IDEXX LABORATORIES INC /DE

Listed Company

IDXXCIK 0000874716NasdaqLarge AcceleratedIn Vitro & In Vivo Diagnostic SubstancesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.30B

Net Income

$1.06B

Total Assets

$3.35B

Equity

$1.61B

Shares Out

79.62M

Op. Cash Flow

$1.18B

Business

IDEXX LABORATORIES INC /DE develops, manufactures, and distributes diagnostic products and provides laboratory and consulting services for companion animals, livestock and poultry, dairy, water testing, and select human point-of-care markets. Its main offerings include in‑clinic diagnostic instruments and consumables, rapid assay test kits, veterinary reference laboratory services, practice management and imaging systems, water microbiological tests, and livestock and dairy diagnostic tests. The company operates through three primary segments: Companion Animal Group, Water quality products, and Livestock, Poultry and Dairy, with an Other segment for human medical diagnostics and out‑licensing. IDEXX markets, sells, and services its products worldwide via direct sales forces, laboratories, independent distributors, resellers, and cloud‑based software channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	4,304	3,898	3,661	3,367	3,215
Total cost of revenue	1,644	1,519	1,471	1,363	—
Gross profit	2,660	2,379	2,190	2,004	1,889
Sales and marketing	644	589	566	525	487
General and administrative	405	442	336	326	310
Research and development	251	220	191	255	161
Total operating expenses	1,300	1,251	1,093	1,106	—
Income from operations	1,360	1,128	1,097	899	932
Interest expense	−39	−31	−42	−40	—
Interest income	3	13	6	1	434,000
Income before provision for income taxes	1,324	1,110	1,061	860	903
Provision for income taxes	265	222	216	181	158
Net income	1,059	888	845	679	745
Basic (in USD per share)	13.17	10.77	10.17	8.12	8.74
Diluted (in USD per share)	13.08	10.67	10.06	8.03	8.6
Basic (in shares)	80	82	83	84	85
Diluted (in shares)	81	83	84	85	87

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	180	288	454	113	144
Accounts receivable, net of allowance of $11,304 in 2025 and $12,585 in 2024	552	474	457	401	368
Inventories	378	382	380	368	269
Other current assets	304	256	204	220	174
Total current assets	1,414	1,400	1,495	1,101	956
Property and equipment, net	747	713	702	649	588
Operating lease right-of-use assets	123	116	115	119	105
Goodwill	414	405	366	362	359
Intangible assets, net	110	112	85	98	99
Other long-term assets	542	548	497	418	330
Total long-term assets	1,937	1,894	1,765	1,645	1,482
TOTAL ASSETS	3,351	3,293	3,260	2,747	2,437
Accounts payable	110	114	111	110	116
Accrued liabilities	530	502	479	434	459
Credit Facility	398	250	250	579	74
Current portion of long-term debt	75	168	75	75	75
Current portion of deferred revenue	35	34	37	38	40
Total current liabilities	1,149	1,068	952	1,236	764
Deferred income tax liabilities	32	11	7	8	9
Long-term debt, net of current portion	375	450	623	694	775
Long-term deferred revenue, net of current portion	32	27	29	31	41
Long-term operating lease liabilities, net of current portion	101	98	100	101	87
Other long-term liabilities	57	44	66	68	71
Total long-term liabilities	597	630	824	902	984
Total liabilities	1,745	1,698	1,775	2,138	1,747
Commitments and Contingencies (Note 16)	—	—	—	—	—
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 108,369 shares in 2025 and 107,836 shares in 2024; Outstanding: 79,712 shares in 2025 and 81,604 shares in 2024	11	11	11	11	11
Additional paid-in capital	1,827	1,674	1,570	1,463	1,377
Deferred stock units: Outstanding: 59 units in 2025 and 60 units in 2024	6	6	6	5	6
Retained earnings	6,392	5,332	4,445	3,600	2,920
Accumulated other comprehensive loss	−69	−94	−71	−78	−53
Treasury stock, at cost: 28,657 shares in 2025 and 26,232 shares in 2024	−6,561	−5,334	−4,475	−4,392	−3,571
Total IDEXX Laboratories, Inc. stockholders equity	1,605	1,595	1,485	609	690
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	3,351	3,293	3,260	2,747	2,437

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	145	130	115	112	105
Provision for uncollectible accounts	8	7	6	6	1
Deferred income taxes	131	−24	−48	−35	−3
Share-based compensation expense	60	60	60	50	38
Other	5	1	2	3	3
Accounts receivable	−69	−28	−54	−41	−33
Inventories	−789,000	−28	−29	−122	−53
Accounts payable	−9	8	−557,000	3	—
Deferred revenue	7	−4	−3	−11	−8
Other assets and liabilities	−156	−81	14	−103	−55
Net cash provided by operating activities	1,182	929	907	543	756
Purchases of property and equipment	−125	−121	−134	−149	−120
Acquisitions of intangible assets	−14	−10	0	−10	0
Equity investments	−756,000	−1	0	−25	0
Acquisitions of businesses, net of cash acquired	0	−77	0	−12	−173
Proceeds from net investment hedges	3	2	8	0	0
Net cash used by investing activities	−136	−207	−125	−195	−293
Borrowings (payments) on revolving credit facility, net	148	0	−329	506	74
Payments of senior notes	−178	−75	−75	−75	−50
Borrowings on term loan	250	0	0	—	—
Payments of term loan	−250	0	0	—	—
Debt issuance costs	−4	0	0	−435,000	−3
Repurchases of common stock	−1,217	−837	−72	−820	−747
Proceeds from exercises of stock options and employee stock purchase plans	93	44	47	36	47
Payments of acquisition-related contingent consideration and holdbacks	0	0	−3	−6	−2
Shares withheld for statutory tax withholding payments on restricted stock	−7	−11	−10	−11	−16
Net cash used by financing activities	−1,165	−878	−442	−371	−697
Net effect of changes in exchange rates on cash	11	−10	2	−9	−5
Net increase (decrease) in cash and cash equivalents	−108	−166	341	−32	−239

Filings

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