Edwards Lifesciences Reports Fourth Quarter Results
Highlights and Outlook
-
Q4 sales grew 14 percent to
$1.53 billion ; constant currency1 sales grew 13 percent - Q4 TAVR sales grew 13 percent; constant currency sales grew 12 percent
-
Q4 EPS of
$0.61 ; adjusted1 EPS of$0.64 -
2023 sales of
$6.0 billion grew 12 percent; EPS of$2.30 ; adjusted EPS of$2.51 - Completed enrollment early in PROGRESS pivotal trial, studying moderate AS patients
- Received early FDA approval for EVOQUE; ongoing European launch of EVOQUE
-
Executed
$400 million accelerated share repurchase in Q4;$867 million repurchased in 2023 - Confident in 2024 guidance of 8 to 10 percent constant currency sales growth
“In 2023, our team made significant progress advancing transformational therapies for patients while delivering strong financial performance. Full year sales increased 12 percent, including impressive growth across each of our four product groups,” said
2023 Full Year Results
Sales for the year ended
Transcatheter Aortic Valve Replacement (TAVR)
For the quarter, the company reported global TAVR sales of
In the
Looking ahead, the company is pleased with the recently announced CE Mark approval for the SAPIEN 3 Ultra RESILIA platform and plans a disciplined launch in
Transcatheter Mitral and Tricuspid Therapies (TMTT)
In the fourth quarter, Edwards remained focused on its key value drivers to unlock the significant long-term opportunity for patients: a portfolio of differentiated therapies; positive clinical trial results to support approvals and adoption; and favorable real-world clinical outcomes.
Based on the deep learnings Edwards has achieved from its clinical trial and real-world experiences, the company has carefully constructed a strategic portfolio of leading transcatheter technologies to provide both repair and replacement solutions for treating mitral and tricuspid patients. Most recently, the EVOQUE system became the first transcatheter therapy to receive
Fourth quarter TMTT sales were
Edwards is reaching an inflection point with the only portfolio of approved catheter-based mitral and tricuspid technologies. The company remains committed to bringing its differentiated portfolio of therapies to patients with these life-threatening diseases and believes this strategy positions Edwards well for leadership.
Surgical Structural Heart and Critical Care
Surgical Structural Heart sales for the quarter were
Critical Care sales were
Additional Financial Results
For the quarter, the adjusted gross profit margin was 76.8 percent, compared to 81.0 percent in the same period last year. This expected year-over-year reduction was driven by impacts from foreign exchange. Last year, Edwards’ gross profit margin was lifted by a significant impact from foreign exchange.
Selling, general and administrative expenses in the fourth quarter were
Research and development expenses in the fourth quarter grew 16 percent over the prior year to
Free cash flow for the fourth quarter was
Cash, cash equivalents and short-term investments totaled
Outlook
The company is confident in the sales guidance it provided at the
For the first quarter of 2024, the company projects total sales to be between
About
Conference Call and Webcast Information
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can sometimes be identified by the use of words such as “may,” “will,” “should,” “anticipate,” “believe,” “plan,” “project,” “estimate,” “forecast,” “potential,” “predict,” "early clinician feedback," “expect,” “intend,” “guidance,” “outlook,” “optimistic,” “aspire,” “confident” or other forms of these words or similar expressions and include, but are not limited to, statements made by
Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include risk and uncertainties associated with the spin-off of our Critical Care product group; our ability to develop new products and avoid manufacturing and quality issues; challenges related to clinical trial or commercial results or new product approvals and therapy adoption; the impact of domestic and global economic conditions; competitive dynamics; our reliance on vendors, suppliers, and other third parties; damage, failure, or interruption of our information technology systems; the impact of public health crises; consolidation in the healthcare industry; our ability to protect our intellectual property; our compliance with applicable regulations; our exposure to product liability claims; use of our products in unapproved circumstances; changes to reimbursement for the company's products; the impact of currency exchange rates; unanticipated actions by the
Edwards,
_______________ | ||
[1] |
“Adjusted” amounts are non-GAAP items. “Underlying” and “constant currency” growth rates in this press release exclude foreign exchange fluctuations. Adjusted earnings per share is a non-GAAP item computed on a diluted basis and in this press release also excludes an intellectual property agreement and litigation expenses, amortization of intangible assets, fair value adjustments to contingent consideration liabilities arising from acquisitions, one-time costs related to the planned spin-off of Critical Care, a significant program discontinuation, and the impact from a tax law change. See “Non-GAAP Financial Information” and reconciliation tables below. |
Unaudited Consolidated Statements of Operations (in millions, except per share data) |
|||||||||||||||
|
Three Months Ended D ecember 31, |
|
Twelve Months Ended D ecember 31, |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net sales |
$ |
1,534.1 |
|
|
$ |
1,348.3 |
|
|
$ |
6,004.8 |
|
|
$ |
5,382.4 |
|
Cost of sales |
|
356.9 |
|
|
|
257.9 |
|
|
|
1,379.8 |
|
|
|
1,080.4 |
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
1,177.2 |
|
|
|
1,090.4 |
|
|
|
4,625.0 |
|
|
|
4,302.0 |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general, and administrative expenses |
|
480.0 |
|
|
|
411.0 |
|
|
|
1,824.6 |
|
|
|
1,567.6 |
|
Research and development expenses |
|
270.0 |
|
|
|
232.2 |
|
|
|
1,071.8 |
|
|
|
945.2 |
|
Intellectual property agreement and litigation expense |
|
9.9 |
|
|
|
5.0 |
|
|
|
203.5 |
|
|
|
15.8 |
|
Change in fair value of contingent consideration liabilities |
|
— |
|
|
|
0.5 |
|
|
|
(26.2 |
) |
|
|
(35.8 |
) |
Special charges |
|
17.2 |
|
|
|
(6.1 |
) |
|
|
17.2 |
|
|
|
60.7 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
400.1 |
|
|
|
447.8 |
|
|
|
1,534.1 |
|
|
|
1,748.5 |
|
|
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
(16.8 |
) |
|
|
(7.9 |
) |
|
|
(49.6 |
) |
|
|
(16.3 |
) |
Other income, net |
|
(4.8 |
) |
|
|
(3.6 |
) |
|
|
(14.4 |
) |
|
|
(2.6 |
) |
|
|
|
|
|
|
|
|
||||||||
Income before provision for income taxes |
|
421.7 |
|
|
|
459.3 |
|
|
|
1,598.1 |
|
|
|
1,767.4 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
|
52.0 |
|
|
|
60.9 |
|
|
|
198.7 |
|
|
|
245.5 |
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
369.7 |
|
|
|
398.4 |
|
|
$ |
1,399.4 |
|
|
$ |
1,521.9 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to noncontrolling interest) |
|
(0.2 |
) |
|
|
— |
|
|
|
(3.0 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to |
$ |
369.9 |
|
|
$ |
398.4 |
|
|
$ |
1,402.4 |
|
|
$ |
1,521.9 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.61 |
|
|
$ |
0.65 |
|
|
$ |
2.31 |
|
|
$ |
2.46 |
|
Diluted |
$ |
0.61 |
|
|
$ |
0.65 |
|
|
$ |
2.30 |
|
|
$ |
