10-QPeriod: Q1 FY2021

IDEXX LABORATORIES INC /DE Quarterly Report for Q1 Ended Mar 31, 2021

Filed May 4, 2021For Securities:IDXX

Summary

IDEXX Laboratories, Inc. (IDXX) reported robust financial results for the first quarter ended March 31, 2021. Total revenue surged by 24.2% year-over-year to $777.7 million, driven by strong performance across its key segments, particularly the Companion Animal Group (CAG). Organic revenue growth was a healthy 21.0%, underscoring the company's operational strength. The company demonstrated significant improvement in profitability, with income from operations increasing by 71.6% to $247.6 million. This was supported by a substantial expansion in gross profit margin, which rose by 310 basis points to 60.5%, attributed to higher sales volumes, pricing benefits, and operational leverage. Diluted earnings per share (EPS) also saw a significant jump to $2.35, up from $1.29 in the prior year's quarter. IDEXX maintained a strong liquidity position with $351.2 million in cash and cash equivalents and an available credit facility of $998.6 million. The company continued its share repurchase program, returning value to shareholders. The results reflect sustained demand for IDEXX's veterinary diagnostic products and services, bolstered by increased veterinary practice visits and a focus on expanded healthcare services for companion animals.

Financial Highlights

54 data points
Beta

Revenue

$777.71M

0.6% Gross Margin

Net Income

$204.29M

0.3% Net Margin

EPS (Diluted)

$2.35

Total Assets

$2.33B

Cash & Equivalents

$351.16M

Free Cash Flow

$104.26M

Financial Statements
Beta
Revenue$777.71M
Cost of Revenue$306.93M
Gross Profit$470.78M
R&D Expenses$37.58M
Operating Income$247.62M
Interest Expense$7.58M
Net Income$204.29M
EPS (Basic)$2.39
EPS (Diluted)$2.35
Shares Outstanding (Basic)85.53M
Shares Outstanding (Diluted)86.92M

Key Highlights

  • 1Total revenue increased by 24.2% to $777.7 million in Q1 2021 compared to Q1 2020.
  • 2Organic revenue growth was strong at 21.0%, indicating robust underlying business performance.
  • 3Income from operations more than doubled, increasing by 71.6% to $247.6 million.
  • 4Gross profit margin improved significantly, expanding by 310 basis points to 60.5%.
  • 5Diluted Earnings Per Share (EPS) grew substantially to $2.35 from $1.29 in the prior year.
  • 6The Companion Animal Group (CAG) segment showed impressive revenue growth of 25.5%, driven by diagnostics and consumables.
  • 7The company maintained a strong liquidity position with $351.2 million in cash and cash equivalents and ample credit facility availability.

Frequently Asked Questions