IDEXX Laboratories Inc (IDXX)

Fixed asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	3,660,953	3,587,920	3,514,054	3,430,970	3,367,324	3,339,846	3,308,606	3,274,202	3,215,360	3,135,208	3,046,576	2,858,026	2,706,655	2,591,163	2,474,677	2,457,188	2,406,908	2,350,848	2,290,993	2,251,642
Property, plant and equipment	US$ in thousands	702,177	687,101	683,270	665,439	649,474	612,405	594,224	593,457	587,667	573,385	550,255	543,963	555,167	547,624	550,895	546,158	533,845	496,584	469,982	449,103
Fixed asset turnover		5.21	5.22	5.14	5.16	5.18	5.45	5.57	5.52	5.47	5.47	5.54	5.25	4.88	4.73	4.49	4.50	4.51	4.73	4.87	5.01

December 31, 2023 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $3,660,953K ÷ $702,177K
= 5.21

Idexx Laboratories, Inc. has shown relatively consistent fixed asset turnover ratios over the past eight quarters, ranging from a low of 5.14 to a high of 5.57. The fixed asset turnover ratio measures how efficiently the company is utilizing its fixed assets to generate revenue. A higher fixed asset turnover ratio indicates that the company is generating more revenue per dollar of investment in fixed assets.

Idexx Laboratories has maintained a high fixed asset turnover ratio, with an average of approximately 5.34 over the period analyzed. This suggests that the company is effectively using its fixed assets to generate sales. A consistently high fixed asset turnover ratio may indicate that Idexx Laboratories is managing its fixed assets efficiently and effectively, maximizing productivity and profitability.

Overall, the data indicates that Idexx Laboratories has been successful in utilizing its fixed assets to drive revenue generation, reflecting positively on the company's operational efficiency and financial performance.