Edwards Lifesciences Corp. Q4 FY2023 results: revenue $1.3 billion, down 6.1% on the year

Edwards Lifesciences Corp. (EW) reported revenue of $1.3 billion for Q4 FY2023, the quarter ended 31 December 2023, down 6.1% on the same quarter a year earlier. Net income was $370 million, down 7.2% on the year, and diluted earnings per share $0.61. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue$1.3 billiondown 6.1%

Net income$370 milliondown 7.2%

Diluted EPS$0.61

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,266	1,481	n/a	n/a
Cost of revenue	357	350	n/a	n/a
Gross profit	1,015	1,130	n/a	n/a
Gross margin	80.2%	76.3%	n/a
Research and development	270	270	n/a	n/a
Selling, general and administrative	480	440	n/a	n/a
Operating income	400	418	n/a	n/a
Operating margin	31.6%	28.3%	n/a
Pre-tax income	422	439	n/a	n/a
Income tax	52.0	55.6	n/a	n/a
Effective tax rate	12.3%	12.7%	n/a
Net income	370	385	n/a	n/a
Net margin	29.2%	26.0%	n/a
Diluted EPS	$0.61	$0.63	n/a	n/a

$ 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	137	412	n/a	n/a
Capital expenditure	88.3	55.3	n/a	n/a
Free cash flow	48.3	356	n/a	n/a
Free cash flow margin	3.8%	24.1%	n/a
Depreciation and amortisation	36.7	36.9	n/a	n/a
Share-based compensation	30.5	32.6	n/a	n/a
Buybacks	448	174	n/a	n/a
Diluted shares, weighted	n/a	610m	n/a	n/a
Shares outstanding at period end	601m	606m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	9,363	9,371	n/a	n/a
Cash and equivalents	1,144	1,410	n/a	n/a
Receivables	775	740	n/a	n/a
Inventory	1,168	1,032	n/a	n/a
Goodwill	1,254	1,297	n/a	n/a
Long-term debt	597	597	n/a	n/a
Operating lease liabilities	73.0	70.0	n/a	n/a
Shareholders' equity	6,650	6,658	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,481	1,266	1,598	1,386	1,354	1,386	1,413	1,532	1,553	1,570	1,649	1,741
Cost of revenue	350	357	386	285	263	184	302	344	345	343	363	392
Gross profit	1,130	1,015	1,213	1,101	1,092	1,094	1,111	1,188	1,208	1,227	1,286	1,349
Gross margin	76%	80%	76%	79%	81%	79%	79%	78%	78%	78%	78%	77%
R&D	270	270	285	273	253	242	255	276	281	268	263	279
SG&A	440	480	490	451	421	427	466	502	515	603	522	561
Operating income	418	400	388	369	351	272	395	411	307	151	478	513
Operating margin	28%	32%	24%	27%	26%	20%	28%	27%	20%	10%	29%	29%
Pre-tax income	439	422	409	387	403	349	434	400	348	90.4	459	520
Tax rate	13%	12%	14%	5%	10%	9%	16%	16%	16%	29%	17%	54%
Net income	385	370	352	366	3,071	386	358	333	291	91.2	381	242
Net margin	26%	29%	22%	26%	227%	28%	25%	22%	19%	6%	23%	14%
Diluted EPS	$0.63	$0.61	$0.58	$0.61	$5.13	$0.65	$0.61	$0.56	$0.50	$0.16	$0.66	$0.42
Operating cash flow	412	137	-53.5	372	352	-128	280	290	574	451	43.8	652
Capital expenditure	55.3	88.3	65.3	85.4	51.9	49.8	56.0	49.3	57.5	97.4	64.9	66.9
Free cash flow	356	48.3	-119	286	300	-177	224	241	516	354	-21.1	585
Buybacks	174	448	0.2	158	901	100	259	5.5	589	40.6	422	153
Shares outstanding	606m	601m	602m	602m	590m	589m	586m	588m	581m	581m	577m	577m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 28 February 2025, accession 0001099800-25-000005: the filing on EDGAR. All of Edwards Lifesciences Corp.'s filings: EDGAR company page.

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