Envista Holdings (NVST) FY2023 results: revenue $2.6 billion, down 0.1% on the year

Envista Holdings Corp. (NVST) reported revenue of $2.6 billion for fiscal 2023, the year ended 31 December 2023, down 0.1% on the year before. Net income was -$100 million, and diluted earnings per share $-0.60. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$2.6 billion

-0.1% on the year

FY2017FY2023

Operating margin

1.2%

12.4% a year earlier

FY2017FY2023

Net income

-$100 million

FY2017FY2023

Diluted EPS

-$0.60

FY2017FY2023

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	2,566	2,569	2,509	-0.1%
Cost of revenue	1,126	1,094	1,082	+2.9%
Gross profit	1,440	1,475	1,426	-2.3%
Gross margin	56.1%	57.4%	56.9%
Research and development	93.8	100	100	-6.3%
Selling, general and administrative	1,057	1,056	1,020	+0.1%
Operating income	31.5	319	306	-90.1%
Operating margin	1.2%	12.4%	12.2%
Interest expense	63.4	38.4	54.1	+65.1%
Pre-tax income	-54.9	284	254
Income tax	45.3	45.9	-9.0	-1.3%
Effective tax rate	n/a	16.2%	-3.5%
Net income	-100	243	340
Net margin	-3.9%	9.5%	13.6%
Diluted EPS	-$0.60	$1.37	$1.92

$ 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	276	183	362	+50.9%
Capital expenditure	58.2	75.7	54.7	-23.1%
Free cash flow	218	107	307	+103.3%
Free cash flow margin	8.5%	4.2%	12.2%
Cash from investing	-62.4	-657	263
Cash from financing	119	12.5	-466	+851.2%
Depreciation and amortisation	136	138	118	-1.6%
Share-based compensation	30.7	30.5	28.2	+0.7%
Diluted shares, weighted	167m	178m	178m	-6.0%
Shares outstanding at period end	172m	163m	162m	+5.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	4,174	4,207	4,058	-0.8%
Non-controlling interest	n/a	0.0	0.4
Short-term borrowings	115	510	432	-77.4%
Debt	1,513	1,381	1,316	+9.6%
Operating lease liabilities	110	121	120	-9.5%
Other liabilities	693	368	648	+88.2%
Total liabilities and equity	6,605	6,587	6,574	+0.3%
Fixed assets	310	294	264	+5.4%
Goodwill	3,292	3,497	3,132	-5.8%
Intangible assets	954	1,087	1,046	-12.2%
Cash and equivalents	940	607	1,074	+54.9%
Receivables	408	394	332	+3.6%
Inventory	259	301	264	-14.0%
Other assets	443	409	462	+8.3%
Total assets	6,605	6,587	6,574	+0.3%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.