IDEXX Laboratories, Inc. stock research
FY2024 Q1
IDEXX Laboratories (IDXX) Gross Margin — Quarter Ended Mar 31, 2024
Revenue, gross profit, and gross margin all increased compared to the prior quarter and the same quarter last year. The gross margin improvement reflected a higher revenue base while cost of revenue remained relatively stable.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue, gross profit, and gross margin all increased compared to the prior quarter and the same quarter last year. The gross margin improvement reflected a higher revenue base while cost of revenue remained relatively stable.
- The strongest observable driver is the favorable change in the relationship between revenue and cost of revenue, as revenue grew in both comparisons while cost of revenue moved less proportionally.
- Compared to the previous quarter, revenue and gross profit were higher, cost of revenue was lower, and gross margin improved. Compared to the same quarter one year earlier, revenue, gross profit, and gross margin were higher, while cost of revenue was also higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
61.5%
Gross profit
$593.1M
Revenue
$964.1M
Cost of revenue
$371.0M
Quarter-over-quarter change
+3.2 pts
Year-over-year change
+1.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2023 | $943.6M | $572.9M | $370.8M | 60.7% |
| Sep 30, 2023 | $915.5M | $548.0M | $367.5M | 59.9% |
| Dec 31, 2023 | $901.6M | $526.2M | $375.4M | 58.4% |
| Mar 31, 2024 | $964.1M | $593.1M | $371.0M | 61.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
+3.2 pts
Year-over-year change
Mar 31, 2023
+1.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver is the favorable change in the relationship between revenue and cost of revenue, as revenue grew in both comparisons while cost of revenue moved less proportionally.
Compared to the previous quarter, revenue and gross profit were higher, cost of revenue was lower, and gross margin improved. Compared to the same quarter one year earlier, revenue, gross profit, and gross margin were higher, while cost of revenue was also higher.
Monitor the trend of cost of revenue relative to revenue, as it decreased sequentially but increased year-over-year.