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IDEXX Laboratories (BSP:I1DX34) Piotroski F-Score : 7 (As of Apr. 28, 2024)


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What is IDEXX Laboratories Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

IDEXX Laboratories has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for IDEXX Laboratories's Piotroski F-Score or its related term are showing as below:

BSP:I1DX34' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 7   Max: 9
Current: 7

During the past 13 years, the highest Piotroski F-Score of IDEXX Laboratories was 9. The lowest was 5. And the median was 7.


IDEXX Laboratories Piotroski F-Score Historical Data

The historical data trend for IDEXX Laboratories's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

IDEXX Laboratories Piotroski F-Score Chart

IDEXX Laboratories Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 8.00 7.00 7.00 5.00 7.00

IDEXX Laboratories Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 7.00 8.00 7.00

Competitive Comparison of IDEXX Laboratories's Piotroski F-Score

For the Diagnostics & Research subindustry, IDEXX Laboratories's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


IDEXX Laboratories's Piotroski F-Score Distribution in the Medical Diagnostics & Research Industry

For the Medical Diagnostics & Research industry and Healthcare sector, IDEXX Laboratories's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where IDEXX Laboratories's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 1114.922 + 1088.374 + 1048.145 + 953.114 = R$4,205 Mil.
Cash Flow from Operations was 957.924 + 972.264 + 1345.465 + 1224.22 = R$4,500 Mil.
Revenue was 4688.756 + 4580.097 + 4521.513 + 4417.665 = R$18,208 Mil.
Gross Profit was 2828.119 + 2780.442 + 2706.319 + 2578.113 = R$10,893 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(14407.881 + 14627.822 + 13934.031 + 15242.823 + 15972.981) / 5 = R$14837.1076 Mil.
Total Assets at the begining of this year (Dec22) was R$14,408 Mil.
Long-Term Debt & Capital Lease Obligation was R$3,540 Mil.
Total Current Assets was R$7,326 Mil.
Total Current Liabilities was R$4,662 Mil.
Net Income was 965.247 + 666.19 + 948.766 + 903.295 = R$3,483 Mil.

Revenue was 4163.002 + 4343.778 + 4413.334 + 4346.171 = R$17,266 Mil.
Gross Profit was 2481.994 + 2594.679 + 2656.544 + 2543.636 = R$10,277 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(13782.139 + 12902.258 + 13160.288 + 13843.455 + 14407.881) / 5 = R$13619.2042 Mil.
Total Assets at the begining of last year (Dec21) was R$13,782 Mil.
Long-Term Debt & Capital Lease Obligation was R$4,173 Mil.
Total Current Assets was R$5,778 Mil.
Total Current Liabilities was R$6,482 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

IDEXX Laboratories's current Net Income (TTM) was 4,205. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

IDEXX Laboratories's current Cash Flow from Operations (TTM) was 4,500. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=4204.555/14407.881
=0.29182327

ROA (Last Year)=Net Income/Total Assets (Dec21)
=3483.498/13782.139
=0.25275453

IDEXX Laboratories's return on assets of this year was 0.29182327. IDEXX Laboratories's return on assets of last year was 0.25275453. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

IDEXX Laboratories's current Net Income (TTM) was 4,205. IDEXX Laboratories's current Cash Flow from Operations (TTM) was 4,500. ==> 4,500 > 4,205 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=3540.37/14837.1076
=0.23861591

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=4173.377/13619.2042
=0.30643325

IDEXX Laboratories's gearing of this year was 0.23861591. IDEXX Laboratories's gearing of last year was 0.30643325. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=7326.446/4662.39
=1.57139278

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=5777.687/6482.281
=0.89130462

IDEXX Laboratories's current ratio of this year was 1.57139278. IDEXX Laboratories's current ratio of last year was 0.89130462. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

IDEXX Laboratories's number of shares in issue this year was 419.71. IDEXX Laboratories's number of shares in issue last year was 419.13. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=10892.993/18208.031
=0.59825211

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=10276.853/17266.285
=0.59519769

IDEXX Laboratories's gross margin of this year was 0.59825211. IDEXX Laboratories's gross margin of last year was 0.59519769. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=18208.031/14407.881
=1.26375495

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=17266.285/13782.139
=1.25280154

IDEXX Laboratories's asset turnover of this year was 1.26375495. IDEXX Laboratories's asset turnover of last year was 1.25280154. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+1+0+1+1
=8

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

IDEXX Laboratories has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.

IDEXX Laboratories  (BSP:I1DX34) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


IDEXX Laboratories Piotroski F-Score Related Terms

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IDEXX Laboratories (BSP:I1DX34) Business Description

Traded in Other Exchanges
Address
One IDEXX Drive, Westbrook, ME, USA, 04092
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, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx gets close to 40% of its revenue from outside the United States.

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