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Also traded in: Austria, Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash-to-Debt 0.32
IDXX's Cash-to-Debt is ranked lower than
81% of the 219 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 3.04 vs. IDXX: 0.32 )
Ranked among companies with meaningful Cash-to-Debt only.
IDXX' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.29  Med: 12.98 Max: No Debt
Current: 0.32
Equity-to-Asset -0.05
IDXX's Equity-to-Asset is ranked lower than
92% of the 201 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 0.59 vs. IDXX: -0.05 )
Ranked among companies with meaningful Equity-to-Asset only.
IDXX' s Equity-to-Asset Range Over the Past 10 Years
Min: -0.07  Med: 0.78 Max: 0.9
Current: -0.05
-0.07
0.9
Interest Coverage 11.40
IDXX's Interest Coverage is ranked lower than
68% of the 137 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 80.49 vs. IDXX: 11.40 )
Ranked among companies with meaningful Interest Coverage only.
IDXX' s Interest Coverage Range Over the Past 10 Years
Min: 10.26  Med: 43.56 Max: 91.84
Current: 11.4
10.26
91.84
Piotroski F-Score: 9
Altman Z-Score: 7.82
Beneish M-Score: -2.71
WACC vs ROIC
4.93%
34.75%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 9/10

vs
industry
vs
history
Operating Margin % 20.26
IDXX's Operating Margin % is ranked higher than
89% of the 204 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 3.12 vs. IDXX: 20.26 )
Ranked among companies with meaningful Operating Margin % only.
IDXX' s Operating Margin % Range Over the Past 10 Years
Min: 14.76  Med: 18.6 Max: 20.3
Current: 20.26
14.76
20.3
Net Margin % 13.46
IDXX's Net Margin % is ranked higher than
87% of the 203 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 0.10 vs. IDXX: 13.46 )
Ranked among companies with meaningful Net Margin % only.
IDXX' s Net Margin % Range Over the Past 10 Years
Min: 10.19  Med: 12.38 Max: 13.78
Current: 13.46
10.19
13.78
ROA % 16.18
IDXX's ROA % is ranked higher than
91% of the 219 Companies
in the Global Diagnostics & Research industry.

( Industry Median: -3.30 vs. IDXX: 16.18 )
Ranked among companies with meaningful ROA % only.
IDXX' s ROA % Range Over the Past 10 Years
Min: 13.44  Med: 15.68 Max: 16.78
Current: 16.18
13.44
16.78
ROC (Joel Greenblatt) % 70.19
IDXX's ROC (Joel Greenblatt) % is ranked higher than
88% of the 220 Companies
in the Global Diagnostics & Research industry.

( Industry Median: -2.22 vs. IDXX: 70.19 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
IDXX' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 53.83  Med: 62.77 Max: 70.19
Current: 70.19
53.83
70.19
3-Year Revenue Growth Rate 15.30
IDXX's 3-Year Revenue Growth Rate is ranked higher than
81% of the 147 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 4.80 vs. IDXX: 15.30 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
IDXX' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 8.4  Med: 14.1 Max: 35.6
Current: 15.3
8.4
35.6
3-Year EBITDA Growth Rate 16.70
IDXX's 3-Year EBITDA Growth Rate is ranked higher than
72% of the 137 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 2.50 vs. IDXX: 16.70 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
IDXX' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -31.5  Med: 15.1 Max: 96.9
Current: 16.7
-31.5
96.9
3-Year EPS without NRI Growth Rate 11.90
IDXX's 3-Year EPS without NRI Growth Rate is ranked higher than
65% of the 124 Companies
in the Global Diagnostics & Research industry.

( Industry Median: -0.70 vs. IDXX: 11.90 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
IDXX' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -0.5  Med: 16.4 Max: 50.4
Current: 11.9
-0.5
50.4
GuruFocus has detected 4 Warning Signs with IDEXX Laboratories Inc $IDXX.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» IDXX's 30-Y Financials

Financials (Next Earnings Date: 2017-07-28 Est.)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q2 2016

IDXX Guru Trades in Q2 2016

Paul Tudor Jones 5,712 sh (New)
Jim Simons 537,404 sh (+22.83%)
Mairs and Power 3,998 sh (unchged)
Ron Baron 6,584,973 sh (-0.28%)
Chuck Royce 863,812 sh (-2.13%)
Columbia Wanger 370,439 sh (-64.69%)
Ruane Cunniff 107,894 sh (-98.59%)
» More
Q3 2016

