IDEXX Laboratories Q3 2024 Update

TL;DR

IDEXX Q3 earnings report out, showing performance vs. last year. Check financials.

AI Summary

IDEXX Laboratories Inc. reported its financial results for the period ending September 30, 2024. The company's filing indicates financial activities and performance metrics for the third quarter and the first nine months of 2024, compared to the same periods in 2023. Specific revenue figures and profitability details are presented within the report.

Why It Matters

This filing provides investors with the latest financial performance data for IDEXX Laboratories, crucial for understanding the company's current health and future prospects in the animal health diagnostics market.

Risk Assessment

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

Key Numbers

• 2024 Q3 — Reporting Period (Third quarter of 2024)
• 2023-09-30 — Prior Period End Date (Comparison point for Q3 2024 results)
• 2024-09-30 — Current Period End Date (End of the reporting period)

Key Players & Entities

• IDEXX LABORATORIES INC /DE (company) — Filer
• 20240930 (date) — Period of Report
• 20241031 (date) — Filed as of Date
• WESTBROOK, ME (location) — Business Address

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-20240930.htm (10-Q) — 2208KB
• idxx2024q310-qexhibit101.htm (EX-10.1) — 326KB
• idxx2024q310-qexhibit102.htm (EX-10.2) — 104KB
• idxx2024q310-qexhibit311.htm (EX-31.1) — 11KB
• idxx2024q310-qexhibit312.htm (EX-31.2) — 11KB
• idxx2024q310-qexhibit321.htm (EX-32.1) — 6KB
• idxx2024q310-qexhibit322.htm (EX-32.2) — 6KB
• idxx-20240930_g1.gif (GRAPHIC) — 6KB
• 0000874716-24-000139.txt ( ) — 10380KB
• idxx-20240930.xsd (EX-101.SCH) — 58KB
• idxx-20240930_cal.xml (EX-101.CAL) — 84KB
• idxx-20240930_def.xml (EX-101.DEF) — 249KB
• idxx-20240930_lab.xml (EX-101.LAB) — 695KB
• idxx-20240930_pre.xml (EX-101.PRE) — 503KB
• idxx-20240930_htm.xml (XML) — 1672KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended Se ptember 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended Se ptember 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 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 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 53

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 54 Item 1A.

Risk Factors

Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 5. Other Information 56 Item 6. Exhibits 57

— 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) September 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 308,636 $ 453,932 Accounts receivable, net 511,250 457,445 Inventories 389,804 380,282 Other current assets 224,054 203,595 Total current assets 1,433,744 1,495,254 Long-Term Assets: Property and equipment, net 717,745 702,177 Operating lease right-of-use assets 121,053 115,499 Goodwill 412,071 365,961 Intangible assets, net 106,885 84,500 Other long-term assets 559,268 496,534 Total long-term assets 1,917,022 1,764,671 TOTAL ASSETS $ 3,350,766 $ 3,259,925 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 110,603 $ 110,643 Accrued liabilities 511,047 478,712 Credit facility 250,000 250,000 Current portion of long-term debt 99,140 74,997 Current portion of deferred revenue 38,434 37,195 Total current liabilities 1,009,224 951,547 Long-Term Liabilities: Deferred income tax liabilities 5,658 7,235 Long-term debt, net of current portion 524,758 622,883 Long-term deferred revenue, net of current portion 26,773 28,533 Long-term operating lease liabilities, net of current portion 103,420 99,671 Other long-term liabilities 62,879 65,526 Total long-term liabilities 723,488 823,848 Total liabilities 1,732,712 1,775,395 Commitments, Contingencies and Guarantees (Note 16) Stockholders' Equity: Common stock, $ 0.10 par value: Authorized: 120,000 shares; Issued: 107,705 shares in 2024 and 107,506 shares in 2023; Outstanding: 82,037 shares in 2024 and 83,032 shares in 2023 10,770 10,751 Additional paid-in capital 1,646,363 1,569,565 Deferred stock units: Outstanding: 60 units in 2024 and 59 units in 2023 5,885 5,530 Retained earnings 5,116,289 4,444,571 Accumulated other comprehensive loss ( 75,971 ) ( 71,206 ) Treasury stock, at cost: 25,669 shares in 2024

View Full Filing

View this 10-Q filing on SEC EDGAR