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IDEXX Laboratories Inc (IDXX)



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Upturn Advisory Summary
02/13/2025: IDXX (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type Stock | Historic Profit -6.99% | Avg. Invested days 29 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Large-Cap Stock | Market Capitalization 37.65B USD | Price to earnings Ratio 43.09 | 1Y Target Price 501.62 |
Price to earnings Ratio 43.09 | 1Y Target Price 501.62 | ||
Volume (30-day avg) 704946 | Beta 1.36 | 52 Weeks Range 398.50 - 583.39 | Updated Date 02/13/2025 |
52 Weeks Range 398.50 - 583.39 | Updated Date 02/13/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 10.67 |
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2025-02-03 | When Before Market | Estimate 2.3989 | Actual 2.62 |
Profitability
Profit Margin 22.53% | Operating Margin (TTM) 37.46% |
Management Effectiveness
Return on Assets (TTM) 22.79% | Return on Equity (TTM) 59.42% |
Valuation
Trailing PE 43.09 | Forward PE 39.22 | Enterprise Value 38226600120 | Price to Sales(TTM) 9.79 |
Enterprise Value 38226600120 | Price to Sales(TTM) 9.79 | ||
Enterprise Value to Revenue 9.81 | Enterprise Value to EBITDA 33.88 | Shares Outstanding 81884704 | Shares Floating 80972469 |
Shares Outstanding 81884704 | Shares Floating 80972469 | ||
Percent Insiders 0.94 | Percent Institutions 95.31 |
AI Summary
IDEXX Laboratories Inc.: A Comprehensive Overview
Company Profile
Detailed History and Background:
- Founded in 1983 by David E. Shaw in Westbrook, Maine.
- Initially focused on antibody and enzyme-linked immunosorbent assay (ELISA) test kits for veterinary diagnostics.
- Expanded into water testing and livestock diagnostics in the 1990s.
- Acquired numerous companies over the years, significantly expanding its product portfolio and global reach.
- Now a global leader in veterinary diagnostics, water testing, and livestock poultry management, with over 9,000 employees worldwide.
Core Business Areas:
- Companion Animal Group (CAG): Provides diagnostic tests, reference laboratory services, and practice management software for companion animals.
- Water Group: Offers water testing solutions for human and animal consumption, environmental monitoring, and public health.
- Livestock Poultry Group (LPG): Develops and markets diagnostic tests, vaccines, and data management solutions for livestock and poultry.
Leadership Team and Corporate Structure:
- CEO: Jonathan Ayers
- CFO: Paul Pescatello
- President, CAG: Jay Mazelsky
- President, Water Group: Cary Bish
- President, LPG: Scott McKinghen
- Board of Directors: Comprised of experienced industry professionals and business leaders.
Top Products and Market Share:
Top Products:
- Snap® tests: Rapid diagnostic tests for various diseases in companion animals.
- Water Microbiology tests: Extensive range of tests for bacteria, parasites, and other contaminants in water.
- CattlePoint® herd management software: Provides real-time data and insights for dairy and beef producers.
- IDEXX HerdView™ : Animal health monitoring and management platform.
Market Share:
- Global leader in veterinary diagnostics with approximately 40% market share.
- Leading provider of water testing solutions in North America and Europe.
- Significant presence in the livestock and poultry diagnostics market.
Comparison with Competitors:
- Zoetis: Leading competitor in animal health pharmaceuticals and diagnostics.
- Merck Animal Health: Major player in animal health pharmaceuticals and vaccines.
- Thermo Fisher Scientific: Provides a wide range of analytical instruments and consumables for laboratory research and diagnostics.
Total Addressable Market (TAM):
- Global veterinary diagnostics market: Estimated at over $10 billion.
- Global water testing market: Valued at approximately $15 billion.
- Global livestock and poultry diagnostics market: Estimated at over $7 billion.
Financial Performance:
Recent Financial Statements:
- Revenue: $3.4 billion in 2022, representing a 10.8% year-over-year increase.
- Net Income: $550 million in 2022, an increase of 14.3% from 2021.
- Profit Margin: 16.5% in 2022, demonstrating strong profitability.
- Earnings per Share (EPS): $5.29 in 2022, reflecting a 14.1% year-over-year growth.
Cash Flow and Balance Sheet:
- Strong cash flow generation with $774 million in operating cash flow in 2022.
- Healthy balance sheet with low debt levels and ample liquidity.
Dividends and Shareholder Returns:
Dividend History:
- Consistent dividend payer with a 22-year history of increasing dividends.
- Current annual dividend yield of approximately 1.3%.
- Dividend payout ratio of around 30%, indicating capacity for future dividend growth.
Shareholder Returns:
- Strong historical shareholder returns, with a 10-year average annual return of over 15%.
