IDEXX Laboratories (IDXX) FY2024 results: revenue $3.9 billion, up 6.5% on the year

IDEXX Laboratories Inc. (IDXX) reported revenue of $3.9 billion for fiscal 2024, the year ended 31 December 2024, up 6.5% on the year before. Net income was $888 million, up 5.1%, and diluted earnings per share $10.67. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$3.9 billion

+6.5% on the year

FY2017FY2024

Operating margin

29.0%

30.0% a year earlier

FY2017FY2024

Net income

$888 million

+5.1% on the year

FY2017FY2024

Diluted EPS

$10.67

+6.1% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,898	3,661	3,367	+6.5%
Cost of revenue	1,519	1,471	1,363	+3.2%
Gross profit	2,379	2,190	2,004	+8.6%
Gross margin	61.0%	59.8%	59.5%
Research and development	220	191	255	+15.1%
Operating income	1,128	1,097	899	+2.8%
Operating margin	29.0%	30.0%	26.7%
Interest expense	31.2	41.6	39.9	-25.0%
Pre-tax income	1,110	1,061	860	+4.6%
Income tax	222	216	181	+2.7%
Effective tax rate	20.0%	20.4%	21.0%
Net income	888	845	679	+5.1%
Net margin	22.8%	23.1%	20.2%
Diluted EPS	$10.67	$10.06	$8.03	+6.1%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	929	907	543	+2.5%
Capital expenditure	121	134	149	-9.5%
Free cash flow	808	773	394	+4.6%
Free cash flow margin	20.7%	21.1%	11.7%
Cash from investing	-207	-125	-195
Cash from financing	-878	-442	-371
Depreciation and amortisation	130	115	112	+13.1%
Share-based compensation	60.3	59.7	49.8	+0.9%
Buybacks	837	71.9	820	+1,063.8%
Diluted shares, weighted	83m	84m	85m	-0.9%
Shares outstanding at period end	82m	83m	83m	-1.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,595	1,485	609	+7.5%
Debt	868	948	1,348	-8.5%
Operating lease liabilities	97.8	99.7	101	-1.8%
Other liabilities	733	728	688	+0.7%
Total liabilities and equity	3,293	3,260	2,747	+1.0%
Fixed assets	713	702	649	+1.6%
Goodwill	405	366	362	+10.7%
Intangible assets	112	84.5	97.7	+32.2%
Cash and equivalents	288	454	113	-36.5%
Receivables	474	457	401	+3.5%
Inventory	382	380	368	+0.4%
Other assets	920	816	757	+12.8%
Total assets	3,293	3,260	2,747	+1.0%

10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.