a	n/a
Operating lease liabilities	99.7	101	n/a	n/a
Shareholders' equity	1,485	1,297	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	916	902	964	1,004	976	954	998	1,109	1,105	1,091	1,141	1,217
Cost of revenue	368	375	371	384	380	384	375	415	422	432	418	437
Gross profit	548	526	593	619	596	571	623	695	683	658	723	779
Gross margin	60%	58%	62%	62%	61%	60%	62%	63%	62%	60%	63%	64%
R&D	48.0	51.8	52.6	55.5	54.0	57.7	59.1	61.9	63.4	66.8	65.8	65.4
Operating income	275	245	299	264	304	262	317	373	355	316	363	426
Operating margin	30%	27%	31%	26%	31%	27%	32%	34%	32%	29%	32%	35%
Interest expense	8.6	9.3	7.9	8.1	7.7	7.5	7.7	11.3	10.7	9.2	7.7	10.2
Pre-tax income	268	240	295	259	299	256	310	362	345	307	355	417
Tax rate	21%	19%	20%	22%	22%	16%	22%	19%	20%	19%	22%	19%
Net income	212	195	236	203	233	216	243	294	275	248	278	338
Net margin	23%	22%	24%	20%	24%	23%	24%	26%	25%	23%	24%	28%
Diluted EPS	$2.53	$2.31	$2.81	$2.44	$2.80	$2.62	$2.96	$3.63	$3.40	$3.09	$3.47	$4.27
Operating cash flow	272	250	199	248	220	262	238	186	402	356	266	347
Capital expenditure	34.1	32.6	30.3	33.3	28.1	29.3	30.0	34.1	31.1	29.4	32.0	24.6
Free cash flow	238	217	168	215	192	233	208	152	371	326	234	323
Buybacks	35.1	36.9	155	216	221	246	401	338	240	238	351	347
Shares outstanding	83m	83m	83m	82m	82m	82m	81m	80m	80m	80m	79m	79m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0000874716-24-000057: the filing on EDGAR. All of IDEXX Laboratories Inc.'s filings: EDGAR company page.

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