---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-018775"
form_type: "8-K"
ticker: "INVX"
cik: "0001042893"
company_name: "Innovex International, Inc."
filed_at: "2023-05-08T23:59:59+00:00"
generated_at: "2026-06-15T11:56:36.015603+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Dril-Quip Q1 revenue up 9% YoY to $90.9M, net income $2.3M; bookings fall 43% sequentially; provides FY2023 outlook

## Summary
- Revenue $90.9M (+9% YoY, -6% sequential); net income $2.3M ($0.07 EPS) vs. loss of $0.3M in Q4'22.
- Adjusted EBITDA $8.8M (up from $3.2M YoY); gross margin 27.9% (-333bps sequentially, +489bps YoY).
- Net bookings $53.5M, down 43% sequentially and 20% YoY; management expects bookings growth through year on MSA activity.
- FY2023 outlook: revenue growth 10%, bookings growth 10-20%, adjusted EBITDA incremental margins 40-60%, capex $25-30M.
- Free cash flow negative $58.3M on working capital timing; expects $40M cash from AR reduction by Q3 2023; $103M buyback authorization remains.

## SEC filing metadata
- accession: 0000950170-23-018775
- form_type: 8-K
- ticker: INVX
- cik: 0001042893
- company_name: Innovex International, Inc.
- filed_at: 2023-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1042893/000095017023018775/0000950170-23-018775-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1042893/000095017023018775/drq-20230508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-018775
- JSON: https://secwatch.observer/filing/0000950170-23-018775.json
- Plain text: https://secwatch.observer/filing/0000950170-23-018775.txt

## Key facts
- Earnings Releases
  Innovex International, Inc. reported first quarter of 2023 results: revenue $90.9 million, net income $2.3 million, or $0.07 per share, EPS $0.07 per share.
  - Period: first quarter of 2023
  - Revenue: $90.9 million
  - Net income: $2.3 million, or $0.07 per share
  - EPS: $0.07 per share
  - Result: reported results
  source text: and innovative technologies for use in the energy industry, today reported operational and financial results for the first quarter of 2023. First Quarter Highlights • Revenue of $90.9 million decreased 6% sequentially and increased 9% year-over-year • Net Bookings of $53.5 million decreased 43% sequentially and 20% year-over-year • Net Income of $2.3 million increased
  evidence_url: https://www.sec.gov/Archives/edgar/data/1042893/000095017023018775/0000950170-23-018775-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.