IDEXX Laboratories Inc (IDXX)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	1,061,180	859,972	902,655	661,630	522,146
Revenue	US$ in thousands	3,660,950	3,367,320	3,215,360	2,706,660	2,406,910
Pretax margin		28.99%	25.54%	28.07%	24.44%	21.69%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $1,061,180K ÷ $3,660,950K
= 28.99%

The pretax margin of Idexx Laboratories, Inc. has shown a generally positive trend over the past five years, increasing from 21.70% in 2019 to 28.99% in 2023. This indicates the company's ability to generate profit before accounting for taxes as a percentage of its total revenue has been improving. The consistent growth in the pretax margin suggests that Idexx Laboratories has been effectively managing its operating expenses and cost structure to enhance profitability. This trend reflects positively on the company's financial health and operational efficiency during the period under review.