IDXX Guru Trades in Q3 2016

Jim Simons 694,304 sh (+29.20%)
Mairs and Power 3,998 sh (unchged)
Ruane Cunniff 106,944 sh (-0.88%)
Ron Baron 6,500,206 sh (-1.29%)
Chuck Royce 708,990 sh (-17.92%)
Paul Tudor Jones 4,599 sh (-19.49%)
Columbia Wanger 224,612 sh (-39.37%)
» More
Q4 2016

IDXX Guru Trades in Q4 2016

Mairs and Power 3,998 sh (unchged)
Paul Tudor Jones Sold Out
Jim Simons 613,200 sh (-11.68%)
Ron Baron 5,690,887 sh (-12.45%)
Columbia Wanger 183,232 sh (-18.42%)
Chuck Royce 382,900 sh (-45.99%)
Ruane Cunniff 27,741 sh (-74.06%)
» More
Q1 2017

IDXX Guru Trades in Q1 2017

Jim Simons 975,600 sh (+59.10%)
Mairs and Power 4,598 sh (+15.01%)
Columbia Wanger 164,261 sh (-10.35%)
Ron Baron 5,069,276 sh (-10.92%)
Ruane Cunniff 24,618 sh (-11.26%)
Chuck Royce 316,300 sh (-17.39%)
» More
» Details

Insider Trades

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Business Description

Industry: Medical Diagnostics & Research » Diagnostics & Research    NAICS: 325412    SIC: 2835
Compare:NYSE:LH, NYSE:DGX, OTCPK:SSMXY, NYSE:A, NYSE:Q, OTCPK:ERFSF, OTCPK:BMXMF, NAS:QGEN, NYSE:PKI, NYSE:BIO, NAS:INCR, NAS:DXCM, NAS:ICLR, NAS:PRAH, OTCPK:CZMWY, NAS:VWR, NYSE:CRL, NAS:BRKR, OTCPK:SWTUY, NYSE:ALR » details
Traded in other countries:IDXX.Austria, IX1.Germany,
Headquarter Location:USA
IDEXX Laboratories Inc develops, manufactures and distributes products and provide services for companion animal veterinary, livestock and poultry, dairy and water testing markets.

Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, laboratory equipment for blood-panel analysis, reference lab services, and tests to detect and manage disease in livestock. Idexx gets about 42% of its revenue from outside the United States.

Guru Investment Theses on IDEXX Laboratories Inc

Ron Baron Comments on IDEXX Laboratories - Apr 25, 2017

Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (NASDAQ:IDXX) rose in the first quarter, rallying on strong financial results and multiple expansion. Competitive trends are strong and improving, highlighted by instrument revenue growth, domestic lab growth, rising sales productivity, and stability in rapid assays. We think that IDEXX’s direct go-to-market model coupled with meaningful research and development-driven product enhancements will put steady upward pressure on organic revenue and earnings growth over time. (Neal Rosenberg)

From Ron Baron (Trades, Portfolio)'s first quarter 2017 Baron Partners Fund commentary.

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Ron Baron Comments on IDEXX Laboratories Inc. - Nov 14, 2016

Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (NASDAQ:IDXX) increased in the third quarter. The stock continued to rally on strong financial results and multiple expansion. Competitive trends are strong and improving, highlighted by instrument revenue growth, domestic lab growth, rising sales productivity, and stability in rapid assays. We believe that IDEXX’s direct go-to-market model coupled with research and development-driven product enhancements will put steady upward pressure on organic revenue and earnings growth over time. (Neal Rosenberg)



From Ron Baron (Trades, Portfolio)'s Barons Partners Fund third-quarter 2016 commentary.

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Baron Funds Comments on IDEXX Laboratories Inc. - Oct 21, 2016

Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (NASDAQ:IDXX) increased after the company reported impressive financial results, which led to a meaningful expansion in its trading multiple. We believe the company’s competitive position is strong and improving, as evidenced by its accelerating organic revenue growth, the robust placements of its diagnostic instruments into veterinary clinics, and the higher prices it is capturing across its product portfolio. In addition, IDEXX’s results demonstrated operating margin expansion, which is finally being recognized after several years of intensive investment into its business. Looking forward, we expect to witness sustained double-digit organic revenue growth during the next several years, driven by productivity benefits from its move to a direct sales model in the U.S., the company’s persistent innovation pipeline, and returns on its intensive investment into international markets.





