Edwards Lifesciences Reports Third Quarter Results
Highlights and Outlook
- Q3 sales from continuing operations grew 9%; constant currency1 sales grew 10%
- Q3 TAVR sales grew 6%; constant currency1 sales grew 7%
- TMTT sales grew 73%; PASCAL and EVOQUE commercial launches continue to progress well
-
Q3 EPS of
$5.13 ; adjusted1 EPS of$0.67 - Completed sale of Critical Care in Q3, resulting in significant one-time gain
- Pivotal TAVR and TMTT clinical evidence to be presented next week at TCT
- Completed enrollment in CLASP IITR trial for PASCAL tricuspid
- First implants in the JOURNEY pivotal trial with the Edwards J-Valve AR system
- Reiterated 2024 full year sales guidance ranges for total company, TAVR, TMTT and Surgical
“In the third quarter, we took important actions to sharpen our focus on structural heart by divesting Critical Care and investing in platforms to impact more patients and position Edwards for sustainable growth," said
Transcatheter Aortic Valve Replacement (TAVR)
In the third quarter, the company reported TAVR sales of
In the
Next week at TCT, the clinical community will hear results from the EARLY TAVR trial. The trial is the first and largest randomized controlled trial to date studying asymptomatic severe AS patients and the impact of early intervention with TAVR.
Transcatheter Mitral and Tricuspid Therapies (TMTT)
Edwards’ pipeline of unique innovations, including the PASCAL repair system, the EVOQUE tricuspid replacement system, and the SAPIEN M3 mitral replacement system, provide a broad set of treatment options. Edwards is committed to investing in and commercializing multiple breakthrough therapies for repairing and replacing mitral and tricuspid valves to serve the many patients in need.
Third quarter sales were
The EVOQUE launch continues to progress well, as the company successfully activates new sites in both the
Surgical Structural Heart
In Surgical Structural Heart, third quarter sales from continuing operations of
Additional Financial Results
For the quarter, the adjusted gross profit margin was 80.7%, compared to 79.9% in the same period last year. The company expects Q4 gross margin to be in-line with the high end of its 76% to 78% full-year guidance range.
Selling, general and administrative expenses in the third quarter were
Research and development expenses increased 4% in the third quarter to
Edwards' adjusted Earnings Per Share was
Cash and cash equivalents was approximately
Outlook
Edwards' full year sales growth guidance of 8 to 10% remains unchanged, as does the company's guidance for its three product groups. Edwards expects fourth quarter sales of
About
Conference Call and Webcast Information
The company will be hosting a conference call today at
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 risks detailed in the company's filings with the
Edwards,
_______________________________ | |
[1] |
"Constant currency” growth rates exclude foreign exchange fluctuations. Sales growth guidance refers to constant currency. "Adjusted" amounts are non-GAAP items from continuing operations. 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, a gain on remeasurement of a previously held interest upon acquisition, and a charitable contribution to the |
Unaudited Consolidated Statements of Operations (in millions, except per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
$ |
1,354.4 |
|
|
$ |
1,243.4 |
|
|
$ |
4,053.7 |
|
|
$ |
3,743.6 |
|
Cost of sales |
|
262.9 |
|
|
|
250.6 |
|
|
|
825.3 |
|
|
|
727.4 |
|
Gross profit |
|
1,091.5 |
|
|
|
992.8 |
|
|
|
3,228.4 |
|
|
|
3,016.2 |
|
Selling, general, and administrative expenses |
|
421.4 |
|
|
|
381.9 |
|
|
|
1,297.3 |
|
|
|
1,165.9 |
|