2.44 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
605.2 |
|
|
|
612.9 |
|
|
|
606.7 |
|
|
|
619.0 |
|
Diluted |
|
606.9 |
|
|
|
616.2 |
|
|
|
609.4 |
|
|
|
624.2 |
|
|
|
|
|
|
|
|
|
||||||||
Operating statistics |
|
|
|
|
|
|
|
||||||||
As a percentage of net sales: |
|
|
|
|
|
|
|
||||||||
Gross profit |
|
76.7 |
% |
|
|
80.9 |
% |
|
|
77.0 |
% |
|
|
79.9 |
% |
Selling, general, and administrative expenses |
|
31.3 |
% |
|
|
30.5 |
% |
|
|
30.4 |
% |
|
|
29.1 |
% |
Research and development expenses |
|
17.6 |
% |
|
|
17.2 |
% |
|
|
17.8 |
% |
|
|
17.6 |
% |
Operating income |
|
26.1 |
% |
|
|
33.2 |
% |
|
|
25.5 |
% |
|
|
32.5 |
% |
Income before provision for income taxes |
|
27.5 |
% |
|
|
34.1 |
% |
|
|
26.6 |
% |
|
|
32.8 |
% |
Net income |
|
24.1 |
% |
|
|
29.5 |
% |
|
|
23.3 |
% |
|
|
28.3 |
% |
|
|
|
|
|
|
|
|
||||||||
Effective tax rate |
|
12.3 |
% |
|
|
13.3 |
% |
|
|
12.4 |
% |
|
|
13.9 |
% |
_______________ |
||||
Note: Numbers may not calculate due to rounding. |
Unaudited Balance Sheets (in millions) |
|||||||
|
|
||||||
|
2023 |
|
2022 |
||||
ASSETS |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
1,144.0 |
|
|
$ |
769.0 |
|
Short-term investments |
|
500.5 |
|
|
|
446.3 |
|
Accounts receivables, net |
|
775.1 |
|
|
|
643.0 |
|
Other receivables |
|
61.8 |
|
|
|
56.1 |
|
Inventories |
|
1,168.2 |
|
|
|
875.5 |
|
Prepaid expenses |
|
146.8 |
|
|
|
110.0 |
|
Other current assets |
|
239.3 |
|
|
|
195.9 |
|
Total current assets |
|
4,035.7 |
|
|
|
3,095.8 |
|
Long-term investments |
|
583.9 |
|
|
|
1,239.0 |
|
Property, plant, and equipment, net |
|
1,749.4 |
|
|
|
1,632.8 |
|
Operating lease right-of-use assets |
|
94.0 |
|
|
|
92.3 |
|
|
|
1,253.5 |
|
|
|
1,164.3 |
|
Other intangible assets, net |
|
428.4 |
|
|
|
285.2 |
|
Deferred income taxes |
|
754.6 |
|
|
|
484.0 |
|
Other assets |
|
463.7 |
|
|
|
299.1 |
|
Total assets |
$ |
9,363.2 |
|
|
$ |
8,292.5 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
1,170.5 |
|
|
$ |
996.9 |
|
Operating lease liabilities |
|
24.9 |
|
|
|
25.5 |
|
Total current liabilities |
|
1,195.4 |
|
|
|
1,022.4 |
|
Long-term debt |
|
597.0 |
|
|
|
596.3 |
|
Contingent consideration liabilities |
|
— |
|
|
|
26.2 |
|
Taxes payable |
|
80.6 |
|
|
|
143.4 |
|
Operating lease liabilities |
|
73.0 |
|
|
|
69.5 |
|
Uncertain tax positions |
|
339.3 |
|
|
|
267.5 |
|
Litigation agreement accrual |
|
94.2 |
|
|
|
143.0 |
|
Other liabilities |
|
264.3 |
|
|
|
217.5 |
|
Total liabilities |
|
2,643.8 |
|
|
|
2,485.8 |
|
Stockholders’ equity |
|
|
|
||||
Common stock |
|
650.5 |
|
|
|
646.3 |
|
Additional paid-in capital |
|
2,274.4 |
|
|
|
1,969.3 |
|
Retained earnings |
|
8,992.4 |
|
|
|
7,590.0 |
|
Accumulated other comprehensive loss |
|
(242.8 |
) |
|
|
(254.9 |
) |
|
|
(5,024.5 |
) |
|
|
(4,144.0 |
) |
|
|
6,650.0 |
|
|
|
5,806.7 |
|
Noncontrolling interest |
|
69.4 |
|
|
|
— |
|
Total equity |
|
6,719.4 |
|
|
|
5,806.7 |
|
Total liabilities and equity |
$ |
9,363.2 |
|
|
$ |
8,292.5 |
|
Non-GAAP Financial Information
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company uses non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the
Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results, and evaluating current performance. These non-GAAP financial measures are used in addition to, and in conjunction with, results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations by investors that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting the Company's business and facilitate comparability to historical periods.
Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of non-GAAP historical financial measures to the most comparable GAAP measure is provided in the tables below.
