2024 Q1 Form 10-K Financial Statement

#000109980024000004 Filed on February 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.598B $1.534B $6.005B
YoY Change 9.5% 13.78% 11.56%
Cost Of Revenue $385.6M $356.9M $1.380B
YoY Change 17.03% 38.39% 27.71%
Gross Profit $1.213B $1.177B $4.625B
YoY Change 7.3% 7.96% 7.51%
Gross Profit Margin 75.87% 76.74% 77.02%
Selling, General & Admin $489.7M $480.0M $1.825B
YoY Change 12.24% 16.79% 16.39%
% of Gross Profit 40.38% 40.77% 39.45%
Research & Development $285.2M $270.0M $1.072B
YoY Change 9.19% 16.28% 13.39%
% of Gross Profit 23.52% 22.94% 23.17%
Depreciation & Amortization $38.50M $36.70M $144.9M
YoY Change 9.38% 3.67% 3.8%
% of Gross Profit 3.17% 3.12% 3.13%
Operating Expenses $774.9M $750.0M $2.896B
YoY Change 11.1% 16.51% 16.93%
Operating Profit $387.5M $427.2M $1.534B
YoY Change -0.23% -4.37% -15.94%
Interest Expense $16.50M $16.80M $17.60M
YoY Change 91.86% 112.66% 7.98%
% of Operating Profit 4.26% 3.93% 1.15%
Other Income/Expense, Net $5.400M $4.800M $14.40M
YoY Change 237.5% 33.33% 453.85%
Pretax Income $409.4M $421.7M $1.598B
YoY Change 2.71% -8.19% -9.58%
Income Tax $58.40M $52.00M $198.7M
% Of Pretax Income 14.26% 12.33% 12.43%
Net Earnings $351.9M $369.9M $1.402B
YoY Change 3.35% -7.15% -7.85%
Net Earnings / Revenue 22.02% 24.11% 23.35%
Basic Earnings Per Share $0.58 $2.31
Diluted Earnings Per Share $0.58 $0.61 $2.30
COMMON SHARES
Basic Shares Outstanding 601.3M shares 606.5M shares 606.7M shares
Diluted Shares Outstanding 604.1M shares 609.4M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.698B $1.645B $1.645B
YoY Change 35.35% 35.32% 35.32%
Cash & Equivalents $1.225B $1.144B $1.144B
Short-Term Investments $473.0M $500.5M $500.5M
Other Short-Term Assets $250.6M $239.3M $386.1M
YoY Change 31.69% -21.77% 26.22%
Inventory $1.207B $1.168B $1.168B
Prepaid Expenses $138.1M $146.8M
Receivables $817.6M $775.1M $775.1M
Other Receivables $59.30M $61.80M $61.80M
Total Short-Term Assets $4.171B $4.036B $4.036B
YoY Change 28.04% 30.36% 30.36%
LONG-TERM ASSETS
Property, Plant & Equipment $1.768B $1.749B $1.843B
YoY Change 7.41% 1.41% 6.86%
Goodwill $1.253B $1.254B
YoY Change -4.25% 7.66%
Intangibles $446.8M $428.4M
YoY Change 0.0% 50.21%
Long-Term Investments $34.10M $33.60M $583.9M
YoY Change 40.91% -97.29% -52.87%
Other Assets $767.6M $463.7M $1.218B
YoY Change 161.44% -40.79% 55.57%
Total Long-Term Assets $5.566B $5.328B $5.328B
YoY Change 3.19% 2.52% 2.52%
TOTAL ASSETS
Total Short-Term Assets $4.171B $4.036B $4.036B
Total Long-Term Assets $5.566B $5.328B $5.328B
Total Assets $9.736B $9.363B $9.363B
YoY Change 12.54% 12.91% 12.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $212.3M $201.4M $1.171B
YoY Change 17.42% -79.8% 17.41%
Accrued Expenses $699.6M $24.90M $24.90M
YoY Change -3.89% -2.35% -2.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.111B $1.195B $1.195B
YoY Change 2.66% 16.92% 16.92%
LONG-TERM LIABILITIES
Long-Term Debt $597.2M $597.0M $597.0M
YoY Change 0.12% 0.12% 0.12%
Other Long-Term Liabilities $266.5M $264.3M $851.4M
YoY Change 2.46% -55.92% 41.99%
Total Long-Term Liabilities $863.7M $861.3M $1.448B
YoY Change 0.83% -27.98% 21.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.111B $1.195B $1.195B
Total Long-Term Liabilities $863.7M $861.3M $1.448B
Total Liabilities $2.550B $2.644B $2.713B
YoY Change -1.52% 6.36% 9.15%
SHAREHOLDERS EQUITY
Retained Earnings $9.344B $8.992B
YoY Change 17.83% 18.48%
Common Stock $3.032B $2.925B
YoY Change 12.43% 11.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.118B $6.650B $6.650B