Research and development expenses |
|
253.4 |
|
|
|
242.8 |
|
|
|
781.9 |
|
|
|
720.8 |
|
Intellectual property agreement and certain litigation expenses |
|
10.8 |
|
|
|
2.2 |
|
|
|
27.8 |
|
|
|
193.6 |
|
Change in fair value of contingent consideration liabilities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26.2 |
) |
Restructuring expenses |
|
32.9 |
|
|
|
— |
|
|
|
32.9 |
|
|
|
— |
|
Other operating expenses, net |
|
22.4 |
|
|
|
— |
|
|
|
22.4 |
|
|
|
— |
|
Operating income, net |
|
350.6 |
|
|
|
365.9 |
|
|
|
1,066.1 |
|
|
|
962.1 |
|
Interest income, net |
|
(24.3 |
) |
|
|
(15.1 |
) |
|
|
(56.3 |
) |
|
|
(32.8 |
) |
Other non-operating income, net |
|
(27.9 |
) |
|
|
(6.6 |
) |
|
|
(35.6 |
) |
|
|
(10.3 |
) |
Income from continuing operations before provision for income taxes |
|
402.8 |
|
|
|
387.6 |
|
|
|
1,158.0 |
|
|
|
1,005.2 |
|
Provision for income taxes |
|
40.7 |
|
|
|
52.7 |
|
|
|
107.0 |
|
|
|
118.3 |
|
Net income from continuing operations |
|
362.1 |
|
|
|
334.9 |
|
|
$ |
1,051.0 |
|
|
$ |
886.9 |
|
Income from discontinued operations, net of tax |
|
2,707.3 |
|
|
|
48.8 |
|
|
|
2,734.4 |
|
|
|
142.8 |
|
Net income |
|
3,069.4 |
|
|
|
383.7 |
|
|
|
3,785.4 |
|
|
|
1,029.7 |
|
Net loss attributable to noncontrolling interest |
|
(1.4 |
) |
|
|
(1.2 |
) |
|
|
(3.6 |
) |
|
|
(2.8 |
) |
Net income attributable to |
$ |
3,070.8 |
|
|
$ |
384.9 |
|
|
$ |
3,789.0 |
|
|
$ |
1,032.5 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.61 |
|
|
$ |
0.55 |
|
|
$ |
1.76 |
|
|
$ |
1.47 |
|
Discontinued operations |
$ |
4.53 |
|
|
$ |
0.08 |
|
|
$ |
4.55 |
|
|
$ |
0.23 |
|
Basic earnings per share |
$ |
5.14 |
|
|
$ |
0.63 |
|
|
$ |
6.31 |
|
|
$ |
1.70 |
|
Diluted: |
|
|
|
|
|
|
|
||||||||
Continuing operations |
$ |
0.61 |
|
|
$ |
0.55 |
|
|
$ |
1.75 |
|
|
$ |
1.46 |
|
Discontinued operations |
$ |
4.52 |
|
|
$ |
0.08 |
|
|
$ |
4.54 |
|
|
$ |
0.23 |
|
Diluted earnings per share |
$ |
5.13 |
|
|
$ |
0.63 |
|
|
$ |
6.29 |
|
|
$ |
1.69 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
597.2 |
|
|
|
607.0 |
|
|
|
600.3 |
|
|
|
607.2 |
|
Diluted |
|
598.1 |
|
|
|
609.5 |
|
|
|
602.2 |
|
|
|
610.2 |
|
|
|
|
|
|
|
|
|
||||||||
Operating statistics from continuing operations |
|
|
|
|
|
|
|
||||||||
As a percentage of net sales: |
|
|
|
|
|
|
|
||||||||
Gross profit |
|
80.6 |
% |
|
|
79.8 |
% |
|
|
79.6 |
% |
|
|
80.6 |
% |
Selling, general, and administrative expenses |
|
31.1 |
% |
|
|
30.7 |
% |
|
|
32.0 |
% |
|
|
31.1 |
% |
Research and development expenses |
|
18.7 |
% |
|
|
19.5 |
% |
|
|
19.3 |
% |
|
|
19.3 |
% |
Operating income |
|
25.9 |
% |
|
|
29.4 |
% |
|
|
26.3 |
% |
|
|
25.7 |
% |
Income before provision for income taxes |
|
29.7 |
% |
|
|
31.2 |
% |
|
|
28.6 |
% |
|
|
26.9 |
% |
Net income from continuing operations |
|
26.7 |
% |
|
|
26.9 |
% |
|
|
25.9 |
% |
|
|
23.7 |
% |
|
|
|
|
|
|
|
|
||||||||
Effective tax rate |
|
10.1 |
% |
|
|
13.6 |
% |
|
|
9.2 |
% |
|
|
11.8 |
% |
____________________________ | |||||||||||||||
Note: Numbers may not calculate due to rounding. |
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 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
Amortization of Intangible Assets - The Company recorded amortization expense related to developed technology and patents in the amount of
Restructuring Expenses - The Company recorded a
Charitable Foundation Contribution - The Company recorded a
Gain on Remeasurement of Previously Held Interest Upon Acquisition - The Company recorded a
Change in Fair Value of Contingent Consideration Liabilities - The Company recorded expense of
Intellectual Property Agreement - The Company recorded a
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.
