Teleflex (TFX) FY2022 results: revenue $2.8 billion, down 0.7% on the year

Teleflex Inc. (TFX) reported revenue of $2.8 billion for fiscal 2022, the year ended 31 December 2022, down 0.7% on the year before. Net income was $363 million, down 25.2%, and diluted earnings per share $7.68. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$2.8 billion

-0.7% on the year

FY2015FY2022

Operating margin

17.9%

22.4% a year earlier

FY2015FY2022

Net income

$363 million

-25.2% on the year

FY2015FY2022

Diluted EPS

$7.68

-24.9% 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	2,791	2,810	2,537	-0.7%
Cost of revenue	1,260	1,260	1,212	-0.0%
Gross profit	1,531	1,550	1,325	-1.2%
Gross margin	54.9%	55.2%	52.2%
Research and development	154	131	120	+17.6%
Selling, general and administrative	864	860	744	+0.4%
Operating income	500	628	423	-20.4%
Operating margin	17.9%	22.4%	16.7%
Interest expense	54.3	57.0	66.5	-4.7%
Pre-tax income	446	559	358	-20.3%
Income tax	83.0	74.3	21.9	+11.6%
Effective tax rate	18.6%	13.3%	6.1%
Net income	363	485	335	-25.2%
Net margin	13.0%	17.3%	13.2%
Diluted EPS	$7.68	$10.23	$7.09	-24.9%

$ 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	342	651	436	-47.5%
Capital expenditure	79.2	71.6	90.7	+10.6%
Free cash flow	263	580	346	-54.6%
Free cash flow margin	9.4%	20.6%	13.6%
Cash from investing	n/a	157	-838
Cash from financing	-218	-716	455
Depreciation and amortisation	231	237	227	-2.9%
Share-based compensation	27.2	22.9	20.7	+18.7%
Buybacks	0.0	n/a	n/a
Dividends paid	63.8	63.6	63.2	+0.2%
Dividend per share	$1.36	$1.36	$1.36	0.0%
Diluted shares, weighted	47m	47m	47m	-0.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	4,022	3,755	3,336	+7.1%
Debt	1,712	1,850	2,478	-7.5%
Operating lease liabilities	120	116	86.1	+3.8%
Other liabilities	1,074	1,151	1,252	-6.7%
Total liabilities and equity	6,928	6,872	7,153	+0.8%
Fixed assets	447	444	474	+0.8%
Goodwill	2,537	2,504	2,586	+1.3%
Intangible assets	2,306	2,289	2,520	+0.7%
Cash and equivalents	292	445	376	-34.4%
Receivables	409	384	395	+6.6%
Inventory	579	478	513	+21.1%
Other assets	359	328	289	+9.2%
Total assets	6,928	6,872	7,153	+0.8%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.