Name: Edwards Lifesciences Corp. (NYSE:EW) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Edwards Lifesciences Corp., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Net sales	1,329,700)	1,310,200)	1,376,000)	1,216,600)	1,191,700)	1,140,900)	925,000)	1,128,700)	1,174,100)	1,094,000)	1,086,900)	993,000)	977,700)	906,600)	943,700)	894,800)	888,500)	821,500)	841,800)	883,500)
Cost of sales	(309,500)	(311,700)	(334,300)	(293,400)	(296,300)	(281,000)	(238,200)	(265,100)	(286,200)	(292,400)	(304,000)	(231,800)	(234,700)	(224,900)	(246,200)	(233,600)	(235,300)	(213,300)	(211,100)	(215,600)
Gross profit	1,020,200)	998,500)	1,041,700)	923,200)	895,400)	859,900)	686,800)	863,600)	887,900)	801,600)	782,900)	761,200)	743,000)	681,700)	697,500)	661,200)	653,200)	608,200)	630,700)	667,900)
Selling, general, and administrative expenses	(424,000)	(364,400)	(374,500)	(330,800)	(338,500)	(307,200)	(274,900)	(307,800)	(347,200)	(306,200)	(308,500)	(280,300)	(288,100)	(269,500)	(274,900)	(256,000)	(266,700)	(244,600)	(243,800)	(229,600)
Research and development expenses	(232,800)	(238,000)	(225,300)	(207,000)	(195,700)	(195,500)	(182,100)	(187,400)	(193,900)	(195,500)	(191,900)	(171,400)	(163,100)	(161,800)	(154,100)	(143,200)	(146,600)	(142,900)	(134,400)	(128,700)
Intellectual property litigation income (expenses), net	(7,100)	(4,700)	(2,400)	(6,400)	(4,600)	(8,400)	(379,900)	(12,500)	(13,900)	(7,900)	(7,000)	(4,600)	(194,900)	(7,900)	(5,500)	(5,700)	104,900)	(13,700)	(7,700)	(10,200)
Change in fair value of contingent consideration liabilities	18,100)	(1,100)	102,600)	4,500)	(5,200)	9,000)	(19,600)	2,200)	18,500)	2,300)	(8,000)	(6,700)	14,000)	6,400)	(10,900)	(3,800)	(2,600)	16,700)	(3,100)	(1,100)
Special charges	—)	—)	—)	—)	—)	—)	—)	—)	(40,600)	—)	—)	(24,000)	(116,200)	—)	—)	—)	—)	(9,700)	—)	—)
Other operating expenses	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(700)	—)
Operating income (loss)	374,400)	390,300)	542,100)	383,500)	351,400)	357,800)	(169,700)	358,100)	310,800)	294,300)	267,500)	274,200)	(5,300)	248,900)	252,100)	252,500)	342,200)	214,000)	241,000)	298,300)
Interest income (expense), net	500)	(800)	(1,000)	300)	500)	800)	1,800)	4,500)	4,300)	2,800)	2,400)	2,000)	1,800)	(500)	—)	800)	1,000)	(100)	(1,400)	(2,400)
Special gains (charges), net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	7,100)	(18,500)	(500)	(31,200)	—)
Other income (expense), net	1,400)	1,400)	4,400)	5,500)	4,200)	5,700)	(300)	1,900)	400)	4,600)	1,400)	1,800)	1,700)	300)	(1,100)	3,100)	(800)	(1,600)	(2,800)	(2,300)
Income (loss) before (provision for) benefit from income taxes	376,300)	390,900)	545,500)	389,300)	356,100)	364,300)	(168,200)	364,500)	315,500)	301,700)	271,300)	278,000)	(1,800)	248,700)	251,000)	263,500)	323,900)	211,800)	205,600)	293,600)
(Provision for) benefit from income taxes	(41,000)	(50,800)	(56,000)	(51,100)	(46,600)	(39,100)	46,300)	(53,900)	(35,300)	(27,000)	(29,000)	(28,300)	8,800)	(22,800)	31,700)	(56,900)	(326,700)	(41,700)	(19,500)	(63,400)
Net income (loss)	335,300)	340,100)	489,500)	338,200)	309,500)	325,200)	(121,900)	310,600)	280,200)	274,700)	242,300)	249,700)	7,000)	225,900)	282,700)	206,600)	(2,800)	170,100)	186,100)	230,200)

Net sales exhibited a sustained long-term growth trajectory from the first quarter of 2017 through the end of 2021. While a temporary contraction occurred during the second quarter of 2020, the recovery was rapid, with revenues reaching peaks in mid-2021.

Revenue and Gross Margin Trends: Net sales increased from 883.5 million in March 2017 to 1.33 billion by December 2021. Gross profit followed a similar upward path, expanding from the 600-700 million range in 2017 to consistently exceeding 1 billion by the second quarter of 2021. This trend indicates a successful scaling of core operations and a maintenance of strong production margins.
Operational Expenditure Analysis: Selling, general, and administrative expenses grew steadily from 229.6 million in March 2017 to 424 million by December 2021. Concurrently, research and development spending increased from 128.7 million to 232.8 million over the same period, reflecting a consistent increase in investment toward product innovation and pipeline development.
Operating Income Volatility: Operating income remained generally positive but was subject to significant volatility due to non-recurring items. Notable deficits were recorded in December 2018 and June 2020, the latter of which was primarily driven by a substantial intellectual property litigation expense of 379.9 million. Despite these anomalies, operating income showed a strong recovery throughout 2021, peaking at 542.1 million in the second quarter.
Net Income and Fiscal Impact: Net income exhibited extreme fluctuations attributed to tax provisions and one-time charges. A significant loss was recorded in December 2017 due to a tax provision of 326.7 million, and another loss occurred in June 2020 following legal expenses. However, the company demonstrated earnings resilience in 2021, with net income reaching a peak of 489.5 million in the second quarter of that year.

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Edwards Lifesciences Corp. (NYSE:EW)

Income StatementQuarterly Data

Income Statement
Quarterly Data