EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
Innovation + Humanity
SELECTED OPERATING INFORMATION
Twelve months ended December 31 (in millions)
2011
2010
2009
$1,678.6
$1,447.0
$1,321.4
Net sales
Cost of goods sold
Gross profit
Selling, general and administrative expenses
Research and development expenses
OPERATING STATISTICS
As a percentage of net sales:
Gross profit
489.8
1,188.8
642.4
246.3
70.8%
Selling, general and administrative expenses
38.3%
Research and development expenses
Operating margin(a)
14.7%
17.9%
408.3
1,038.7
550.0
204.4
399.1
922.3
508.8
175.5
71.8%
38.0%
14.1%
19.6%
69.8%
38.5%
13.3%
18.0%
(a) Operating margin is calculated by subtracting selling, general and administrative expenses and research and development expenses
from gross profit and then dividing by net sales.
The information contained in the table above should be read in conjunction with Edwards Lifesciences' "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and "Consolidated Financial Statements" found in the accompanying
Annual Report on Form 10-K for the fiscal year ended December 31, 2011.
Edwards Lifesciences is the global leader in the science of heart valves and hemodynamic
monitoring. Driven by a passion to help patients, we partner with clinicians to develop
innovative technologies in the areas of structural heart disease and critical care monitoring
that enable them to save and enhance lives. We believe Edwards’ blend of innovation
and humanity is what sets us apart and makes us unique.
FRONT COVER
Dr. Henning R. Andersen and his father, Jørgen, provide a vivid example of how innovators
can directly impact the lives of patients all around the world – and even close to home.
Dr. Andersen is one of the pioneers in the development of transcatheter heart valves. His
breakthrough came in 1989 when his team performed the first preclinical implantation of a
balloon-expandable transcatheter heart valve – transformational therapy that 22 years
later ended up saving his own father’s life. To read more about the Andersens’ story, please
visit our online annual report at edwards.com.
PAGE 1
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
The financial figures below are presented on a GAAP basis, unless accompanied by the terms
"underlying" or "excluding special items," which refer to non-GAAP financial measures. For a
reconciliation of GAAP to non-GAAP figures, refer to pages 20 and 21.
NET SALES
In 2011, global sales of our transcatheter
valve technology drove 11.6% underlying
growth in total net sales. We believe
this technology has the potential to drive
significant future growth.
R&D INVESTMENT
Edwards increased research and
development investment 20.5% in 2011,
primarily to extend our global leadership
in transcatheter valve therapies.
$1,679
$1,447
$1,321
$1,238
$1,091
$246
$204
$176
$139
$122
2007 2008 2009 2010 2011
2007 2008 2009 2010 2011
NON-GAAP NET INCOME
In 2011, Edwards achieved year-over-
year net income growth of 10.1%,
excluding special items, while making
significant investments for the future.
STOCK PERFORMANCE*
Over the past five years, Edwards’ stock
price has increased 201%, outperforming
the S&P 500 and the company’s medical
products peer group.
$241
$219
$179
$150
$129
2007 2008 2009 2010 2011
350
300
250
200
150
100
50
0
2007 2008 2009 2010 2011
EW
RXP
100
100
98
103
S&P 500 100
104
117
82
64
185
102
79
344
109
189
301
115
89
■ Edwards Lifesciences Corp.
■ Morgan Stanley Healthcare Products (RXP)
■ S&P 500
*Cumulative total return based upon an initial
investment of $100 on December 31, 2006, with
dividends reinvested.
PAGE 2
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
A Letter To Our Shareholders
FROM MICHAEL A. MUSSALLEM, CHAIRMAN & CHIEF EXECUTIVE OFFICER
I’m very proud that while the global economic climate was challenging
in 2011, and the healthcare industry certainly felt some of these pressures,
Edwards Lifesciences delivered another year of strong performance. We
Innovation + Humanity
truly believe that it is our focus on innovation to address unmet patient
needs that continues to create value for all of our stakeholders: patients,
clinicians, employees and shareholders. Our actions and our endeavors are
always guided by the values of both humanity and innovation.
A significant achievement this year, which I am
particularly proud of, is making our life-saving
transcatheter valve technology commercially available
to many inoperable patients in the United States.
When I reflect on how many years it took to get us to
this point, I am reminded of the patients whose lives
we touch, and the stories we have the privilege of
sharing. The patients we profile in the following pages,
illustrated through stories of second chances, provide
insight into what fuels our passion and commitment.
DRIVING GROWTH AND VALUE FOR SHAREHOLDERS
The year 2011 was one of investment for the
company to position us well for continued success.
We made significant investments to prepare for
the U.S. launch of the Edwards SAPIEN valve, which
extends our global leadership in transcatheter heart
valve technology. We developed a rigorous clinical
training program that promotes teamwork among
cardiac surgeons and interventional cardiologists, and
emphasizes excellent clinical results. To support expected
growth, we expanded our heart valve manufacturing
capacity, and made additional enhancements to our
infrastructure, including our information and quality
systems. These investments, plus a 20 percent increase
in research and development, moderated our earnings
growth, yet we still grew net income nearly nine
percent, which was above our original expectations.
For the year, we achieved net sales of $1.68 billion,
which represented a 12 percent underlying growth
rate. Our gross profit margin remained strong, and
we grew diluted earnings per share 10 percent, ex
cluding special items. We also generated $232 million
in free cash flow, which strengthened our already
solid balance sheet. Our board of directors authorized
a new share repurchase program to acquire up to an
additional $500 million of the company's outstanding
common shares, which affords us another opportunity
to return value to our shareholders and reflects our
positive long-term outlook for the company.
During the year, Heart Valve Therapy sales grew
16 percent on an underlying basis, which included a
more than 50 percent growth in transcatheter heart
valves to $334 million. While surgical valve procedure
growth was moderated by global economic headwinds
in 2011, surgeons worldwide continued to adopt our
newest premium products, including the Carpentier-
Edwards PERIMOUNT Magna Ease valve.
