LivaNova (LIVN) FY2022 results: revenue $1.0 billion, down 1.3% on the year

LivaNova plc (LIVN) reported revenue of $1.0 billion for fiscal 2022, the year ended 31 December 2022, down 1.3% on the year before. Net income was -$86 million, and diluted earnings per share $-1.61. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$1.0 billion

-1.3% on the year

FY2016FY2022

Operating margin

-7.5%

-0.1% a year earlier

FY2016FY2022

Net income

-$86 million

FY2016FY2022

Diluted EPS

-$1.61

FY2016FY2022

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	1,022	1,035	934	-1.3%
Cost of revenue	315	329	339	-4.5%
Gross profit	707	706	595	+0.2%
Gross margin	69.2%	68.2%	63.7%
Research and development	156	183	153	-15.1%
Selling, general and administrative	469	472	447	-0.6%
Operating income	-76.8	-0.8	-274
Operating margin	-7.5%	-0.1%	-29.3%
Interest expense	48.2	50.2	40.8	-3.8%
Pre-tax income	-75.1	-124	-348
Income tax	11.1	11.2	-1.0	-1.3%
Net income	-86.2	-136	-349
Net margin	-8.4%	-13.1%	-37.3%
Diluted EPS	-$1.61	-$2.68	-$7.18

$ 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	69.9	103	-79.4	-31.8%
Capital expenditure	26.5	25.5	35.0	+4.1%
Free cash flow	43.4	77.1	-114	-43.7%
Free cash flow margin	4.2%	7.4%	-12.3%
Cash from investing	-38.4	36.9	-41.8
Cash from financing	280	-181	311
Depreciation and amortisation	n/a	n/a	29.0
Share-based compensation	44.8	40.6	35.1	+10.5%
Buybacks	n/a	n/a	0.0
Diluted shares, weighted	53m	51m	49m	+5.6%
Shares outstanding at period end	54m	53m	49m	+0.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,208	1,295	1,109	-6.7%
Debt	539	240	656	+125.0%
Operating lease liabilities	29.5	35.9	42.2	-17.7%
Other liabilities	519	631	593	-17.8%
Total liabilities and equity	2,295	2,201	2,400	+4.3%
Fixed assets	147	150	164	-1.9%
Goodwill	769	900	922	-14.5%
Intangible assets	369	400	438	-7.8%
Cash and equivalents	214	208	253	+3.0%
Receivables	183	185	184	-1.2%
Inventory	129	106	115	+22.2%
Other assets	484	252	324	+91.5%
Total assets	2,295	2,201	2,400	+4.3%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.