Edwards Lifesciences (EW) Q4 2023 earnings summary

Executive summary

• FY23 sales rose 12% to $6.0B on reported and constant-currency bases; diluted EPS was $2.30 and adjusted diluted EPS was $2.51.

• Q4 sales increased 14% to $1.53B, or 13% constant currency; adjusted EPS was $0.64.

Financial highlights

• Q4 net sales were $1,534.1M versus $1,348.3M YoY; FY sales were $6,004.8M versus $5,382.4M.

• Q4 GAAP net income was $369.9M versus $398.4M; FY GAAP net income was $1,402.4M versus $1,521.9M.

• Q4 diluted EPS was $0.61 versus $0.65; FY diluted EPS was $2.30 versus $2.44. Adjusted EPS was $0.64 for Q4 and $2.51 for FY23.

• Q4 GAAP operating income was $400.1M versus $447.8M; FY GAAP operating income was $1,534.1M versus $1,748.5M.

Outlook and guidance

• FY24 sales guidance is $6.3B-$6.6B, representing 8%-10% constant-currency growth; adjusted EPS guidance is $2.70-$2.80.

• FY24 TMTT sales are expected at the higher end of the prior $280M-$320M range following earlier-than-expected U.S. EVOQUE approval.

• Q1 2024 sales guidance is $1.53B-$1.61B and adjusted EPS guidance is $0.62-$0.66.