Selected Financial Data
since 2005
Income Statement
Edwards Lifesciences Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2021 | 5,232,500) | 1,690,300) | 1,503,100) |
| Dec 31, 2020 | 4,386,300) | 897,600) | 823,400) |
| Dec 31, 2019 | 4,348,000) | 1,146,800) | 1,046,900) |
| Dec 31, 2018 | 3,722,800) | 748,200) | 722,200) |
| Dec 31, 2017 | 3,435,300) | 1,089,400) | 583,600) |
| Dec 31, 2016 | 2,963,700) | 751,200) | 569,500) |
| Dec 31, 2015 | 2,493,700) | —) | 494,900) |
| Dec 31, 2014 | 2,322,900) | —) | 811,100) |
| Dec 31, 2013 | 2,045,500) | —) | 391,700) |
| Dec 31, 2012 | 1,899,600) | —) | 293,200) |
| Dec 31, 2011 | 1,678,600) | —) | 236,700) |
| Dec 31, 2010 | 1,447,000) | —) | 218,000) |
| Dec 31, 2009 | 1,321,400) | —) | 229,100) |
| Dec 31, 2008 | 1,237,700) | —) | 128,900) |
| Dec 31, 2007 | 1,091,100) | —) | 113,000) |
| Dec 31, 2006 | 1,037,000) | —) | 130,500) |
| Dec 31, 2005 | 997,900) | —) | 79,300) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Revenue and net income exhibit a strong long-term growth trajectory between 2005 and 2021, characterized by consistent top-line expansion and significant improvements in bottom-line profitability.
- Revenue Growth Trends
- Net sales grew consistently from 997.9 million US dollars in 2005 to 5.23 billion US dollars in 2021. The growth pattern is characterized by steady year-over-year increases, with an acceleration in scale becoming evident after 2011, where annual sales exceeded 1.6 billion US dollars and continued to climb. The most substantial absolute increase occurred between 2020 and 2021, with sales rising from 4.38 billion to 5.23 billion US dollars.
- Net Income Performance
- Net income demonstrates a general upward trend, increasing from 79.3 million US dollars in 2005 to 1.50 billion US dollars in 2021. While the trajectory is positive, the growth is more volatile than that of net sales. A notable spike occurred in 2014, where net income reached 811.1 million US dollars, followed by a correction to 494.9 million US dollars in 2015. Following this period, profitability resumed a strong growth path, surpassing the 1 billion US dollar threshold in 2019 and reaching its peak in 2021.
- Operating Income Analysis
- Based on available figures from 2016 to 2021, operating income shows significant fluctuation despite an overall increase. The value rose from 751.2 million US dollars in 2016 to a peak of 1.69 billion US dollars in 2021. Notable contractions are observed in 2018 and 2020, suggesting periods of increased operating expenses or temporary headwinds, followed by sharp recoveries in 2019 and 2021.
- Profitability Margin Evolution
- The conversion of net sales to net income improved substantially over the 16-year period. In 2005, the net profit margin was approximately 7.9%, which expanded to approximately 28.7% by 2021. The most aggressive margin expansion occurred between 2013 and 2014, where the net margin surged from approximately 19.2% to 34.9%, indicating a period of high operational efficiency or a significant change in the cost structure.
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Balance Sheet: Assets
Edwards Lifesciences Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 3,180,700) | 8,502,600) |
| Dec 31, 2020 | 3,091,000) | 7,237,100) |
| Dec 31, 2019 | 2,984,000) | 6,488,100) |
| Dec 31, 2018 | 2,286,900) | 5,323,700) |
| Dec 31, 2017 | 2,532,100) | 5,695,800) |
| Dec 31, 2016 | 2,240,000) | 4,510,000) |
| Dec 31, 2015 | 2,047,900) | 4,059,300) |
| Dec 31, 2014 | 2,294,600) | 3,524,300) |
| Dec 31, 2013 | 1,725,800) | 2,724,700) |
| Dec 31, 2012 | 1,291,900) | 2,221,500) |
| Dec 31, 2011 | 1,168,500) | 1,980,500) |
| Dec 31, 2010 | 1,032,600) | 1,767,200) |
| Dec 31, 2009 | 889,200) | 1,615,500) |
| Dec 31, 2008 | 691,900) | 1,400,200) |
| Dec 31, 2007 | 581,700) | 1,345,100) |
| Dec 31, 2006 | 531,600) | 1,246,800) |
| Dec 31, 2005 | 514,200) | 1,229,100) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a sustained expansion of the asset base over the 16-year period analyzed. Total assets grew from 1,229,100 thousand US dollars in 2005 to 8,502,600 thousand US dollars by 2021, representing an approximately 6.9-fold increase. This growth trend remained largely consistent, with significant acceleration observed starting in 2013.
