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Teleflex (TFX) FY2021 results: revenue $2.8 billion, up 10.7% on the year

Teleflex Inc. (TFX) reported revenue of $2.8 billion for fiscal 2021, the year ended 31 December 2021, up 10.7% on the year before. Net income was $485 million, up 44.7%, and diluted earnings per share $10.23. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue
$2.8 billion
+10.7% on the year
FY2014FY2021
Operating margin
22.4%
16.7% a year earlier
FY2014FY2021
Net income
$485 million
+44.7% on the year
FY2014FY2021
Diluted EPS
$10.23
+44.3% on the year
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue2,8102,5372,595+10.7%
Cost of revenue1,2601,2121,186+3.9%
Gross profit1,5501,3251,409+17.0%
Gross margin55.2%52.2%54.3%
Research and development131120114+9.3%
Selling, general and administrative860744852+15.7%
Operating income628423427+48.5%
Operating margin22.4%16.7%16.5%
Interest expense57.066.580.3-14.3%
Pre-tax income559358340+56.4%
Income tax74.321.9-122+239.0%
Effective tax rate13.3%6.1%-35.9%
Net income485335461+44.7%
Net margin17.3%13.2%17.8%
Diluted EPS$10.23$7.09$9.80+44.3%
$ million except per share.
Read moreFree 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

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow651436440+49.3%
Capital expenditure71.690.7103-21.0%
Free cash flow580346337+67.7%
Free cash flow margin20.6%13.6%13.0%
Cash from investing157-838-73.5
Cash from financing-716455-419
Depreciation and amortisation237227218+4.4%
Share-based compensation22.920.726.9+10.6%
Dividends paid63.663.262.8+0.7%
Dividend per share$1.36$1.36$1.360.0%
Diluted shares, weighted47m47m47m+0.3%

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity3,7553,3362,979+12.5%
Debt1,8502,4781,909-25.4%
Operating lease liabilities11686.1101+34.8%
Other liabilities1,1511,2521,320-8.1%
Total liabilities and equity6,8727,1536,310-3.9%
Fixed assets444474431-6.4%
Goodwill2,5042,5862,245-3.2%
Intangible assets2,2892,5202,156-9.2%
Cash and equivalents445376301+18.4%
Receivables384395419-2.9%
Inventory478513477-6.9%
Other assets328289281+13.7%
Total assets6,8727,1536,310-3.9%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.