From Baron Funds' Barron Asset Fund third-quarter 2016 commentary.



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Baron Funds Comments on IDEXX Laboratories - Oct 11, 2016

Top 10 holding IDEXX Laboratories, Inc. (NASDAQ:IDXX) is the leading provider of diagnostics to the veterinary industry. The company spends six times more on R&D annually than all its competitors combined. As a result, it has continuously improved its menu of diagnostics, which we believe is unsurpassed in the industry. IDEXX is benefiting from secular growth spending on pets, driven by favorable demographics, increased use of diagnostics, and an increasing focus on preventative care. The company’s products are sold via a razor/razorblade model, which produces high retention rates and incremental margins. We think that IDEXX’s direct go-to-market model coupled with meaningful R&D-driven product enhancements will continue to boost revenue and earnings growth over time.



From Baron Funds' fall 2016 newsletter.



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Baron Funds Comments on IDEXX Laboratories - Aug 17, 2016

IDEXX Laboratories, Inc. (NASDAQ:IDXX), the leading company in veterinary diagnostics, rallied in the second quarter after reporting strong financial results. Organic revenue growth was up 11%, driven by instrument revenue gains of 16% (and new placements up 25%), consumables’ sales up 12%, and reference labs sales up 15%. The company’s efforts to build a direct sales force and introduce new innovative products are showing terrific results. We expect revenue growth to accelerate as additional tests gain traction and the productivity of the new salesforce continues to improve. The company remained aggressive with its share repurchase program. We applaud the company’s plan to take on some leverage to buy in shares, especially as they bought at the lows, and since we believe the business is so stable and annuity-like that the balance sheet should have a reasonable amount of debt to optimize equity returns for the shareholders.





From Baron Funds' Small Cap Fund second quarter 2016 shareholder letter.



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Baron Funds Comments on IDEXX Laboratories Inc. - Jul 25, 2016

Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX), the leading provider of testing and diagnostics to veterinarians, gained after the company reported another quarter of strong financial results. We continue to believe that IDEXX’s business trends are improving and that its competitive position is becoming increasingly unassailable. The company’s placements of new diagnostic instruments in veterinary hospitals grew by almost 25% in its recent quarter. We expect this to be a key driver of future growth because these instruments require the ongoing purchase of high-margin consumables to perform in-clinic tests. In addition, the company’s network of domestic testing laboratories continued to grow at more than twice the rate of its main competitor. We believe that these trends, coupled with the revenue contributions from its new proprietary tests, has potential for better revenue and earnings growth during the next few years.



Baron Asset Fund second quarter shareholder letter.



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Ruane Cunniff Comments on Idexx Laboratories - Jul 13, 2016

We made the difficult decision during the quarter to part with our longtime holding in Idexx Laboratories (NASDAQ:IDXX). Idexx had been a wonderful stock for us over the past 13 years, compounding at better than a 17% rate from the time of our original purchases in 2003 through June 30. This compares to a 7.4% compound for the S&P 500 Index over the same period. Idexx has a terrific market position in veterinary diagnostics and a very capable CEO in Jon Ayers. But the market fully realizes Idexx’s strengths. It is according Idexx a price-to- earnings ratio of more than 40x the 2016 consensus earnings per share estimate of $ 2.21. The company has grown earnings per share at an 11% rate for the past five years and should grow a bit below that rate in 2016. The market helped with our decision as the price of Idexx shares rose sharply during the quarter. We owe a huge debt of gratitude to Jon Ayers. He is a hero to Sequoia shareholders and greatly respected by all of us.



From Ruane Cunniff (Trades, Portfolio)'s Sequoia Fund second quarter 2016 shareholder letter.

