IDEXX LABORATORIES INC /DE Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>IDEXX LABORATORIES INC /DE filed its Q1 2024 10-Q report on May 1, 2024.</b>

AI Summary

IDEXX LABORATORIES INC /DE (IDXX) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. IDEXX LABORATORIES INC /DE filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is in 'IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES'. The company is incorporated in Delaware (DE). The filing was made on May 1, 2024.

Why It Matters

For investors and stakeholders tracking IDEXX LABORATORIES INC /DE, this filing contains several important signals. This 10-Q filing provides a quarterly update on the financial performance and operational status of IDEXX LABORATORIES INC /DE. Investors and analysts can use this report to assess the company's financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — IDEXX LABORATORIES INC /DE shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments.

Analyst Insight

Monitor future 10-Q filings for revenue growth, net income trends, and any changes in risk factors.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-01 — Filing Date (Filed as of Date)
• 102 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• IDEXX LABORATORIES INC /DE (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filed as of date
• Westbrook, ME (location) — Business address
• 2075560300 (phone) — Business phone
• 2835 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

IDEXX LABORATORIES INC /DE operates within the life sciences sector, specifically focusing on in vitro and in vivo diagnostic substances.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 results against previous quarters and the same period last year.
3. Analyze any disclosed risk factors or legal proceedings for potential impacts on the company.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update of the year.

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 par value per share IDXX NASDAQ Global
• $1.25 billion — ell-being of pets. Credit Facility Our $1.25 billion five-year unsecured credit facility und
• $1 billion — ated credit agreement; consisting of i) $1 billion revolving credit facility, also referre
• $250 million — referred to as line of credit, and ii) $250 million three-year term loan. FASB U.S. Financ

Filing Documents

• idxx-20240331.htm (10-Q) — 1520KB
• idxx2024q110-qexhibit311.htm (EX-31.1) — 11KB
• idxx2024q110-qexhibit312.htm (EX-31.2) — 11KB
• idxx2024q110-qexhibit321.htm (EX-32.1) — 6KB
• idxx2024q110-qexhibit322.htm (EX-32.2) — 6KB
• idxx-20240331_g1.gif (GRAPHIC) — 6KB
• 0000874716-24-000083.txt (&nbsp;) — 8327KB
• idxx-20240331.xsd (EX-101.SCH) — 58KB
• idxx-20240331_cal.xml (EX-101.CAL) — 83KB
• idxx-20240331_def.xml (EX-101.DEF) — 254KB
• idxx-20240331_lab.xml (EX-101.LAB) — 679KB
• idxx-20240331_pre.xml (EX-101.PRE) — 494KB
• idxx-20240331_htm.xml (XML) — 1309KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 44

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 5. Other Information 46 Item 6. Exhibits 47

— FINANCIAL INFORMATION

PART I— FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements IDEXX LABORATORIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 397,433 $ 453,932 Accounts receivable, net 507,208 457,445 Inventories 390,599 380,282 Other current assets 206,733 203,595 Total current assets 1,501,973 1,495,254 Long-Term Assets: Property and equipment, net 708,725 702,177 Operating lease right-of-use assets 119,886 115,499 Goodwill 408,672 365,961 Intangible assets, net 115,352 84,500 Other long-term assets 498,907 496,534 Total long-term assets 1,851,542 1,764,671 TOTAL ASSETS $ 3,353,515 $ 3,259,925 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 117,462 $ 110,643 Accrued liabilities 476,249 478,712 Credit facility 250,000 250,000 Current portion of long-term debt 74,998 74,997 Current portion of deferred revenue 38,193 37,195 Total current liabilities 956,902 951,547 Long-Term Liabilities: Deferred income tax liabilities 8,746 7,235 Long-term debt, net of current portion 620,778 622,883 Long-term deferred revenue, net of current portion 28,043 28,533 Long-term operating lease liabilities, net of current portion 103,879 99,671 Other long-term liabilities 66,261 65,526 Total long-term liabilities 827,707 823,848 Total liabilities 1,784,609 1,775,395 Commitments, Contingencies and Guarantees (Note 16) Stockholders' Equity: Common stock, $ 0.10 par value: Authorized: 120,000 shares; Issued: 107,667 shares in 2024 and 107,506 shares in 2023; Outstanding: 82,873 shares in 2024 and 83,032 shares in 2023 10,767 10,751 Additional paid-in capital 1,604,749 1,569,565 Deferred stock units: Outstanding: 59 units in 2024 and 59 units in 2023 5,510 5,530 Retained earnings 4,680,150 4,444,571 Accumulated other comprehensive loss ( 80,397 ) ( 71,206 ) Treasury stock, at cost: 24,794 shares in 2024 and 24

View Full Filing

View this 10-Q filing on SEC EDGAR