IDEXX said that as of December 31, 2023, it had cash and cash equivalents of $453.9 million (December 31, 2022: $112.5 million), and negative working capital of $543.7 million (December 31, 2022: $134.3 million). It also said remaining borrowing availability under its Credit Facility was $998.5 million.

1. 01

   IDEXX said that as of December 31, 2023, it had cash and cash equivalents of $453.9 million (December 31, 2022: $112.5 million), and negative working capital of $543.7 million (December 31, 2022: $134.3 million). It also said remaining borrowing availability under its Credit Facility was $998.5 million.

2. 02

   The company said cash provided by operating activities rose $363.5 million in 2023 compared with 2022, while cash used by investing activities was $125.3 million (versus $195.4 million in 2022) and cash used by financing activities was $442.0 million (versus $370.9 million in 2022).

3. 03

   IDEXX Laboratories said it used $329.0 million to repay Credit Facility borrowings in 2023, compared with $505.5 million of borrowings in 2022. It said cash used to repurchase common stock was $71.9 million, down $819.7 million from 2022, and that it paid off its December 2023 $75.0 million 2023 Series A Notes.

4. 04

   The company said its effective tax rate in 2023 was 20.4%, compared with 21.0% in 2022. It attributed the decrease mainly to the release of valuation allowances against deferred tax assets in certain international and state jurisdictions. It also said its projected effective tax rate for 2024 is approximately 22%.

Key figures

Fiscal year ended December 31, 2023

Revenue

$3.7B

Operating income

$1.1B

Net income

$845M

EPS

$10.06

Gross profit

$2.2B

Operating cash flow

$907M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.