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Baron Funds Comments on IDEXX Laboratories Inc. - Apr 26, 2016

Shares IDEXX Laboratories, Inc. (NASDAQ:IDXX), the leading provider of testing and diagnostics to veterinarians, gained after the company reported healthy financial results. We believe that IDEXX’s business trends are improving and that its competitive position is becoming increasingly unassailable. The company’s placements of new diagnostic instruments in veterinary hospitals grew by almost 50% in its recent quarter. We expect this to be a key driver of future growth because these instruments require the ongoing purchase of high-margin consumables to perform in-clinic tests. In addition, the company’s network of domestic testing laboratories grew at more than twice the rate of its main competitor. We also observed rising productivity of its field salesforce, and a rebound in its rapid assay products. We believe that these trends, coupled with a number of new tests that should emerge from its meaningful research and development effort, will drive increased organic revenue and earnings growth during the next few years.



From Baron Asset Funds' first quarter 2016 commentary.



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Baron Funds Comments on IDEXX Laboratories Inc. - Jan 14, 2016

Top 10 holding IDEXX Laboratories, Inc. (NASDAQ:IDXX) is a leader in veterinary diagnostics. The company is benefiting from secular growth spending on pets, driven by favorable demographics, increased use of diagnostics, and an increasing focus on preventative care. It has had much success placing its proprietary testing instrument in clinics, and has a deep pipeline of tests and products. Its razor/razorblade model results in high retention rates and incremental margins. IDEXX is transitioning to all-direct distribution, which we expect will further enhance margins and future growth.



From the Baron Funds Small Cap Fund winter newsletter 2016.



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Baron Funds Comments on IDEXX Laboratories - Nov 04, 2015

Shares of veterinary diagnostics manufacturer IDEXX Laboratories, Inc. (NASDAQ:IDXX) contributed to the third quarter performance. The company reported strong second quarter results that demonstrated share gains in instruments and reference labs, and assuaged concerns regarding its competitive position in rapid assays. Catalyst placements grew 44% in the quarter, driven by the launch of CatalystOne in the U.S. and Europe. Premium hematology placements grew 30% in the third quarter, a meaningful increase from 14% in the second quarter. Reference lab results were also strong, growing 12.1% in the third quarter. (Neal Rosenberg)



From Baron Funds' Baron Partners Fund shareholder letter for Q3 2015.



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Sequoia Fund Comments on Idexx - Aug 28, 2015

Arman Kline:



The company had a wonderful 2014. It made a big decision to go to direct distribution. Historically, Idexx (NASDAQ:IDXX) distributed the consumables for its instruments and its rapid assay tests for companion animals through a network of distributors in the US. Overseas it was a little bit more direct. It made a decision to go direct here, and the reason it made that decision is that it felt as the market leader with a dominant market share introducing new technology, new products, it needed a sales force that could encourage the adoption of those products more than it needed the help of distributors to penetrate the market. We think that management made the right decision.



Earlier this year, you may have noticed in the first quarter, Idexx had a little bit of a hiccup as a result of that move to direct distribution. A competitor came out with a lower priced product and distributors picked it up because Idexx was no longer selling through them. The competitor was very aggressive, and, as the CEO of Idexx said, there is now a rapid assay price war going on in the industry. The business is still growing very nicely, but the stock was priced for perfection — last year it was trading for a high 30s multiple of forward earnings. Most of you have probably noticed we have sold down our position as a result of that valuation. We are still large shareholders. We still believe in the business. We think it is unique. We think it has a long runway. We think it will continue to dominate that space. We remain excited about the future there and believe in its direct distribution model. Do you want to add anything, Greg?



Greg Steinmetz:



Idexx is responsible for at least 75% if not more of all of the R&D spending in veterinary diagnostics. It can earn a nice return on that because this megatrend of the humanization of pets is showing no signs of stopping. People will spend anything on their animal if the veterinarian gives them a credible reason why they should. And it is a lot more than just rich people. It is a broad swath of pet owners. Idexx, to its credit, is a great believer in veterinary diagnostics. Management sees it as a very long-lived opportunity. It has really been paying off. Despite the issue with rapid assay this year, we are still going to get 10% organic growth. International is going gangbusters, and there the humanization of pets is just getting started. Even in China — where they are boiling Tibetan mastiffs, if you read the story in the Times two weeks ago — people are starting to treat animals more like humans. It is an opportunity that Idexx is going to benefit a great deal from.



From Ruane, Cunniff & Goldfarb Investor Day 2015 Transcript Part II - Sequoia Fund.