YoY Change
Total Liabilities & Shareholders Equity $9.736B $9.363B $9.363B
YoY Change 12.54% 12.91% 12.91%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $351.9M $369.9M $1.402B
YoY Change 3.35% -7.15% -7.85%
Depreciation, Depletion And Amortization $38.50M $36.70M $144.9M
YoY Change 9.38% 3.67% 3.8%
Cash From Operating Activities -$53.50M $136.6M $895.8M
YoY Change -117.03% -51.7% -26.47%
INVESTING ACTIVITIES
Capital Expenditures $65.30M $101.6M $253.0M
YoY Change 6.18% 14.03% 3.43%
Acquisitions
YoY Change
Other Investing Activities $2.300M $115.7M $12.50M
YoY Change -84.67% -37.05% -56.6%
Cash From Investing Activities $63.10M $14.10M $173.8M
YoY Change 12520.0% -85.11% -31.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $879.6M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $61.70M -413.2M -$711.0M
YoY Change -129.86% -50.72% -55.13%
NET CHANGE
Cash From Operating Activities -$53.50M 136.6M $895.8M
Cash From Investing Activities $63.10M 14.10M $173.8M
Cash From Financing Activities $61.70M -413.2M -$711.0M
Net Change In Cash $81.00M -262.5M $375.4M
YoY Change -21.97% -43.05% -495.99%
FREE CASH FLOW
Cash From Operating Activities -$53.50M $136.6M $895.8M
Capital Expenditures $65.30M $101.6M $253.0M
Free Cash Flow -$118.8M $35.00M $642.8M
YoY Change -147.03% -81.93% -33.98%

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DESCRIPTION OF BUSINESS<div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Edwards Lifesciences Corporation ("Edwards Lifesciences," "Edwards," or the "Company") conducts operations worldwide and is managed in the following geographical regions: United States, Europe, Japan, and Rest of World. Edwards Lifesciences is focused on technologies that treat structural heart disease and critically ill patients. The products and technologies provided by Edwards Lifesciences are categorized into the following main groups: Transcatheter Aortic Valve Replacement ("TAVR"), Transcatheter Mitral and Tricuspid Therapies ("TMTT"), Surgical Structural Heart ("Surgical"), and Critical Care. On December 7, 2023, the Company announced its intention to complete a tax-free spin-off of its Critical Care product group around the end of 2024. The planned separation will enable the Company to pursue expanded opportunities for TAVR, TMTT, and Surgical patients, as well as new investments in interventional heart failure technologies.</span></div>
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div>The consolidated financial statements of Edwards Lifesciences have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") which have been applied consistently in all material respects. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.
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12900000 usd
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443200000 usd
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843700000 usd
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25600000 usd
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353900000 usd
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8100000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
1111400000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2022Q4 us-gaap Equity Securities Fv Ni
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CY2023Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Downward Price Adjustment Cumulative Amount
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3100000 usd
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