Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following table sets forth selected consolidated financial data of the Company for each of the last five fiscal years of the Company. The selected consolidated financial data presented below has been derived from the Company’s consolidated financial statements. These financial data should be read in conjunction with the consolidated financial statements, related notes and other financial information appearing elsewhere in this Annual Report on Form 10-K.


	For the Years Ended December 31,
	(in thousands, except per share data)
		2014		2013		2012		2011		2010

INCOME STATEMENT DATA:
Revenue	$	1,485,807	$	1,377,058	$	1,293,338	$	1,218,689	$	1,103,392
Cost of revenue		669,691		620,940		594,190		572,183		524,769
Gross profit		816,116		756,118		699,148		646,506		578,623
Expenses:
Sales and marketing		283,708		243,492		216,962		204,850		179,626
General and administrative		173,890		157,861		137,609		129,389		126,519
Research and development		98,263		88,003		82,014		76,042		68,597
Income from operations		260,255		266,762		262,563		236,225		203,881
Interest expense, net		(13,700)		(3,501)		(1,946)		(1,803)		(1,752)
Income before provision for income taxes		246,555		263,261		260,617		234,422		202,129
Provision for income taxes		64,604		75,467		82,330		72,668		60,809
Net income		181,951		187,794		178,287		161,754		141,320
Less: Net income (loss) attributable to noncontrolling interest		45		(6)		20		(32)		36
Net income attributable to IDEXX Laboratories, Inc. stockholders	$	181,906	$	187,800	$	178,267	$	161,786	$	141,284
Earnings per share:
Basic	$	3.63	$	3.53	$	3.24	$	2.85	$	2.45
Diluted		3.58		3.48		3.17		2.78		2.37
Weighted average shares outstanding:
Basic		50,047		53,159		54,985		56,790		57,713
Diluted		50,751		53,985		56,155		58,214		59,559

BALANCE SHEET DATA:
Cash and cash equivalents	$	322,536	$	279,058	$	223,986	$	183,895	$	156,915
Working capital		(61,508)		174,353		163,204		87,348		175,479
Total assets		1,384,211		1,230,516		1,103,602		1,030,814		897,144
Total long-term debt1		350,000		150,359		1,394		2,501		3,418
Total stockholders' equity		117,589		518,214		636,257		539,593		574,281
1 In September 2014, we issued and sold through a private placement an aggregate principal amount of $75 million of 3.72% Senior Notes due September 4, 2026 under a Note Purchase Agreement dated as of July 22, 2014 among the Company, New York Life Insurance Company and the accredited institutional purchasers named therein. In July 2014, we issued and sold through a private placement an aggregate principal amount of $125 million of senior notes consisting of $75 million of 3.76% Series B Senior Notes due July 21, 2024 and $50 million of 3.32% Series A Senior Notes due July 21, 2021 under a Note Purchase and Private Shelf Agreement among the Company, Prudential Investment Management, Inc. and the accredited institutional purchasers named therein. In December 2013, we issued and sold through a private placement an aggregate amount of $150 million of senior notes consisting of $75 million of 3.94% Series A Senior Notes due December 11, 2023 and $75 million of 4.04% Series B Senior Notes due December 11, 2025 under a Note Purchase Agreement among the Company and the accredited institutional purchasers named therein. See Note 10 to the consolidated financial statements included in this Annual Report on Form 10-K for additional information about these senior notes.

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