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Arphra AIPlain-English read on IDEXX Laboratories, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.22B | $3.37B | $3.66B | $3.9B | $4.3B | $4.71B | $5.12B | $5.59B | $6.14B |
| Cost of revenue | $1.33B | $1.36B | $1.47B | $1.52B | $1.64B | $1.85B | $2.03B | $2.24B | $2.35B |
| Gross profit | $1.89B | $2B | $2.19B | $2.38B | $2.66B | $2.95B | $3.07B | $3.38B | $3.77B |
| Gross margin | +58.76% | +59.52% | +59.82% | +61.04% | +61.80% | +62.55% | +59.96% | +60.45% | +61.40% |
| Operating | |||||||||
| Research & development | $161.01M | $254.82M | $190.95M | $219.79M | $251.21M | $258.04M | $291.04M | $305.67M | $345.49M |
| Selling, general & administrative | $796.4M | $850.75M | $901.89M | $1.03B | $1.05B | $1.16B | $1.28B | $1.42B | $1.51B |
| Total operating expenses | $957.4M | $1.11B | $1.09B | $1.25B | $1.3B | $1.47B | $1.55B | $1.72B | $1.9B |
| Operating income | $932.03M | $898.77M | $1.1B | $1.13B | $1.36B | $1.38B | $1.55B | $1.67B | $1.91B |
| Operating margin | +28.99% | +26.69% | +29.97% | +28.95% | +31.60% | +29.33% | +30.18% | +29.81% | +31.07% |
| EBITDA | $1.04B | $1.01B | $1.22B | $1.28B | $1.47B | $1.56B | $1.71B | $1.82B | $2.09B |
| EBIT | $932.46M | $899.83M | $1.1B | $1.14B | $1.36B | $1.44B | $1.52B | $1.65B | $1.83B |
| Below the line | |||||||||
| Interest expense | $29.81M | $39.86M | $41.58M | $31.21M | $38.27M | $45.2M | $46.9M | $52.99M | $57.37M |
| Interest income | $434K | $1.07M | $5.63M | $12.7M | $2.42M | $8.24M | $9.33M | $9.97M | $11.21M |
| Other income / expense | -$29.37M | -$38.79M | -$35.95M | -$18.51M | -$35.84M | — | — | — | — |
| Pre-tax income | $902.65M | $859.97M | $1.06B | $1.11B | $1.32B | $1.42B | $1.52B | $1.63B | $1.82B |
| Income tax expense | $157.81M | $180.88M | $216.13M | $221.96M | $264.73M | $279.66M | $312.09M | $338.33M | $359.18M |
| Earnings | |||||||||
| Net income | $744.85M | $679.09M | $845.04M | $887.87M | $1.06B | $1.11B | $1.19B | $1.3B | $1.41B |
| Net income · continuing ops | $744.84M | $679.09M | $845.04M | $887.87M | $1.06B | $1.11B | $1.18B | $1.3B | $1.45B |
| Net margin | +23.17% | +20.17% | +23.08% | +22.78% | +24.62% | +23.48% | +23.17% | +23.30% | +22.94% |
| EPS · basic | $8.74 | $8.12 | $10.17 | $10.77 | $13.17 | $14.96 | $16.89 | $19.04 | $21.45 |
| EPS · diluted | $8.60 | $8.03 | $10.06 | $10.67 | $13.08 | $14.66 | $16.57 | $18.76 | $21.55 |
| EPS · low estimate | — | — | — | — | — | $14.43 | $16.16 | $17.91 | $21.16 |
| EPS · high estimate | — | — | — | — | — | $14.81 | $16.97 | $19.77 | $21.78 |
| Shares · basic | 85.2M | 83.62M | 83.07M | 82.47M | 80.1M | 80.71M | 80.74M | 79.36M | 79.92M |
| Shares · diluted | 86.57M | 84.6M | 83.98M | 83.25M | 80.68M | 80.4M | 80.79M | 80.48M | 81.4M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 8 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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