Edwards Lifesciences said it completed the sale of Critical Care to Becton, Dickinson and Company on September 3, 2024 for an all-cash transaction of $4.2 billion, subject to customary adjustments. The company said it reflected the business as discontinued operations, including a $3.3 billion pre-tax gain on the sale.

1. 01

   Edwards Lifesciences said it completed the sale of Critical Care to Becton, Dickinson and Company on September 3, 2024 for an all-cash transaction of $4.2 billion, subject to customary adjustments. The company said it reflected the business as discontinued operations, including a $3.3 billion pre-tax gain on the sale.

2. 02

   The company said net sales for the first nine months of 2024 were $4.1 billion, up $310.1 million from the same period a year earlier, driven mainly by TAVR and TMTT product sales. It also said gross profit as a percentage of sales declined over the same period, citing a 0.8 percentage points impact from foreign currency rate fluctuations.

3. 03

   Edwards Lifesciences said the IRS notice of deficiency claims additional U.S. federal income tax of $269.3 million for 2015 to 2017, before interest and any repatriation tax, but the company has not accrued any additional amount. The company said it plans to contest the claim through the courts and deposited $75 million with the IRS in November 2022 and an additional $305 million in March 2024.

4. 04

   The company said operating cash flow for the 9 months ended September 30 was $669.8 million in 2024, and that the figure included $633.8 million of tax payments. Over the same period, it repurchased 15.0 million shares for $1.2 billion, and $1.4 billion remained available under the repurchase authorization.

Key figures

Quarter ended September 30, 2024

Revenue

$1.4B

Operating income

$351M

Net income

$3.1B

EPS

$5.13

Gross profit

$1.1B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.