Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following table sets forth selected consolidated financial data for each of the last five fiscal years. The selected consolidated financial data presented below has been derived from the consolidated financial statements. This 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)
	2019 (1)			2018 (2)			2017			2016			2015

INCOME STATEMENT DATA:
Revenue	$	2,406,908		$	2,213,242		$	1,969,058		$	1,775,423		$	1,601,892
Cost of revenue	1,041,359			971,700			871,676			799,987			711,622
Gross profit	1,365,549			1,241,542			1,097,382			975,436			890,270
Expenses:
Sales and marketing	418,193			387,406			354,294			317,058			299,955
General and administrative	261,317			244,938			220,878			207,017			182,510
Research and development	133,193			117,863			109,182			101,122			99,681
Impairment charge	—			—			—			—			8,212
Income from operations	552,846			491,335			413,028			350,239			299,912
Interest expense, net	(30,628		)	(33,593		)	(31,971		)	(28,393		)	(26,771		)
Income before provision for income taxes	522,218			457,742			381,057			321,846			273,141
Provision for income taxes	94,426			80,695			117,788			99,792			81,006
Net income	427,792			377,047			263,269			222,054			192,135
Less: Net income attributable to noncontrolling interest	72			16			125			9			57
Net income attributable to IDEXX Laboratories, Inc. stockholders	$	427,720		$	377,031		$	263,144		$	222,045		$	192,078
Earnings per share:
Basic	$	4.97		$	4.34		$	3.00		$	2.47		$	2.07
Diluted	$	4.89		$	4.26		$	2.94		$	2.44		$	2.05
Weighted average shares outstanding:
Basic	86,115			86,864			87,769			89,732			92,601
Diluted	87,542			88,470			89,567			90,884			93,649

BALANCE SHEET DATA:
Cash and cash equivalents	$	90,326		$	123,794		$	187,675		$	154,901		$	128,994
Marketable securities	—			—			284,255			236,949			213,591
Cash and cash equivalents and marketable securities	$	90,326		$	123,794		$	471,930		$	391,850		$	342,585
Working capital	$	(45,698	)	$	(116,272	)	$	(32,582	)	$	(88,984	)	$	(35,127	)
Total assets	$	1,832,475		$	1,537,349		$	1,713,416		$	1,530,704		$	1,474,993
Total long-term debt	$	698,910		$	601,348		$	606,075		$	593,110		$	597,085
Total stockholders' equity (deficit)	$	177,825		$	(9,233	)	$	(53,842	)	$	(108,213	)	$	(83,995	)

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(1)	See "Part II, Item 8. Financial Statements and Supplementary Data, Note 2. Summary of Significant Accounting Policies" and "Part II, Item 8. Financial Statements and Supplementary Data, Note 7. Leases,"to the consolidated financial statements included in the Annual Report on Form 10-K for additional information regarding the adoption of the New Leasing Standard.


(2)	See "Part II, Item 8. Financial Statements and Supplementary Data, Note 3. Revenue Recognition" to the consolidated financial statements included in the Annual Report on Form 10-K for additional information regarding the adoption of the New Revenue Standard.

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