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Edwards Lifesciences Reports Strong Fourth Quarter Sales
Date:2/5/2008

eriod last year, driven primarily by a more profitable product mix.

Selling, general and administrative expenses were $114.5 million for the quarter, or 39.1 percent of sales, compared to $95.1 million last year. This increase was due to expected higher levels of spending for both the Edwards SAPIEN transcatheter heart valve launch in Europe and sales-related costs in the U.S., as well as the impact from foreign exchange.

Research and development expenses were $33.5 million for the quarter, or 11.4 percent of sales, compared to $30.0 million last year. The increased level of spending was focused primarily on the company's transcatheter valve and critical care development efforts.

During the quarter, Edwards recorded a net $25.8 million pre-tax special charge, primarily resulting from worldwide realignment charges of $13.9 million, principally related to the recently completed sale of the LifeStent product line, and pension plan related charges of $11.2 million, largely related to the previously announced closing of the company's Puerto Rico employee pension plan. The total charge is detailed in the reconciliation table below.

Free cash flow generated during the quarter was $63.0 million, calculated as cash flow from operating activities of $76.9 million minus capital expenditures of $13.9 million. Total debt at December 31, 2007 was $211.7 million. Cash and cash equivalents were $141.8 million at the end of the quarter, resulting in net debt of $69.9 million.

In the quarter, the company repurchased 475,000 shares of common stock for $23.7 million.

Twelve-Month Results

For the full year ended December 31, 2007, the company recorded net income of $113.0 million, or $1.87 per diluted share, compared to $130.5 million, or $2.10 per diluted share for the same period of 2006. Excluding special items detailed in the reconciliation table below, non-GAAP net income for full year 2007 was $129.4 million, or $2.13 per diluted sh
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SOURCE Edwards Lifesciences Corporation
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