Edwards Lifesciences Corp. (NYSE:EW)

The financial data reveals a progression in both current assets and adjusted current assets over the given period.

Current assets

Current assets show a decreasing trend initially, with a decline from 2,532,100 thousand US dollars in 2017 to 2,286,900 thousand US dollars in 2018. Following this downturn, the figures exhibit a consistent increase, reaching 2,984,000 thousand US dollars in 2019, 3,091,000 thousand US dollars in 2020, and 3,180,700 thousand US dollars by the end of 2021. Overall, despite the initial drop, current assets grew significantly over the five-year span.

Adjusted current assets

Adjusted current assets follow a similar pattern to current assets, starting at 2,540,600 thousand US dollars in 2017 and decreasing to 2,295,800 thousand US dollars in 2018. From 2018 onwards, the values increased steadily to 2,992,700 thousand US dollars in 2019, 3,100,600 thousand US dollars in 2020, and finally 3,190,000 thousand US dollars in 2021. The adjusted current assets, consistently marginally higher than current assets, display a parallel growth trend after 2018.

The data suggests an overall strengthening of liquidity positions over the analyzed years, with marked recovery and growth after the dip in 2018. The parallel movement of adjusted current assets and current assets indicates consistency in asset valuation adjustments.

Total Assets

The total assets demonstrated a fluctuating yet overall increasing trend from 2017 through 2021. Initially, total assets declined from approximately $5.70 billion in 2017 to about $5.32 billion in 2018, indicating a contraction during that year. Subsequently, a recovery and steady growth phase occurred, with total assets increasing to roughly $6.49 billion in 2019, followed by further expansions to $7.24 billion in 2020 and $8.50 billion in 2021. This progression reflects a strong asset base growth post-2018, suggesting investment or acquisition activities and overall company expansion.

Adjusted Total Assets

Adjusted total assets mirrored the trends observed in total assets, with a slight reduction from approximately $5.56 billion in 2017 to $5.24 billion in 2018. After this dip, adjusted assets increased consistently, reaching $6.32 billion in 2019, $7.02 billion in 2020, and $8.27 billion in 2021. These figures indicate that the underlying asset structure, after adjustments, followed a growth trajectory similar to the overall asset base, reinforcing the observation of asset growth and enhanced capital deployment in recent years.

Total liabilities

Total liabilities exhibit a general decline from 2017 through 2018, decreasing from approximately 2,739,600 thousand US dollars to 2,183,300 thousand US dollars. This reduction represents a significant deleveraging during this period. However, after 2018, there is an increase observed in total liabilities, rising to 2,339,800 thousand US dollars in 2019 and continuing upward to 2,662,800 thousand US dollars by 2020. The total liabilities then stabilize somewhat, with a marginal increase to 2,666,700 thousand US dollars in 2021. Overall, the trend shows an initial reduction followed by an expansion and then stabilization in total liabilities.)

Adjusted total liabilities

The adjusted total liabilities follow a similar pattern to total liabilities, starting at 2,779,539 thousand US dollars in 2017 and decreasing in 2018 to approximately 2,256,904 thousand US dollars. Following 2018, adjusted total liabilities increase moderately to around 2,303,000 thousand US dollars in 2019 and then continue to rise, reaching approximately 2,634,700 thousand US dollars in 2020. By 2021, adjusted total liabilities show a very slight decline to roughly 2,642,100 thousand US dollars compared to the previous year. This pattern mirrors that of total liabilities, indicating that any adjustments made do not materially alter the overall trend.)

General observation

The data reflects a period of liability reduction in the earlier years, particularly from 2017 to 2018, followed by a phase of increasing liabilities up to 2020. The liabilities then level off in 2021. This suggests a strategic adjustment in the capital structure or borrowing approach, possibly reflecting responses to external conditions or corporate financing decisions. The close alignment between total liabilities and adjusted total liabilities over the period indicates the adjustments do not significantly affect the overall liability profile.