Fluctuations in currency exchange rates impact the comparative results and sales growth rates of the Company's underlying business. Management believes that excluding the impact of currency exchange rate fluctuations from its sales growth provides investors a more useful comparison to historical financial results. The impact of the fluctuations has been detailed in the "Reconciliation of Sales by
Guidance for sales and sales growth rates is provided on an "underlying basis," and projections for diluted earnings per share, net income and growth, gross profit margin, taxes, and free cash flow are also provided on a non-GAAP basis, as adjusted, for the items identified above due to the inherent difficulty in forecasting such items without unreasonable efforts. The Company is not able to provide a reconciliation of the non-GAAP guidance to comparable GAAP measures due to the unknown effect, timing, and potential significance of special charges or gains, and management's inability to forecast charges associated with future transactions and initiatives.
Management considers free cash flow to be a liquidity measure which provides useful information to management and investors about the amount of cash generated by business operations, after deducting payments for capital expenditures, which can then be used for strategic opportunities or other business purposes including, among others, investing in the Company's business, making strategic acquisitions, strengthening the balance sheet, and repurchasing stock.
The items described below are adjustments to the GAAP financial results in the reconciliations that follow:
Intellectual Property Litigation Expenses - The Company incurred intellectual property litigation expenses of
Change in Fair Value of Contingent Consideration Liabilities - The Company recorded expense of
Amortization of Intangible Assets - The Company recorded amortization expense related to developed technology and patents in the amount of
Intellectual Property Agreement - The Company recorded a
Spin-off of Critical Care - The Company recorded a
Program Discontinuation - The Company recorded a
Provision for Income Taxes - During the third quarter of 2023, the Company recorded a
The income tax impacts of the expenses and gains discussed above are based upon the items' forecasted effect upon the Company's full year effective tax rate. Adjustments to forecasted items unrelated to the expenses and gains above, as well as impacts related to interim reporting, will have an effect on the income tax impact of these items in subsequent periods.
Adjusted Free Cash Flow - The Company defines free cash flow as cash flows from operating activities less capital expenditures. During 2023, the Company excluded from its calculation a material payment related to the Intellectual Property Agreement.
Unaudited Reconciliation of GAAP to Non-GAAP Financial Information (in millions, except per share and percentage data) |
