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Edwards Lifesciences (EW) FY2021 results: revenue $5.2 billion, up 19.3% on the year

Edwards Lifesciences Corp. (EW) reported revenue of $5.2 billion for fiscal 2021, the year ended 31 December 2021, up 19.3% on the year before. Net income was $1.5 billion, up 82.5%, and diluted earnings per share $2.38. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2022.

Revenue
$5.2 billion
+19.3% on the year
FY2014FY2021
Operating margin
32.3%
20.5% a year earlier
FY2014FY2021
Net income
$1.5 billion
+82.5% on the year
FY2014FY2021
Diluted EPS
$2.38
+83.1% on the year
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue5,2324,3864,348+19.3%
Cost of revenue1,2491,0811,114+15.6%
Gross profit3,9843,3063,234+20.5%
Gross margin76.1%75.4%74.4%
Research and development903761753+18.7%
Selling, general and administrative1,4941,2281,242+21.6%
Operating income1,6908981,147+88.3%
Operating margin32.3%20.5%26.4%
Interest expense18.415.820.7+16.5%
Pre-tax income1,7029171,166+85.7%
Income tax19993.3120+113.2%
Effective tax rate11.7%10.2%10.3%
Net income1,5038231,047+82.5%
Net margin28.7%18.8%24.1%
Diluted EPS$2.38$1.30$1.64+83.1%
$ 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

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow1,7321,0541,183+64.3%
Capital expenditure326407254-20.0%
Free cash flow1,406647928+117.3%
Free cash flow margin26.9%14.8%21.4%
Cash from investing-1,722-531-596
Cash from financing-356-487-116
Depreciation and amortisation13510789.3+25.7%
Share-based compensation10992.681.3+18.0%
Buybacks513625263-18.0%
Diluted shares, weighted631m632m637m-0.1%
Shares outstanding at period end624m624m627m-0.0%

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity5,8364,5744,148+27.6%
Debt596595594+0.1%
Operating lease liabilities69.172.758.9-5.0%
Other liabilities2,0021,9951,686+0.3%
Total liabilities and equity8,5037,2376,488+17.5%
Fixed assets1,5471,3951,060+10.9%
Goodwill1,1681,1731,168-0.5%
Intangible assets324331336-2.4%
Investments2,4381,021923+138.8%
Cash and equivalents8631,1831,179-27.1%
Receivables582515544+13.1%
Inventory727802641-9.4%
Other assets855816637+4.7%
Total assets8,5037,2376,488+17.5%

10-K for the year ended 31 December 2021, filed 14 February 2022: the filing.