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 |
|
Other Non-operating Income |
|
Net Income |
|
Diluted EPS |
|
Effective Tax Rate |
|||||||||||||
GAAP - Continuing Operations |
|
$ |
1,354.4 |
|
80.6 |
% |
|
$ |
350.6 |
|
|
$ |
27.9 |
|
|
$ |
362.1 |
|
|
$ |
0.61 |
|
|
10.1 |
|
% |
|
Attributable to noncontrolling interests |
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.4 |
|
|
|
— |
|
|
— |
|
|
|
Total attributable to |
|
|
1,354.4 |
|
80.6 |
% |
|
|
350.6 |
|
|
|
27.9 |
|
|
|
363.5 |
|
|
|
0.61 |
|
|
10.1 |
|
% |
|
Non-GAAP adjustments: (A) (B) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Certain litigation expenses |
|
|
— |
|
— |
|
|
|
10.8 |
|
|
|
— |
|
|
|
8.1 |
|
|
|
0.01 |
|
|
0.4 |
|
|
|
Amortization of intangible assets |
|
|
— |
|
0.1 |
|
|
|
1.3 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
— |
|
|
— |
|
|
|
Restructuring expenses |
|
|
— |
|
— |
|
|
|
32.9 |
|
|
|
— |
|
|
|
26.9 |
|
|
|
0.05 |
|
|
0.6 |
|
|
|
Charitable foundation contribution |
|
|
— |
|
— |
|
|
|
30.0 |
|
|
|
— |
|
|
|
23.7 |
|
|
|
0.04 |
|
|
0.7 |
|
|
|
Gain on remeasurement of previously held interest upon acquisition |
|
|
— |
|
— |
|
|
|
— |
|
|
|
(24.6 |
) |
|
|
(24.6 |
) |
|
|
(0.04 |
) |
|
0.6 |
|
|
|
Adjusted |
|
$ |
1,354.4 |
|
80.7 |
% |
|
$ |
425.6 |
|
|
$ |
3.3 |
|
|
$ |
398.6 |
|
|
$ |
0.67 |
|
|
12.4 |
|
% |
|
|
|
Three Months Ended |
|
||||||||||||||||||||||||
|
|
|
|
Gross Profit Margin |
|
Operating Income |
|
Other Non-operating Income |
|
Net Income |
|
Diluted EPS |
|
Effective Tax Rate |
|
||||||||||||
GAAP - Continuing Operations |
|
$ |
1,243.4 |
|
79.8 |
% |
|
$ |
365.9 |
|
|
$ |
6.6 |
|
|
$ |
334.9 |
|
|
$ |
0.55 |
|
|
13.6 |
% |
|
|
Attributable to noncontrolling interests |
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.2 |
|
|
|
— |
|
|
— |
|
|
|
Total attributable to |
|
|
1,243.4 |
|
79.8 |
% |
|
|
365.9 |
|
|
|
6.6 |
|
|
|
336.1 |
|
|
|
0.55 |
|
|
13.6 |
% |
|
|
Non-GAAP adjustments: (A) (B) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Certain litigation expenses |
|
|
— |
|
— |
|
|
|
2.2 |
|
|
|
— |
|
|
|
1.3 |
|
|
|
— |
|
|
0.1 |
|
|
|
Amortization of intangible assets |
|
|
— |
|
0.1 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
— |
|
|
|
