IDEXX Laboratories Inc (IDXX)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	2,189,970	2,004,340	1,889,430	1,571,040	1,365,550
Revenue	US$ in thousands	3,660,950	3,367,320	3,215,360	2,706,660	2,406,910
Gross profit margin		59.82%	59.52%	58.76%	58.04%	56.73%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $2,189,970K ÷ $3,660,950K
= 59.82%

Idexx Laboratories, Inc.'s gross profit margin has demonstrated a consistent upward trend over the past five years, indicating strong pricing power and efficient cost management. The company's gross profit margin improved from 56.73% in 2019 to 59.82% in 2023. This signifies that Idexx Laboratories has been able to effectively control its production costs and maintain healthy margins on its products and services. The incremental increase in gross profit margin reflects positively on the company's operational efficiency and competitive positioning within the industry. Overall, Idexx Laboratories' gross profit margin trend suggests a robust financial performance and effective management of its cost structure.