||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
Gross Profit Margin |
|
Operating Income |
|
Net Income Attributable to Edwards Lifesciences Corporation |
|
Diluted EPS |
|
Effective Tax Rate |
||||||||||
GAAP |
|
$ |
1,534.1 |
|
76.7 |
% |
|
$ |
400.1 |
|
$ |
369.9 |
|
|
$ |
0.61 |
|
|
12.3 |
% |
||
Non-GAAP adjustments: (A) (B) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Intellectual property litigation expenses |
|
|
— |
|
|
— |
|
|
|
9.9 |
|
|
|
7.1 |
|
|
|
0.01 |
|
|
0.4 |
|
Amortization of intangible assets |
|
|
— |
|
|
0.1 |
|
|
|
1.2 |
|
|
|
0.8 |
|
|
|
— |
|
|
0.1 |
|
Spin-off of Critical Care |
|
|
— |
|
|
— |
|
|
|
17.2 |
|
|
|
17.2 |
|
|
|
0.03 |
|
|
(0.4 |
) |
Prior period ongoing tax impacts |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(4.9 |
) |
|
|
(0.01 |
) |
|
1.0 |
|
Adjusted |
|
$ |
1,534.1 |
|
|
76.8 |
% |
|
$ |
428.4 |
|
|
$ |
390.1 |
|
|
$ |
0.64 |
|
|
13.4 |
% |
|
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
Gross Profit Margin |
|
Operating Income |
|
Net Income Attributable to Edwards Lifesciences Corporation |
|
Diluted EPS |
|
Effective Tax Rate |
||||||||||
GAAP |
|
$ |
1,348.3 |
|
80.9 |
% |
|
$ |
447.8 |
|
|
$ |
398.4 |
|
|
$ |
0.65 |
|
|
13.3 |
% |
|
Non-GAAP adjustments: (A) (B) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Intellectual property litigation expenses |
|
|
— |
|
|
— |
|
|
|
5.0 |
|
|
|
3.5 |
|
|
|
0.01 |
|
|
0.2 |
|
Change in fair value of contingent consideration liabilities |
|
|
— |
|
|
— |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
(0.01 |
) |
|
(0.1 |
) |
Amortization of intangible assets |
|
|
— |
|
|
0.1 |
|
|
|
1.3 |
|
|
|
1.0 |
|
|
|
— |
|
|
— |
|
Program discontinuation |
|
|
— |
|
|
— |
|
|
|
(6.1 |
) |
|
|
(6.3 |
) |
|
|
(0.01 |
) |
|
0.2 |
|
Prior period ongoing tax impacts |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(1.5 |
) |
|
|
— |
|
|
0.4 |
|
Adjusted |
|
$ |
1,348.3 |
|
|
81.0 |
% |
|
$ |
448.5 |
|
|
$ |
395.6 |
|
|
$ |
0.64 |
|
|
14.0 |
% |
|
|
Twelve Months Ended |
||||||||||||||||||||
|
|
|
|
Gross Profit Margin |
|
Operating Income |
|
Net Income Attributable to Edwards Lifesciences Corporation |
|
Diluted EPS |
|
Effective Tax Rate |
||||||||||
GAAP |
|
$ |
6,004.8 |
|
77.0 |
% |
|
$ |
1,534.1 |
|
|
$ |
1,402.4 |
|
|
$ |
2.30 |
|
|
12.4 |
% |
|
Non-GAAP adjustments: (A) (B) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Intellectual property agreement |
|
|
— |
|
|
— |
|
|
|
176.0 |
|
|
|
134.9 |
|
|
|
0.22 |
|
|
1.0 |
|
Intellectual property litigation expenses |
|
|
— |
|
|
— |
|
|
|
27.5 |
|
|
|
20.7 |
|
|
|
0.03 |
|
|
0.2 |
|
Change in fair value of contingent consideration liabilities |
|
|
— |
|
|
— |
|
|
|
(26.2 |
) |
|
|
(25.2 |
) |
|
|
(0.04 |
) |
|
0.1 |
|
Amortization of intangible assets |
|
|
— |
|
|
0.1 |
|
|
|
5.2 |
|
|
|
4.1 |
|
|
|
0.01 |
|
|
0.1 |
|
Spin-off of Critical Care |
|
|
