Edwards Lifesciences Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Edwards Lifesciences Corp. filed its Q1 2024 10-Q report on April 29, 2024.</b>

AI Summary

Edwards Lifesciences Corp (EW) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. The filing is a 10-Q report for Edwards Lifesciences Corp. for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing was submitted on April 29, 2024. The company's principal business address is One Edwards Way, Irvine, CA 92614. The Standard Industrial Classification code is 3842 for Orthopedic, Prosthetic & Surgical Appliances & Supplies.

Why It Matters

For investors and stakeholders tracking Edwards Lifesciences Corp, this filing contains several important signals. This 10-Q provides a quarterly update on the company's financial performance and operational status, crucial for investors to assess recent trends. Understanding the details within this filing allows stakeholders to evaluate the company's financial health and strategic direction in the orthopedic, prosthetic, and surgical appliances sector.

Risk Assessment

Risk Level: — Edwards Lifesciences Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain information indicating significant new risks or material changes beyond routine financial reporting.

Analyst Insight

Monitor future 10-Q filings for trends in revenue, net income, and debt levels to assess the company's ongoing financial performance.

Key Numbers

• 2024-03-31 — Report Period End Date (The end date for the reporting period of the 10-Q.)
• 2024-04-29 — Filing Date (The date the 10-Q was filed with the SEC.)
• 1231 — Fiscal Year End (The company's fiscal year ends on December 31.)

Key Players & Entities

• Edwards Lifesciences Corp. (company) — Filer of the 10-Q report.
• Irvine, CA (location) — Location of the company's business and mailing address.
• 3842 (SIC Code) — Standard Industrial Classification code for Orthopedic, Prosthetic & Surgical Appliances & Supplies.

FAQ

Industry Context

Edwards Lifesciences Corp. operates in the medical device industry, specifically focusing on cardiovascular and critical care technologies.

Regulatory Implications

The company is subject to regulatory oversight by bodies like the FDA for its medical devices, requiring adherence to strict quality and safety standards.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze any disclosures regarding product development or regulatory matters.
3. Compare the reported financial metrics against previous quarters and analyst expectations.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-29: 10-Q Filing Date — The date the company submitted its quarterly report to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share EW New York Stock Exchange

Filing Documents

• ew-20240331.htm (10-Q) — 1355KB
• ex-10110xqq12024.htm (EX-10.1) — 156KB
• ex-31110xqq12024.htm (EX-31.1) — 11KB
• ex-31210xqq12024.htm (EX-31.2) — 11KB
• ex-3210xqq12024.htm (EX-32) — 6KB
• ew-20240331_g1.jpg (GRAPHIC) — 38KB
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• ew-20240331_g8.jpg (GRAPHIC) — 58KB
• ew-20240331_g9.jpg (GRAPHIC) — 59KB
• image_6.jpg (GRAPHIC) — 0KB
• 0001099800-24-000039.txt (&nbsp;) — 10461KB
• ew-20240331.xsd (EX-101.SCH) — 47KB
• ew-20240331_cal.xml (EX-101.CAL) — 109KB
• ew-20240331_def.xml (EX-101.DEF) — 268KB
• ew-20240331_lab.xml (EX-101.LAB) — 733KB
• ew-20240331_pre.xml (EX-101.PRE) — 517KB
• ew-20240331_htm.xml (XML) — 1736KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Condensed Balance Sheets 1 Consolidated Condensed Statements of Operations 2 Consolidated Condensed Statements of Comprehensive Income 3 Consolidated Condensed Statements of Cash Flows 4 Consolidated Condensed Statements of Stockholders' Equity 5 Notes to Consolidated Condensed Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 37 Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 38 Item 6. Exhibits 39

Signatures

Signatures 40 NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains 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. We intend the forward-looking statements contained in this report to be covered by the safe harbor provisions of such Acts. Statements other than statements of historical or current fact in this report or referred to or incorporated by reference into this report are "forward-looking statements" for purposes of these safe harbor provisions. These statements can sometimes be identified by the use of the forward-looking words such as "may," "believe," "will," "expect," "project," "estimate," "should," "anticipate," "plan," "goal," "continue," "seek," "pro forma," "forecast," "intend," "guidance," "optimistic," "aspire," "confident," other forms of these words or similar words or expressions or the negatives thereof. Statements regarding past performance, efforts, or results about which inferences or assumptions may be made can also be forward-looking statements and are not indicative of future performance or results; these statements can be identified by the use of words such as "preliminary," "initial," "potential," "possible," "diligence," "industry-leading," "compliant," "indications," or "early feedback" or other forms of these words or similar words or expressions or the negatives thereof. These forward-looking statements are subject to substantial risks and uncertainties that could cause our results or future business, financial condition, results of operations or performance to differ materially from our historical results or experiences or those expressed or implied in any forward-looking statements contained in this report. These risks and uncertainties include, but are not limited to: the spin-off of our critical care product group, our ability to develop new products and avoid manufacturing and quality issues; clinical trial or commer

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements EDWARDS LIFESCIENCES CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (in millions, except par value; unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 1,224.6 $ 1,144.0 Short-term investments (Note 5) 473.0 500.5 Accounts receivable, net of allowances of $ 13.5 and $ 8.3 , respectively 817.6 775.1 Other receivables 59.3 61.8 Inventories (Note 2) 1,207.3 1,168.2 Prepaid expenses 138.1 146.8 Other current assets 250.6 239.3 Total current assets 4,170.5 4,035.7 Long-term investments (Note 5) 455.6 583.9 Property, plant, and equipment, net 1,767.9 1,749.4 Operating lease right-of-use assets 98.4 94.0 Goodwill 1,252.8 1,253.5 Other intangible assets, net 446.8 428.4 Deferred income taxes 776.7 754.6 Other assets (Note 2) 767.6 463.7 Total assets $ 9,736.3 $ 9,363.2 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 212.3 $ 201.4 Accrued and other liabilities (Note 2) 873.7 969.1 Operating lease liabilities 24.8 24.9 Total current liabilities 1,110.8 1,195.4 Long-term debt 597.2 597.0 Taxes payable 79.6 80.6 Operating lease liabilities 77.2 73.0 Uncertain tax positions 336.6 339.3 Litigation settlement accrual 82.0 94.2 Other liabilities 266.5 264.3 Total liabilities 2,549.9 2,643.8 Commitments and contingencies (Note 11) Stockholders' equity Preferred stock, $ 0.01 par value, authorized 50.0 shares, no shares outstanding — — Common stock, $ 1.00 par value, 1,050.0 shares authorized, 651.8 and 650.5 shares issued, and 602.4 and 601.1 shares outstanding, respectively 651.8 650.5 Additional paid-in capital 2,379.8 2,274.4 Retained earnings 9,344.3 8,992.4 Accumulated other comprehensive loss (Note 12) ( 233.3 ) ( 242.8 ) Treasury stock, at cost, 49.4 and 49.4 shares, respectively ( 5,024.7 ) ( 5,024.5 ) Total Edwards Lifesciences Corporation stockholders' equity 7,117.9 6,650.0 Noncontrolling interest 68.5 69.4 Total stoc

View Full Filing

View this 10-Q filing on SEC EDGAR