Edwards Lifesciences (NYSE: EW) today reported financial results
for the quarter and full-year ended Dec. 31, 2024.
Highlights and Outlook
- Q4 sales grew 9% to $1.39 billion1, better than expected, with
strength across all product groups
- Q4 TAVR sales grew 6%; constant currency2 sales grew 5%
- Q4 TMTT sales grew 88% to $105 million with increasing
contribution to Edwards' growth
- Q4 EPS of $0.581; adjusted2 EPS of $0.59, driven by strong
top-line performance
- Presented results of two practice-changing FDA clinical trials,
EARLY TAVR and TRISCEND II
- Reiterating 2025 constant currency sales growth of 8% - 10%;
adjusted EPS of $2.40 - $2.50
- Continuing to expect mid-year asymptomatic TAVR indication
approval in the U.S.
- Increasing contributions from an expanding set of structural
heart therapies in 2026 and beyond
“It was a year of meaningful progress for Edwards in 2024, as
our 16,000 employees advanced life-saving structural heart
innovations for patients around the world. We exited the year in a
strong position with three important growth drivers: TAVR, Mitral
and Tricuspid, and two emerging opportunities in Structural Heart
Failure and Aortic Regurgitation,” said Bernard Zovighian, Edwards’
CEO. “In 2025, we expect to build on many catalysts across our
businesses that will contribute to growth. Going forward, the
investments and actions we’ve taken to advance our strategy will
position us for continuing strong performance. I am optimistic
about the tremendous opportunities in front of us to transform
structural heart patient care.”
Transcatheter Aortic Valve Replacement
(TAVR)
In the fourth quarter, the company reported TAVR sales of $1.04
billion, which grew 6% versus the prior year, or 5% on a constant
currency basis. Full-year 2024 global sales of $4.1 billion
increased 6% year-over-year. U.S. and OUS sales growth rates were
similar. Edwards’ strong competitive position and pricing remained
stable globally.
In the U.S., the company continues to be pleased with the
performance of its market-leading SAPIEN 3 Ultra RESILIA
platform.
Outside of the U.S., in the fourth quarter, sales growth was
supported by the continued launch of SAPIEN 3 Ultra RESILIA in
Europe. The company is pleased with the exceptional patient
outcomes delivered by this best-in-class platform and expects
continued momentum with increasing adoption.
The company’s commitment to advancing clinical evidence and
expanding indications for patients was highlighted by results from
the EARLY TAVR trial, the first and largest randomized controlled
trial to date studying asymptomatic severe AS patients, which were
presented at the annual TCT conference in October. Edwards is
confident in the potential of EARLY TAVR to transform patient care
and continues to work closely with the FDA on expanding the labeled
indication to include asymptomatic severe AS patients, which is
expected by mid-year.
Transcatheter Mitral and Tricuspid
Therapies (TMTT)
Edwards’ unique portfolio of repair and replacement technologies
for both Mitral and Tricuspid valves continues to deliver strong
growth, with an increasing contribution to overall company
performance. The PASCAL repair system, the EVOQUE tricuspid
replacement system, and the forthcoming SAPIEN M3 mitral
replacement system provide the broadest set of treatment options to
the many patients with varying mitral and tricuspid valve
disease.
Fourth quarter sales were $105 million. Full year sales of $352
million increased 78% year-over-year. Sales of both PASCAL and
EVOQUE contributed meaningfully to growth.
PASCAL continues to demonstrate its value for patient care. Its
differentiated features are driving excellent clinical outcomes,
leading to increased adoption at existing centers and encouraging
new centers to use the technology. The EVOQUE commercial launch
continues to progress well in the U.S. and Europe. Edwards
continues to invest in field-based teams with deep expertise and
remains committed to its disciplined approach to launching the
therapy, prioritizing excellent patient outcomes. In mitral
replacement, the company continues to look forward to European
approval of SAPIEN M3 by mid-year 2025.
Surgical
In Surgical, fourth quarter global sales from continuing
operations of $244 million increased 6% over the prior year, or 5%
on a constant currency basis, with healthy global adoption of
Edwards’ premium RESILIA portfolio including MITRIS, INSPIRIS, and
KONECT. Edwards continues to see positive procedure growth globally
for the many patients best treated surgically, including complex
and concomitant procedures.