Stockholders’ Equity

The stockholders’ equity has shown a consistent upward trend over the five-year period. Starting at approximately 2.96 billion US dollars in 2017, it increased each year, reaching about 5.84 billion US dollars by the end of 2021. This represents nearly a doubling of the equity base over the period, indicating strong growth in the company's net assets attributable to shareholders.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity follows a similar increasing pattern as the reported stockholders’ equity. Beginning at around 2.78 billion US dollars in 2017, it rose steadily each year, reaching approximately 5.62 billion US dollars by the end of 2021. The adjusted figure is consistently slightly lower than the reported stockholders’ equity, but the growth rate parallels the overall upward trend. This suggests that even after adjustments, the equity position has strengthened considerably.

Overall Observations

The increasing stockholders’ equity over the period reflects cumulative earnings retention, capital infusion, or other equity-related activities positively impacting the company’s net worth. The parallel movement in adjusted equity reinforces the validity of the reported equity growth, showing that adjustments do not materially alter the trajectory of equity improvement. The company appears to be in a growing financial position with enhanced shareholder value over the analyzed years.

Total Reported Debt

The total reported debt demonstrated a significant decline from 1,036,400 thousand US dollars at the end of 2017 to approximately 593,800 thousand US dollars by the end of 2018. Following this sharp decrease, the debt levels remained relatively stable over the subsequent years, fluctuating slightly but staying around the 595,000 thousand US dollars mark through to the end of 2021.

Stockholders’ Equity

Stockholders’ equity exhibited a consistent upward trend throughout the period analyzed. Beginning at 2,956,200 thousand US dollars in 2017, there was a steady increase each year, reaching 5,835,900 thousand US dollars by the end of 2021. This represents a near doubling of equity over the five-year span, indicating strong growth in the company’s net assets.

Total Reported Capital

Total reported capital, which sums total debt and stockholders’ equity, experienced a slight decline between 2017 and 2018 from 3,992,600 thousand US dollars to 3,734,200 thousand US dollars. After 2018, total capital rebounded and showed a significant upward trajectory, reaching 6,431,600 thousand US dollars in 2021. This growth reflects the combined effect of stable debt levels and increasing equity.

Adjusted Total Debt

Adjusted total debt followed a pattern similar to total reported debt, declining sharply from 1,103,939 thousand US dollars in 2017 to 676,404 thousand US dollars in 2018. In the years afterward, adjusted debt remained relatively constant around the 690,000 thousand US dollars level, suggesting consistent debt management practices post-2018.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity rose steadily from 2,778,700 thousand US dollars in 2017 to 5,623,100 thousand US dollars in 2021. This upward movement confirms the trend observed in reported equity, with a notable increase over the analyzed period, implying enhanced equity valuations after adjustments.

Adjusted Total Capital

Adjusted total capital decreased from 3,882,639 thousand US dollars in 2017 to 3,660,704 thousand US dollars in 2018. Subsequent years saw a substantial rise, with adjusted total capital reaching 6,313,400 thousand US dollars by the end of 2021. This progression mirrors the changes observed in total capital, consolidating the perspective of improved overall financial strength.

The financial data reveals fluctuations and overall growth patterns in net income and adjusted net income over the five-year period from 2017 through 2021.

Net Income

The net income experienced steady growth from 583,600 thousand US dollars in 2017 to 1,046,900 thousand US dollars in 2019. In 2020, there was a noticeable decline to 823,400 thousand US dollars. However, this was followed by a significant rebound in 2021, with net income increasing sharply to 1,503,100 thousand US dollars, reaching the highest value in the observed time frame.

Adjusted Net Income

Adjusted net income values show a somewhat similar trend but with less volatility. It increased from 675,900 thousand US dollars in 2017 to 703,400 thousand US dollars in 2018, then rose substantially to 1,039,700 thousand US dollars in 2019. In 2020, adjusted net income decreased to 767,000 thousand US dollars, marking a more pronounced drop than net income. A strong recovery occurred in 2021, with adjusted net income climbing to 1,462,200 thousand US dollars, close to the peak levels observed.

Trend Observations

Both net income and adjusted net income followed a pattern of growth until 2019, a decline in 2020, and a robust recovery in 2021. The year 2020 stands out as an anomaly with decreases in both metrics, which may suggest external challenges impacting profitability during that period. The subsequent rise in 2021 indicates a strong operational or market-driven rebound. Adjusted net income consistently remains above net income figures, reflecting adjustments that result in higher reported earnings.