Edwards Lifesciences (EW) FY2014 results: revenue $2.3 billion, up 13.6% on the year
Edwards Lifesciences Corp. (EW) reported revenue of $2.3 billion for fiscal 2014, the year ended 31 December 2014, up 13.6% on the year before. Net income was $811 million, up 108.5%, and diluted earnings per share $1.25. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$2.3 billion
+13.6% on the year
FY2008FY2014
Operating margin
n/a
FY2008FY2014
Net income
$811 million
+108.5% on the year
FY2008FY2014
Diluted EPS
$1.25
+118.7% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,323
2,046
1,900
+13.6%
Cost of revenue
626
517
491
+21.1%
Gross profit
1,697
1,529
1,409
+11.0%
Gross margin
73.1%
74.7%
74.2%
Research and development
346
323
291
+7.3%
Selling, general and administrative
858
733
697
+17.0%
Interest expense
17.2
9.8
4.4
+75.5%
Pre-tax income
1,144
511
388
+123.8%
Income tax
333
122
96.7
+172.6%
Effective tax rate
29.1%
23.9%
24.9%
Net income
811
389
292
+108.5%
Net margin
34.9%
19.0%
15.3%
Diluted EPS
$1.25
$0.57
$0.41
+118.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,022
473
n/a
+116.3%
Capital expenditure
82.9
109
109
-23.9%
Free cash flow
939
364
n/a
+158.3%
Free cash flow margin
40.4%
17.8%
n/a
Depreciation and amortisation
68.6
62.9
53.7
+9.1%
Share-based compensation
48.3
47.4
42.1
+1.9%
Buybacks
301
497
344
-39.4%
Diluted shares, weighted
651m
683m
710m
-4.7%
Shares outstanding at period end
647m
328m
686m
+97.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
2,191
1,544
1,467
+41.9%
Debt
598
600
189
-0.3%
Other liabilities
735
566
565
+29.9%
Total liabilities and equity
3,524
2,710
2,222
+30.1%
Fixed assets
443
422
373
+5.1%
Goodwill
376
385
385
-2.4%
Intangible assets
23.4
33.5
67.0
-30.1%
Investments
1,026
538
21.1
+90.5%
Cash and equivalents
654
420
311
+55.5%
Receivables
288
302
321
-4.8%
Inventory
297
309
281
-3.9%
Other assets
418
299
462
+39.5%
Total assets
3,524
2,710
2,222
+30.1%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.