IDEXX LABORATORIES INC (IDXX) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Companion Animal Group	2,890.0	2,385.8	2,119.2	1,935.4	1,703.4		1,356.3	1,223.1
Water	146.5	128.6	132.9	125.2	114.4		96.9	94.7
Livestock & Poultry Diagnostics	135.9	145.8	132.6	130.6	128.5		127.1	141.2
Other	167.5	148.0	122.2	114.9	100.4		21.6	26.8
Total revenues [+]	3,215.4	2,706.7	2,406.9	2,213.2	1,969.1	1,775.4	1,601.9	1,485.8
Products							974.9	899.4
Services							627.0	586.4
Revenue growth [+]	18.8%	12.5%	8.8%	12.4%	10.9%	10.8%	7.8%	7.9%
Companion Animal Group	21.1%	12.6%	9.5%	13.6%			10.9%	7.3%
Water	13.9%	-3.2%	6.1%	9.4%			2.3%	7.7%
Livestock & Poultry Diagnostics	-6.8%	10.0%	1.6%	1.6%			-9.9%	14.1%
Other	13.2%	21.1%	6.4%	14.4%			-19.6%	6.8%
Cost of goods sold [+]	1,325.9	1,135.6	1,041.4	971.7	871.7	800.0	711.6	669.7
Cost of product sales							360.2	335.0
Cost of services							351.4	334.6
Gross profit	1,889.4	1,571.0	1,365.5	1,241.5	1,097.4	975.4	890.3	816.1
Gross margin	58.8%	58.0%	56.7%	56.1%	55.7%	54.9%	55.6%	54.9%
Selling, general and administrative [+]	796.4	735.3	679.5	632.3	575.2	524.1	482.5	457.6
Sales and marketing	486.7	434.4	418.2	387.4	354.3	317.1	300.0	283.7
General and administrative	309.7	300.8	261.3	244.9	220.9	207.0	182.5	173.9
Research and development	161.0	141.2	133.2	117.9	109.2	101.1	99.7	98.3
Other operating expenses	-2.0
EBITDA [+]	1,038.6	790.5	640.9	574.5	496.2	428.5	377.1	319.1
EBITDA growth	31.4%	23.4%	11.5%	15.8%	15.8%	13.6%	18.2%	-0.7%
EBITDA margin	32.3%	29.2%	26.6%	26.0%	25.2%	24.1%	23.5%	21.5%
Depreciation	92.5	86.2	78.6	74.3	74.1	68.7	58.6	49.1
EBITA	946.1	704.3	562.2	500.2	422.0	359.7	318.5	270.1
EBITA margin	29.4%	26.0%	23.4%	22.6%	21.4%	20.3%	19.9%	18.2%
Amortization of intangibles	12.1	9.8	9.4	8.9	9.0	9.5	10.4	9.8
EBIT [+]	934.0	694.5	552.8	491.3	413.0	350.2	308.1	260.3
EBIT growth	34.5%	25.6%	12.5%	19.0%	17.9%	13.7%	18.4%	-2.4%
EBIT margin	29.0%	25.7%	23.0%	22.2%	21.0%	19.7%	19.2%	17.5%
Non-recurring items [+]	2.0						8.2
Asset impairment							8.2
Interest expense, net [+]	29.8	33.1	31.1	34.7	37.2	32.0	26.8	13.7
Interest expense	29.8	33.1	31.1	34.7	37.2	32.0	29.2	15.4
Interest income							2.5	1.7
Other income (expense), net	0.4	0.6	0.4	1.2	5.3	3.7
Pre-tax income	902.7	662.0	522.2	457.7	381.1	321.8	273.1	246.6
Income taxes	157.8	79.9	94.4	80.7	117.8	99.8	81.0	64.6
Tax rate	17.5%	12.1%	18.1%	17.6%	30.9%	31.0%	29.7%	26.2%
Minority interest	0.0	0.4	0.1	0.0	0.1	0.0	0.1	0.0
Net income	744.8	581.8	427.7	377.0	263.1	222.0	192.1	181.9
Net margin	23.2%	21.5%	17.8%	17.0%	13.4%	12.5%	12.0%	12.2%

Basic EPS [+]	$8.74	$6.82	$4.97	$4.34	$3.00	$2.47	$2.07	$1.82
Growth	28.2%	37.2%	14.4%	44.8%	21.2%	19.3%	14.1%	2.9%
Diluted EPS [+]	$8.60	$6.71	$4.89	$4.26	$2.94	$2.44	$2.05	$1.79
Growth	28.3%	37.3%	14.6%	45.1%	20.3%	19.1%	14.4%	3.0%

Shares outstanding (basic) [+]	85.2	85.3	86.1	86.9	87.8	89.7	92.6	100.1
Growth	-0.2%	-0.9%	-0.9%	-1.0%	-2.2%	-3.1%	-7.5%	-5.9%
Shares outstanding (diluted) [+]	86.6	86.7	87.5	88.5	89.6	90.9	93.6	101.5
Growth	-0.2%	-0.9%	-1.0%	-1.2%	-1.4%	-3.0%	-7.7%	-6.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.