PAGE 3
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
We continue to make substantial progress with our
EDWARDS INTUITY valve system, a rapid deployment
alternative to traditional valve replacement. During
the year, we completed our TRITON clinical trial in
Europe and were pleased that the results demonstrated
a high procedural success rate and patient outcomes
comparable to treatment with standard surgical aortic
valve replacement. We believe that the EDWARDS
INTUITY valve system has the potential to become the
standard of care in surgical heart valve replacement
in the long term.
We remain very committed to advancing the
surgical treatment of heart valve disease through less
invasive means and are making investments in our
Cardiac Surgery Systems franchise to support these
efforts. Many of our heart valve technologies are
developed with input from leading cardiac surgeons
who are important partners in the development and
advancement of therapies that address the needs of
patients worldwide.
TRANSCATHETER HEART VALVES LEADING THE MARKET
FDA approval of our Edwards SAPIEN transcatheter
valve for inoperable patients in the U.S. was a
tremendous milestone for Edwards in 2011. Also
during the year, the results from our study of high-risk
patients in The PARTNER Trial were published in the
New England Journal of Medicine, which demonstrated
that survival of patients treated with the Edwards SAPIEN
valve was equivalent to those treated with surgical
aortic valve replacement. We continue to glean insights
from our rigorous clinical, economic and quality of life
studies, which are helping to advance this therapy
and providing learnings that are expected to improve
patient outcomes. We believe that our next-generation
technologies have the potential to further improve
the results we are seeing, and we are continuing to
explore new ways to apply this transformational tran
scatheter valve technology to other unmet patient needs.
This year marked the fourth year of commercialization
of our transcatheter valve technology in Europe, and
sales there continued to grow rapidly. Strong demand
demonstrated the need for this therapy, and the
majority of our growth was driven by patients who
had limited treatment options. Sales in 2011 were
assisted by our enhanced product portfolio, including
our new 29 millimeter Edwards SAPIEN XT valve for
transapical delivery that was launched earlier in the
year. Additionally, our eSheath expandable sheath
technology and NovaFlex+ transfemoral delivery system
both received CE Mark during the year. These new
systems were designed to improve ease-of-use and
help reduce procedural complications.
Our Edwards SAPIEN XT valve continues to enjoy very
high rates of procedural success and adoption outside
the U.S. This past year, we received approval to expand
our U.S. PARTNER II trial, which studies this valve, to
an even broader group of patients who are at elevated
risk for open-heart surgery. In early 2012, we completed
enrollment in the inoperable portion of our study.
We are also making good progress toward making
this low-profile valve available to patients in Japan,
where we have completed enrollment in our clinical
trial and are collecting follow-up data.
Our Critical Care franchise has continued to experience
steady growth year after year. In 2011, we saw
underlying growth of seven percent, driven mainly by
robust adoption of our advanced monitoring product
portfolio, and continued share gains of pressure
monitoring products. Additionally, we launched our
EV1000 clinical monitoring platform in the U.S., and
clinician feedback continues to be very positive. We
remain confident that it can become a best-in-class
PAGE 4
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
device and contribute to Critical Care’s continued
growth. We also made meaningful design enhance
ments to our GlucoClear in-hospital blood glucose
monitoring platform to further improve ease-of-use
for clinicians. We are committed to offering innovative
solutions like these, which we believe help bring
clarity in complex therapeutic decision-making and
help clinicians better manage patients in a demanding
hospital setting.
As we grow, Edwards continues to attract talented
people. We were fortunate to bring a large number
of new employees on board this year and continue to
expand our teams to meet our growing needs. We
take pride in our employees who collectively make it
possible to help critically ill patients and those affected
by advanced cardiovascular disease worldwide. Our
employees not only use their skills to help clinicians
around the world save and enhance lives, but also
demonstrate a strong commitment to making a
positive impact on the communities in which we live
and work.
Charitable giving and social responsibility remain
important priorities for our company, and we provide
opportunities for our employees to volunteer in
their communities. Edwards also supports non-profit
organizations through The Edwards Lifesciences
Fund, and in 2011, the fund granted approximately
$4 million to more than 200 non-profit organizations
around the world. We believe our contributions are
especially meaningful during a time when charitable
giving has declined globally.
A TRANSFORMATIONAL 2012 AND BEYOND
The year 2012 is expected to be a transforma
tional year for Edwards. We have a robust
pipeline of next-generation technologies that
have the potential to further improve patient
outcomes. Our strategy to maximize these kinds of
high impact innovations is what can drive growing
and lasting adoption of Edwards’ products. In this
respect, we continue to explore and invest in new
ways to apply therapies and expand availability to
more patients with significant unmet needs.
In 2012, we expect to generate approximately
20 percent underlying growth in total net sales to
$1.95 billion to $2.05 billion, and achieve a gross profit
margin of 73 to 75 percent. While continuing to invest
aggressively in our future, we intend to grow net
income 35 to 40 percent, excluding special items,
and generate free cash flow of $240 million to
$260 million. Also this year, we continue to plan for
double digit growth in R&D investments to fuel
the many breakthrough and innovative opportunities
that we see in structural heart disease and critical
care technologies.
We continue to anticipate a mid-year FDA approval
of our Edwards SAPIEN valve for high-risk patients –
making this therapy available to a broader group of
U.S. patients than those being treated under our
current indication. We are also moving closer towards
bringing our Edwards SAPIEN XT valve to more patients
around the world. And, we plan to begin CE Mark
trials for two exciting new low-profile transcatheter
heart valve platforms, Edwards SAPIEN 3 and Edwards
CENTERA, which are designed to further improve
outcomes. Transcatheter valve technology continues
to be a significant opportunity that encompasses
many layers of potential growth for Edwards – now
and in the years ahead.
We wholeheartedly believe that if we are doing good
things for patients, we create value. We trust our
innovation strategy and continue to believe that when
we place patients’ needs at the forefront, our results
PAGE 5
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
will benefit not only the patient, but our customers,
employees and shareholders as well. Edwards will
continue to serve the unmet needs of patients around
the world, including in emerging markets where we
hope to make our therapies accessible to more patients
in need. We know that evidence is increasingly expected
of new technologies, and we plan to continue conduct
ing studies that demonstrate clinical significance, as well
as cost-effectiveness and quality of life improvement.
