Envista Holdings (NVST) Q1 FY2024 earnings: revenue $624 million, down 0.6% on the year

Envista Holdings Corp. (NVST) reported revenue of $624 million for Q1 FY2024, the quarter ended 29 March 2024, down 0.6% on the same quarter a year earlier. Net income was $24 million, down 46.1% on the year, and diluted earnings per share $0.14. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$624 milliondown 0.6%

Net income$24 milliondown 46.1%

Diluted EPS$0.14

QuarterQ1 FY2024ended 29 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	624	646	n/a	n/a
Cost of revenue	267	310	n/a	n/a
Gross profit	356	336	n/a	n/a
Gross margin	57.1%	52.0%	n/a
Research and development	23.3	20.2	n/a	n/a
Selling, general and administrative	285	260	n/a	n/a
Operating income	48.1	-203	n/a	n/a
Operating margin	7.7%	-31.4%	n/a
Interest expense	12.9	13.9	n/a	n/a
Pre-tax income	35.3	-215	n/a	n/a
Income tax	11.7	2.4	n/a	n/a
Effective tax rate	33.1%	n/a	n/a
Net income	23.6	-217	n/a	n/a
Net margin	3.8%	-33.7%	n/a
Diluted EPS	$0.14	-$1.27	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	40.3	102	n/a	n/a
Capital expenditure	11.0	8.2	n/a	n/a
Free cash flow	29.3	93.8	n/a	n/a
Free cash flow margin	4.7%	14.5%	n/a
Cash from investing	-10.7	-12.6	n/a	n/a
Cash from financing	-2.6	3.3	n/a	n/a
Depreciation and amortisation	32.1	n/a	n/a	n/a
Share-based compensation	11.0	4.5	n/a	n/a
Diluted shares, weighted	173m	172m	n/a	n/a
Shares outstanding at period end	172m	172m	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	4,140	4,174	n/a	n/a
Short-term borrowings	116	115	n/a	n/a
Debt	1,506	1,513	n/a	n/a
Operating lease liabilities	108	110	n/a	n/a
Other liabilities	687	693	n/a	n/a
Total liabilities and equity	6,556	6,605	n/a	n/a
Fixed assets	306	310	n/a	n/a
Goodwill	3,260	3,292	n/a	n/a
Intangible assets	919	954	n/a	n/a
Cash and equivalents	948	940	n/a	n/a
Receivables	413	408	n/a	n/a
Inventory	267	259	n/a	n/a
Other assets	443	443	n/a	n/a
Total assets	6,556	6,605	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-Q for the period ended 29 March 2024, filed 1 May 2024, accession 0001757073-24-000039: the filing on EDGAR. All of Envista Holdings Corp.'s filings: EDGAR company page.

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