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Baron Funds Comments on IDEXX Laboratories Inc. - Aug 18, 2015

Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX), a leader in veterinary diagnostics, detracted from performance after outperforming meaningfully during recent periods. We attribute a portion of the stock’s decline to greater-than-expected foreign exchange headwinds. Separately, the company noted increased competition and lower prices in a sub-segment of its product portfolio, which we estimate accounts for just 3% of total revenue. We believe this enhanced competition stems from the company’s recent transition to a direct sales strategy in the U.S., and we are optimistic that management will successfully react with pricing programs to better serve these customers in the future. We expect accelerating organic revenue growth over the next several years, driven by productivity benefits from its new domestic sales strategy, additional products, and ongoing success in international markets. We believe that faster top line growth should lead to accelerated margin expansion, creating a virtuous cycle of earnings growth, reinvestment, and returns of capital to shareholders.



From Baron Funds' second quarter commentary.



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Top Ranked Articles about IDEXX Laboratories Inc

Ron Baron Comments on IDEXX Laboratories Guru stock highlight
Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (NASDAQ:IDXX) rose in the first quarter, rallying on strong financial results and multiple expansion. Competitive trends are strong and improving, highlighted by instrument revenue growth, domestic lab growth, rising sales productivity, and stability in rapid assays. We think that IDEXX’s direct go-to-market model coupled with meaningful research and development-driven product enhancements will put steady upward pressure on organic revenue and earnings growth over time. (Neal Rosenberg) Read more...
IDEXX Laboratories, Inc. to Join the NASDAQ-100 Index Beginning March 20, 2017

NEW YORK, March 10, 2017 (GLOBE NEWSWIRE) -- Nasdaq (NASDAQ:NDAQ) today announced that IDEXX Laboratories, Inc. (NASDAQ:IDXX), will become a component of the NASDAQ-100 Index® (NDX), the NASDAQ-100 Equal Weighted Index (NDXE) and the NASDAQ-100 Ex Technology Index (NDXX) prior to market open on Monday, March 20, 2017. IDEXX Laboratories, Inc. will replace SBA Communications Corporation (NASDAQ:SBAC) which is being removed as a result of their conversion to a REIT.
IDEXX Laboratories, Inc. is headquartered in Westbrook, Maine, and has a market capitalization of approximately $12.9 billion. For more information about the company, go to www.idexx.com.  About Nasdaq Nasdaq (NASDAQ:NDAQ) is a leading provider of trading, clearing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables clients to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 85 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,800 listed companies with a market value of $10.1 trillion and nearly 18,000 corporate clients. To learn more, visit: business.nasdaq.com. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular financial product or an overall investment strategy. Neither The NASDAQ OMX Group, Inc. nor any of its affiliates makes any recommendation to buy or sell any financial product or any representation about the financial condition of any company or fund. Statements regarding Nasdaq’s proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED. NDAQG
Media Contact:  Peter Gau, Nasdaq
(212) 231-5475