Edwards remains committed to strong corporate
governance, accountability and the highest standards
of quality to ensure that our work consistently reflects
our company’s Credo. We look forward to many
more exciting accomplishments in the future, and feel
fortunate that our innovations have positively impacted
so many lives. It is this spirit of innovation and humanity
that continues to drive the employees of Edwards
Lifesciences. We thank you for your continued trust,
partnership and support.
Sincerely,
Michael A. Mussallem
Chairman and Chief Executive Officer
To supplement its consolidated financial results prepared in accordance with generally
accepted accounting principles (“GAAP”), the Company uses non-GAAP financial
measures. The Company uses the term “underlying” when referring to non-GAAP
sales information, which excludes discontinued and newly acquired products, and foreign
exchange fluctuations. The Company also refers to net income, net income growth
and earnings per share, “excluding special items,” which excludes gains and losses
from special items such as significant investments, litigation and business development
transactions. The Company defines free cash flow as cash flow from operating activities
less capital expenditures. For more information and a reconciliation of GAAP to
non-GAAP figures, please refer to pages 20 and 21 of this report.
Caution: The Edwards SAPIEN XT and NovaFlex+ are investigational devices in the U.S.,
limited by U.S. federal law to investigational use. The EDWARDS INTUITY valve system,
GlucoClear, eSheath, Edwards SAPIEN 3 and Edwards CENTERA transcatheter heart
valves are not available for commercial sale in the U.S.
PAGE 6
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
Developing INNOVATIVE TECHNOLOGIES is one of
the things that we believe has been key to the
success of Edwards Lifesciences.
Since becoming an independent public company, we have purposefully
increased our investment in research and development each year. The
result is a robust product pipeline containing some truly transformational
technologies that we believe provide an opportunity for sustainable long-
term growth. Tremendous unmet needs still exist in the areas of structural
heart disease and critical care monitoring, and Edwards remains committed
to positively impacting the lives of patients.
Maintaining our leadership position in the rapidly growing field of
transcatheter heart valves is critical to Edwards’ long-term success. Two recently
unveiled transcatheter valve platforms build on the Edwards SAPIEN platform
and address some of the limitations of products available today. The Edwards
SAPIEN 3 transcatheter valve is a low profile balloon-expandable valve
designed to reduce paravalvular leak. The Edwards CENTERA transcatheter
heart valve is a low profile, repositionable self-expanding valve with a motorized
delivery system allowing single operator use. European clinical trials for both
of these new products are expected to commence in 2012.
Technology + Opportunity
Edwards’ leadership in the surgical replacement of heart valves
is based on our differentiated technology and a commitment to continual
innovation. Leveraging the proven design of Edwards’ pericardial valve
platform, the EDWARDS INTUITY valve system features an innovative balloon-
expandable frame, which is designed to facilitate small incision surgery and
rapid valve deployment to reduce procedure times for patients. To build on
the early favorable performance and procedural success rates reported thus
far, Edwards will conduct further studies of this new product in 2012.
Edwards’ critical care products provide vital information to guide
the complex therapeutic decision making in operating rooms and intensive
care units. The award-winning, user-friendly display of our EV1000 clinical
platform, recently introduced in the U.S., presents a patient’s physiologic
status in an innovative and intuitive way to help clinicians improve patient
outcomes and better manage the use of costly hospital resources. In 2012,
we plan to introduce a next-generation version of this platform.
Caution: The Edwards SAPIEN 3 and CENTERA valve systems
are investigational devices and are not available for commercial
sale in the U.S. The EDWARDS INTUITY valve system is not
available for commercial sale in the U.S.
PAGE 7
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
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PAGE 8
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
THE EMPLOYEES OF EDWARDS LIFESCIENCES SHARE IN A SINGULAR MISSION OF HELPING PATIENTS.
Their skill and dedication fuel our ability to help critically ill patients and those affected by the number
one killer in the world – cardiovascular disease. Each of our employees is dedicated to furthering the Edwards
vision to help clinicians, patients and their families work together as a united community to improve the
quality of life around the globe.
People + Dedication
Edwards offers its employees the opportunity to apply their talents to complex challenges, while engaging
and collaborating with colleagues across different departments, product lines and geographies. At Edwards,
whether working in research and development, manufacturing, quality systems or other important areas,
our employees are a critical link in the chain of people helping patients around the world.
PAGE 9
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
ONLY A FEW PEOPLE REALLY KNOW
WHAT A SECOND CHANCE CAN MEAN. WHEN IT’S YOUR LIFE,
IT’S EVERYTHING.
“Second Chances”
Innovation + Humanity
inspiration. We thrive on discovery and our strategy is based on
For Edwards Lifesciences, every innovation starts with a human
continuous innovation. But we don’t believe in “innovation for
innovation’s sake.” We endeavor to deliver meaningful technologies that
drive real advances in patient care. We continually strive to expand our
boundaries, enabling us to develop new therapies that solve unmet clinical
needs. At the heart of Edwards is a culture that is dedicated and determined
to help patients. It is a culture built on developing lasting and trusted
partnerships with all of our stakeholders – one of integrity, character, and
most of all, a passion and caring for all that we do at Edwards. It is how
we do what we do. This blend of innovation and humanity is what we believe
sets us apart from our competitors and makes us uniquely “Edwards.” It is
the commitment Edwards makes to everyone with whom we engage. We are
honored to share with you stories from some of the patients whose lives we
have had the privilege to touch – and offer a second chance at life.
VISIT OUR ONLINE ANNUAL REPORT FOR MORE PATIENT STORIES
edwards.com
PAGE 10
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
CONNIE
FORMER PROFESSIONAL ROLLER SKATER, MOTHER, BREAST CANCER SURVIVOR
A professional roller skater in her teens and 20s, Connie had toured the world
entertaining audiences. She later married and had two children and, in her 30s, battled
breast cancer – but the commonly accepted treatment at the time, cobalt radiation,
left her ribs extraordinarily brittle, necessitating surgery to remove several ribs and
transplant skin and muscle to protect her heart and lungs. When she began experiencing
symptoms of severe aortic stenosis in her late 70s, including breathlessness and tiring
during her usual daily activities, she learned that her aortic valve needed to be replaced.
