Enovis (ENOV) FY2023 results: revenue $1.7 billion, up 9.2% on the year

Enovis Corp. (ENOV) reported revenue of $1.7 billion for fiscal 2023, the year ended 31 December 2023, up 9.2% on the year before. Net income was -$33 million, and diluted earnings per share $-0.61. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$1.7 billion

+9.2% on the year

FY2016FY2023

Operating margin

-3.8%

-4.6% a year earlier

FY2016FY2023

Net income

-$33 million

FY2016FY2023

Diluted EPS

-$0.61

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,707	1,563	1,426	+9.2%
Cost of revenue	716	694	649	+3.3%
Gross profit	991	869	778	+14.0%
Gross margin	58.0%	55.6%	54.5%
Research and development	75.3	60.8	49.1	+23.8%
Selling, general and administrative	830	773	666	+7.4%
Operating income	-65.7	-71.2	-62.8
Operating margin	-3.8%	-4.6%	-4.4%
Interest expense	19.7	24.1	29.1	-17.9%
Pre-tax income	-67.1	-2.1	-122
Income tax	-13.3	36.1	-19.5
Net income	-33.3	-13.3	71.7
Net margin	-1.9%	-0.9%	5.0%
Diluted EPS	-$0.61	-$0.25	$1.38

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	135	-55.9	356
Capital expenditure	122	105	104	+15.9%
Free cash flow	12.8	-161	252
Free cash flow margin	0.7%	-10.3%	17.7%
Cash from investing	-242	-176	-320
Cash from financing	128	-465	585
Depreciation and amortisation	217	203	187	+7.0%
Share-based compensation	34.1	39.0	35.4	-12.6%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	54m	54m	52m	+0.8%
Shares outstanding at period end	55m	54m	52m	+0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	3,418	3,448	4,617	-0.9%
Non-controlling interest	2.3	1.7	44.1	+34.6%
Debt	466	259	2,087	+79.8%
Other liabilities	622	564	1,767	+10.3%
Total liabilities and equity	4,509	4,273	8,515	+5.5%
Fixed assets	271	237	235	+14.4%
Goodwill	2,061	1,984	1,934	+3.9%
Intangible assets	1,127	1,111	1,154	+1.5%
Cash and equivalents	36.2	24.3	680	+49.0%
Receivables	291	267	255	+9.0%
Inventory	469	427	356	+9.9%
Other assets	254	224	3,901	+13.4%
Total assets	4,509	4,273	8,515	+5.5%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.