IDEXX Laboratories Inc Stock Research

Market Summary

USD500.08+6.53

Market Closed

1.32%

IDXX Stock Price

IDXX RSI Chart

IDXX Valuation

Market Cap

41.5B

Price/Earnings (Trailing)

61.04

Price/Sales (Trailing)

12.31

EV/EBITDA

40.86

Price/Free Cashflow

105.17

IDXX Price/Sales (Trailing)

IDXX Profitability

Operating Margin

59.52%

EBT Margin

25.54%

Return on Equity

111.56%

Return on Assets

24.72%

Free Cashflow Yield

0.95%

IDXX Fundamentals

IDXX Revenue

Revenue (TTM)

3.4B

Revenue Y/Y

3.43%

Revenue Q/Q

-1.56%

IDXX Earnings

Earnings (TTM)

679.1M

Earnings Y/Y

5.8%

Earnings Q/Q

-4.83%

Price Action

52 Week Range

317.06558.01

(Low)(High)

Last 7 days

Last 30 days

6.6%

Last 90 days

22.6%

Trailing 12 Months

-8.6%

IDXX Financial Health

Current Ratio

0.89

IDXX Investor Care

Buy Backs (1Y)

1.97%

Diluted EPS (TTM)

8.03

Peers (Alternatives to IDEXX Laboratories)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
DHR	183.6B	31.5B	2.72%	-13.99%	25.46	5.83	6.85%	12.06%
ABT	177.5B	43.7B	0.43%	-13.32%	25.6	4.07	1.34%	-1.95%
MDT	107.3B	30.8B	-1.78%	-26.78%	26.38	3.49	-3.19%	-17.38%
IDXX	41.5B	3.4B	6.60%	-8.59%	61.04	12.31	4.73%	-8.83%
WST	25.7B	2.9B	8.86%	-15.64%	43.82	8.89	1.95%	-11.47%
MID-CAP
PEN	10.6B	847.1M	7.86%	25.46%	-5.3K	12.54	13.32%	-137.89%
LNTH	5.7B	935.1M	12.97%	49.27%	202.4	6.08	119.91%	139.38%
NEOG	4.0B	630.7M	0.87%	-39.95%	-246.65	6.35	25.40%	-128.45%
QDEL	3.7B	-	4.25%	-20.78%	3.27	1.42	-	-
SMALL-CAP
VIVO	1.5B	301.6M	2.29%	56.91%	-550.1	4.93	-3.75%	-104.51%
CYRX	1.2B	237.3M	8.94%	-31.25%	-25.59	4.89	6.59%	84.02%
HSKA	1.0B	257.3M	14.46%	-29.40%	-50.89	3.93	1.41%	-1632.49%
AWH	45.5M	7.9M	3.13%	-64.81%	-1.47	5.78	23.02%	-7.81%
QTNT	766.7K	37.4M	-50.00%	-99.61%	-0.01	0.02	-2.49%	10.49%

Financials for IDEXX Laboratories

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	0.8%	3,367	3,340	3,309	3,274	3,215
Cost Of Revenue	-0.1%	1,363	1,364	1,366	1,357	1,326
Gross Profit	1.4%	2,004	1,976	1,942	1,917	1,889
S&GA Expenses	0.7%	525	521	515	504	487
R&D Expenses	-0.7%	255	257	249	164	161
EBITDA	2.9%	1,012	983	962	1,039	-
EBITDA Margin	2.1%	0.30*	0.29*	0.29*	0.32*	-
Earnings Before Taxes	2.5%	860	839	823	904	903
EBT Margin	1.7%	0.26*	0.25*	0.25*	0.28*	-
Interest Expenses	18.0%	40.00	34.00	30.00	29.00	30.00
Net Income	1.4%	679	670	664	735	745
Net Income Margin	0.6%	0.20*	0.20*	0.20*	0.22*	-
Free Cahsflow	-12.0%	394	448	439	615	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	4.0%	2,747	2,640	2,607	2,593	2,437
Current Assets	4.0%	1,101	1,059	1,043	1,090	956
Cash Equivalents	13.5%	113	99.00	114	205	144
Inventory	3.6%	368	355	333	302	269
Net PPE	6.1%	649	612	594	593	588
Goodwill	1.8%	362	355	356	361	359
Liabilities	-1.2%	2,138	2,164	2,150	1,953	1,747
Current Liabilities	3.9%	1,236	1,190	1,167	971	764
LT Debt, Current	Infinity%	75.00	-	-	-	75.00
LT Debt, Non Current	-8.7%	694	761	768	773	775
Shareholder's Equity	27.9%	609	476	457	640	690
Retained Earnings	5.0%	3,600	3,427	3,246	3,114	2,920
Additional Paid-In Capital	1.8%	1,463	1,438	1,420	1,400	1,377
Shares Outstanding	-0.1%	83.00	83.00	83.00	84.00	85.00
Minority Interest	-	-	-	-	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-6.3%	543	580	578	746	756
Share Based Compensation	7.7%	50.00	46.00	43.00	40.00	38.00
Cashflow From Investing	-2.7%	-195	-190	-190	-310	-292
Cashflow From Financing	11.7%	-370	-420	-492	-581	-697
Buy Backs	-17.2%	820	990	999	881	747

Risks for IDXX

What is the probability of a big loss on IDXX?