Additional Financial
Results
For the quarter, the gross profit margin was 78.9%, or 79.0%
adjusted, compared to 80.2% in the same period last year. The
company continues to expect its full-year 2025 adjusted gross
profit margin to be between 78% and 79%.
Selling, general and administrative expenses in the fourth
quarter were $492 million, or 35.5% of sales, compared to $417
million in the prior year. This increase in spending reflects
growth in TMTT field-based teams, transition expenses following the
sale of Critical Care, and strategic growth acquisitions. The
company plans to hold operational SG&A spending approximately
flat at these levels during 2025 and expects a lower SG&A ratio
over time.
Research and development expenses grew 12% over the prior year
to $271 million, or 19.6% of sales. This increase was primarily the
result of a full quarter of R&D spend from previously announced
acquisitions that closed in 2024. The company expects to maintain
R&D spending at these levels during 2025, and to moderate
R&D as a percentage of sales over time.
Operating profit margin in the fourth quarter of 22.6%, or 25.6%
adjusted, was in-line with the company’s expectation for the
quarter. Edwards’ guidance for 2025 adjusted operating margins
continues to be 27 to 28% with annual operating profit margin
expansion thereafter, as outlined at the company’s investor
conference. Edwards' adjusted Earnings Per Share was $0.59, led by
strong top-line performance.
Cash and cash equivalents were approximately $3.0 billion as of
Dec. 31, 2024. Total debt was approximately $600 million.
Outlook
Edwards' full-year total company and product group sales
guidance as well as earnings guidance remain unchanged. For the
first quarter of 2025, the company projects total sales to be
between $1.35 and $1.43 billion and adjusted EPS of $0.58 to
$0.64.
About Edwards
Lifesciences
Edwards Lifesciences is the leading global structural heart
innovation company, driven by a passion to improve patient lives.
Through breakthrough technologies, world-class evidence and
partnerships with clinicians and healthcare stakeholders, our
employees are inspired by our patient-focused culture to deliver
life-changing innovations to those who need them most. Discover
more at www.edwards.com and follow us on LinkedIn, Facebook,
Instagram and YouTube.
Conference Call and Webcast
Information
The company will be hosting a conference call today at 2:00 p.m.
PT to discuss its fourth quarter results. To participate in the
conference call, dial (877) 704-2848 or (201) 389-0893. The call
will also be available live and archived on the “Investor
Relations” section of the Edwards website at ir.edwards.com or
www.edwards.com.
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 Mr. Zovighian, first quarter and fiscal year
2025 financial guidance, statements regarding our expected growth
and accelerating growth due to, among other things, asymptomatic
TAVR approval, expansion of structural heart therapy options in
2026 and beyond; expectations for R&D spending, expanding
opportunity to meet patient needs, clinical investments in
addressing future workflow needs, international adoption of TAVR,
transformation of patient treatment, investments, expansion of
evidence, approvals, clinical trial outcomes and impacts, and the
information in the Outlook section. No inferences or assumptions
should be made from statements of past performance, efforts, or
results which may not be indicative of future performance or
results. Forward-looking statements are based on estimates and
assumptions made by management of the company and are believed to
be reasonable, though they are inherently uncertain, difficult to
predict, and may be outside of the company’s control. The company's
forward-looking statements speak only as of the date on which they
are made and the company does not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of the statement. If the company does
update or correct one or more of these statements, investors and
others should not conclude that the company will make additional
updates or corrections.
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 risks
detailed in the company's filings with the Securities and Exchange
Commission (SEC), including its Annual Report on Form 10-K for the
year ended December 31, 2023, and its other filings with the SEC.
These filings, along with important safety information about our
products, may be found at edwards.com.
Edwards, Edwards Lifesciences, the stylized E logo, EARLY TAVR,
EVOQUE, INSPIRIS, KONECT, MITRIS, PASCAL, RESILIA, SAPIEN, SAPIEN
M3, SAPIEN 3, SAPIEN 3 Ultra, TRISCEND, and TRISCEND II are
trademarks of Edwards Lifesciences Corporation or its affiliates.
