Edwards Lifesciences (EW) FY2020 results: revenue $4.4 billion, up 0.9% on the year
Edwards Lifesciences Corp. (EW) reported revenue of $4.4 billion for fiscal 2020, the year ended 31 December 2020, up 0.9% on the year before. Net income was $823 million, down 21.3%, and diluted earnings per share $1.30. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2021.
Revenue
$4.4 billion
+0.9% on the year
FY2013FY2020
Operating margin
20.5%
26.4% a year earlier
FY2013FY2020
Net income
$823 million
-21.3% on the year
FY2013FY2020
Diluted EPS
$1.30
-20.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,386
4,348
3,723
+0.9%
Cost of revenue
1,081
1,114
939
-3.0%
Gross profit
3,306
3,234
2,783
+2.2%
Gross margin
75.4%
74.4%
74.8%
Research and development
761
753
622
+1.1%
Selling, general and administrative
1,228
1,242
1,088
-1.1%
Operating income
898
1,147
748
-21.7%
Operating margin
20.5%
26.4%
20.1%
Interest expense
15.8
20.7
29.9
-23.7%
Pre-tax income
917
1,166
761
-21.4%
Income tax
93.3
120
39.2
-22.0%
Effective tax rate
10.2%
10.3%
5.1%
Net income
823
1,047
722
-21.3%
Net margin
18.8%
24.1%
19.4%
Diluted EPS
$1.30
$1.64
$1.13
-20.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,054
1,183
927
-10.9%
Capital expenditure
407
254
239
+60.0%
Free cash flow
647
928
688
-30.3%
Free cash flow margin
14.8%
21.4%
18.5%
Cash from investing
-531
-596
76.7
Cash from financing
-487
-116
-1,101
Depreciation and amortisation
107
89.3
77.4
+20.0%
Share-based compensation
92.6
81.3
71.0
+13.9%
Buybacks
625
263
796
+137.5%
Diluted shares, weighted
632m
637m
641m
-0.7%
Shares outstanding at period end
624m
627m
623m
-0.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,574
4,148
3,140
+10.3%
Debt
595
594
594
+0.1%
Operating lease liabilities
72.7
58.9
n/a
+23.4%
Other liabilities
1,995
1,686
1,590
+18.3%
Total liabilities and equity
7,237
6,488
5,324
+11.5%
Fixed assets
1,395
1,060
868
+31.6%
Goodwill
1,173
1,168
1,112
+0.5%
Intangible assets
331
336
343
-1.5%
Investments
1,021
923
749
+10.6%
Cash and equivalents
1,183
1,179
714
+0.3%
Receivables
515
544
457
-5.3%
Inventory
802
641
607
+25.2%
Other assets
816
637
474
+28.2%
Total assets
7,237
6,488
5,324
+11.5%
10-K for the year ended 31 December 2020, filed 12 February 2021: the filing.