61.9%

Probability that IDEXX Laboratories stock will be more than 20% underwater in next one year

37.7%

Probability that IDEXX Laboratories stock will be more than 30% underwater in next one year.

18.5%

Probability that IDEXX Laboratories stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does IDXX drawdown profile look like?

Y-axis is the maximum loss one would have experienced if IDEXX Laboratories was unfortunately bought at previous high price.

Drawdowns

Returns for IDXX

Cumulative Returns on IDXX

27.1%

10-Year Cumulative Returns

30.1%

7-Year Cumulative Returns

21.2%

5-Year Cumulative Returns

27.3%

3-Year Cumulative Returns

What are the long-term rolling returns for IDXX?

FIve years rolling returns for IDEXX Laboratories.

Annualized Returns

Which funds bought or sold IDXX recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	MetLife Investment Management, LLC	reduced	-2.63	1,825,530	10,153,300	0.08%
2023-03-23	ETF MANAGERS GROUP, LLC	reduced	-57.71	-471,060	529,940	0.03%
2023-03-17	American Portfolios Advisors	reduced	-7.3	-34,692	215,028	0.01%
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-16.66	20,198	502,198	0.01%
2023-03-13	Claro Advisors LLC	new	-	1,019,080	1,019,080	0.33%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	6.1	15,074,100	60,943,100	0.07%
2023-03-06	Rockefeller Capital Management L.P.	added	0.16	4,271,000	21,074,000	0.11%
2023-03-03	TIAA, FSB	reduced	-0.88	170,522	877,522	-%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	sold off	-100	-	-	-%
2023-03-02	LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA	new	-	62,685,500	62,685,500	0.78%

Latest Funds Activity

Are funds buying IDXX calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own IDXX

No. of Funds

IDEXX Laboratories News

Schedule 13G FIlings of IDEXX Laboratories

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	fundsmith llp	5.37%	4,447,828	SC 13G
Feb 14, 2023	fundsmith llp	5.37%	4,447,828	SC 13G
Feb 09, 2023	vanguard group inc	9.82%	8,132,479	SC 13G/A
Jan 26, 2023	blackrock inc.	10.3%	8,502,881	SC 13G/A
Jan 20, 2023	blackrock inc.	10.3%	8,502,881	SC 13G/A
Feb 10, 2022	vanguard group inc	9.34%	7,923,466	SC 13G/A
Jan 27, 2022	blackrock inc.	10.6%	8,990,586	SC 13G/A
Jan 25, 2022	blackrock inc.	10.6%	8,990,586	SC 13G/A
Sep 09, 2021	blackrock inc.	10.1%	8,612,405	SC 13G/A
Feb 12, 2021	fundsmith llp	4.95%	4,226,428	SC 13G/A

IDXX Fair Value

IDEXX Laboratories fair value in different scenarios

The table shows the Fair Value estimates for IDEXX Laboratories for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	128.06 -74.39%	159.72 -68.06%	215.71 -56.86%	276.87 -44.63%	328.25 -34.36%
Current Inflation	116.97 -76.61%	143.80 -71.24%	190.52 -61.90%	241.44 -51.72%	284.14 -43.18%
Very High Inflation	103.31 -79.34%	124.60 -75.08%	160.87 -67.83%	200.38 -59.93%	233.47 -53.31%

Historical IDEXX Laboratories Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of IDEXX Laboratories

View All Filings

Date Filed	Form Type	Document
Mar 31, 2023	ARS	ARS
Mar 31, 2023	DEF 14A	DEF 14A
Mar 31, 2023	DEFA14A	DEFA14A
Feb 21, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading
Feb 16, 2023	4	Insider Trading

Latest Insider Trading transactions for IDXX

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-16	JUNIUS DANIEL M	acquired	451,878	206	2,187	-
2023-02-16	AYERS JONATHAN W	gifted	-	-	-1,000	-
2023-02-16	Turner Kathy V	acquired	795	79.54	10.00	senior vice president
2023-02-16	JUNIUS DANIEL M	sold	-1,119,040	511	-2,187	-
2023-02-16	Turner Kathy V	sold	-5,155	515	-10.00	senior vice president
2023-02-15	Turner Kathy V	acquired	79,540	79.54	1,000	senior vice president
2023-02-15	Turner Kathy V	sold	-510,031	510	-1,000	senior vice president
2023-02-14	Hunt Nimrata	sold (taxes)	-120,372	503	-239	executive vice president
2023-02-14	Hunt Nimrata	acquired	-	-	791	executive vice president
2023-02-14	Underberg Sharon E.	acquired	-	-	1,010	evp, gc & corp. secretary

