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Edwards Lifesciences Reports Strong First Quarter Results and Raises 2008 Guidance

, except per share data) 2008 2007

GAAP net income $18.2 $33.2

Reconciling items:

Special charges, net

1) Loss on sale of product line 8.1 -

2) Litigation settlement 2.1 -

3) Realignment expenses, net (0.1) -

Total special charges, net 10.1 -

Provision for income taxes

Tax effect on non-GAAP

adjustments (A) 4.9 -

Total provision for income

taxes, net 4.9 -

Non-GAAP net income $33.2 $33.2

Non-GAAP earnings per share:

Basic non-GAAP earnings per share $0.59 $0.57

Diluted non-GAAP earnings per share (B) $0.56 $0.54

Non-GAAP weighted average shares


Basic 56.1 57.9

Diluted 61.2 63.5

Notes 1 - 3: See description of Special Charges, net on the previous


(A) The tax effect on non-GAAP adjustments is calculated using the

relevant tax jurisdictions' statutory tax rates.

(B) Diluted non-GAAP earnings per share is calculated by adding back to

net income $1.0 million for the quarter in interest expense related to

the convertible debt, then dividing by the weighted average diluted

shares outstanding.

Note: Numbers may not calculate due to rounding


Unaudited Reconciliation of Sales by Product Line and Region

(in millions)

2008 Adjusted

SOURCE Edwards Lifesciences Corporation
Copyright©2008 PR Newswire.
All rights reserved

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