- Total Asset Growth Trajectory
- The asset base demonstrates a steady upward trajectory, with the most pronounced expansion occurring between 2013 and 2017, and again from 2018 to 2021. A marginal contraction in total assets was observed in 2018, followed by a sharp recovery and continued growth.
- Current Asset Evolution
- Current assets increased from 514,200 thousand US dollars in 2005 to 3,180,700 thousand US dollars in 2021. While the overall trend is positive, the growth was non-linear, featuring a peak in 2014 followed by a period of volatility between 2015 and 2018 before resuming an upward path.
- Asset Composition and Liquidity Shift
- The proportion of current assets relative to total assets shifted significantly over the analyzed period. Current assets constituted approximately 41.8% of total assets in 2005, reaching a peak of approximately 65.1% in 2014. By 2021, this ratio declined to approximately 37.4%, indicating a strategic shift in the asset mix toward non-current assets in the latter half of the timeline.
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Balance Sheet: Liabilities and Stockholders’ Equity
Edwards Lifesciences Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2021 | 1,032,300) | 595,700) | 5,835,900) |
| Dec 31, 2020 | 893,900) | 595,000) | 4,574,300) |
| Dec 31, 2019 | 902,400) | 594,400) | 4,148,300) |
| Dec 31, 2018 | 876,600) | 593,800) | 3,140,400) |
| Dec 31, 2017 | 1,402,900) | 1,036,400) | 2,956,200) |
| Dec 31, 2016 | 532,500) | 822,300) | 2,619,000) |
| Dec 31, 2015 | 476,200) | 599,900) | 2,503,100) |
| Dec 31, 2014 | 434,400) | 598,100) | 2,191,400) |
| Dec 31, 2013 | 345,600) | 593,100) | 1,559,200) |
| Dec 31, 2012 | 347,400) | 189,300) | 1,479,300) |
| Dec 31, 2011 | 335,200) | 150,400) | 1,337,900) |
| Dec 31, 2010 | 337,800) | 41,800) | 1,308,200) |
| Dec 31, 2009 | 290,500) | 90,300) | 1,157,900) |
| Dec 31, 2008 | 258,500) | 175,500) | 878,800) |
| Dec 31, 2007 | 375,400) | 211,700) | 835,000) |
| Dec 31, 2006 | 226,200) | 235,900) | 749,400) |
| Dec 31, 2005 | 194,200) | 316,100) | 690,000) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2021 reflects a significant expansion of the capital base characterized by consistent growth in equity and fluctuating levels of indebtedness and short-term obligations.
- Stockholders' Equity Growth
- A sustained upward trend in stockholders' equity is observed over the entire period. Equity grew from 690 million USD in 2005 to 5.84 billion USD by 2021. The growth accelerated notably after 2014, with a substantial increase in the capital base that suggests strong retained earnings or capital injections, significantly enhancing the long-term solvency of the entity.
- Total Debt Dynamics
- Total debt exhibited a non-linear pattern. An initial deleveraging phase occurred between 2005 and 2010, with debt decreasing from 316.1 million USD to a low of 41.8 million USD. This was followed by a period of increasing borrowing that peaked in 2017 at 1.04 billion USD. From 2018 through 2021, total debt stabilized, remaining nearly constant at approximately 595 million USD, indicating a shift toward a stable debt-to-equity structure.
- Current Liabilities Trends
- Current liabilities showed a general increase over time, rising from 194.2 million USD in 2005 to 1.03 billion USD in 2021. A significant anomaly occurred in 2017, where current liabilities spiked to 1.40 billion USD before correcting to approximately 876.6 million USD in 2018. This volatility suggests a period of significant short-term financing activity or a large one-time accrual in 2017.
- Capital Structure and Solvency
- The relationship between debt and equity shifted favorably over the analyzed period. While total debt increased in absolute terms between 2010 and 2017, the simultaneous and more rapid growth of stockholders' equity resulted in a lower overall leverage ratio by 2021. The entity ended the period with a significantly stronger equity cushion relative to its total debt and current obligations compared to the baseline in 2005.
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Cash Flow Statement
Edwards Lifesciences Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 1,732,100) | (1,722,500) | (356,300) |
| Dec 31, 2020 | 1,054,300) | (531,100) | (486,900) |
| Dec 31, 2019 | 1,179,400) | (595,800) | (115,600) |
| Dec 31, 2018 | 926,800) | 76,700) | (1,101,200) |
| Dec 31, 2017 | 1,000,700) | (647,200) | (473,200) |
| Dec 31, 2016 | 704,400) | (211,700) | (268,500) |
| Dec 31, 2015 | 549,700) | (316,100) | (158,600) |
| Dec 31, 2014 | 1,022,300) | (633,000) | (153,000) |
| Dec 31, 2013 | 472,700) | (412,700) | 34,900) |
| Dec 31, 2012 | 373,800) | (90,500) | (155,600) |
| Dec 31, 2011 | 314,500) | (412,800) | (135,200) |
| Dec 31, 2010 | 251,400) | (61,500) | (103,900) |
| Dec 31, 2009 | 165,300) | 40,100) | (91,800) |
| Dec 31, 2008 | 153,200) | 58,800) | (134,100) |
| Dec 31, 2007 | 210,200) | (144,500) | (108,100) |
| Dec 31, 2006 | 230,800) | (35,700) | (193,600) |
| Dec 31, 2005 | 136,800) | (27,200) | 29,000) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the cash flow movements from 2005 to 2021 reveals a trajectory of substantial growth in operational capacity and a strategic approach to capital allocation. The overarching trend is characterized by a consistent increase in cash generation from core business operations, which has progressively enabled larger investments and the return of capital to stakeholders.