But the previous reconstructive surgery meant traditional open-heart surgery was not
an option. Connie and her doctor found a treatment solution in transcatheter valve
replacement with the Edwards SAPIEN transcatheter heart valve, and Connie had her
valve replaced via the transfemoral approach.
“I HAVE A BRAND NEW HEART – BECAUSE ALL IT NEEDED
WAS THE AORTIC VALVE. AND IT’S GOT IT.
I feel great today.
I wouldn’t be here today if it weren’t for the valve.”
HEATHER, CONNIE’S DAUGHTER
At one point, we noticed that my mom was getting out of breath. She needed to
have a new aortic valve put in to replace the deteriorating one – and my mom is put
“together with duct tape and Lincoln Logs. You can’t really open up her chest. After
”
the procedure, the difference was incredible. She’s back to teaching three Bible
studies a week, she’s out in the garden and she’s just being her old self again. Because
of Edwards, I have my mom back.
Edwards SAPIEN Transcatheter Heart Valves
Edwards leads the development of new investigative therapies designed for the non
surgical replacement of heart valves. The Edwards SAPIEN transcatheter heart valve
offers an important treatment option for patients diagnosed with severe symptomatic
native aortic valve stenosis considered too high-risk for conventional valve replacement,
allowing clinicians to deliver a valve via a catheter, thus eliminating the need for
traditional open-heart surgery. The Edwards SAPIEN transcatheter heart valve has been
commercially available in Europe since 2007 and was approved for use in certain
non-operable patients in the U.S. in 2011. The Edwards SAPIEN XT valve, now the leading
transcatheter heart valve in Europe, is currently in clinical trials in the U.S. For more
information on the Edwards SAPIEN XT transcatheter valve, please see our patient story
on Jørgen Andersen online at edwards.com.
Caution: The Edwards SAPIEN XT valve is an investigational device in the U.S. and not available for commercial sale.
Connie
EDWARDS SAPIEN TRANSCATHETER AORTIC HEART
VALVE RECIPIENT
As a member of the Skating Vanities at
16, Connie traveled the world. At 78, she
was an active member of her community
when diagnosed with aortic stenosis. “At
the hospital they showed me an image of
my heart with the valve in place and it
looked just like a crown – it was magnificent.”
PAGE 12
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
CRAIG
MARATHON RUNNER, OUTDOOR ENTHUSIAST, FAMILY MAN
In his 40s and early 50s, Craig ran eight marathons and counted among his life
experiences many other physical challenges he had taken on with his wife, son and
daughter: rock climbing, hang-gliding and skiing. But in the spring of 2011, he had no
idea that one of the toughest endeavors lay ahead of him. As a result of a viral infection,
Craig developed endocarditis. And, because it lingered undiagnosed, the infection created
a hole in his aortic valve, requiring its replacement. Craig and his surgeon together decided
a tissue valve best suited his active lifestyle, and he received the Edwards Magna Ease
bovine pericardial heart valve. Only four months later, Craig and his wife of 31 years, Sherri,
together ran a half-marathon, and he looks forward to climbing one of the world’s tallest
peaks with his son.
“WITHIN A COUPLE OF DAYS, I WAS DOING LAPS AROUND THE CARDIO WARD AND THROUGH ICU.
Within a couple of weeks, I was able to walk 10, 15 miles.
Because of Edwards,
I have a full life
– a life I can share with my family and friends.”
SHERRI, CRAIG’S WIFE
Craig has always been healthy, and he
continues to be my inspiration. If he didn’t
“ have that surgery then, he could have died.
there’s anything we can’t do now. ”
It’s a big change in our life. I don’t think
Carpentier-Edwards PERIMOUNT Magna Ease Aortic Heart Valve
The advanced, low-profile Carpentier-Edwards PERIMOUNT Magna Ease aortic valve adds
enhanced implantability to the outstanding hemodynamics of the Magna valve platform –
setting a new standard for tissue valve performance. Built on the proven performance of
PERIMOUNT aortic valves, with more than 27 years of clinical experience, both the Magna Ease
and Magna Mitral Ease valves offer options for enhanced implantability through smaller incisions.
Less invasive surgery can offer several advantages including less pain, faster recovery and smaller,
less visible scarring. The Magna Ease valve platform provides surgeons with an important
treatment option for patients with heart valve disease who desire a less-invasive approach.
Craig
CARPENTIER-EDWARDS PERIMOUNT MAGNA EASE AORTIC HEART VALVE RECIPIENT
An avid outdoor enthusiast, Craig is thankful and thrilled to be enjoying his
passions once again: rock climbing, hang-gliding and running.
Michael
EDWARDS EV1000 CLINICAL PLATFORM & VOLUMEVIEW SET PATIENT
The EV1000 clinical platform and VolumeView set
were used to assess and monitor Michael’s cardiac
condition and, according to his doctor, were
essential in enabling the best treatment
of his condition.
PAGE 15
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
MICHAEL
HUSBAND AND AVID CAMPER
Michael spent his 35th wedding anniversary and his 63rd birthday in the hospital –
not exactly what he had planned. After suffering a cardiac arrest at home in southeast
England, paramedics resuscitated Michael and rushed him to intensive care where he
was hospitalized for 30 days. Advanced hemodynamic monitoring was used to assess
and monitor his cardiac condition, and was essential in allowing Michael’s physicians and
nurses to give his heart and the rest of his vital organs the best chance of recovery. His
doctors and nurses were able to intervene much earlier than usual given the critical infor
mation they received from the EV1000 clinical platform and VolumeView set. Michael’s
family could easily see that he was recovering quickly, which provided them with much
needed relief and comfort. Michael now looks forward to camping in the countryside
once again with his wife.
“MY WIFE AND I LIKE TO TAKE WALKS IN THE COUNTRYSIDE.
We’re looking forward to camping this spring and
getting back to living again.”
