Stock Analysis on Net
Stock Analysis on Net

Edwards Lifesciences Corp. (NYSE:EW)

$22.49

This company has been moved to the archive! The financial data has not been updated since February 14, 2022.

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

Microsoft Excel
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
Cost of sales
Gross profit
Selling, general, and administrative expenses
Research and development expenses
Intellectual property litigation income (expenses), net
Change in fair value of contingent consideration liabilities
Special charges
Other operating expenses
Operating income (loss)
Interest income (expense), net
Special gains (charges), net
Other income (expense), net
Income (loss) before (provision for) benefit from income taxes
(Provision for) benefit from income taxes
Net income (loss)

Based on: 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Net Sales
Net sales exhibited a general upward trajectory from early 2017 to late 2021, rising from $883.5 million in Q1 2017 to over $1.32 billion in Q4 2021. Fluctuations exist within quarters, with some seasonal dips, but overall the trend is positive, noting a dip in mid-2020 likely linked to external disruptions followed by recovery and growth into 2021.
Cost of Sales
Cost of sales increased steadily in line with revenue growth, moving from $215.6 million in Q1 2017 to approximately $309.5 million in Q4 2021. Notably, cost reductions are visible during certain quarters in 2020 despite sales volatility, which may indicate cost control efforts. Overall, the cost pattern closely follows sales volume with incremental changes.
Gross Profit
Gross profit trends mirrored the sales pattern, increasing from $667.9 million in Q1 2017 to over $1 billion by Q4 2021. A peak occurred in Q4 2019 at approximately $888 million, followed by a decline in early 2020 and subsequent recovery. Margin stability is maintained, with gross profit consistently representing a significant portion of net sales.
Selling, General, and Administrative Expenses
SG&A expenses rose steadily, from $229.6 million in Q1 2017 to $424 million by Q4 2021. The growth pattern reflects expanding operational scale but also indicates increasing overhead and administrative costs. The expense increase in 2021 is particularly pronounced, potentially offsetting some operating income gains.
Research and Development Expenses
R&D spending showed a consistent upward trend from $128.7 million in Q1 2017 to $232.8 million in Q4 2021. This steady escalation highlights ongoing investment in innovation and product development. Quarterly fluctuations occur, but the overall commitment to R&D intensifies over the period.
Intellectual Property Litigation Income (Expenses), Net
This item demonstrated volatility, with significant negative spikes in Q4 2018 and Q2 2020, reflecting substantial litigation-related expenses. Positive spikes, such as in Q4 2017, are isolated and not indicative of a recurring pattern. Overall, this category introduces irregular but impactful charges influencing operating results.
Change in Fair Value of Contingent Consideration Liabilities
The fair value adjustments were generally minor with periodic positive and negative swings, including notable gains in Q4 2021 of $18.1 million. These fluctuations appear to be non-recurring and have moderate impact on overall financial performance.
Special Charges
Special charges are sporadically reported, with significant impairments recorded in Q4 2018 ($116.2 million) and Q4 2019 ($40.6 million). These irregular charges materially affected operating income in those periods.
Other Operating Expenses
Reported only once with a minor value, this category does not significantly influence the overall financial trends.
Operating Income (Loss)
Operating income rose from $298.3 million in Q1 2017 to a peak of $542.1 million in Q4 2021. The period includes a significant operating loss in Q4 2018 (-$5.3 million) and Q2 2020 (-$169.7 million), attributable to special charges and litigation expenses. Despite these setbacks, operating income recovered strongly, indicating resilience and operational improvements.
Interest Income (Expense), Net
Interest income and expenses remained relatively stable and minor compared to operating results, with occasional small gains or losses. The net impact on profitability is limited.
Special Gains (Charges), Net
This category presented occasional negative impacts, notably in Q2 2017 and Q4 2017, but overall does not appear to be a consistent financial driver.
Other Income (Expense), Net
Other income fluctuated moderately but provided positive contributions in many quarters, ranging between approximately $1.4 million to $5.5 million, generally supporting net income growth.
Income before Income Taxes
Income before taxes followed the trajectory of operating income, peaking at $545.5 million in Q4 2021. Negative results occurred in Q4 2017 and Q2 2020, aligned with operational challenges. The data reflects effective management of non-operating items and consistency in earnings before tax.
Provision for Income Taxes
The provision exhibited variability, with certain quarters reporting tax benefits (e.g., Q2 2018 and Q2 2020), indicating tax planning or adjustments. The tax charge tended to rise alongside pre-tax income but also showed occasional volatility, affecting the ultimate net income.
Net Income (Loss)
Net income demonstrated growth over time, moving from $230.2 million in Q1 2017 to a peak of $489.5 million in Q4 2021. Noteworthy declines occurred in Q4 2017 (loss of $2.8 million) and Q2 2020 (loss of $121.9 million), coinciding with spikes in special charges and litigation expenses. Recovery in subsequent quarters was strong, with net income achieving new highs by the end of the period.