- Operating Activities
- Net cash provided by operating activities exhibited a strong long-term upward trend, growing from 136.8 million USD in 2005 to 1.73 billion USD by 2021. While the growth was generally steady, a significant acceleration occurred between 2013 and 2014, where cash flow more than doubled from 472.7 million USD to 1.02 billion USD. A similar sharp increase is observed between 2020 and 2021, marking the peak of operational cash generation within the analyzed period.
- Investing Activities
- Cash flows from investing activities remained predominantly negative throughout the period, indicating a consistent commitment to capital expenditures or acquisitions. Notable peaks in investment spending occurred in 2014 (-633 million USD), 2017 (-647.2 million USD), and 2021 (-1.72 billion USD). The substantial outflow in 2021 aligns with the peak in operating cash flow, suggesting a massive reinvestment of liquid assets. Occasional positive inflows in 2008, 2009, and 2018 indicate periods of asset divestiture or the realization of previous investments.
- Financing Activities
- Financing activities were characterized by consistent net outflows for the majority of the timeline, reflecting a strategy of debt reduction or shareholder distributions. A particularly significant outflow was recorded in 2018, totaling 1.1 billion USD. With the exception of a minor inflow in 2013, the company consistently utilized its cash reserves to manage its capital structure and reward investors, rather than relying on external financing to fund operations.
- Comprehensive Cash Flow Dynamics
- The relationship between the three cash flow components demonstrates a transition toward financial self-sufficiency. In the early years, operating cash flows were modest and closely matched financing and investing needs. By the latter half of the period, the scale of operating cash flow significantly exceeded the requirements for both financing and investing activities, providing a substantial cushion for strategic expansion and financial flexibility.
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Per Share Data
Edwards Lifesciences Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 2.41 | 2.38 | 0.00 |
| Dec 31, 2020 | 1.32 | 1.30 | 0.00 |
| Dec 31, 2019 | 1.68 | 1.64 | 0.00 |
| Dec 31, 2018 | 1.15 | 1.13 | 0.00 |
| Dec 31, 2017 | 0.92 | 0.90 | 0.00 |
| Dec 31, 2016 | 0.89 | 0.87 | 0.00 |
| Dec 31, 2015 | 0.77 | 0.75 | 0.00 |
| Dec 31, 2014 | 1.27 | 1.25 | 0.00 |
| Dec 31, 2013 | 0.59 | 0.57 | 0.00 |
| Dec 31, 2012 | 0.43 | 0.41 | 0.00 |
| Dec 31, 2011 | 0.35 | 0.33 | 0.00 |
| Dec 31, 2010 | 0.32 | 0.31 | 0.00 |
| Dec 31, 2009 | 0.34 | 0.33 | 0.00 |
| Dec 31, 2008 | 0.19 | 0.18 | 0.00 |
| Dec 31, 2007 | 0.17 | 0.16 | 0.00 |
| Dec 31, 2006 | 0.19 | 0.18 | 0.00 |
| Dec 31, 2005 | 0.11 | 0.11 | 0.00 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Earnings per share exhibit a strong long-term growth trajectory from 2005 to 2021, characterized by periods of steady appreciation interrupted by specific intervals of volatility.
- Earnings Per Share Growth Patterns
- Between 2005 and 2008, basic earnings per share remained relatively stable, oscillating between 0.11 and 0.19. A period of consistent growth commenced in 2009, with basic EPS increasing from 0.34 to 0.59 by 2013. A substantial increase is noted in 2014, where basic EPS reached 1.27, followed by a sharp contraction to 0.77 in 2015. From 2016 through 2021, a renewed upward trend is observed, culminating in a period high of 2.41, despite a temporary decline to 1.32 in 2020.
- Dilution Analysis
- Diluted earnings per share closely mirror the movements of basic earnings per share throughout the analyzed period. The variance between basic and diluted figures is minimal, typically remaining within a range of 0.01 to 0.02. This narrow gap suggests a stable capital structure with negligible impact from dilutive securities such as stock options or convertible bonds.
- Dividend Distribution
- No dividend payments per share were recorded between 2005 and 2021. The absence of distributions indicates a corporate strategy centered on the retention of all earnings to fuel reinvestment and operational growth.
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