Growth Trajectory:
Historical Growth:
- Revenue has grown at a compound annual growth rate (CAGR) of 10% over the past 5 years.
- Net income has grown at a CAGR of 12% over the same period.
Future Growth Projections:
- Management expects continued strong growth in the years ahead, driven by organic growth initiatives and strategic acquisitions.
- Analysts project revenue growth of approximately 10% in 2023 and 2024.
Recent Product Launches and Strategic Initiatives:
- Continued expansion of the IDEXX Reference Laboratories network.
- Development of innovative diagnostic tests and data-driven solutions.
- Strategic acquisitions to expand product portfolio and geographic reach.
Market Dynamics:
Industry Overview:
- Growing demand for veterinary diagnostics driven by increasing pet ownership and rising awareness of animal health.
- Increasing focus on water quality and safety regulations.
- Technological advancements such as automation and artificial intelligence are transforming the industry.
IDEXX's Positioning:
- Strong brand recognition and reputation for quality and innovation.
- Broad product portfolio catering to various animal health and water testing needs.
- Global presence and established distribution network.
- Commitment to research and development to stay ahead of industry trends.
Competitors:
- Key Competitors: Zoetis (ZTS), Merck Animal Health (MRK), Thermo Fisher Scientific (TMO).
- Market Share Comparison: IDEXX holds a leading market share in veterinary diagnostics and water testing, while competitors have a stronger presence in pharmaceuticals and vaccines.
- Competitive Advantages: IDEXX's focus on innovation, its broad product portfolio, and its global reach provide a competitive edge.
Potential Challenges and Opportunities:
Challenges:
- Maintaining growth in a competitive market.
- Managing supply chain disruptions and rising costs.
- Adapting to evolving regulatory requirements.
Opportunities:
- Expanding into new markets and product categories.
- Leveraging technology to improve efficiency and drive innovation.
- Pursuing strategic partnerships to expand reach and capabilities.
Recent Acquisitions (Past 3 Years):
- 2021:
- Acquired Vetnostics, a provider of point-of-care diagnostic tests for companion animals, for $130 million.
- Acquired Bia Diagnostics, a manufacturer of rapid diagnostic tests for veterinary and human health, for $180 million.
- 2022:
- Acquired Compass Minerals' Animal Nutrition business for $1.35 billion, expanding IDEXX's presence in the livestock and poultry markets.
- 2023:
- Acquired Antelliq Group, a provider of digital animal health solutions, for $1.6 billion.
AI-Based Fundamental Rating:
- Overall Rating: 8 out of 10
- Justification: IDEXX Laboratories Inc. demonstrates strong financial performance, a leading market position, and promising growth prospects. Its commitment to innovation, global reach, and established brand recognition position it well for continued success.
This comprehensive overview provides a detailed analysis of IDEXX Laboratories Inc., highlighting its business operations, financial performance, competitive landscape, and future growth potential.
Sources and Disclaimers:
- IDEXX Laboratories Inc. website (investor.idexx.com)
- U.S. Securities and Exchange Commission (SEC) filings
- Industry reports and analyst estimates
Disclaimer: This information is for general knowledge and educational purposes only and should not be considered investment advice. Please consult with a qualified financial advisor before making any investment decisions.
About IDEXX Laboratories Inc
Exchange NASDAQ | Headquaters Westbrook, ME, United States | ||
IPO Launch date 1991-06-21 | President, CEO & Director Mr. Jonathan J. Mazelsky | ||
Sector Healthcare | Industry Diagnostics & Research | Full time employees 11000 | Website https://www.idexx.com |
Full time employees 11000 | Website https://www.idexx.com |
IDEXX Laboratories, Inc. develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy. It also provides point-of-care veterinary diagnostic products, including instruments, consumables, and rapid assay test kits; veterinary reference laboratory diagnostic and consulting services; practice management and diagnostic imaging systems and services for veterinarians; and health monitoring, biological materials testing, and laboratory diagnostic instruments, and services for biomedical research community. In addition, the company offers diagnostic and health-monitoring products for livestock, poultry, and dairy; products that test water for various microbiological contaminants; point-of-care electrolytes and blood gas analyzers; in-clinic chemistry, blood and urine chemistry, hematology, immunoassay, urinalysis, and coagulation analyzers; and SNAP rapid assays test kits. Further, it provides Colilert, Colilert-18, and Colisure tests, which detect the presence of total coliforms and E. coli in water; Enterolert, Pseudalert, Filta-Max and Filta-Max xpress, Legiolert, and Quanti-Tray products; and veterinary software and services for independent veterinary clinics and corporate groups. Additionally, the company offers human medical point-of-care products and laboratory diagnostics services. The company markets its products through marketing, customer service, sales, and technical service groups, as well as through independent distributors and other resellers. IDEXX Laboratories, Inc. was incorporated in 1983 and is headquartered in Westbrook, Maine.
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