DR. ANGUS TURNER, FFICM
CONSULTANT IN ANESTHESIA AND INTENSIVE CARE CLINICAL LEAD, MAIDSTONE ICU, UK
Given the information from the monitoring system, I was able to intervene in
Michael’s case much earlier that I would have otherwise. The set-up of the system
“was very impressive, particularly the interface of EV1000. Having the VolumeView
has given me much more confidence when implementing protocols.”
information on the same display has made it incredibly user-friendly for doctors
and nurses. The numbers are the same, but the interface is dramatically better and
Edwards EV1000 Clinical Platform
In late 2010, Edwards launched the EV1000 clinical platform in Europe, followed by a
U.S. introduction in 2011. With a touch-screen monitor that displays a patient’s physiologic
status, as well as color-coded clinical targets and alerts, the EV1000 clinical platform is
designed to help clinicians make straightforward decisions in the hospital environment.
The company’s FloTrac sensor, PediaSat and PreSep oximetry catheters and TruWave
disposable pressure transducer also are compatible with this streamlined system. When used
with the EV1000 clinical platform, the VolumeView set measures a patient’s volumetric
hemodynamic parameters and provides more clarity for clinicians treating critically ill patients.
PAGE 16
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
CONSOLIDATED BALANCE SHEETS
Set forth on the following pages is certain consolidated financial information of the Company. This information is qualified by the Company’s complete
financial results and consolidated financial statements, including the notes thereto, as they appear in our Annual Report on Form 10-K as filed with the
Securities and Exchange Commission for the fiscal year ended December 31, 2011. A copy of the Form 10-K is available on our web site at edwards.com.
Twelve months ended December 31, (in millions, except par value)
2011
2010
ASSETS
Current assets
Cash and cash equivalents
Short-term investments (Notes 2 and 20)
Accounts receivable, net (Note 4)
Other receivables
Inventories, net (Note 4)
Deferred income taxes
Prepaid expenses
Other current assets
Total current assets
Long-term accounts receivable, net (Note 4)
Property, plant and equipment, net (Note 4)
Goodwill (Note 6)
Other intangible assets, net (Note 6)
Investments in unconsolidated affiliates (Note 7)
Deferred income taxes
Other assets
Total assets
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable
Accrued liabilities (Note 4)
Taxes payable
Short-term debt (Note 8)
Total current liabilities
Long-term debt (Note 8)
Other long-term liabilities
Commitments and contingencies (Notes 8 and 16)
Stockholders’ equity (Note 11)
Preferred stock, $.01 par value, authorized 50.0 shares, no shares outstanding
Common stock, $1.00 par value, 350.0 shares authorized, 120.0 and 117.0 shares issued,
and 114.1 and 115.0 shares outstanding, respectively
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost, 5.9 and 2.0 shares, respectively
Total stockholders’ equity
$ 171.2
279.3
283.8
36.9
261.3
43.9
35.0
57.1
1,168.5
24.6
304.3
349.8
66.9
21.8
20.0
24.6
$ 396.1
—
277.3
25.2
203.6
32.3
35.4
62.7
1,032.6
—
269.8
315.2
67.1
25.0
44.5
13.0
$1,980.5
$1,767.2
$ 85.0
234.8
15.4
—
335.2
150.4
157.0
$ 47.6
226.1
22.3
41.8
337.8
—
121.2
—
—
120.0
300.5
1,360.7
(37.5)
(405.8)
1,337.9
117.0
211.3
1,124.0
(42.1)
(102.0)
1,308.2
Total liabilities and stockholders’ equity
$1,980.5
$1,767.2
The accompanying notes are an integral part of these consolidated financial statements.
PAGE 17
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
CONSOLIDATED STATEMENTS OF OPERATIONS
Twelve months ended December 31, (in millions, except per share information)
2011
2010
2009
Net sales
Cost of goods sold
Gross profit
Selling, general and administrative expenses
Research and development expenses
Special charges (gains), net (Note 3)
Interest expense
Interest income
Other income, net (Note 14)
Income before provision for income taxes
Provision for income taxes (Note 15)
Net income
SHARE INFORMATION (NOTE 2):
Earnings per share:
Basic
Diluted
Weighted-average number of common shares outstanding:
Basic
Diluted
$1,678.6
489.8
$1,447.0
408.3
$1,321.4
399.1
1,188.8
642.4
246.3
21.6
3.1
(3.4)
(4.8)
283.6
46.9
1,038.7
550.0
204.4
22.7
2.4
(0.9)
(8.1)
268.2
50.2
922.3
508.8
175.5
(63.8)
2.7
(1.6)
(3.7)
304.4
75.3
$ 236.7
$ 218.0
$ 229.1
$ 2.07
$ 1.98
114.6
119.4
$ 1.92
$ 1.83
113.7
119.2
$ 2.04
$ 1.95
112.5
117.5
The accompanying notes are an integral part of these consolidated financial statements.