About IDEXX Laboratories

Jonathan J. Mazelsky

www.idexx.com

10400

IDEXX Laboratories, Inc. develops, manufactures, and distributes products and services primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets worldwide. The company operates through CAG; Water Quality Products; LPD; and Other segments. It provides point-of-care veterinary diagnostic products, including instruments, consumables, and rapid assay test kits; veterinary reference laboratory diagnostic and consulting services; practice management and diagnostic imaging systems and services for veterinarians; and health monitoring, biological materials testing, and laboratory animal diagnostic instruments and services for biomedical research community. The company also offers diagnostic and health-monitoring products for livestock, poultry, and dairy; products that test water for various microbiological contaminants; and point-of-care electrolytes and blood gas analyzers and SARS-CoV-2 RT-PCR that are used in the human point-of-care medical diagnostics market; in-clinic chemistry, blood and urine chemistry, hematology, and SediVue Dx analyzers; SNAP rapid assays test kits. In addition, it provides Colilert, Colilert-18, and Colisure tests, which detect the presence of total coliforms and E. coli in water; Enterolert, Pseudalert, Filta-Max and Filta-Max xpress, Legiolert, and Quanti-Tray products; veterinary software and services for independent veterinary clinics and corporate groups. The company markets its products through marketing, customer service, sales, and technical service groups, as well as through independent distributors and other resellers. IDEXX Laboratories, Inc. was incorporated in 1983 and is headquartered in Westbrook, Maine.

IDXX Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Total revenue	$ 3,367,324	$ 3,215,360	$ 2,706,655
Cost of Revenue:
Total cost of revenue	1,362,986	1,325,928	1,135,615
Gross profit	2,004,338	1,889,432	1,571,040
Expenses:
Sales and marketing	524,505	486,735	434,435
General and administrative	326,248	309,660	300,832
Research and development	254,820	161,009	141,249
Income from operations	898,765	932,028	694,524
Interest expense	(39,858)	(29,808)	(33,125)
Interest income	1,065	434	586
Income before provision for income taxes	859,972	902,654	661,985
Provision for income taxes	180,883	157,810	79,854
Net income	679,089	744,844	582,131
Less: Net (loss) income attributable to noncontrolling interest	0	(1)	355
Net income attributable to IDEXX Laboratories, Inc. stockholders	$ 679,089	$ 744,845	$ 581,776
Earnings per Share:
Basic (in USD per share)	$ 8.12	$ 8.74	$ 6.82
Diluted (in USD per share)	$ 8.03	$ 8.60	$ 6.71
Weighted Average Shares Outstanding:
Basic (in shares)	83,623	85,200	85,342
Diluted (in shares)	84,600	86,572	86,722
Product revenue
Revenue:
Total revenue	$ 1,928,773	$ 1,875,308	$ 1,586,809
Cost of Revenue:
Total cost of revenue	656,511	656,823	557,795
Service revenue
Revenue:
Total revenue	1,438,551	1,340,052	1,119,846
Cost of Revenue:
Total cost of revenue	$ 706,475	$ 669,105	$ 577,820

IDXX Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 112,546,000	$ 144,454,000
Accounts receivable, net of allowance of $8,265 in 2022 and $5,668 in 2021	400,619,000	368,348,000
Inventories	367,823,000	269,030,000
Other current assets	220,489,000	173,823,000
Total current assets	1,101,477,000	955,655,000
Long-Term Assets:
Property and equipment, net	649,474,000	587,667,000
Operating lease right-of-use assets	118,618,000	105,101,000
Goodwill	361,795,000	359,345,000
Intangible assets, net	97,672,000	99,035,000
Other long-term assets	417,729,000	330,400,000
Total long-term assets	1,645,288,000	1,481,548,000
TOTAL ASSETS	2,746,765,000	2,437,203,000
Current Liabilities:
Accounts payable	110,221,000	116,140,000
Accrued liabilities	433,662,000	458,909,000
Credit facility	579,000,000	73,500,000
Current portion of long-term debt	74,982,000	74,996,000
Current portion of deferred revenue	37,938,000	40,034,000
Total current liabilities	1,235,803,000	763,579,000
Long-Term Liabilities:
Deferred income tax liabilities	8,150,000	8,935,000
Long-term debt, net of current portion	694,387,000	775,205,000
Long-term deferred revenue, net of current portion	30,862,000	41,174,000
Long-term operating lease liabilities	101,239,000	87,377,000
Other long-term liabilities	67,587,000	70,941,000
Total long-term liabilities	902,225,000	983,632,000
Total liabilities	2,138,028,000	1,747,211,000
Commitments and Contingencies (Note 16)
Stockholders’ Equity:
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 107,193 shares in 2022 and 106,878 shares in 2021; Outstanding: 82,894 shares in 2022 and 84,562 shares in 2021	10,719,000	10,688,000
Additional paid-in capital	1,463,215,000	1,377,320,000
Deferred stock units: Outstanding: 58 units in 2022 and 90 units in 2021	5,182,000	5,719,000
Retained earnings	3,599,529,000	2,920,440,000
Accumulated other comprehensive loss	(77,796,000)	(53,484,000)
Treasury stock, at cost: 24,299 shares in 2022 and 22,317 shares in 2021	(4,392,112,000)	(3,570,691,000)
Total IDEXX Laboratories, Inc. stockholders’ equity	608,737,000	689,992,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 2,746,765,000	$ 2,437,203,000