— |
|
|
— |
|
|
|
17.2 |
|
|
|
17.2 |
|
|
|
0.03 |
|
|
(0.1 |
) |
Foreign tax credit suspension |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(23.2 |
) |
|
|
(0.04 |
) |
|
1.3 |
|
Adjusted |
|
$ |
6,004.8 |
|
|
77.1 |
% |
|
$ |
1,733.8 |
|
|
$ |
1,530.9 |
|
|
$ |
2.51 |
|
|
15.0 |
% |
|
|
Twelve Months Ended |
||||||||||||||||||||
|
|
|
|
Gross Profit Margin |
|
Operating Income |
|
Net Income Attributable to Edwards Lifesciences Corporation |
|
Diluted EPS |
|
Effective Tax Rate |
||||||||||
GAAP |
|
$ |
5,382.4 |
|
79.9 |
% |
|
$ |
1,748.5 |
|
|
$ |
1,521.9 |
|
|
$ |
2.44 |
|
|
13.9 |
% |
|
Non-GAAP adjustments: (A) (B) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Intellectual property litigation expenses |
|
|
— |
|
|
— |
|
|
|
15.8 |
|
|
|
11.9 |
|
|
|
0.03 |
|
|
0.1 |
|
Change in fair value of contingent consideration liabilities |
|
|
— |
|
|
— |
|
|
|
(35.8 |
) |
|
|
(35.0 |
) |
|
|
(0.06 |
) |
|
0.2 |
|
Amortization of intangible assets |
|
|
— |
|
|
0.1 |
|
|
|
5.7 |
|
|
|
4.8 |
|
|
|
— |
|
|
— |
|
Program discontinuation |
|
|
— |
|
|
0.1 |
|
|
|
62.3 |
|
|
|
47.0 |
|
|
|
0.07 |
|
|
0.4 |
|
Adjusted |
|
$ |
5,382.4 |
|
|
80.1 |
% |
|
$ |
1,796.5 |
|
|
$ |
1,550.6 |
|
|
$ |
2.48 |
|
|
14.6 |
% |
_______________ | ||
(A) |
See description of non-GAAP adjustments under "Non-GAAP Financial Information." |
|
(B) |
The tax effect on non-GAAP adjustments is calculated based upon the impact of the relevant tax jurisdictions’ statutory tax rates on the Company’s estimated annual effective tax rate, or discrete rate in the quarter, as applicable. The impact on the effective tax rate is reflected on each individual non-GAAP adjustment line item. |
RECONCILIATION OF GAAP OPERATING CASH FLOW TO ADJUSTED FREE CASH FLOW |
|||||||
|
|
||||||
|
2023 |
|
2022 |
||||
Net cash provided by operating activities |
$ |
895.8 |
|
|
$ |
1,218.2 |
|
Capital expenditures |
|
(253.0 |
) |
|
|
(244.6 |
) |
Intellectual property agreement |
|
300.0 |
|
|
|
— |
|
Adjusted Free Cash Flow (A) |
|
942.8 |
|
|
|
973.6 |
|
_______________ | ||
(A) |
See description of "Adjusted Free Cash Flow" under "Non-GAAP Financial Information." |
RECONCILIATION OF SALES BY PRODUCT GROUP AND REGION |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2022 Adjusted |
|
|
||||||||||||||
Sales by |
|
4Q 2023 |
|
4Q 2022 |
|
Change |
|
GAAP G rowth R ate* |
|
FX I mpact |
|
4Q 2022 Adjusted Sales |
|
Underlying G rowth R ate * |
||||||||||||
Transcatheter Aortic Valve Replacement |
|
$ |
979.4 |
|
$ |
867.7 |
|
$ |
111.7 |
|
12.9 |
% |
|
$ |
5.8 |
|
$ |
873.5 |
|
12.1 |
% |
|||||
Transcatheter Mitral and Tricuspid Therapies |
|
|
56.0 |
|
|
|
31.5 |
|
|
|
24.5 |
|
|
77.6 |
% |
|
|
1.3 |
|
|
|
32.8 |
|
|
71.1 |
% |
Surgical Structural Heart |
|
|
248.2 |
|
|
|
224.1 |
|
|
|
24.1 |
|
|
10.8 |
% |
|
|
1.7 |
|
|
|
225.8 |
|
|
9.9 |
% |
Critical Care |
|
|
250.5 |
|
|
|
225.0 |
|
|
|
25.5 |
|
|
11.3 |
