Edwards Lifesciences (EW) FY2019 results: revenue $4.3 billion, up 16.8% on the year
Edwards Lifesciences Corp. (EW) reported revenue of $4.3 billion for fiscal 2019, the year ended 31 December 2019, up 16.8% on the year before. Net income was $1.0 billion, up 45.0%, and diluted earnings per share $1.64. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$4.3 billion
+16.8% on the year
FY2012FY2019
Operating margin
26.4%
20.1% a year earlier
FY2012FY2019
Net income
$1.0 billion
+45.0% on the year
FY2012FY2019
Diluted EPS
$1.64
+45.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,348
3,723
3,435
+16.8%
Cost of revenue
1,114
939
875
+18.6%
Gross profit
3,234
2,783
2,560
+16.2%
Gross margin
74.4%
74.8%
74.5%
Research and development
753
622
553
+21.0%
Selling, general and administrative
1,242
1,088
991
+14.1%
Operating income
1,147
748
1,089
+53.3%
Operating margin
26.4%
20.1%
31.7%
Interest expense
20.7
29.9
23.2
-30.8%
Pre-tax income
1,166
761
1,035
+53.2%
Income tax
120
39.2
451
+205.1%
Effective tax rate
10.3%
5.1%
43.6%
Net income
1,047
722
584
+45.0%
Net margin
24.1%
19.4%
17.0%
Diluted EPS
$1.64
$1.13
$0.90
+45.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,183
927
1,001
+27.6%
Capital expenditure
254
239
168
+6.6%
Free cash flow
928
688
833
+34.9%
Free cash flow margin
21.4%
18.5%
24.2%
Cash from investing
-596
76.7
-647
Cash from financing
-116
-1,101
-473
Depreciation and amortisation
89.3
77.4
81.9
+15.4%
Share-based compensation
81.3
71.0
61.6
+14.5%
Buybacks
263
796
763
-66.9%
Diluted shares, weighted
637m
641m
648m
-0.7%
Shares outstanding at period end
627m
623m
629m
+0.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,148
3,140
2,956
+32.1%
Debt
594
594
1,036
+0.1%
Operating lease liabilities
58.9
n/a
n/a
Other liabilities
1,686
1,590
1,674
+6.1%
Total liabilities and equity
6,488
5,324
5,666
+21.9%
Fixed assets
1,060
868
680
+22.2%
Goodwill
1,168
1,112
1,126
+5.0%
Intangible assets
336
343
468
-2.0%
Investments
923
749
1,086
+23.3%
Cash and equivalents
1,179
714
818
+65.1%
Receivables
544
457
439
+19.0%
Inventory
641
607
555
+5.6%
Other assets
637
474
494
+34.3%
Total assets
6,488
5,324
5,666
+21.9%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.