IDEXX LABORATORIES INC /DE IDXX
IDEXX was incorporated in Delaware in 1983. We develop, manufacture, and distribute products and provide services primarily for the companion animal veterinary; livestock, poultry and dairy; and water testing industries. We also manufacture and sell human medical point-of-care diagnostic products. Our primary products and services are:
•Point-of-care veterinary diagnostic products, comprised of instruments, consumables, and rapid assay test kits;
•Practice management systems, software and diagnostic imaging systems and services used by veterinarians;
•Health monitoring, biological materials testing, laboratory diagnostic instruments, and services used by the biomedical research community;
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.30B | $3.90B | $3.66B | $3.37B | $3.22B | $2.71B | $2.41B | $2.21B | $1.97B | $1.78B |
| Cost of revenue | $1.64B | $1.52B | $1.47B | $1.36B | $1.33B | $1.14B | $1.04B | $971.7M | $871.7M | $800.0M |
| Gross profit | $2.66B | $2.38B | $2.19B | $2.00B | $1.89B | $1.57B | $1.37B | $1.24B | $1.10B | $975.4M |
| R&D | $251.2M | $219.8M | $191.0M | $254.8M | $161.0M | $141.2M | $133.2M | $117.9M | $109.2M | $101.1M |
| SG&A | $404.8M | $442.3M | $335.8M | $326.2M | $309.7M | $300.8M | $261.3M | $244.9M | $220.9M | $207.0M |
| Total operating expenses | $1.30B | $1.25B | $1.09B | $1.11B | — | — | — | $750.2M | — | — |
| Operating income | $1.36B | $1.13B | $1.10B | $898.8M | $932.0M | $694.5M | $552.8M | $491.3M | $413.0M | $350.2M |
| Interest expense | $38.9M | $31.2M | $41.6M | $39.9M | $29.8M | $33.1M | $31.1M | $34.7M | $37.2M | $32.0M |
| Pre-tax income | $1.32B | $1.11B | $1.06B | $860.0M | $902.7M | $662.0M | $522.2M | $457.7M | $381.1M | $321.8M |
| Income tax | $264.7M | $222.0M | $216.1M | $180.9M | $157.8M | $79.9M | $94.4M | $80.7M | $117.8M | $99.8M |
| Net income | $1.06B | $887.9M | $845.0M | $679.1M | $744.8M | $581.8M | $427.7M | $377.0M | $263.1M | $222.0M |
| EPS, basic | 13.17 | 10.77 | 10.17 | 8.12 | 8.74 | 6.82 | 4.97 | 4.34 | 3.00 | 2.47 |
| EPS, diluted | 13.08 | 10.67 | 10.06 | 8.03 | 8.60 | 6.71 | 4.89 | 4.26 | 2.94 | 2.44 |
| Shares, diluted (wtd. avg.) | $81.0M | $83.2M | $84.0M | $84.6M | $86.6M | $86.7M | $87.5M | $88.5M | $89.6M | $90.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $180.1M | $288.3M | $453.9M | $112.5M | $144.5M | $383.9M | $90.3M | $123.8M | $187.7M | $154.9M |
| Short-term investments | — | — | — | — | — | — | — | $0 | $284.3M | $236.9M |
| Receivables | $552.4M | $473.6M | $457.4M | $400.6M | $368.3M | $331.4M | $269.3M | $248.9M | $234.6M | $204.5M |
| Inventory | $377.8M | $381.9M | $380.3M | $367.8M | $269.0M | $209.9M | $195.0M | $173.3M | $164.3M | $158.0M |
| Total current assets | $1.41B | $1.40B | $1.50B | $1.10B | $955.7M | $1.06B | $679.6M | $654.2M | $972.0M | $845.6M |
| Property, plant and equipment | $747.4M | $713.1M | $702.2M | $649.5M | $587.7M | $555.2M | $533.8M | $437.3M | $379.1M | $357.4M |
| Goodwill | $414.0M | $405.1M | $366.0M | $361.8M | $359.3M | $243.3M | $239.7M | $214.5M | $199.9M | $178.2M |
| Other intangibles | $109.8M | $111.7M | $84.5M | $97.7M | $99.0M | $52.5M | $58.5M | $41.8M | $43.8M | $46.2M |
| Total assets | $3.35B | $3.29B | $3.26B | $2.75B | $2.44B | $2.29B | $1.83B | $1.54B | $1.71B | $1.53B |
| Accounts payable | $110.4M | $114.2M | $110.6M | $110.2M | $116.1M | $74.6M | $72.2M | $69.5M | $67.0M | $60.1M |
| Short-term debt | $75.0M | $167.8M | $75.0M | $75.0M | $75.0M | $50.0M | $0 | — | — | — |
| Total current liabilities | $1.15B | $1.07B | $951.5M | $1.24B | $763.6M | $582.8M | $725.3M | $770.4M | $1.00B | $934.6M |
| Long-term debt | $374.8M | $449.8M | $622.9M | $694.4M | $775.2M | $858.5M | $698.9M | $601.8M | $606.6M | $593.7M |
| Total liabilities | $1.75B | $1.70B | $1.78B | $2.14B | $1.75B | $1.66B | $1.65B | $1.55B | $1.77B | $1.64B |
| Retained earnings | $6.39B | $5.33B | $4.44B | $3.60B | $2.92B | $2.18B | $1.60B | $1.17B | $803.5M | $540.4M |
| Total equity | $1.61B | $1.60B | $1.48B | $608.7M | $690.0M | $632.8M | $177.8M | -$9.2M | -$53.8M | -$108.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.18B | $929.0M | $906.5M | $543.0M | $755.5M | $648.1M | $459.2M | $400.1M | $373.3M | $338.9M |
| Depreciation and amortisation | $145.2M | $129.9M | $114.9M | $111.9M | $104.6M | $96.0M | $88.0M | $83.2M | $83.1M | $78.2M |
| Stock-based compensation | $60.0M | $60.3M | $59.7M | $49.8M | $37.8M | $31.0M | $39.3M | $25.2M | $23.5M | $19.9M |
| Capital expenditure | $124.7M | $120.9M | $133.6M | $148.8M | $119.5M | $107.0M | $155.0M | $115.8M | $74.4M | $64.8M |
| Investing cash flow | -$136.2M | -$207.1M | -$125.3M | -$195.3M | -$293.0M | -$109.4M | -$205.5M | $138.6M | -$138.7M | -$90.8M |
| Financing cash flow | -$1.16B | -$878.1M | -$442.0M | -$370.9M | -$697.4M | -$248.4M | -$286.4M | -$597.8M | -$208.0M | -$222.2M |
| Buybacks | $1.22B | $837.0M | $71.9M | $819.7M | $746.8M | $182.8M | $301.7M | $369.3M | $282.6M | $304.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000874716-26-000038.
Others in SIC 2835
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| LNTH | Lantheus Holdings, Inc. | $6.59B | 29.6x | 0.5% |
| CLDX | Celldex Therapeutics, Inc. | $3.12B | — | -78.0% |
| NEOG | NEOGEN CORP | $2.58B | — | -2.7% |
| NTLA | Intellia Therapeutics, Inc. | $1.79B | — | 16.9% |
| QDEL | QuidelOrtho Corp | $958.0M | — | -1.9% |
| ACHV | ACHIEVE LIFE SCIENCES, INC. | $873.6M | — | — |
| TKNO | Alpha Teknova, Inc. | $371.5M | — | 7.4% |
| MYGN | MYRIAD GENETICS INC | $305.1M | — | -1.6% |