NasdaqGS:IDXX

Stock Analysis Report

Executive Summary

IDEXX Laboratories, Inc., together with its subsidiaries, develops, manufactures, and distributes products and services primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets worldwide.

Snowflake

Fundamentals

Proven track record with mediocre balance sheet.


Similar Companies

Share Price & News

How has IDEXX Laboratories's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

2.2%

IDXX

1.9%

US Medical Equipment

0.5%

US Market


1 Year Return

29.5%

IDXX

15.6%

US Medical Equipment

6.8%

US Market

Return vs Industry: IDXX exceeded the US Medical Equipment industry which returned 15.6% over the past year.

Return vs Market: IDXX exceeded the US Market which returned 6.8% over the past year.


Shareholder returns

IDXXIndustryMarket
7 Day2.2%1.9%0.5%
30 Day3.2%-2.1%-0.8%
90 Day-1.5%-0.4%-0.9%
1 Year29.5%29.5%16.6%15.6%9.2%6.8%
3 Year156.0%156.0%72.2%67.0%45.6%36.2%
5 Year318.4%318.4%125.9%100.9%63.2%45.4%

Price Volatility Vs. Market

How volatile is IDEXX Laboratories's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is IDEXX Laboratories undervalued compared to its fair value and its price relative to the market?

59.99x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: IDXX ($282.83) is trading above our estimate of fair value ($128.37)

Significantly Below Fair Value: IDXX is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: IDXX is poor value based on its PE Ratio (60x) compared to the Medical Equipment industry average (42.2x).

PE vs Market: IDXX is poor value based on its PE Ratio (60x) compared to the US market (17.7x).


Price to Earnings Growth Ratio

PEG Ratio: IDXX is poor value based on its PEG Ratio (4.8x)


Price to Book Ratio

PB vs Industry: IDXX is overvalued based on its PB Ratio (142.2x) compared to the US Medical Equipment industry average (3.8x).


Next Steps

Future Growth

How is IDEXX Laboratories forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

12.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IDXX's forecast earnings growth (12.5% per year) is above the savings rate (2.7%).

Earnings vs Market: IDXX's earnings (12.5% per year) are forecast to grow slower than the US market (14.6% per year).

High Growth Earnings: IDXX's earnings are forecast to grow, but not significantly.

Revenue vs Market: IDXX's revenue (9.6% per year) is forecast to grow faster than the US market (7.2% per year).

High Growth Revenue: IDXX's revenue (9.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if IDXX's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has IDEXX Laboratories performed over the past 5 years?

17.5%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: IDXX's earnings have grown by 17.5% per year over the past 5 years.

Accelerating Growth: IDXX's earnings growth over the past year (32.7%) exceeds its 5-year average (17.5% per year).

Earnings vs Industry: IDXX earnings growth over the past year (32.7%) exceeded the Medical Equipment industry 28.2%.


Return on Equity

High ROE: Whilst IDXX's Return on Equity (237.43%) is outstanding, this metric is skewed due to their high level of debt.


Return on Assets

ROA vs Industry: IDXX has a higher Return on Assets than the Medical Equipment industry average last year.


Return on Capital Employed

ROCE Improving: IDXX's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is IDEXX Laboratories's financial position?


Financial Position Analysis

Short Term Liabilities: IDXX's short term assets ($712.3M) exceeds its short term liabilities ($618.9M)

Long Term Liabilities: IDXX's short term assets (712.3M) do not cover its long term liabilities (933.8M)


Debt to Equity History and Analysis

Debt Level: IDXX's debt to equity ratio (555%) is considered high

Reducing Debt: IDXX's debt to equity ratio has increased from 119.3% to 555% over the past 5 years.

Debt Coverage: IDXX's debt is well covered by operating cash flow (43.9%).

Interest Coverage: IDXX's interest payments on its debt are well covered by EBIT (16.1x coverage).


Balance Sheet

Inventory Level: IDXX has a high level of physical assets or inventory.

Debt Coverage by Assets: IDXX's debt is not covered by short term assets (assets are 0.7x debt).


Next Steps

Dividend

What is IDEXX Laboratories's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage1.2%forecastin3Years0%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: Unable to evaluate IDXX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate IDXX's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.

Stable Dividend: Insufficient data to determine if IDXX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if IDXX's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of IDXX's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

What is the CEO of IDEXX Laboratories's salary, the management and board of directors tenure and is there insider trading?

4.4yrs

Average management tenure


CEO

Jay Mazelsky (58yo)

0.3yrs

Tenure

US$2,897,125

Compensation

Mr. Jay Mazelsky is an Interim President and Chief Executive Officer of IDEXX Laboratories, Inc. since June 28, 2019. He served as an Executive Vice President of Companion Animal Group at IDEXX Laboratorie ...


CEO Compensation Analysis

Compensation vs. Market: Jay has recently become CEO, making it difficult to compare their total compensation against companies of similar size in the US market.

Compensation vs Earnings: Jay's compensation has increased by more than 20% in the past year.


Management Age and Tenure

4.4yrs

Average Tenure

57.5yo

Average Age

Experienced Management: IDXX's management team is considered experienced (4.4 years average tenure).


Board Age and Tenure

4.9yrs

Average Tenure

57.5yo

Average Age

Experienced Board: IDXX's board of directors are considered experienced (4.9 years average tenure).


Insider Trading

Insider Buying: IDXX insiders have sold more shares than they have bought in the past 3 months.


