IDEXX Laboratories Files Q2 2024 10-Q

TL;DR

IDXX Q2 2024 10-Q is in. Financials for H1 2024 detailed.

AI Summary

IDEXX Laboratories, Inc. filed its 10-Q for the period ending June 30, 2024. The company, headquartered in Westbrook, ME, reported financial results for the second quarter and the first half of 2024. Key financial data and segment information for their products and services were detailed in the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational details for IDEXX Laboratories, crucial for understanding the company's health and future prospects in the diagnostics sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter financial results)
• 2024-06-30 — Period End Date (End of the second quarter of 2024)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (First half of 2024 financial results)

Key Players & Entities

• IDEXX LABORATORIES INC /DE (company) — Filer
• WESTBROOK, ME (location) — Company Headquarters
• 20240630 (date) — Reporting Period End Date
• 20240806 (date) — Filing Date

FAQ

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-20240630.htm (10-Q) — 2139KB
• idxx2024q210-qexhibit102.htm (EX-10.2) — 28KB
• idxx2024q210-qexhibit103.htm (EX-10.3) — 104KB
• idxx2024q210-qexhibit104.htm (EX-10.4) — 326KB
• idxx2024q210-qexhibit105.htm (EX-10.5) — 26KB
• idxx2024q210-qexhibit311.htm (EX-31.1) — 11KB
• idxx2024q210-qexhibit312.htm (EX-31.2) — 11KB
• idxx2024q210-qexhibit321.htm (EX-32.1) — 6KB
• idxx2024q210-qexhibit322.htm (EX-32.2) — 6KB
• idxx-20240630_g1.gif (GRAPHIC) — 6KB
• 0000874716-24-000121.txt ( ) — 10313KB
• idxx-20240630.xsd (EX-101.SCH) — 58KB
• idxx-20240630_cal.xml (EX-101.CAL) — 84KB
• idxx-20240630_def.xml (EX-101.DEF) — 256KB
• idxx-20240630_lab.xml (EX-101.LAB) — 700KB
• idxx-20240630_pre.xml (EX-101.PRE) — 504KB
• idxx-20240630_htm.xml (XML) — 1637KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 Item 4.

Controls and Procedures

Controls and Procedures 52

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 53 Item 1A.

Risk Factors

Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 5. Other Information 55 Item 6. Exhibits 56

— 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) June 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 401,590 $ 453,932 Accounts receivable, net 533,606 457,445 Inventories 379,958 380,282 Other current assets 213,458 203,595 Total current assets 1,528,612 1,495,254 Long-Term Assets: Property and equipment, net 708,178 702,177 Operating lease right-of-use assets 119,526 115,499 Goodwill 408,023 365,961 Intangible assets, net 110,810 84,500 Other long-term assets 539,718 496,534 Total long-term assets 1,886,255 1,764,671 TOTAL ASSETS $ 3,414,867 $ 3,259,925 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 117,468 $ 110,643 Accrued liabilities 541,124 478,712 Credit facility 250,000 250,000 Current portion of long-term debt 170,112 74,997 Current portion of deferred revenue 37,998 37,195 Total current liabilities 1,116,702 951,547 Long-Term Liabilities: Deferred income tax liabilities 10,023 7,235 Long-term debt, net of current portion 524,743 622,883 Long-term deferred revenue, net of current portion 26,785 28,533 Long-term operating lease liabilities, net of current portion 102,965 99,671 Other long-term liabilities 53,396 65,526 Total long-term liabilities 717,912 823,848 Total liabilities 1,834,614 1,775,395 Commitments, Contingencies and Guarantees (Note 16) Stockholders' Equity: Common stock, $ 0.10 par value: Authorized: 120,000 shares; Issued: 107,686 shares in 2024 and 107,506 shares in 2023; Outstanding: 82,477 shares in 2024 and 83,032 shares in 2023 10,769 10,751 Additional paid-in capital 1,625,451 1,569,565 Deferred stock units: Outstanding: 60 units in 2024 and 59 units in 2023 5,885 5,530 Retained earnings 4,883,448 4,444,571 Accumulated other comprehensive loss ( 85,181 ) ( 71,206 ) Treasury stock, at cost: 25,209 shares in 2024 and

View Full Filing

View this 10-Q filing on SEC EDGAR