Edwards Lifesciences Corp. Q2 FY2024 results: revenue $1.4 billion, down 9.4% on the year

Edwards Lifesciences Corp. (EW) reported revenue of $1.4 billion for Q2 FY2024, the quarter ended 30 June 2024, down 9.4% on the same quarter a year earlier. Net income was $366 million, up 19.3% on the year, and diluted earnings per share $0.61. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2024.

Revenue$1.4 billiondown 9.4%

Net income$366 millionup 19.3%

Diluted EPS$0.61

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,386	1,598	n/a	n/a
Cost of revenue	285	386	n/a	n/a
Gross profit	1,101	1,213	n/a	n/a
Gross margin	79.4%	75.9%	n/a
Research and development	273	285	n/a	n/a
Selling, general and administrative	451	490	n/a	n/a
Operating income	369	388	n/a	n/a
Operating margin	26.6%	24.2%	n/a
Pre-tax income	387	409	n/a	n/a
Income tax	20.2	58.4	n/a	n/a
Effective tax rate	5.2%	14.3%	n/a
Net income	366	352	n/a	n/a
Net margin	26.4%	22.0%	n/a
Diluted EPS	$0.61	$0.58	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	372	-53.5	n/a	n/a
Capital expenditure	85.4	65.3	n/a	n/a
Free cash flow	286	-119	n/a	n/a
Free cash flow margin	20.6%	-7.4%	n/a
Depreciation and amortisation	39.6	38.5	n/a	n/a
Share-based compensation	37.5	44.6	n/a	n/a
Buybacks	158	0.2	n/a	n/a
Diluted shares, weighted	604m	604m	n/a	n/a
Shares outstanding at period end	602m	602m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	10,099	9,736	n/a	n/a
Cash and equivalents	1,644	1,225	n/a	n/a
Receivables	778	818	n/a	n/a
Inventory	1,025	1,207	n/a	n/a
Goodwill	1,151	1,253	n/a	n/a
Long-term debt	597	597	n/a	n/a
Operating lease liabilities	74.2	77.2	n/a	n/a
Shareholders' equity	7,437	7,118	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-Q for the period ended 30 June 2024, filed 31 July 2024, accession 0001099800-24-000078: the filing on EDGAR. All of Edwards Lifesciences Corp.'s filings: EDGAR company page.

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