Issuer & Investor Contact:  Carla Proto, Nasdaq
(203) 926-3326


Read more...
Ron Baron Comments on IDEXX Laboratories Inc. Guru stock highlight
Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (NASDAQ:IDXX) increased in the third quarter. The stock continued to rally on strong financial results and multiple expansion. Competitive trends are strong and improving, highlighted by instrument revenue growth, domestic lab growth, rising sales productivity, and stability in rapid assays. We believe that IDEXX’s direct go-to-market model coupled with research and development-driven product enhancements will put steady upward pressure on organic revenue and earnings growth over time. (Neal Rosenberg) Read more...
Baron Funds Comments on IDEXX Laboratories Inc. Guru stock highlight
Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (NASDAQ:IDXX) increased after the company reported impressive financial results, which led to a meaningful expansion in its trading multiple. We believe the company’s competitive position is strong and improving, as evidenced by its accelerating organic revenue growth, the robust placements of its diagnostic instruments into veterinary clinics, and the higher prices it is capturing across its product portfolio. In addition, IDEXX’s results demonstrated operating margin expansion, which is finally being recognized after several years of intensive investment into its business. Looking forward, we expect to witness sustained double-digit organic revenue growth during the next several years, driven by productivity benefits from its move to a direct sales model in the U.S., the company’s persistent innovation pipeline, and returns on its intensive investment into international markets. Read more...
Baron Funds Comments on IDEXX Laboratories Guru stock highlight
Top 10 holding IDEXX Laboratories, Inc. (NASDAQ:IDXX) is the leading provider of diagnostics to the veterinary industry. The company spends six times more on R&D annually than all its competitors combined. As a result, it has continuously improved its menu of diagnostics, which we believe is unsurpassed in the industry. IDEXX is benefiting from secular growth spending on pets, driven by favorable demographics, increased use of diagnostics, and an increasing focus on preventative care. The company’s products are sold via a razor/razorblade model, which produces high retention rates and incremental margins. We think that IDEXX’s direct go-to-market model coupled with meaningful R&D-driven product enhancements will continue to boost revenue and earnings growth over time. Read more...
Baron Funds Comments on IDEXX Laboratories Guru stock highlight
IDEXX Laboratories, Inc. (NASDAQ:IDXX), the leading company in veterinary diagnostics, rallied in the second quarter after reporting strong financial results. Organic revenue growth was up 11%, driven by instrument revenue gains of 16% (and new placements up 25%), consumables’ sales up 12%, and reference labs sales up 15%. The company’s efforts to build a direct sales force and introduce new innovative products are showing terrific results. We expect revenue growth to accelerate as additional tests gain traction and the productivity of the new salesforce continues to improve. The company remained aggressive with its share repurchase program. We applaud the company’s plan to take on some leverage to buy in shares, especially as they bought at the lows, and since we believe the business is so stable and annuity-like that the balance sheet should have a reasonable amount of debt to optimize equity returns for the shareholders. Read more...
Baron Funds Comments on IDEXX Laboratories Inc. Guru stock highlight
Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX), the leading provider of testing and diagnostics to veterinarians, gained after the company reported another quarter of strong financial results. We continue to believe that IDEXX’s business trends are improving and that its competitive position is becoming increasingly unassailable. The company’s placements of new diagnostic instruments in veterinary hospitals grew by almost 25% in its recent quarter. We expect this to be a key driver of future growth because these instruments require the ongoing purchase of high-margin consumables to perform in-clinic tests. In addition, the company’s network of domestic testing laboratories continued to grow at more than twice the rate of its main competitor. We believe that these trends, coupled with the revenue contributions from its new proprietary tests, has potential for better revenue and earnings growth during the next few years. Read more...
Ruane Cunniff Comments on Idexx Laboratories Guru stock highlight
We made the difficult decision during the quarter to part with our longtime holding in Idexx Laboratories (NASDAQ:IDXX). Idexx had been a wonderful stock for us over the past 13 years, compounding at better than a 17% rate from the time of our original purchases in 2003 through June 30. This compares to a 7.4% compound for the S&P 500 Index over the same period. Idexx has a terrific market position in veterinary diagnostics and a very capable CEO in Jon Ayers. But the market fully realizes Idexx’s strengths. It is according Idexx a price-to- earnings ratio of more than 40x the 2016 consensus earnings per share estimate of $ 2.21. The company has grown earnings per share at an 11% rate for the past five years and should grow a bit below that rate in 2016. The market helped with our decision as the price of Idexx shares rose sharply during the quarter. We owe a huge debt of gratitude to Jon Ayers. He is a hero to Sequoia shareholders and greatly respected by all of us. Read more...