PAGE 18
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve months ended December 31, (in millions)
2011
2010
2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization
Stock-based compensation (Notes 2 and 12)
Excess tax benefit from stock plans (Notes 2 and 12)
Deferred income taxes
Special charges (gains), net (Note 3)
Loss (gain) on trading securities
Other
Changes in operating assets and liabilities:
Accounts and other receivables, net
Accounts receivable securitization
Inventories, net
Accounts payable and accrued liabilities
Prepaid expenses and other current assets
Other
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures
Purchases of short-term investments (Notes 2 and 20)
Proceeds from short-term investments (Notes 2 and 20)
Acquisition (Note 5)
Proceeds from sale of assets (Note 3)
Investments in unconsolidated affiliates
Proceeds from unconsolidated affiliates
Investments in intangible assets
Proceeds from (investments in) trading securities, net
Net cash (used in) provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on debt
Proceeds from issuance of debt
Purchases of treasury stock
Proceeds from stock plans
Excess tax benefit from stock plans (Notes 2 and 12)
Other
Net cash used in financing activities
Effect of currency exchange rate changes on cash and cash equivalents
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
$ 236.7 $ 218.0 $ 229.1
58.0
35.0
(6.0)
(0.6)
21.2
1.0
(1.1)
(53.7)
—
(57.0)
61.7
20.6
(1.3)
314.5
(82.9)
(643.3)
349.9
(42.6)
3.9
(2.3)
9.1
(7.7)
3.1
(412.8)
(421.7)
526.1
(303.4)
59.5
6.0
(1.7)
(135.2)
8.6
(224.9)
396.1
56.5
29.3
(55.1)
(11.2)
22.7
(2.7)
(5.0)
(34.2)
—
(36.8)
63.6
(2.5)
8.8
251.4
(61.8)
—
—
—
6.6
(6.9)
2.2
(1.2)
(0.4)
(61.5)
(302.8)
254.4
(200.0)
92.1
55.1
(2.7)
(103.9)
(24.0)
62.0
334.1
58.7
28.3
(20.6)
(10.0)
(75.5)
(3.3)
0.3
(58.9)
7.3
(13.1)
2.7
7.6
12.7
165.3
(64.0)
—
11.4
—
97.9
(5.8)
2.3
—
(1.7)
40.1
(213.9)
129.3
(95.5)
66.7
20.6
1.0
(91.8)
1.8
115.4
218.7
Cash and cash equivalents at end of year
$ 171.2 $ 396.1 $ 334.1
SUPPLEMENTAL DISCLOSURES:
Cash paid during the year for:
Interest
Income taxes
Non-cash investing and financing transactions:
Distribution of treasury shares to effect stock split
The accompanying notes are an integral part of these consolidated financial statements.
$
3.2
$ 15.4
$ 2.4
$ 14.7
$ 2.7
$ 34.2
— $ 970.3
$ —
PAGE 19
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY & COMPREHENSIVE INCOME (LOSS)
Accumulated
(in millions)
BALANCE AT DECEMBER 31, 2008
Comprehensive income
Net income
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments
Unrealized loss on cash flow hedges
Unrealized gain on available-for-sale
investments
Reclassification of net realized
investment loss to earnings
Defined benefit pension plans –
net actuarial gain
Common stock issued under equity plans,
including tax benefits and other
Tax benefit due to redemption of
convertible debt
Stock-based compensation expense
Purchase of treasury stock
Common Stock
Treasury Stock
Shares Par Value Shares
Amount
Additional
Paid-In
Retained Comprehensive
Capital Earnings Income (Loss)
Other Total
Stockholders’ Comprehensive
Income (Loss)
Equity
73.7 $ 73.7
17.8 $(776.8) $ 940.4 $ 676.9
$(35.4) $ 878.8
229.1
229.1 $ 229.1
17.3
(3.5)
17.3
(3.5)
17.3
(3.5)
4.1
0.6
9.0
4.1
0.6
9.0
4.1
0.6
9.0
89.5
0.2
28.3
(95.5)
2.4
2.4
87.1
0.2
28.3
1.5
(95.5)
BALANCE AT DECEMBER 31, 2009
76.1
76.1
19.3
(872.3) 1,056.0
906.0
(7.9) 1,157.9 $ 256.6
Comprehensive income
Net income
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments
Unrealized loss on cash flow hedges
Unrealized loss on available-for-sale
investments
Reclassification of net realized
investment loss to earnings
Defined benefit pension plans –
net actuarial loss
Common stock issued under equity plans,
including tax benefits and other
Stock-based compensation expense
Purchase of treasury stock
Stock issued to effect stock split
218.0
218.0 $218.0
(24.9)
(6.8)
(24.9)
(6.8)
(24.9)
(6.8)
(0.8)
(0.8)
(0.8)
4.0
4.0
4.0
(5.7)
(5.7)
(5.7)
4.3
4.3
132.9
29.3
36.6
36.6
3.1
(20.4)
(200.0)
970.3 (1,006.9)
137.2
29.3
(200.0)
—
BALANCE AT DECEMBER 31, 2010
117.0
117.0
2.0
(102.0)
211.3 1,124.0
(42.1) 1,308.2 $ 183.8
Comprehensive income
Net income
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments
Unrealized loss on cash flow hedges
Unrealized loss on available-for-sale
investments
Reclassification of net realized
investment gain to earnings
Defined benefit pension plans –
net actuarial loss and other (Note 13)
Common stock issued under equity plans,
including tax benefits and other
Stock-based compensation expense
Purchase of treasury stock
236.7
236.7 $ 236.7
(5.2)
16.8
(5.2)
16.8
(5.2)
16.8
(0.1)
(0.1)
(0.1)
(1.0)
(1.0)
(1.0)
(5.9)
(5.9)
(5.9)
3.0
3.0
54.2
35.0
3.9
(303.8)
57.2
35.0
(303.8)
BALANCE AT DECEMBER 31, 2011
120.0 $ 120.0
5.9 $(405.8) $300.5 $1,360.7 $(37.5) $1,337.9 $ 241.3
The accompanying notes are an integral part of these consolidated financial statements.
PAGE 20
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
RECONCILIATION OF GAAP TO 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. The Company uses the term “underlying” when
referring to non-GAAP sales information, which excludes
discontinued and newly acquired products and foreign
exchange fluctuations, and “excluding special items” to
also exclude gains and losses from special items such as
significant investments, litigation and business development
transactions. Guidance for sales and sales growth rates
is provided on an "underlying basis," and projections for
diluted earnings per share, gross profit margin, selling,
general and administrative expenses ("SG&A"), research and
development expenses ("R&D"), effective tax rate, net income
and growth is also provided on the same non-GAAP (or
“excluding special items”) basis due to the inherent difficulty
in forecasting such items. Management does not consider
the excluded items part of day-to-day business or reflective
of the core operational activities of the Company as
they result from transactions outside the ordinary course
of business.
Management uses non-GAAP financial measures internally
for strategic decision making, forecasting future results and
evaluating current performance. By disclosing non-GAAP
financial measures, management intends to provide investors
with a more meaningful, consistent comparison of the
Company’s core operating results and trends for the periods
presented. 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 that, when
viewed with the Company's GAAP results, provide a more
complete understanding of factors and trends affecting the
Company's business. These non-GAAP measures should be
considered as a supplement to, and not as a substitute for,
or superior to, the corresponding measures calculated in
accordance with generally accepted accounting principles.
