Edwards Lifesciences (EW) FY2013 results: revenue $2.0 billion, up 7.7% on the year
Edwards Lifesciences Corp. (EW) reported revenue of $2.0 billion for fiscal 2013, the year ended 31 December 2013, up 7.7% on the year before. Net income was $389 million, up 33.5%, and diluted earnings per share $0.57. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$2.0 billion
+7.7% on the year
FY2008FY2013
Operating margin
n/a
FY2008FY2013
Net income
$389 million
+33.5% on the year
FY2008FY2013
Diluted EPS
$0.57
+39.0% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,046
1,900
1,679
+7.7%
Cost of revenue
517
491
490
+5.2%
Gross profit
1,529
1,409
1,189
+8.5%
Gross margin
74.7%
74.2%
70.8%
Research and development
323
291
246
+10.9%
Selling, general and administrative
733
697
642
+5.2%
Interest expense
9.8
4.4
3.1
+122.7%
Pre-tax income
511
388
284
+31.7%
Income tax
122
96.7
46.9
+26.3%
Effective tax rate
23.9%
24.9%
16.5%
Net income
389
292
237
+33.5%
Net margin
19.0%
15.3%
14.1%
Diluted EPS
$0.57
$0.41
$0.33
+39.0%
$ 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
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
473
n/a
n/a
Capital expenditure
109
109
76.6
0.0%
Free cash flow
364
n/a
n/a
Free cash flow margin
17.8%
n/a
n/a
Depreciation and amortisation
62.9
53.7
58.0
+17.1%
Share-based compensation
47.4
42.1
35.0
+12.6%
Buybacks
497
344
303
+44.4%
Diluted shares, weighted
683m
710m
716m
-3.8%
Shares outstanding at period end
328m
686m
685m
-52.2%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,544
1,467
1,327
+5.3%
Debt
600
189
150
+217.0%
Other liabilities
566
565
503
+0.1%
Total liabilities and equity
2,710
2,222
1,980
+22.0%
Fixed assets
422
373
304
+12.9%
Goodwill
385
385
350
+0.2%
Intangible assets
33.5
67.0
66.9
-50.0%
Investments
538
21.1
21.8
+2,451.7%
Cash and equivalents
420
311
171
+35.2%
Receivables
302
321
284
-5.8%
Inventory
309
281
261
+9.9%
Other assets
299
462
521
-35.3%
Total assets
2,710
2,222
1,980
+22.0%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.