All other trademarks are the property of their respective
owners.
_____________________
[1]
Reported sales and EPS are from continuing
operations.
[2]
The company uses the terms “adjusted” and
"constant currency” when referring to non-GAAP sales from
continuing operations and sales growth information, respectively,
which excludes currency rate fluctuations. Adjusted earnings per
share from continuing operations is a non-GAAP item computed on a
diluted basis and in this press release also excludes an
intellectual property agreement and certain litigation expenses,
amortization of intangible assets, fair value adjustments to
contingent consideration liabilities arising from acquisitions,
restructuring expenses, gains on remeasurement of previously held
interests upon acquisitions, contract termination costs arising
from acquisitions, separation costs, and a charitable contribution
to the Edwards Lifesciences Foundation. See “Non-GAAP Financial
Information” and reconciliation tables below.
EDWARDS LIFESCIENCES
CORPORATION
Unaudited Consolidated
Statements of Operations
(in millions, except per share
data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Net sales
$
1,385.8
$
1,266.4
$
5,439.5
$
5,010.0
Cost of sales
292.2
251.0
1,117.5
978.4
Gross profit
1,093.6
1,015.4
4,322.0
4,031.6
Selling, general, and administrative
expenses
491.9
416.6
1,789.2
1,582.5
Research and development expenses
271.1
242.1
1,053.0
962.9
Intellectual property agreement and
certain litigation expenses
12.6
9.9
40.4
203.5
Change in fair value of contingent
consideration liabilities
—
—
—
(26.2
)
Restructuring charges, separation costs,
and other
28.1
—
61.0
—
Other operating income, net
(22.7
)
—
(0.3
)
—
Operating income, net
312.6
346.8
1,378.7
1,308.9
Interest income, net
(44.2
)
(16.8
)
(100.5
)
(49.6
)
Other non-operating income, net
(33.3
)
(3.6
)
(68.9
)
(13.9
)
Income from continuing operations before
provision for income taxes
390.1
367.2
1,548.1
1,372.4
Provision for income taxes
45.1
34.1
152.1
152.4
Net income from continuing operations
345.0
333.1
$
1,396.0
$
1,220.0
Income from discontinued operations, net
of tax
39.3
36.6
2,773.7
179.4
Net income
384.3
369.7
4,169.7
1,399.4
Net loss attributable to noncontrolling
interest
(1.3
)
(0.2
)
(4.9
)
(3.0
)
Net income attributable to Edwards
Lifesciences Corporation
$
385.6
$
369.9
$
4,174.6
$
1,402.4
Earnings per
share:
Basic:
Continuing operations
$
0.58
$
0.55
$
2.34
$
2.02
Discontinued operations
$
0.07
$
0.06
$
4.64
$
0.29
Basic earnings per share
$
0.65
$
0.61
$
6.98
$
2.31
Diluted:
Continuing operations
$
0.58
$
0.55
$
2.34
$
2.01
Discontinued operations
$
0.07
$
0.06
$
4.63
$
0.29
Diluted earnings per share
$
0.65
$
0.61
$
6.97
$
2.30
Weighted-average
common shares outstanding:
Basic
589.8
605.2
597.7
606.7
Diluted
590.5
606.9
599.3
609.4
Operating
statistics from continuing operations
As a percentage of net sales:
Gross profit
78.9
%
80.2
%
79.5
%
80.5
%
Selling, general, and administrative
expenses
35.5
%
32.9
%
32.9
%
31.6
%
Research and development expenses
19.6
%
19.1
%
19.4
%
19.2
%
Operating income
22.6
%
27.4
%
25.3
%
26.1
%
Income before provision for income
taxes
28.1
%
29.0
%
28.5
%
27.4
%
Net income from continuing operations
24.9
%
26.3
%
25.7
%
24.4
%
Effective tax rate
11.6
%
9.3
%
9.8
%
11.1
%
_____________________
Note: Numbers may not calculate due to
rounding.
