Envista Holdings (NVST) Q4 FY2023 earnings: revenue $646 million, down 2.3% on the year

Envista Holdings Corp. (NVST) reported revenue of $646 million for Q4 FY2023, the quarter ended 31 December 2023, down 2.3% on the same quarter a year earlier. Net income was -$217 million, and diluted earnings per share $-1.27. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue$646 milliondown 2.3%

Net income-$217 million

Diluted EPS$-1.27

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	646	631	n/a	n/a
Cost of revenue	310	268	n/a	n/a
Gross profit	336	363	n/a	n/a
Gross margin	52.0%	57.5%	n/a
Research and development	20.2	22.3	n/a	n/a
Selling, general and administrative	260	258	n/a	n/a
Operating income	-203	83.3	n/a	n/a
Operating margin	-31.4%	13.2%	n/a
Interest expense	13.9	15.4	n/a	n/a
Pre-tax income	-215	35.8	n/a	n/a
Income tax	2.4	14.3	n/a	n/a
Effective tax rate	n/a	39.9%	n/a
Net income	-217	21.5	n/a	n/a
Net margin	-33.7%	3.4%	n/a
Diluted EPS	-$1.27	$0.12	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	102	95.5	n/a	n/a
Capital expenditure	8.2	18.4	n/a	n/a
Free cash flow	93.8	77.1	n/a	n/a
Free cash flow margin	14.5%	12.2%	n/a
Cash from investing	-12.6	-25.0	n/a	n/a
Cash from financing	3.3	114	n/a	n/a
Share-based compensation	4.5	6.0	n/a	n/a
Diluted shares, weighted	172m	175m	n/a	n/a
Shares outstanding at period end	172m	171m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	4,174	4,293	n/a	n/a
Short-term borrowings	115	115	n/a	n/a
Debt	1,513	1,496	n/a	n/a
Operating lease liabilities	110	112	n/a	n/a
Other liabilities	693	667	n/a	n/a
Total liabilities and equity	6,605	6,684	n/a	n/a
Fixed assets	310	304	n/a	n/a
Goodwill	3,292	3,458	n/a	n/a
Intangible assets	954	1,001	n/a	n/a
Cash and equivalents	940	824	n/a	n/a
Receivables	408	417	n/a	n/a
Inventory	259	279	n/a	n/a
Other assets	443	400	n/a	n/a
Total assets	6,605	6,684	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	631	646	624	633	601	653	617	682	670	751	706	730
Cost of revenue	268	310	267	306	284	280	281	312	300	340	315	324
Gross profit	363	336	356	327	317	372	336	370	370	411	390	407
Gross margin	58%	52%	57%	52%	53%	57%	54%	54%	55%	55%	55%	56%
R&D	22.3	20.2	23.3	23.6	25.5	26.7	25.3	28.3	28.3	32.1	30.0	30.4
SG&A	258	260	285	302	271	300	272	295	284	305	298	296
Operating income	83.3	-203	48.1	-1,153	20.9	46.1	39.0	46.3	57.5	73.3	62.5	80.3
Operating margin	13%	-31%	8%	-182%	3%	7%	6%	7%	9%	10%	9%	11%
Interest expense	15.4	13.9	12.9	11.7	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	35.8	-215	35.3	-1,166	9.6	36.5	29.0	40.7	49.9	57.6	52.2	74.4
Tax rate	40%	n/a	33%	n/a	15%	97%	38%	35%	161%	43%	26%	28%
Net income	21.5	-217	23.6	-1,152	8.2	1.2	18.0	26.4	-30.3	32.9	38.7	53.7
Net margin	3%	-34%	4%	-182%	1%	0%	3%	4%	-5%	4%	5%	7%
Diluted EPS	$0.12	-$1.27	$0.14	-$6.69	$0.05	$0.01	$0.10	$0.16	-$0.18	$0.20	$0.23	$0.33
Operating cash flow	95.5	102	40.3	93.1	70.7	132	0.3	88.7	78.7	108	-3.3	119
Capital expenditure	18.4	8.2	11.0	6.8	7.4	8.6	5.9	12.3	10.8	16.3	12.5	14.9
Free cash flow	77.1	93.8	29.3	86.3	63.3	124	-5.6	76.4	67.9	91.7	-15.8	104
Shares outstanding	171m	172m	172m	172m	172m	172m	172m	167m	165m	164m	163m	161m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 15 February 2024, accession 0001757073-24-000019: the filing on EDGAR. All of Envista Holdings Corp.'s filings: EDGAR company page.

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