IDEXX Laboratories (IDXX) FY2023 results: revenue $3.7 billion, up 8.7% on the year

IDEXX Laboratories Inc. (IDXX) reported revenue of $3.7 billion for fiscal 2023, the year ended 31 December 2023, up 8.7% on the year before. Net income was $845 million, up 24.4%, and diluted earnings per share $10.06. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$3.7 billion

+8.7% on the year

FY2016FY2023

Operating margin

30.0%

26.7% a year earlier

FY2016FY2023

Net income

$845 million

+24.4% on the year

FY2016FY2023

Diluted EPS

$10.06

+25.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,661	3,367	3,215	+8.7%
Cost of revenue	1,471	1,363	1,326	+7.9%
Gross profit	2,190	2,004	1,889	+9.3%
Gross margin	59.8%	59.5%	58.8%
Research and development	191	255	161	-25.1%
Operating income	1,097	899	932	+22.1%
Operating margin	30.0%	26.7%	29.0%
Interest expense	41.6	39.9	29.8	+4.3%
Pre-tax income	1,061	860	903	+23.4%
Income tax	216	181	158	+19.5%
Effective tax rate	20.4%	21.0%	17.5%
Net income	845	679	745	+24.4%
Net margin	23.1%	20.2%	23.2%
Diluted EPS	$10.06	$8.03	$8.60	+25.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	907	543	756	+66.9%
Capital expenditure	134	149	120	-10.2%
Free cash flow	773	394	636	+96.1%
Free cash flow margin	21.1%	11.7%	19.8%
Cash from investing	-125	-195	-293
Cash from financing	-442	-371	-697
Depreciation and amortisation	115	112	105	+2.7%
Share-based compensation	59.7	49.8	37.8	+20.0%
Buybacks	71.9	820	747	-91.2%
Diluted shares, weighted	84m	85m	87m	-0.7%
Shares outstanding at period end	83m	83m	85m	+0.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,485	609	690	+143.9%
Non-controlling interest	n/a	n/a	0.0
Debt	948	1,348	924	-29.7%
Operating lease liabilities	99.7	101	87.4	-1.5%
Other liabilities	728	688	736	+5.7%
Total liabilities and equity	3,260	2,747	2,437	+18.7%
Fixed assets	702	649	588	+8.1%
Goodwill	366	362	359	+1.2%
Intangible assets	84.5	97.7	99.0	-13.5%
Cash and equivalents	454	113	144	+303.3%
Receivables	457	401	368	+14.2%
Inventory	380	368	269	+3.4%
Other assets	816	757	609	+7.8%
Total assets	3,260	2,747	2,437	+18.7%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.