Prior period ongoing tax impacts |
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.4 |
) |
|
|
— |
|
|
0.9 |
|
|
|
Adjusted |
|
$ |
1,243.4 |
|
79.9 |
% |
|
$ |
368.3 |
|
|
$ |
6.6 |
|
|
$ |
334.2 |
|
|
$ |
0.55 |
|
|
14.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Nine Months Ended |
|||||||||||||||||||||||||
|
|
|
|
Gross Profit Margin |
|
Operating Income |
|
Other Non-operating Income |
|
Net Income |
|
Diluted EPS |
|
Effective Tax Rate |
|||||||||||||
GAAP - Continuing Operations |
|
$ |
4,053.7 |
|
79.6 |
% |
|
$ |
1,066.1 |
|
|
$ |
35.6 |
|
|
$ |
1,051.0 |
|
|
$ |
1.75 |
|
|
9.2 |
|
% |
|
Attributable to noncontrolling interests |
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
|
— |
|
|
— |
|
|
|
Total attributable to |
|
|
4,053.7 |
|
79.6 |
% |
|
|
1,066.1 |
|
|
|
35.6 |
|
|
|
1,054.6 |
|
|
|
1.75 |
|
|
9.2 |
|
% |
|
Non-GAAP adjustments: (A) (B) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Certain litigation expenses |
|
|
— |
|
— |
|
|
|
27.8 |
|
|
|
— |
|
|
|
22.0 |
|
|
|
0.04 |
|
|
0.2 |
|
|
|
Amortization of intangible assets |
|
|
— |
|
0.1 |
|
|
|
3.0 |
|
|
|
— |
|
|
|
2.4 |
|
|
|
— |
|
|
0.1 |
|
|
|
Restructuring expenses |
|
|
— |
|
— |
|
|
|
32.9 |
|
|
|
— |
|
|
|
26.9 |
|
|
|
0.05 |
|
|
0.2 |
|
|
|
Charitable foundation contribution |
|
|
— |
|
— |
|
|
|
30.0 |
|
|
|
— |
|
|
|
23.7 |
|
|
|
0.04 |
|
|
0.3 |
|
|
|
Gain on remeasurement of previously held interest upon acquisition |
|
|
— |
|
— |
|
|
|
— |
|
|
|
(24.6 |
) |
|
|
(24.6 |
) |
|
|
(0.04 |
) |
|
0.2 |
|
|
|
Prior period ongoing tax impacts |
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
— |
|
|
|
Adjusted |
|
$ |
4,053.7 |
|
79.7 |
% |
|
$ |
1,159.8 |
|
|
$ |
11.0 |
|
|
$ |
1,105.8 |
|
|
$ |
1.84 |
|
|
10.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Nine Months Ended |
|||||||||||||||||||||||||
|
|
|
|
Gross Profit Margin |
|
Operating Income |
|
Other Non-operating Income |
|
Net Income |
|
Diluted EPS |
|
Effective Tax Rate |
|||||||||||||
GAAP - Continuing Operations |
|
$ |
3,743.6 |
|
80.6 |
% |
|
$ |
962.1 |
|
|
$ |
10.3 |
|
|
$ |
886.9 |
|
|
$ |
1.46 |
|
|
11.8 |
|
% |
|
Attributable to noncontrolling interests |
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.8 |
|
|
|
— |
|
|
— |
|