EDWARDS LIFESCIENCES CORPORATION 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 Company, (b) are commonly adjusted within the Company’s
industry to enhance comparability of the Company’s financial
results with those of its peer group, or (c) are inconsistent in
amount or frequency between periods (albeit such items are
monitored and controlled with equal diligence relative to core
operations). The Company uses the terms "adjusted" and “constant
currency" when referring to non-GAAP sales from continuing
operations and sales growth information, respectively, which
excludes currency exchange rate fluctuations. The Company uses the
term “adjusted” to also exclude certain litigation expenses,
intellectual property agreements, amortization of intangible
assets, fair value adjustments to contingent consideration
liabilities arising from acquisitions, restructuring expenses,
separation costs, contract termination costs arising from
acquisitions, gains on remeasurement of previously held interests
upon acquisitions, and a charitable contribution to the Edwards
Lifesciences Foundation.
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 Product Group and Region."
Guidance for sales and sales growth rates is provided on a
"constant currency 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:
Certain Litigation Expenses - The Company incurred
certain litigation expenses of $8.9 million and $6.5 million in the
first quarter of 2024 and 2023, respectively, $8.1 million and $8.9
million in the second quarter of 2024 and 2023, respectively, $10.8
million and $2.2 million in the third quarter of 2024 and 2023,
respectively, and $12.6 million and $9.9 million in the fourth
quarter of 2024 and 2023, respectively.
Amortization of Intangible Assets - The Company recorded
amortization expense related to developed technology and patents in
the amount of $0.5 million and $0.5 million in the first quarter of
2024 and 2023, respectively, $1.2 million and $0.4 million in the
second quarter of 2024 and 2023, respectively, $1.3 million and
$0.2 million in the third quarter of 2024 and 2023, respectively,
and $1.4 million and $0.3 million in the fourth quarter of 2024 and
2023, respectively.
Restructuring Expenses - The Company recorded a $32.9
million charge in the third quarter of 2024 primarily related to
severance expenses associated with a global workforce
realignment.
Charitable Foundation Contribution - The Company recorded
a $30.0 million charge in Other Operating Expenses, net in the
third quarter of 2024 for a charitable contribution to the Edwards
Lifesciences Foundation.
Separation Costs - The Company recorded expenses of $19.0
million in the fourth quarter of 2024 related to consulting, legal,
tax, and other professional advisory services related to the sale
of Critical Care.
Acquisition Contract Termination Costs - The Company
recorded expenses of $9.1 million in the fourth quarter of 2024
related to the termination of certain contracts associated with the
Company's recent acquisitions.
Gains on Remeasurement of Previously Held Interests Upon
Acquisitions - The Company recorded a $24.6 million gain in the
third quarter of 2024 and a $30.5 million gain in the fourth
quarter of 2024 to remeasure its previously held interests upon
acquisition of the investees.
Change in Fair Value of Contingent Consideration
Liabilities - The Company recorded expense of $0.7 million and
a gain of $26.9 million in the first and second quarter of 2023,
respectively, related to changes in the fair value of its
contingent consideration liabilities arising from acquisitions.
Intellectual Property Agreement - The Company recorded a
$37.0 million charge and a $139.0 million charge in the first and
second quarter of 2023, respectively, related to an Intellectual
Property Agreement with Medtronic, Inc. for a 15-year covenant not
to sue.
Provision for Income Taxes - 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.
