Envista Holdings (NVST) FY2022 results: revenue $2.6 billion, up 2.4% on the year

Envista Holdings Corp. (NVST) reported revenue of $2.6 billion for fiscal 2022, the year ended 31 December 2022, up 2.4% on the year before. Net income was $243 million, down 28.6%, and diluted earnings per share $1.37. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue

$2.6 billion

+2.4% on the year

FY2017FY2022

Operating margin

12.4%

12.2% a year earlier

FY2017FY2022

Net income

$243 million

-28.6% on the year

FY2017FY2022

Diluted EPS

$1.37

-28.6% on the year

FY2017FY2022

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	2,569	2,509	1,929	+2.4%
Cost of revenue	1,094	1,082	874	+1.1%
Gross profit	1,475	1,426	1,055	+3.4%
Gross margin	57.4%	56.9%	54.7%
Research and development	100	100	86.7	-0.4%
Selling, general and administrative	1,056	1,020	925	+3.5%
Operating income	319	306	43.5	+4.2%
Operating margin	12.4%	12.2%	2.3%
Interest expense	38.4	54.1	62.5	-29.0%
Pre-tax income	284	254	-20.0	+11.6%
Income tax	45.9	-9.0	-62.5
Effective tax rate	16.2%	-3.5%	n/a
Net income	243	340	33.3	-28.6%
Net margin	9.5%	13.6%	1.7%
Diluted EPS	$1.37	$1.92	$0.20	-28.6%

$ 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	183	362	284	-49.5%
Capital expenditure	75.7	54.7	47.7	+38.4%
Free cash flow	107	307	236	-65.1%
Free cash flow margin	4.2%	12.2%	12.2%
Cash from investing	-657	263	-69.1
Cash from financing	12.5	-466	492
Depreciation and amortisation	138	118	122	+17.0%
Share-based compensation	30.5	28.2	22.6	+8.2%
Diluted shares, weighted	178m	178m	164m	0.0%
Shares outstanding at period end	163m	162m	160m	+1.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	4,207	4,058	3,721	+3.7%
Non-controlling interest	0.0	0.4	0.4
Short-term borrowings	510	432	887	+17.9%
Debt	1,381	1,316	1,794	+4.9%
Operating lease liabilities	121	120	153	+0.8%
Other liabilities	368	648	321	-43.2%
Total liabilities and equity	6,587	6,574	6,876	+0.2%
Fixed assets	294	264	275	+11.2%
Goodwill	3,497	3,132	3,207	+11.6%
Intangible assets	1,087	1,046	1,153	+3.9%
Cash and equivalents	607	1,074	889	-43.5%
Receivables	394	332	302	+18.6%
Inventory	301	264	216	+14.0%
Other assets	409	462	835	-11.6%
Total assets	6,587	6,574	6,876	+0.2%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.