|
|
Total attributable to |
|
|
3,743.6 |
|
80.6 |
% |
|
|
962.1 |
|
|
|
10.3 |
|
|
|
889.7 |
|
|
|
1.46 |
|
|
11.8 |
|
% |
|
Non-GAAP adjustments: (A) (B) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Intellectual property agreement |
|
|
— |
|
— |
|
|
|
176.0 |
|
|
|
— |
|
|
|
138.7 |
|
|
|
0.23 |
|
|
1.3 |
|
|
|
Certain litigation expenses |
|
|
— |
|
— |
|
|
|
17.6 |
|
|
|
— |
|
|
|
13.6 |
|
|
|
0.02 |
|
|
0.2 |
|
|
|
Change in fair value of contingent consideration liabilities |
|
|
— |
|
— |
|
|
|
(26.2 |
) |
|
|
— |
|
|
|
(24.1 |
) |
|
|
(0.04 |
) |
|
0.1 |
|
|
|
Amortization of intangible assets |
|
|
— |
|
— |
|
|
|
1.1 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
— |
|
|
— |
|
|
|
Adjusted |
|
$ |
3,743.6 |
|
80.6 |
% |
|
$ |
1,130.6 |
|
|
$ |
10.3 |
|
|
$ |
1,018.9 |
|
|
$ |
1.67 |
|
|
13.4 |
|
% |
|
_______________________ |
(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 |
|
|
3Q 2024 |
|
|
3Q 2023 |
|
Change |
|
GAAP Growth Rate* |
|
FX Impact |
|
3Q 2023 Adjusted Sales |
|
Constant Currency Growth Rate * |
|||||||
Transcatheter Aortic Valve Replacement |
|
$ |
1,023.3 |
|
$ |
960.9 |
|
$ |
62.4 |
|
|
6.5 |
% |
|
$ |
(5.9 |
) |
|
$ |
955.0 |
|
7.2 |
% |
Transcatheter Mitral and Tricuspid Therapies |
|
|
91.1 |
|
|
52.4 |
|
|
38.7 |
|
|
73.4 |
% |
|
|
— |
|
|
|
52.4 |
|
73.7 |
% |
Surgical Structural Heart |
|
|
240.0 |
|
|
230.1 |
|
|
9.9 |
|
|
4.3 |
% |
|
|
(2.0 |
) |
|
|
228.1 |
|
5.1 |
% |
Total |
|
$ |
1,354.4 |
|
$ |
1,243.4 |
|
$ |
111.0 |
|
|
8.9 |
% |
|
$ |
(7.9 |
) |
|
$ |
1,235.5 |
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
2023 Adjusted |
|
|
|||||||||||
Sales by |
|
YTD 3Q 2024 |
|
YTD 3Q 2023 |
|
Change |
|
GAAP Growth Rate* |
|
FX Impact |
|
YTD 3Q 2023 Adjusted Sales |
|
Underlying Growth Rate * |
|||||||||
Transcatheter Aortic Valve Replacement |
|
$ |
3,069.8 |
|
$ |
2,900.4 |
|
$ |
169.4 |
|
|
5.8 |
% |
|
$ |
(18.4 |
) |
|
$ |
2,882.0 |
|
6.5 |
% |
Transcatheter Mitral and Tricuspid Therapies |
|
|
247.0 |
|
|
141.6 |
|
|
105.4 |
|
|
74.4 |
% |
|
|
0.7 |
|
|
|
142.3 |
|
73.6 |
% |
Surgical Structural Heart |
|
|
736.9 |
|
|
701.6 |
|
|
35.3 |
|
|
5.0 |
% |
|
|
(6.6 |
) |
|
|
695.0 |
|
6.0 |
% |
Total |
|
$ |
4,053.7 |
|
$ |
3,743.6 |
|
$ |
310.1 |
|
