Edwards Lifesciences (EW) FY2017 results: revenue $3.4 billion, up 15.9% on the year
Edwards Lifesciences Corp. (EW) reported revenue of $3.4 billion for fiscal 2017, the year ended 31 December 2017, up 15.9% on the year before. Net income was $584 million, up 2.5%, and diluted earnings per share $0.90. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$3.4 billion
+15.9% on the year
FY2010FY2017
Operating margin
31.7%
25.3% a year earlier
FY2010FY2017
Net income
$584 million
+2.5% on the year
FY2010FY2017
Diluted EPS
$0.90
+3.4% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
3,435
2,964
2,494
+15.9%
Cost of revenue
875
797
617
+9.8%
Gross profit
2,560
2,166
1,876
+18.2%
Gross margin
74.5%
73.1%
75.2%
Research and development
553
442
383
+25.0%
Selling, general and administrative
991
905
851
+9.5%
Operating income
1,089
751
n/a
+45.0%
Operating margin
31.7%
25.3%
n/a
Interest expense
23.2
19.2
17.2
+20.8%
Pre-tax income
1,035
738
622
+40.2%
Income tax
451
168
128
+168.0%
Effective tax rate
43.6%
22.8%
20.5%
Net income
584
570
495
+2.5%
Net margin
17.0%
19.2%
19.8%
Diluted EPS
$0.90
$0.87
$0.75
+3.4%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,001
704
550
+42.1%
Capital expenditure
168
176
103
-4.5%
Free cash flow
833
528
447
+57.6%
Free cash flow margin
24.2%
17.8%
17.9%
Cash from investing
-647
-212
-316
Cash from financing
-473
-268
-159
Depreciation and amortisation
81.9
71.2
65.8
+15.0%
Share-based compensation
61.6
56.9
49.9
+8.3%
Buybacks
763
662
280
+15.2%
Diluted shares, weighted
648m
653m
661m
-0.9%
Shares outstanding at period end
629m
635m
646m
-0.9%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,956
2,619
2,503
+12.9%
Debt
1,036
822
597
+26.0%
Other liabilities
1,674
1,069
959
+56.6%
Total liabilities and equity
5,666
4,510
4,059
+25.6%
Fixed assets
680
580
482
+17.2%
Goodwill
1,126
626
628
+79.9%
Intangible assets
468
205
205
+128.5%
Investments
1,086
873
886
+24.4%
Cash and equivalents
818
930
718
-12.0%
Receivables
439
366
315
+20.0%
Inventory
555
397
340
+39.9%
Other assets
494
534
483
-7.4%
Total assets
5,666
4,510
4,059
+25.6%
10-K for the year ended 31 December 2017, filed 15 February 2019: the filing.