Non-GAAP financial measures are not prepared in accordance
with GAAP; therefore, the information is not necessarily
comparable to other companies. The Company is not able to
provide a reconciliation of projected earnings per share, gross
profit margin, SG&A, R&D, effective tax rate, net income
and growth guidance, excluding special charges, to expected
reported results due to the unknown effect, timing and
potential significance of special charges or gains, and man
agement’s inability to forecast charges associated with future
transactions and initiatives.
Twelve months ended December 31, 2011
NON-GAAP NET SALES GROWTH BY PRODUCT LINE
Surgical Heart Valve Therapy
Transcatheter Heart Valves
Total Heart Valve Therapy
Critical Care
Note: Numbers may not calculate due to rounding
GAAP net sales
growth rate
Impact of
foreign exchange
and other
Non-GAAP
net sales
growth rate
7.1%
61.7%
20.6%
11.9%
-3.7%
-8.1%
-4.5%
-4.6%
3.4%
53.6%
16.1%
7.3%
PAGE 21
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
Twelve months ended December 31, (in millions, except per share information)
2011
2010
2009
2008
2007
$236.7
$218.0
$229.1
$128.9
$113.0
GAAP NET INCOME
Reconciling items:
Gross profit
Special charges (gains):
European receivables
Realignment expenses, net
Settlements and litigation losses, net
MONARC program discontinuation
Investment impairments
Milestone receipt and net gain on sale of assets
Charitable fund contribution
Adjustment to capitalized patent enforcement costs
Reserve reversal
Acquisition of in-process technology and
intellectual property —
—
DexCom collaboration agreement
—
Pension settlement and adjustment
Benefit (provision) for income taxes:
Tax effect on non-GAAP adjustments
Expiration of various statutes of limitations
Resolution of outstanding transfer price issues
Tax rulings and settlements
(3.9)
(4.0)
—
(9.4)
—
$12.8
5.5
3.3
—
—
—
—
—
—
—
—
7.2
—
8.3
7.2
—
—
—
—
—
—
—
(4.1)
—
(7.9)
(9.8)
(4.1)
4.7
—
—
—
3.8
—
1.6
(86.9)
15.0
3.7
(1.0)
—
—
—
17.8
—
—
—
—
(1.7)
0.6
—
—
(14.9)
—
8.2
—
19.5
13.4
—
1.7
—
—
(10.1)
—
13.9
—
—
—
(1.8)
—
—
—
—
—
11.2
(6.9)
—
—
—
NON-GAAP NET INCOME
$241.0
$218.9
$179.0
$150.3
$129.4
Non-GAAP earnings per share:
Basic non-GAAP earnings per share
Diluted non-GAAP earnings per share
Weighted-average shares outstanding:
Basic
Diluted
NON-GAAP FREE CASH FLOW
Twelve months ended December 31 (in millions)
Net cash provided by operating activities
Capital expenditures
Reconciling items:
Japan securitization program termination
Tax payment related to Bard milestone
Charitable fund contribution
U.S. securitization program termination
Tax settlement payment
NON-GAAP FREE CASH FLOW
$2.10
$2.02
114.6
119.4
$1.93
$1.84
113.7
119.2
$1.59
$1.52
112.5
117.5
$1.35
$1.27
111.7
119.2
$1.13
$1.06
114.5
125.5
2011
2010
2009
2008
2007
$314.5
(82.9)
$251.4
(61.8)
$165.3
(64.0)
$153.2
(50.6)
$213.1
(57.0)
—
—
—
—
—
—
—
—
—
—
39.0
22.8
15.0
—
—
—
—
—
50.0
13.0
—
—
—
—
—
$231.6
$189.6
$178.1
$165.6
$156.1
NON-GAAP NET SALES GROWTH
Twelve months ended December 31
GAAP NET SALES GROWTH RATE
Impact of discontinued, newly acquired and other products
Impact of foreign exchange
NON-GAAP NET SALES GROWTH RATE
2011
16.0%
0.0%
-4.4%
11.6%
2010
9.5%
3.9%
-0.7%
12.7%
2009
6.8%
2.9%
1.4%
11.1%
2008
13.4%
2.6%
-4.0%
12.0%
2007
5.2%
4.7%
-3.3%
6.6%
Note: Numbers may not calculate due to rounding
PAGE 22
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
Executive Management
MICHAEL A. MUSSALLEM
Chairman and
Chief Executive Officer
THOMAS M. ABATE
Corporate Vice President,
Chief Financial Officer
DONALD E. BOBO, JR.
Corporate Vice President,
Heart Valve Therapy
BRUCE P. GARREN
Corporate Vice President,
Public Affairs and
Special Counsel
JOHN H. KEHL, JR.
Corporate Vice President,
Strategy and Corporate
Development
RICH LUNSFORD
Corporate Vice President,
Cardiac Surgery Systems
JOHN P. MCGRATH, PH.D.
Corporate Vice President,
Quality
PAUL C. REDMOND
Corporate Vice President,
Global Corporate
Operations
ROBERT C. REINDL
Corporate Vice President,
Human Resources
STANTON J. ROWE
Corporate Vice President,
Advanced Technology and
Chief Scientific Officer
CARLYN D. SOLOMON
Corporate Vice President,
Critical Care and Vascular
PATRICK B. VERGUET
Corporate Vice President,
EMEA and Canada
HUIMIN WANG, M.D.
Corporate Vice President,
Japan, Asia Pacific and
Latin America
AIMEE S. WEISNER
Corporate Vice President,
General Counsel
LARRY L. WOOD
Corporate Vice President,
Transcatheter Valve
Replacement
PAGE 23
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
Corporate Information
CORPORATE HEADQUARTERS
Edwards Lifesciences Corporation
One Edwards Way, Irvine, California 92614
(800) 4-A-HEART or (949) 250-2500
edwards.com
ANNUAL MEETING
The Annual Meeting of Stockholders will be held on
May 10, 2012, at 10:00 a.m. (Pacific) at the offices of
Edwards Lifesciences Corporation, One Edwards Way,
Irvine, CA 92614.