EDWARDS LIFESCIENCES
CORPORATION
Unaudited Reconciliation of GAAP to
Non-GAAP Financial Information
(in millions, except per share and
percentage data)
Three Months Ended December
31, 2024
Net Sales
Gross Profit Margin
Operating Income
Operating Profit
Margin
Other Non- operating
Income
Net Income
Diluted EPS
Effective Tax Rate
GAAP - Continuing Operations
$
1,385.8
78.9
%
$
312.6
22.6
%
$
33.3
$
345.0
$
0.58
11.6
%
Net loss attributable to noncontrolling
interests
—
—
—
—
—
1.3
—
—
Total attributable to Edwards Lifesciences
Corporation
1,385.8
78.9
%
312.6
22.6
%
33.3
346.3
0.58
11.6
%
Non-GAAP
adjustments: (A) (B)
Certain litigation expenses
—
—
12.6
0.9
—
8.4
0.02
0.7
Amortization of intangible assets
—
0.1
1.4
0.1
—
1.1
—
—
Separation costs
—
—
19.0
1.4
—
14.5
0.02
0.5
Acquisition contract termination costs
—
—
9.1
0.6
—
8.1
0.02
(0.1
)
Gains on remeasurement of previously held
interests upon acquisitions
—
—
—
—
(30.5
)
(27.0
)
(0.05
)
—
Prior period ongoing tax impacts
—
—
—
—
—
(2.0
)
—
0.6
Adjusted
$
1,385.8
79.0
%
$
354.7
25.6
%
$
2.8
$
349.4
$
0.59
13.3
%
Three Months Ended December
31, 2023
Net Sales
Gross Profit Margin
Operating Income
Operating Profit
Margin
Other Non- operating
Income
Net Income
Diluted EPS
Effective Tax Rate
GAAP - Continuing Operations
$
1,266.4
80.2
%
$
346.8
27.4
%
$
3.6
$
333.1
$
0.55
9.3
%
Net loss attributable to noncontrolling
interests
—
—
—
—
—
0.2
—
—
Total attributable to Edwards Lifesciences
Corporation
1,266.4
80.2
%
346.8
27.4
%
3.6
333.3
0.55
9.3
%
Non-GAAP
adjustments: (A) (B)
Certain litigation expenses
—
—
9.9
0.8
—
7.1
0.01
0.5
Amortization of intangible assets
—
—
0.3
—
—
0.1
—
—
Prior period ongoing tax impacts
—
—
—
—
—
(4.9
)
(0.01
)
1.3
Adjusted
$
1,266.4
80.2
%
$
357.0
28.2
%
$
3.6
$
335.6
$
0.55
11.1
%
Twelve Months Ended December
31, 2024
Net Sales
Gross Profit Margin
Operating Income
Operating Profit
Margin
Other Non- operating
Income
Net Income
Diluted EPS
Effective Tax Rate
GAAP - Continuing Operations
$
5,439.5
79.5
%
$
1,378.7
25.3
%
$
68.9
$
1,396.0
$
2.34
9.8
%
Net loss attributable to noncontrolling
interests
—
—
—
—
—
4.9
—
—
Total attributable to Edwards Lifesciences
Corporation
5,439.5
79.5
%
1,378.7
25.3
%
68.9
1,400.9
2.34
9.8
%
Non-GAAP
adjustments: (A) (B)
Certain litigation expenses
—
—
40.4
0.7
—
30.4
0.05
0.3
Amortization of intangible assets
—
—
4.4
0.1
—
3.5
—
—
Restructuring expenses
—
—
32.9
0.6
—
25.9
0.05
0.2
Charitable foundation contribution
—
—
30.0
0.6
—
22.7
0.04
0.3
Separation costs
—
—
19.0
0.3
—
14.5
0.02
0.2
Acquisition contract termination costs
—
—
9.1
0.2
—
8.1
0.02
0.1
Gains on remeasurement of previously held
interests upon acquisitions
—
—
—
—
(55.1
)
(51.6
)
(0.09
)
0.1
Prior period ongoing tax impacts
—
—
—
—
—
0.8
—
—
Adjusted
$
5,439.5
79.5
%
$
1,514.5
27.8
%
$
13.8
$
1,455.2
$
2.43
11.0
%
Twelve Months Ended December
31, 2023
Net Sales
Gross Profit Margin
Operating Income
Operating Profit
Margin
Other Non- operating
Income
Net Income
Diluted EPS
Effective Tax Rate
GAAP - Continuing Operations
$
5,010.0
80.5
%
$
1,308.9
26.1
%
$
13.9
$
