Teleflex (TFX) FY2023 results: revenue $1.7 billion, down 38.6% on the year

Teleflex Inc. (TFX) reported revenue of $1.7 billion for fiscal 2023, the year ended 31 December 2023, down 38.6% on the year before. Net income was $356 million, down 1.9%, and diluted earnings per share $7.53. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$1.7 billion

-38.6% on the year

FY2016FY2023

Operating margin

15.1%

17.9% a year earlier

FY2016FY2023

Net income

$356 million

-1.9% on the year

FY2016FY2023

Diluted EPS

$7.53

-2.0% on the year

FY2016FY2023

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	1,712	2,791	2,810	-38.6%
Cost of revenue	672	1,260	1,260	-46.6%
Gross profit	1,040	1,531	1,550	-32.1%
Gross margin	60.7%	54.9%	55.2%
Research and development	114	154	131	-26.1%
Selling, general and administrative	623	864	860	-27.9%
Operating income	259	500	628	-48.2%
Operating margin	15.1%	17.9%	22.4%
Interest expense	85.1	54.3	57.0	+56.8%
Pre-tax income	185	446	559	-58.4%
Income tax	41.9	83.0	74.3	-49.6%
Effective tax rate	22.6%	18.6%	13.3%
Net income	356	363	485	-1.9%
Net margin	20.8%	13.0%	17.3%
Diluted EPS	$7.53	$7.68	$10.23	-2.0%

$ 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	511	342	651	+49.2%
Capital expenditure	46.4	79.2	71.6	-41.4%
Free cash flow	464	263	580	+76.5%
Free cash flow margin	27.1%	9.4%	20.6%
Cash from investing	n/a	n/a	157
Cash from financing	38.5	-218	-716
Depreciation and amortisation	148	231	237	-35.8%
Share-based compensation	27.3	27.2	22.9	+0.3%
Buybacks	0.0	0.0	n/a
Dividends paid	63.9	63.8	63.6	+0.2%
Dividend per share	$1.36	$1.36	$1.36	0.0%
Diluted shares, weighted	47m	47m	47m	-0.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	4,441	4,022	3,755	+10.4%
Debt	1,815	1,712	1,850	+6.1%
Operating lease liabilities	111	120	116	-7.6%
Other liabilities	1,165	1,074	1,151	+8.5%
Total liabilities and equity	7,533	6,928	6,872	+8.7%
Fixed assets	480	447	444	+7.3%
Goodwill	2,914	2,537	2,504	+14.9%
Intangible assets	2,502	2,306	2,289	+8.5%
Cash and equivalents	223	292	445	-23.7%
Receivables	443	409	384	+8.5%
Inventory	626	579	478	+8.2%
Other assets	344	359	328	-4.0%
Total assets	7,533	6,928	6,872	+8.7%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.