Ratios

vs
industry
vs
history
PE Ratio 61.85
IDXX's PE Ratio is ranked lower than
84% of the 105 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 30.62 vs. IDXX: 61.85 )
Ranked among companies with meaningful PE Ratio only.
IDXX' s PE Ratio Range Over the Past 10 Years
Min: 15.18  Med: 31.09 Max: 62.15
Current: 61.85
15.18
62.15
Forward PE Ratio 56.82
IDXX's Forward PE Ratio is ranked lower than
89% of the 81 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 21.79 vs. IDXX: 56.82 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 61.85
IDXX's PE Ratio without NRI is ranked lower than
84% of the 104 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 31.50 vs. IDXX: 61.85 )
Ranked among companies with meaningful PE Ratio without NRI only.
IDXX' s PE Ratio without NRI Range Over the Past 10 Years
Min: 15.02  Med: 30.92 Max: 62.15
Current: 61.85
15.02
62.15
Price-to-Owner-Earnings 61.23
IDXX's Price-to-Owner-Earnings is ranked lower than
83% of the 64 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 26.82 vs. IDXX: 61.23 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
IDXX' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 21.36  Med: 34.94 Max: 73.8
Current: 61.23
21.36
73.8
PS Ratio 8.32
IDXX's PS Ratio is ranked lower than
73% of the 195 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 3.36 vs. IDXX: 8.32 )
Ranked among companies with meaningful PS Ratio only.
IDXX' s PS Ratio Range Over the Past 10 Years
Min: 1.75  Med: 4.02 Max: 8.36
Current: 8.32
1.75
8.36
Price-to-Free-Cash-Flow 55.71
IDXX's Price-to-Free-Cash-Flow is ranked lower than
80% of the 71 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 22.50 vs. IDXX: 55.71 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
IDXX' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 13.01  Med: 34.37 Max: 84.69
Current: 55.71
13.01
84.69
Price-to-Operating-Cash-Flow 44.73
IDXX's Price-to-Operating-Cash-Flow is ranked lower than
85% of the 86 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 18.60 vs. IDXX: 44.73 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
IDXX' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 11.4  Med: 24.52 Max: 44.94
Current: 44.73
11.4
44.94
EV-to-EBIT 41.82
IDXX's EV-to-EBIT is ranked lower than
81% of the 189 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 23.08 vs. IDXX: 41.82 )
Ranked among companies with meaningful EV-to-EBIT only.
IDXX' s EV-to-EBIT Range Over the Past 10 Years
Min: 10.5  Med: 21.4 Max: 42.8
Current: 41.82
10.5
42.8
EV-to-EBITDA 34.43
IDXX's EV-to-EBITDA is ranked lower than
85% of the 198 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 17.34 vs. IDXX: 34.43 )
Ranked among companies with meaningful EV-to-EBITDA only.
IDXX' s EV-to-EBITDA Range Over the Past 10 Years
Min: 8.3  Med: 17.4 Max: 35.3
Current: 34.43
8.3
35.3
PEG Ratio 4.66
IDXX's PEG Ratio is ranked lower than
74% of the 43 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 2.96 vs. IDXX: 4.66 )
Ranked among companies with meaningful PEG Ratio only.
IDXX' s PEG Ratio Range Over the Past 10 Years
Min: 0.77  Med: 2.14 Max: 4.7
Current: 4.66
0.77
4.7
Shiller PE Ratio 101.94
IDXX's Shiller PE Ratio is ranked lower than
90% of the 30 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 39.15 vs. IDXX: 101.94 )
Ranked among companies with meaningful Shiller PE Ratio only.
IDXX' s Shiller PE Ratio Range Over the Past 10 Years
Min: 26.11  Med: 51.33 Max: 102.43
Current: 101.94
26.11
102.43
Current Ratio 0.94
IDXX's Current Ratio is ranked lower than
91% of the 209 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 2.53 vs. IDXX: 0.94 )
Ranked among companies with meaningful Current Ratio only.
IDXX' s Current Ratio Range Over the Past 10 Years
Min: 0.9  Med: 3.06 Max: 8.34
Current: 0.94
0.9
8.34
Quick Ratio 0.75
IDXX's Quick Ratio is ranked lower than
90% of the 209 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 2.15 vs. IDXX: 0.75 )
Ranked among companies with meaningful Quick Ratio only.
IDXX' s Quick Ratio Range Over the Past 10 Years
Min: 0.71  Med: 2.12 Max: 7.55
Current: 0.75
0.71
7.55
Days Inventory 76.98
IDXX's Days Inventory is ranked higher than
51% of the 171 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 79.87 vs. IDXX: 76.98 )
Ranked among companies with meaningful Days Inventory only.
IDXX' s Days Inventory Range Over the Past 10 Years
Min: 76.98  Med: 81.19 Max: 89.55
Current: 76.98
76.98
89.55
Days Sales Outstanding 45.20
IDXX's Days Sales Outstanding is ranked higher than
78% of the 172 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 62.33 vs. IDXX: 45.20 )
Ranked among companies with meaningful Days Sales Outstanding only.
IDXX' s Days Sales Outstanding Range Over the Past 10 Years
Min: 37.43  Med: 41.31 Max: 45.2
Current: 45.2
37.43
45.2
Days Payable 27.92
IDXX's Days Payable is ranked lower than
78% of the 161 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 53.45 vs. IDXX: 27.92 )
Ranked among companies with meaningful Days Payable only.
IDXX' s Days Payable Range Over the Past 10 Years
Min: 13.82  Med: 22.5 Max: 27.92
Current: 27.92
13.82
27.92

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio 5.10
IDXX's 3-Year Average Share Buyback Ratio is ranked higher than
99% of the 139 Companies
in the Global Diagnostics & Research industry.

