Edwards Lifesciences (EW) FY2016 results: revenue $3.0 billion, up 18.8% on the year
Edwards Lifesciences Corp. (EW) reported revenue of $3.0 billion for fiscal 2016, the year ended 31 December 2016, up 18.8% on the year before. Net income was $570 million, up 15.1%, and diluted earnings per share $0.87. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$3.0 billion
+18.8% on the year
FY2009FY2016
Operating margin
25.3%
FY2009FY2016
Net income
$570 million
+15.1% on the year
FY2009FY2016
Diluted EPS
$0.87
+16.0% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,964
2,494
2,323
+18.8%
Cost of revenue
797
617
626
+29.2%
Gross profit
2,166
1,876
1,697
+15.4%
Gross margin
73.1%
75.2%
73.1%
Research and development
442
383
346
+15.4%
Selling, general and administrative
905
851
858
+6.3%
Operating income
751
n/a
n/a
Operating margin
25.3%
n/a
n/a
Interest expense
19.2
17.2
17.2
+11.6%
Pre-tax income
738
622
1,144
+18.6%
Income tax
168
128
333
+32.1%
Effective tax rate
22.8%
20.5%
29.1%
Net income
570
495
811
+15.1%
Net margin
19.2%
19.8%
34.9%
Diluted EPS
$0.87
$0.75
$1.25
+16.0%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
704
550
1,022
+28.1%
Capital expenditure
176
103
82.9
+71.5%
Free cash flow
528
447
939
+18.2%
Free cash flow margin
17.8%
17.9%
40.4%
Cash from investing
-212
-316
n/a
Cash from financing
-268
-159
n/a
Depreciation and amortisation
71.2
65.8
68.6
+8.2%
Share-based compensation
56.9
49.9
48.3
+14.0%
Buybacks
662
280
301
+136.5%
Diluted shares, weighted
653m
661m
651m
-1.1%
Shares outstanding at period end
635m
646m
647m
-1.8%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
2,619
2,503
2,191
+4.6%
Debt
822
597
598
+37.8%
Other liabilities
1,069
959
735
+11.4%
Total liabilities and equity
4,510
4,059
3,524
+11.1%
Fixed assets
580
482
443
+20.2%
Goodwill
626
628
376
-0.4%
Intangible assets
205
205
23.4
-0.3%
Investments
873
886
1,026
-1.5%
Cash and equivalents
930
718
654
+29.5%
Receivables
366
315
288
+15.9%
Inventory
397
340
297
+16.7%
Other assets
534
483
418
+10.5%
Total assets
4,510
4,059
3,524
+11.1%
10-K for the year ended 31 December 2016, filed 15 February 2019: the filing.