Recent Insider Transactions

SellUS$1,084,68620 Aug 19
Rebecca Henderson
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares4,000
Max PriceUS$271.17
SellUS$631,21212 Aug 19
Giovani Twigge
EntityIndividual
Shares2,300
Max PriceUS$274.44
BuyUS$99,90408 Aug 19
Lawrence Kingsley
EntityIndividual
Role
Lead Director
Lead Director
Shares375
Max PriceUS$266.41
SellUS$674,26307 Aug 19
Michael Lane
EntityIndividual
Role
Other Key Executive
Corporate VP & GM of Global Reference Laboratories Business
Shares2,547
Max PriceUS$264.73
SellUS$650,36304 Jun 19
Giovani Twigge
EntityIndividual
Shares2,600
Max PriceUS$250.14
SellUS$444,68313 May 19
Michael Lane
EntityIndividual
Role
Other Key Executive
Corporate VP & GM of Global Reference Laboratories Business
Shares1,812
Max PriceUS$245.41
SellUS$503,75007 May 19
Giovani Twigge
EntityIndividual
Shares2,015
Max PriceUS$250.00
SellUS$317,64801 Mar 19
Giovani Twigge
EntityIndividual
Shares1,500
Max PriceUS$211.77
SellUS$287,79627 Feb 19
Jacqueline Studer
EntityIndividual
Shares1,373
Max PriceUS$212.05
SellUS$48,88019 Feb 19
Michael Lane
EntityIndividual
Role
Other Key Executive
Corporate VP & GM of Global Reference Laboratories Business
Shares235
Max PriceUS$208.00
SellUS$1,234,09119 Feb 19
M. Szostak
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,906
Max PriceUS$208.96
SellUS$208,45407 Feb 19
Giovani Twigge
EntityIndividual
Shares997
Max PriceUS$209.08
BuyUS$501,87507 Feb 19
Lawrence Kingsley
EntityIndividual
Role
Lead Director
Lead Director
Shares2,405
Max PriceUS$208.68
SellUS$666,82307 Nov 18
Jacqueline Studer
EntityIndividual
Shares3,313
Max PriceUS$201.27

Ownership Breakdown


Management Team

  • Jon Ayers (63yo)

    Chairman

    • Tenure: 0yrs
    • Compensation: US$6.82m
  • Brian McKeon (57yo)

    CFO, Executive VP & Treasurer

    • Tenure: 5.8yrs
    • Compensation: US$2.91m
  • Jay Mazelsky (58yo)

    Interim President & CEO

    • Tenure: 0.3yrs
    • Compensation: US$2.90m
  • Jeffery Chadbourne (43yo)

    Senior Director of Accounting & Financial Reporting

    • Tenure: 4.8yrs
  • Jeffrey Thomas

    Corporate VP & Chief Technology Officer

    • Tenure: 4.5yrs
  • Michael Lane

    Corporate VP & GM of Global Reference Laboratories Business

    • Tenure: 4.3yrs
    • Compensation: US$1.36m
  • Kathy Turner

    Corporate VP and GM of Companion Animal Group - EMEA & Asia Pacific

    • Tenure: 5.4yrs
    • Compensation: US$1.94m
  • Kerry Bennett

    Vice President of Investor Relations

    • Tenure: 0yrs
  • Ken Grady

    Corporate VP & Chief Information Officer

    • Tenure: 3.7yrs
  • John Hart

    Corporate Vice President of Worldwide Operations

    • Tenure: 2.1yrs

Board Members

  • M. Szostak (68yo)

    Independent Director

    • Tenure: 7.3yrs
    • Compensation: US$282.53k
  • Dan Junius (67yo)

    Independent Director

    • Tenure: 5.6yrs
    • Compensation: US$280.03k
  • Bruce Claflin (68yo)

    Independent Director

    • Tenure: 4.3yrs
    • Compensation: US$275.03k
  • Stuart Essig (57yo)

    Independent Director

    • Tenure: 2.3yrs
    • Compensation: US$260.03k
  • Rebecca Henderson (58yo)

    Independent Director

    • Tenure: 16.3yrs
    • Compensation: US$270.03k
  • Larry Kingsley (56yo)

    Lead Director

    • Tenure: 1.4yrs
    • Compensation: US$272.53k
  • Sophie Vandebroek (57yo)

    Independent Director

    • Tenure: 6.3yrs
    • Compensation: US$260.03k
  • Sam Samad (49yo)

    Director

    • Tenure: 0.3yrs

Company Information

IDEXX Laboratories, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: IDEXX Laboratories, Inc.
  • Ticker: IDXX
  • Exchange: NasdaqGS
  • Founded: 1983
  • Industry: Health Care Equipment
  • Sector: Healthcare
  • Market Cap: US$24.349b
  • Shares outstanding: 86.09m
  • Website: https://www.idexx.com

Number of Employees


Location

  • IDEXX Laboratories, Inc.
  • One IDEXX Drive
  • Westbrook
  • Maine
  • 4092
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IDXXNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJun 1991
IX1DB (Deutsche Boerse AG)YesCommon StockDEEURJun 1991
IDXXWBAG (Wiener Boerse AG)YesCommon StockATEURJun 1991
0J8PLSE (London Stock Exchange)YesCommon StockGBUSDJun 1991

Biography

IDEXX Laboratories, Inc., together with its subsidiaries, develops, manufactures, and distributes products and services primarily for the companion animal veterinary, livestock and poultry, dairy, and wate ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/20 23:37
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.