SEC FORM 10-K
A copy of Edwards Lifesciences’ Annual Report to the
Securities and Exchange Commission on Form 10-K is
available on the Company’s web site at edwards.com or
upon request to the Investor Relations department at
(949) 250-2806.
STOCK SYMBOL
Edwards Lifesciences’ stock is traded on
The New York Stock Exchange (NYSE) under
the symbol EW.
INFORMATION ON THE INTERNET
Edwards Lifesciences’ web site at edwards.com provides
access to a wide range of information for our customers,
patients, shareholders and prospective investors. We invite
you to visit the "Investor Relations" section, which features
our press releases, SEC filings, company presentations and
additional financial data.
CORPORATE PUBLIC RELATIONS
Members of the news media should call (949) 250-5070.
INVESTOR INFORMATION
Shareholders, securities analysts and investors seeking
additional information about Edwards Lifesciences
should contact:
David K. Erickson
Vice President, Investor Relations
(949) 250-2806 Phone (949) 756-4515 Fax
investor_relations@edwards.com
Edwards Lifesciences is an affirmative action,
equal opportunity employer.
ANALYST COVERAGE
For a list of research firms and analysts who cover Edwards
Lifesciences, please visit the Investor Relations section of the
Company’s web site at edwards.com.
TRANSFER AGENT
Correspondence about share ownership, account status,
the transfer or exchange of shares, lost stock certificates,
duplicate mailings or change of address may be directed to:
Computershare Investor Services
P.O. Box 43069, Providence, Rhode Island 02940-3069
(800) 446-2617 Hearing Impaired # TDD: (800) 952-9245
computershare.com
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP, Orange County, CA
BOARD OF DIRECTORS
Michael A. Mussallem
Chairman & Chief Executive Officer,
Edwards Lifesciences Corporation
Mike R. Bowlin
Former Chairman & Chief Executive Officer,
Atlantic Richfield Company
John T. Cardis
Former Senior Partner, Deloitte & Touche
Robert A. Ingram
General Partner, Hatteras Venture Partners
William J. Link, Ph.D.
Managing Director & Co-Founder, Versant Ventures
Barbara J. McNeil, M.D., Ph.D.
Professor and Chair, Department of Health Care Policy,
Harvard Medical School
David E.I. Pyott
Chairman, President & Chief Executive Officer,
Allergan, Inc.
Wesley W. von Schack
Former Chairman & Chief Executive Officer,
Energy East Corporation
PAGE 24
EDWARDS LIFESCIENCES 2011 ANNUAL REPORT
TRADEMARKS
Edwards, Edwards Lifesciences, the stylized E logo, EDWARDS INTUITY, Edwards SAPIEN, Edwards SAPIEN XT, SAPIEN, SAPIEN 3,
1-800-4-A-HEART, Ascendra, Ascendra2, CENTERA, Life is Now, Carpentier-Edwards, Carpentier-Edwards Classic, EV1000,
FloTrac, Magna, Magna Ease, NovaFlex, NovaFlex+, PediaSat, PERIMOUNT, PERIMOUNT Magna, PreSep, ThruPort, TruWave,
and VolumeView are trademarks of Edwards Lifesciences Corporation.
All other trademarks are the property of their respective owners.
CERTIFICATION
On June 13, 2011, Edwards Lifesciences submitted to The New York Stock Exchange a certification signed by its Chief Executive
Officer that as of June 13, 2011 he was not aware of any violation by Edwards Lifesciences of the NYSE corporate governance
listing standards. In addition, the certifications signed by the Chief Executive Officer and Chief Financial Officer required
under Section 302 of the Sarbanes-Oxley Act were filed as an exhibit to Edwards Lifesciences’ Annual Report on Form 10-K
for the fiscal year ended December 31, 2011.
SAFE HARBOR STATEMENT
This Annual Report contains forward-looking statements, which include the Company’s financial goals or expectations for
sales, sales growth, gross profit margin, net income, research and development, free cash flow and other financial measures;
as well as expectations regarding new product clinical trials, approvals, and benefits; drivers of future growth, value creation,
and improved patient outcomes; and the potential for products to become the standard of care or best in class. Forward-looking
statements involve risks and uncertainties that could cause actual results or experience to differ materially from those expressed
or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from
those expressed or implied by the forward-looking statements include the opportunities for the Company’s transcatheter
valve programs and the ability of the Company to continue to lead in the development of this field; the Company’s success
in developing new products, obtaining regulatory approvals, creating new market opportunities for its products, and the timing
of new product launches; the availability and amounts of reimbursement for the Company’s products; the availability of
competitive products; expanded clinical experience; the impact of currency exchange rates; the timing or results of pending
or future clinical trials; actions by the U.S. Food and Drug Administration and other regulatory agencies; economic developments
in key markets; and other risks detailed in the Company’s filings with the Securities and Exchange Commission including its
Annual Report on Form 10-K for the year ended December 31, 2011.
PATIENT PROFILES
The patient stories in this Annual Report and on edwards.com reflect their personal experiences. Their results are specific to
them and may not be typical. Patient results vary. Please see edwards.com for more information regarding our products and
their risks. Talk to a doctor about treatment options.
Our Credo
AT EDWARDS LIFESCIENCES, WE ARE DEDICATED TO PROVIDING INNOVATIVE
SOLUTIONS FOR PEOPLE FIGHTING CARDIOVASCULAR DISEASE.
Through our actions, we will become trusted partners with customers,
colleagues and patients creating a community unified in its mission
to improve the quality of life around the world. Our results will benefit
customers, patients, employees and shareholders.
We will celebrate our successes, thrive on discovery and continually
expand our boundaries. We will act boldly, decisively and with
determination on behalf of people fighting cardiovascular disease.
Helping patients is our life’s work, and
Edwards Lifesciences Corporation
Irvine, USA I Nyon, Switzerland I Tokyo, Japan I Singapore, Singapore I São Paulo, Brazil
edwards.com