( Industry Median: -6.00 vs. IDXX: 5.10 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
IDXX' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -21.4  Med: 2.2 Max: 6.2
Current: 5.1
-21.4
6.2

Valuation & Return

vs
industry
vs
history
Price-to-Intrinsic-Value-Projected-FCF 5.88
IDXX's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
77% of the 70 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 2.10 vs. IDXX: 5.88 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
IDXX' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 1.49  Med: 2.6 Max: 6.25
Current: 5.88
1.49
6.25
Price-to-Intrinsic-Value-DCF (Earnings Based) 3.40
IDXX's Price-to-Intrinsic-Value-DCF (Earnings Based) is ranked lower than
88% of the 17 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 1.84 vs. IDXX: 3.40 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-DCF (Earnings Based) only.
N/A
Price-to-Median-PS-Value 2.07
IDXX's Price-to-Median-PS-Value is ranked lower than
88% of the 170 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 1.01 vs. IDXX: 2.07 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
IDXX' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.44  Med: 0.92 Max: 2.14
Current: 2.07
0.44
2.14
Price-to-Peter-Lynch-Fair-Value 4.68
IDXX's Price-to-Peter-Lynch-Fair-Value is ranked lower than
89% of the 27 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 2.57 vs. IDXX: 4.68 )
Ranked among companies with meaningful Price-to-Peter-Lynch-Fair-Value only.
IDXX' s Price-to-Peter-Lynch-Fair-Value Range Over the Past 10 Years
Min: 0.78  Med: 1.9 Max: 4.7
Current: 4.68
0.78
4.7
Earnings Yield (Greenblatt) % 2.39
IDXX's Earnings Yield (Greenblatt) % is ranked higher than
51% of the 297 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 2.45 vs. IDXX: 2.39 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
IDXX' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 2.3  Med: 4.7 Max: 9.5
Current: 2.39
2.3
9.5
Forward Rate of Return (Yacktman) % 14.27
IDXX's Forward Rate of Return (Yacktman) % is ranked higher than
68% of the 59 Companies
in the Global Diagnostics & Research industry.

( Industry Median: 8.75 vs. IDXX: 14.27 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
IDXX' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 12.9  Med: 16.5 Max: 22.4
Current: 14.27
12.9
22.4

More Statistics

Revenue (TTM) (Mil) $1,820
EPS (TTM) $ 2.70
Beta0.48
Short Percentage of Float3.59%
52-Week Range $85.98 - 172.00
Shares Outstanding (Mil)88.12

Analyst Estimate

Dec17 Dec18
Revenue (Mil $) 1,929 2,095
EPS ($) 3.01 3.50
EPS without NRI ($) 3.01 3.50
EPS Growth Rate
(Future 3Y To 5Y Estimate)
1.02%
Dividends per Share ($)
» More Articles for IDXX

Headlines

Articles On GuruFocus.com
IDEXX Laboratories Announces Increase in Share Repurchase Program May 03 2017 
High Predictability Guru Stocks May 02 2017 
Ron Baron Comments on IDEXX Laboratories Apr 25 2017 
Ron Baron's Baron Partners Fund 1st Quarter Shareholder Letter Apr 25 2017 
IDEXX Laboratories to Release 2017 First Quarter Financial Results Apr 06 2017 
5 Companies Hit 52-Week Highs Apr 04 2017 
IDEXX Laboratories, Inc. to Join the NASDAQ-100 Index Beginning March 20, 2017 Mar 10 2017 
7 Stocks With Great 12-Month Performances Feb 24 2017 
Beat the Market With a Water ETF Feb 23 2017 
High Predictability Stocks: Western Union, FMC Tech Jan 25 2017 

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