1,220.0
$
2.01
11.1
%
Net loss attributable to noncontrolling
interests
—
—
—
—
—
3.0
—
—
Total attributable to Edwards Lifesciences
Corporation
5,010.0
80.5
%
1,308.9
26.1
%
13.9
1,223.0
2.01
11.1
%
Non-GAAP
adjustments: (A) (B)
Intellectual property agreement
—
—
176.0
3.5
—
134.9
0.22
1.4
Certain litigation expenses
—
—
27.5
0.6
—
20.7
0.03
0.3
Change in fair value of contingent
consideration liabilities
—
—
(26.2
)
(0.5
)
—
(25.2
)
(0.04
)
0.1
Amortization of intangible assets
—
—
1.4
—
1.1
—
—
Adjusted
$
5,010.0
80.5
%
$
1,487.6
29.7
%
$
13.9
$
1,354.5
$
2.22
12.9
%
___________________
(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
SALES BY PRODUCT GROUP AND REGION
2023 Adjusted
Sales by Product Group (QTD) -
Continuing Operations
4Q 2024
4Q 2023
Change
GAAP Growth
Rate*
FX Impact
4Q 2023 Adjusted Sales
Constant Currency
Growth Rate *
Transcatheter Aortic Valve
Replacement
$
1,036.3
$
979.4
$
56.9
5.8
%
$
4.8
$
984.2
5.3
%
Transcatheter Mitral and Tricuspid
Therapies
105.1
56.0
49.1
87.7
%
0.8
56.8
85.0
%
Surgical Structural Heart
244.4
231.0
13.4
5.8
%
1.5
232.5
5.1
%
Total
$
1,385.8
$
1,266.4
$
119.4
9.4
%
$
7.1
$
1,273.5
8.8
%
2023 Adjusted
Sales by Product Group (YTD) -
Continuing Operations
YTD 4Q 2024
YTD 4Q 2023
Change
GAAP Growth
Rate*
FX Impact
YTD 4Q 2023 Adjusted
Sales
Underlying Growth
Rate *
Transcatheter Aortic Valve
Replacement
$
4,106.1
$
3,879.8
$
226.3
5.8
%
$
(13.6
)
$
3,866.2
6.2
%
Transcatheter Mitral and Tricuspid
Therapies
352.1
197.6
154.5
78.2
%
1.5
199.1
76.9
%
Surgical Structural Heart
981.3
932.6
48.7
5.2
%
(5.1
)
927.5
5.8
%
Total
$
5,439.5
$
5,010.0
$
429.5
8.6
%
$
(17.2
)
$
4,992.8
8.9
%
2023 Adjusted
Sales by Region (QTD) - Continuing
Operations
4Q 2024
4Q 2023
Change
GAAP Growth
Rate*
FX Impact
4Q 2023 Adjusted Sales
Constant Currency
Growth Rate *
United States
$
812.9
$
744.3
$
68.6
9.2
%
$
—
$
744.3
9.2
%
Europe
343.7
302.5
41.2
13.6
%
8.0
310.5
10.7
%
Japan
85.9
84.4
1.5
1.8
%
(0.4
)
84.0
2.2
%
Rest of World
143.3
135.2
8.1
5.9
%
(0.5
)
134.7
6.4
%
Outside of the United States
572.9
522.1
50.8
9.7
%
7.1
529.2
8.2
%
Total
$
1,385.8
$
1,266.4
$
119.4
9.4
%
$
7.1
$
1,273.5
8.8
%
2023 Adjusted
Sales by Region (YTD) - Continuing
Operations
YTD 4Q 2024
YTD 4Q |2023
Change
GAAP Growth
Rate*
FX Impact
YTD 4Q 2023 Adjusted
Sales
Underlying Growth
Rate *
United States
$
3,206.0
$
2,947.9
$
258.1
8.8
%
$
—
$
2,947.9
8.8
%
Europe
1,321.7
1,180.2
141.5
12.0
%
16.0
1,196.2
10.5
%
Japan
339.8
350.8
(11.0
)
(3.1
)%
(26.3
)
324.5
4.7
%
Rest of World
572.0
531.1
40.9
7.7
%
(6.9
)
524.2
9.1
%
Outside of the United States
2,233.5
2,062.1
171.4
8.3
%
(17.2
)
2,044.9
9.2
%
Total
$
5,439.5
$
5,010.0
$
429.5
8.6
%
$
(17.2
)
$
4,992.8
8.9
%
_____________________
* Numbers may not calculate due to
rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250211110893/en/
Media Contact: Amy Hytowitz, 949-250-4009 Investor
Contact: Mark Wilterding, 949-250-6826
Grafico Azioni Edwards Lifesciences (NYSE:EW)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Edwards Lifesciences (NYSE:EW)
Storico
Da Feb 2024 a Feb 2025