|
8.3 |
% |
|
$ |
(24.3 |
) |
|
$ |
3,719.3 |
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
2023 Adjusted |
|
|
|||||||||||
Sales by Region (QTD) - Continuing Operations |
|
|
3Q 2024 |
|
|
3Q 2023 |
|
Change |
|
GAAP Growth Rate* |
|
FX Impact |
|
3Q 2023 Adjusted Sales |
|
Constant Currency Growth Rate * |
|||||||
|
|
$ |
804.6 |
|
$ |
735.9 |
|
$ |
68.7 |
|
|
9.3 |
% |
|
$ |
— |
|
|
$ |
735.9 |
|
9.3 |
% |
|
|
|
319.8 |
|
|
286.5 |
|
|
33.3 |
|
|
11.6 |
% |
|
|
0.6 |
|
|
|
287.1 |
|
11.4 |
% |
|
|
|
81.4 |
|
|
85.8 |
|
|
(4.4 |
) |
|
(5.1 |
)% |
|
|
(5.2 |
) |
|
|
80.6 |
|
1.0 |
% |
Rest of World |
|
|
148.6 |
|
|
135.2 |
|
|
13.4 |
|
|
10.1 |
% |
|
|
(3.3 |
) |
|
|
131.9 |
|
12.7 |
% |
Outside of |
|
|
549.8 |
|
|
507.5 |
|
|
42.3 |
|
|
8.4 |
% |
|
|
(7.9 |
) |
|
|
499.6 |
|
10.0 |
% |
Total |
|
$ |
1,354.4 |
|
$ |
1,243.4 |
|
$ |
111.0 |
|
|
8.9 |
% |
|
$ |
(7.9 |
) |
|
$ |
1,235.5 |
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
2023 Adjusted |
|
|
|||||||||||
Sales by Region (YTD) - Continuing Operations |
|
YTD 3Q 2024 |
|
YTD 3Q 2023 |
|
Change |
|
GAAP Growth Rate* |
|
FX Impact |
|
YTD 3Q 2023 Adjusted Sales |
|
Underlying Growth Rate * |
|||||||||
|
|
$ |
2,393.1 |
|
$ |
2,203.6 |
|
$ |
189.5 |
|
|
8.6 |
% |
|
$ |
— |
|
|
$ |
2,203.6 |
|
8.6 |
% |
|
|
|
978.0 |
|
|
877.7 |
|
|
100.3 |
|
|
11.4 |
% |
|
|
8.0 |
|
|
|
885.7 |
|
10.4 |
% |
|
|
|
253.9 |
|
|
266.4 |
|
|
(12.5 |
) |
|
(4.7 |
)% |
|
|
(25.9 |
) |
|
|
240.5 |
|
5.6 |
% |
Rest of World |
|
|
428.7 |
|
|
395.9 |
|
|
32.8 |
|
|
8.3 |
% |
|
|
(6.4 |
) |
|
|
389.5 |
|
10.1 |
% |
Outside of |
|
|
1,660.6 |
|
|
1,540.0 |
|
|
120.6 |
|
|
7.8 |
% |
|
|
(24.3 |
) |
|
|
1,515.7 |
|
9.5 |
% |
Total |
|
$ |
4,053.7 |
|
$ |
3,743.6 |
|
$ |
310.1 |
|
|
8.3 |
% |
|
$ |
(24.3 |
) |
|
$ |
3,719.3 |
|
9.0 |
% |
______________________ | |||||||||||||||||||||||
* Numbers may not calculate due to rounding. |
RECONCILIATION OF TAVR BILLING DAYS ADJUSTED GROWTH RATE |
||
|
Three Months Ended
|
|
|
2024 |
|
TAVR constant currency growth rate |
7.2 |
% |
Impact of billing days |
(1.6 |
)% |
TAVR billing days adjusted growth rate |
5.6 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024495156/en/
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