% |
|
|
0.5 |
|
|
|
225.5 |
|
|
11.0 |
% |
Total |
|
$ |
1,534.1 |
|
|
$ |
1,348.3 |
|
|
$ |
185.8 |
|
|
13.8 |
% |
|
$ |
9.3 |
|
|
$ |
1,357.6 |
|
|
13.0 |
% |
|
|
|
|
|
|
|
|
|
|
2022 Adjusted |
|
|
||||||||||||||
Sales by |
|
YTD 4Q 2023 |
|
YTD 4Q 2022 |
|
Change |
|
GAAP G rowth R ate* |
|
FX I mpact |
|
YTD 4Q 2022 Adjusted Sales |
|
Underlying G rowth R ate * |
||||||||||||
Transcatheter Aortic Valve Replacement |
|
$ |
3,879.8 |
|
$ |
3,518.2 |
|
$ |
361.6 |
|
10.3 |
% |
|
$ |
(11.3 |
) |
|
$ |
3,506.9 |
|
10.6 |
% |
||||
Transcatheter Mitral and Tricuspid Therapies |
|
|
197.6 |
|
|
|
116.1 |
|
|
|
81.5 |
|
|
70.1 |
% |
|
|
2.4 |
|
|
|
118.5 |
|
|
66.8 |
% |
Surgical Structural Heart |
|
|
999.3 |
|
|
|
893.1 |
|
|
|
106.2 |
|
|
11.9 |
% |
|
|
(6.4 |
) |
|
|
886.7 |
|
|
12.7 |
% |
Critical Care |
|
|
928.1 |
|
|
|
855.0 |
|
|
|
73.1 |
|
|
8.5 |
% |
|
|
(10.3 |
) |
|
|
844.7 |
|
|
9.9 |
% |
Total |
|
$ |
6,004.8 |
|
|
$ |
5,382.4 |
|
|
$ |
622.4 |
|
|
11.6 |
% |
|
$ |
(25.6 |
) |
|
$ |
5,356.8 |
|
|
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
2022 Adjusted |
|
|
||||||||||||||
Sales by Region (QTD) |
|
4Q 2023 |
|
4Q 2022 |
|
Change |
|
GAAP G rowth Rate* |
|
FX I mpact |
|
4Q 2022 Adjusted Sales |
|
Underlying G rowth R ate * |
||||||||||||
|
|
$ |
894.4 |
|
$ |
795.5 |
|
$ |
98.9 |
|
12.4 |
% |
|
$ |
— |
|
|
$ |
795.5 |
|
12.4 |
% |
||||
|
|
|
344.9 |
|
|
|
290.8 |
|
|
|
54.1 |
|
|
18.7 |
% |
|
|
14.4 |
|
|
|
305.2 |
|
|
13.0 |
% |
|
|
|
112.0 |
|
|
|
111.1 |
|
|
|
0.9 |
|
|
0.7 |
% |
|
|
(6.6 |
) |
|
|
104.5 |
|
|
6.8 |
% |
Rest of World |
|
|
182.8 |
|
|
|
150.9 |
|
|
|
31.9 |
|
|
21.0 |
% |
|
|
1.5 |
|
|
|
152.4 |
|
|
19.9 |
% |
Outside of |
|
|
639.7 |
|
|
|
552.8 |
|
|
|
86.9 |
|
|
15.7 |
% |
|
|
9.3 |
|
|
|
562.1 |
|
|
13.7 |
% |
Total |
|
$ |
1,534.1 |
|
|
$ |
1,348.3 |
|
|
$ |
185.8 |
|
|
13.8 |
% |
|
$ |
9.3 |
|
|
$ |
1,357.6 |
|
|
13.0 |
% |
|
|
|
|
|
|
|
|
|
|
2022 Adjusted |
|
|
||||||||||||||
Sales by Region (YTD) |
|
YTD 4Q 2023 |
|
YTD 4Q 2022 |
|
Change |
|
GAAP G rowth Rate* |
|
FX I mpact |
|
YTD 4Q 2022 Adjusted Sales |
|
Underlying G rowth R ate * |
||||||||||||
|
|
$ |
3,508.7 |
|
$ |
3,132.6 |
|
$ |
376.1 |
|
|
12.0 |
% |
|
$ |
— |
|
|
$ |
3,132.6 |
|
12.0 |
% |
|||
|
|
|
1,334.5 |
|
|
|
1,174.8 |
|
|
|
159.7 |
|
|
13.6 |
% |
|
|
23.0 |
|
|
|
1,197.8 |
|
|
11.4 |
% |
|
|
|
452.4 |
|
|
|
473.6 |
|
|
|
(21.2 |
) |
|
(4.5 |
)% |
|
|
(34.0 |
) |
|
|
439.6 |
|
|
2.9 |
% |
Rest of World |
|
|
709.2 |
|
|
|
601.4 |
|
|
|
107.8 |
|
|
17.9 |
% |
|
|
(14.6 |
) |
|
|
586.8 |
|
|
20.9 |
% |
Outside of |
|
|
2,496.1 |
|
|
|
2,249.8 |
|
|
|
246.3 |
|
|
10.9 |
% |
|
|
(25.6 |
) |
|
|
2,224.2 |
|
|
12.3 |
% |
Total |
|
$ |
6,004.8 |
|
|
$ |
5,382.4 |
|
|
$ |
622.4 |
|
|
11.6 |
% |
|
$ |
(25.6 |
) |
|
$ |
5,356.8 |
|
|
12.1 |
% |
_______________ |
* Numbers may not calculate due to rounding. |
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