Revvity (RVTY) FY2022 results: revenue $3.3 billion, down 13.5% on the year

Revvity, Inc. (RVTY) reported revenue of $3.3 billion for fiscal 2022, the year ended 1 January 2023, down 13.5% on the year before. Net income was $569 million, down 39.7%, and diluted earnings per share $4.50. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$3.3 billion

-13.5% on the year

FY2015FY2022

Operating margin

22.4%

32.9% a year earlier

FY2015FY2022

Net income

$569 million

-39.7% on the year

FY2015FY2022

Diluted EPS

$4.50

-44.3% on the year

FY2015FY2022

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	3,312	3,828	2,663	-13.5%
Cost of revenue	1,322	1,394	933	-5.2%
Gross profit	1,990	2,434	1,730	-18.2%
Gross margin	60.1%	63.6%	65.0%
Research and development	222	200	146	+10.6%
Selling, general and administrative	1,026	975	716	+5.2%
Operating income	743	1,258	867	-41.0%
Operating margin	22.4%	32.9%	32.6%
Interest expense	104	n/a	49.7
Pre-tax income	652	1,204	800	-45.8%
Income tax	139	314	170	-55.7%
Effective tax rate	21.3%	26.1%	21.2%
Net income	569	943	728	-39.7%
Net margin	17.2%	24.6%	27.3%
Diluted EPS	$4.50	$8.08	$6.49	-44.3%

$ 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	680	1,411	892	-51.8%
Capital expenditure	85.6	86.0	63.6	-0.5%
Free cash flow	594	1,325	829	-55.1%
Free cash flow margin	17.9%	34.6%	31.1%
Cash from investing	-133	-4,113	-504
Cash from financing	-662	2,942	-203
Depreciation and amortisation	427	311	202	+37.1%
Share-based compensation	51.5	29.7	26.9	+73.6%
Buybacks	80.6	73.1	6.9	+10.4%
Dividends paid	35.3	32.4	31.2	+9.2%
Dividend per share	$0.28	n/a	$0.28
Diluted shares, weighted	126m	117m	112m	+8.4%
Shares outstanding at period end	126m	126m	112m	+0.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	7,383	7,141	3,735	+3.4%
Debt	4,429	5,027	2,009	-11.9%
Operating lease liabilities	170	147	188	+15.3%
Other liabilities	2,148	2,685	2,027	-20.0%
Total liabilities and equity	14,130	15,001	7,960	-5.8%
Fixed assets	483	486	368	-0.5%
Goodwill	6,482	6,627	2,640	-2.2%
Intangible assets	3,377	3,822	1,366	-11.6%
Investments	11.1	33.7	2.2	-67.1%
Cash and equivalents	454	603	387	-24.7%
Receivables	613	708	1,155	-13.4%
Inventory	405	426	515	-4.8%
Other assets	2,304	2,295	1,528	+0.4%
Total assets	14,130	15,001	7,960	-5.8%

10-K for the year ended 1 January 2023, filed 1 March 2023: the filing.