Edwards Lifesciences (EW) FY2022 results: revenue $4.5 billion, down 14.7% on the year

Edwards Lifesciences Corp. (EW) reported revenue of $4.5 billion for fiscal 2022, the year ended 31 December 2022, down 14.7% on the year before. Net income was $1.5 billion, up 1.3%, and diluted earnings per share $2.44. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2023.

Revenue

$4.5 billion

-14.7% on the year

FY2015FY2022

Operating margin

33.6%

32.3% a year earlier

FY2015FY2022

Net income

$1.5 billion

+1.3% on the year

FY2015FY2022

Diluted EPS

$2.44

+2.5% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	4,464	5,232	4,386	-14.7%
Cost of revenue	724	1,249	1,081	-42.1%
Gross profit	3,740	3,984	3,306	-6.1%
Gross margin	83.8%	76.1%	75.4%
Research and development	844	903	761	-6.6%
Selling, general and administrative	1,358	1,494	1,228	-9.1%
Operating income	1,498	1,690	898	-11.4%
Operating margin	33.6%	32.3%	20.5%
Interest expense	19.2	18.4	15.8	+4.3%
Pre-tax income	1,520	1,702	917	-10.7%
Income tax	196	199	93.3	-1.7%
Effective tax rate	12.9%	11.7%	10.2%
Net income	1,522	1,503	823	+1.3%
Net margin	34.1%	28.7%	18.8%
Diluted EPS	$2.44	$2.38	$1.30	+2.5%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,218	1,732	1,054	-29.7%
Capital expenditure	245	326	407	-24.9%
Free cash flow	974	1,406	647	-30.8%
Free cash flow margin	21.8%	26.9%	14.8%
Cash from investing	252	-1,722	-531
Cash from financing	-1,584	-356	-487
Depreciation and amortisation	140	135	107	+3.6%
Share-based compensation	127	109	92.6	+16.0%
Buybacks	1,727	513	625	+236.8%
Diluted shares, weighted	624m	631m	632m	-1.1%
Shares outstanding at period end	608m	624m	624m	-2.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	5,807	5,836	4,574	-0.5%
Non-controlling interest	0.0	n/a	n/a
Debt	596	596	595	+0.1%
Operating lease liabilities	69.5	69.1	72.7	+0.6%
Other liabilities	1,820	2,002	1,995	-9.1%
Total liabilities and equity	8,292	8,503	7,237	-2.5%
Fixed assets	1,633	1,547	1,395	+5.6%
Goodwill	1,065	1,168	1,173	-8.8%
Intangible assets	285	324	331	-11.9%
Investments	1,685	2,438	1,021	-30.9%
Cash and equivalents	769	863	1,183	-10.9%
Receivables	643	582	515	+10.4%
Inventory	876	727	802	+20.5%
Other assets	1,337	855	816	+56.4%
Total assets	8,292	8,503	7,237	-2.5%

10-K for the year ended 31 December 2022, filed 13 February 2023: the filing.