Edwards Lifesciences (EW) FY2018 results: revenue $3.7 billion, up 8.4% on the year
Edwards Lifesciences Corp. (EW) reported revenue of $3.7 billion for fiscal 2018, the year ended 31 December 2018, up 8.4% on the year before. Net income was $722 million, up 23.7%, and diluted earnings per share $1.13. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$3.7 billion
+8.4% on the year
FY2011FY2018
Operating margin
20.1%
31.7% a year earlier
FY2011FY2018
Net income
$722 million
+23.7% on the year
FY2011FY2018
Diluted EPS
$1.13
+25.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
3,723
3,435
2,964
+8.4%
Cost of revenue
939
875
797
+7.3%
Gross profit
2,783
2,560
2,166
+8.7%
Gross margin
74.8%
74.5%
73.1%
Research and development
622
553
442
+12.6%
Selling, general and administrative
1,088
991
905
+9.9%
Operating income
748
1,089
751
-31.3%
Operating margin
20.1%
31.7%
25.3%
Interest expense
29.9
23.2
19.2
+28.9%
Pre-tax income
761
1,035
738
-26.4%
Income tax
39.2
451
168
-91.3%
Effective tax rate
5.1%
43.6%
22.8%
Net income
722
584
570
+23.7%
Net margin
19.4%
17.0%
19.2%
Diluted EPS
$1.13
$0.90
$0.87
+25.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
927
1,001
704
-7.4%
Capital expenditure
239
168
176
+42.0%
Free cash flow
688
833
528
-17.4%
Free cash flow margin
18.5%
24.2%
17.8%
Cash from investing
76.7
-647
-212
Cash from financing
-1,101
-473
-268
Depreciation and amortisation
77.4
81.9
71.2
-5.5%
Share-based compensation
71.0
61.6
56.9
+15.3%
Buybacks
796
763
662
+4.2%
Diluted shares, weighted
641m
648m
653m
-1.1%
Shares outstanding at period end
623m
629m
635m
-1.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,140
2,956
2,619
+6.2%
Debt
594
1,036
822
-42.7%
Other liabilities
1,590
1,674
1,069
-5.0%
Total liabilities and equity
5,324
5,666
4,510
-6.0%
Fixed assets
868
680
580
+27.6%
Goodwill
1,112
1,126
626
-1.3%
Intangible assets
343
468
205
-26.7%
Investments
749
1,086
873
-31.1%
Cash and equivalents
714
818
930
-12.7%
Receivables
457
439
366
+4.1%
Inventory
607
555
397
+9.4%
Other assets
474
494
534
-4.0%
Total assets
5,324
5,666
4,510
-6.0%
10-K for the year ended 31 December 2018, filed 15 February 2019: the filing.