Enovis (ENOV) FY2022 results: revenue $1.6 billion, up 9.6% on the year

Enovis Corp. (ENOV) reported revenue of $1.6 billion for fiscal 2022, the year ended 31 December 2022, up 9.6% on the year before. Net income was -$13 million, and diluted earnings per share $-0.25. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$1.6 billion

+9.6% on the year

FY2015FY2022

Operating margin

-4.6%

-4.4% a year earlier

FY2015FY2022

Net income

-$13 million

FY2015FY2022

Diluted EPS

-$0.25

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,563	1,426	1,121	+9.6%
Cost of revenue	694	649	517	+7.0%
Gross profit	869	778	604	+11.8%
Gross margin	55.6%	54.5%	53.9%
Research and development	60.8	49.1	34.3	+23.9%
Selling, general and administrative	773	666	515	+16.1%
Operating income	-71.2	-62.8	-66.2
Operating margin	-4.6%	-4.4%	-5.9%
Interest expense	24.1	29.1	52.8	-17.4%
Pre-tax income	-2.1	-122	-119
Income tax	36.1	-19.5	-44.6
Net income	-13.3	71.7	42.6
Net margin	-0.9%	5.0%	3.8%
Diluted EPS	-$0.25	$1.38	$0.93

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-55.9	356	302
Capital expenditure	105	104	115	+1.2%
Free cash flow	-161	252	187
Free cash flow margin	-10.3%	17.7%	16.7%
Cash from investing	-176	-320	-175
Cash from financing	-465	585	-132
Depreciation and amortisation	203	187	168	+8.5%
Share-based compensation	39.0	35.4	28.9	+10.2%
Buybacks	0.0	n/a	0.0
Diluted shares, weighted	54m	52m	46m	+4.3%
Shares outstanding at period end	54m	52m	39m	+4.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	3,448	4,617	3,543	-25.3%
Non-controlling interest	1.7	44.1	44.5	-96.1%
Debt	259	2,087	2,231	-87.6%
Other liabilities	564	1,767	1,532	-68.1%
Total liabilities and equity	4,273	8,515	7,352	-49.8%
Fixed assets	237	235	487	+0.7%
Goodwill	1,984	1,934	1,761	+2.6%
Intangible assets	1,111	1,154	1,663	-3.8%
Cash and equivalents	24.3	680	97.1	-96.4%
Receivables	267	255	517	+4.9%
Inventory	427	356	565	+19.8%
Other assets	224	3,901	2,261	-94.3%
Total assets	4,273	8,515	7,352	-49.8%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.