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Edwards Lifesciences Reports Strong Fourth Quarter Results

Global THV Sales Grew 73 Percent Driven by U.S. Launch; Performance Across All Product Lines Lifted Results; GAAP EPS Reduced by Special Items of $0.13

IRVINE, CA -- (Marketwire) -- 02/04/13 -- Edwards Lifesciences Corporation (NYSE: EW), the global leader in the science of heart valves and hemodynamic monitoring, today reported net income for the quarter ended December 31, 2012, of $91.1 million, or $0.77 per diluted share, compared to net income of $63.1 million, or $0.53 per diluted share, for the same period in 2011.

During the quarter, the company recorded a global realignment pretax charge of $9.0 million, primarily related to severance costs. Additionally, in its non-GAAP results for the quarter, the company included an $8.4 million tax benefit, which represents the portion of the recently renewed Federal research and development (R&D) tax credit that is retroactive to the beginning of 2012. In the quarter ending March 31, 2013, the company will record the 2012 tax credit as required, but will exclude it from non-GAAP results. The impact of these special items was $0.13 per diluted share.

Adjusting for special items from both periods detailed in the reconciliation table below, fourth quarter diluted earnings per share were $0.90, compared to $0.62 in the prior year quarter, an increase of 45.2 percent.

Fourth quarter net sales increased 18.7 percent to $510.5 million compared to the same period last year. Sales growth excluding the impact of foreign exchange was 21.2 percent.

"Our fourth quarter capped a year of significant progress as we introduced our innovative SAPIEN technology to the U.S.," said Michael A. Mussallem, chairman and CEO. "We are very proud that more than 5,000 patients in the U.S. have been treated with our transcatheter valves since launch, and we are aggressively investing to expand the availability of this important therapy. In spite of a difficult economic environment, underlying(1) sales were up 16 percent in 2012 driven by a strong finish in each of our product lines."

Sales Results
For the fourth quarter, the company reported Surgical Heart Valve Therapy product group sales of $197.7 million, which included $29.1 million of cardiac surgery systems sales. Sales grew 3.8 percent over the fourth quarter last year, or 5.5 percent excluding the impact of foreign exchange. Growth outside the U.S. was 4.0 percent, or 7.2 percent excluding the impact of foreign exchange, while sales in the U.S. grew 3.5 percent.

Sales of transcatheter heart valves (THV) were $161.0 million for the quarter, a 72.8 percent growth over the fourth quarter last year, or 77.2 percent excluding the impact of foreign exchange. These results were driven by the ongoing U.S. launch of the SAPIEN valve, with total U.S. THV sales of $80.7 million. Outside the U.S., sales grew by 5.5 percent, or 10.0 percent excluding the impact of foreign exchange.

"We continue to expect underlying transcatheter heart valve sales to grow 30 to 45 percent in 2013. This would result in global sales of $710 million to $790 million, which includes $390 million to $440 million of sales in the U.S.," Mussallem said.

Critical Care product group sales were $151.8 million for the quarter, including vascular sales of $13.8 million. Critical care sales were $138.0 million, representing growth of 3.5 percent, or 6.0 percent excluding the impact of foreign exchange. Growth was driven primarily by advanced monitoring products in Japan and the U.S.

Domestic and international sales for the fourth quarter were $224.9 million and $285.6 million, respectively.

Additional Operating Results
For the quarter, Edwards' gross profit margin was 75.4 percent, compared to 72.2 percent in the same period last year. This improvement was driven primarily by a more profitable product mix and the impact from foreign exchange.

Selling, general and administrative expenses were $177.9 million for the quarter, or 34.8 percent of sales, compared to $163.4 million, or 38.0 percent of sales, in the same period last year. The increase in expenses was driven primarily by U.S. transcatheter launch-related investments.

Research and development for the quarter grew 23.4 percent to $74.9 million, or 14.7 percent of sales. This increase was the result of additional investments in clinical studies and new product development efforts in all of the company's product lines.

Free cash flow for the quarter was $70.6 million, defined as cash flow from operating activities of $126.4 million, less capital spending of $55.8 million.

Cash and cash equivalents and short-term investments were $521.4 million at the end of the quarter. Total debt at December 31, 2012, was $189.3 million.

During the quarter, the company repurchased approximately 2.1 million shares of common stock for $186.9 million. At December 31, 2012, approximately $248 million was available for share repurchase under the company's existing share repurchase authorization.

Twelve-Month Results
For the twelve months ended December 31, 2012, the company recorded net income of $293.2 million, or $2.48 per diluted share, compared to $236.7 million, or $1.98 per diluted share, for the same period in 2011. On a non-GAAP basis, earnings per diluted share were $2.69, compared to $2.02, a 33.2 percent increase.

Net sales for the twelve months of 2012 increased 13.2 percent to $1.90 billion. Underlying sales growth was 16.2 percent.

Domestic and international sales for the twelve months were $812.1million and $1,087.5 million, respectively.

Free cash flow for the year was $253.1 million, defined as cash flow from operating activities of $373.8 million, less capital spending of $120.7 million.

During 2012, the company repurchased approximately 4.0 million shares of common stock for $353.2 million.

Outlook
"We expect another exciting year for Edwards Lifesciences with continued strong sales growth, greater operating leverage, and progress on a number of important clinical milestones," Mussallem said. "To strengthen our leadership position we plan to continue investing substantially in the development of transcatheter valves and other structural heart disease therapies, as well as in critical care technologies. We believe our focused innovation strategy, together with our global presence and strong financial footing, uniquely position us to drive strong, sustainable growth, while we help treat additional patients.

"We continue to expect full year sales of $2.1 billion to $2.2 billion and earnings per diluted share, excluding special items, of $3.21 to $3.31," said Mussallem. "For the first quarter 2013, we project total sales of $505 million to $530 million and diluted earnings per share, excluding the $0.07 benefit from the 2012 R&D tax credit and any other special items, between $0.74 and $0.78."

About Edwards Lifesciences
Edwards Lifesciences is the global leader in the science of heart valves and hemodynamic monitoring. Driven by a passion to help patients, the company partners 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. Additional company information can be found at www.edwards.com.

Conference Call and Webcast Information
Edwards Lifesciences will be hosting a conference call today at 5:00 p.m. ET to discuss its fourth quarter results. To participate in the conference call, dial (877) 407-8037 or (201) 689-8037. For 72 hours following the call, an audio replay can be accessed by dialing (877) 660-6853 or (201) 612-7415 and using conference number 407869. The call will also be available via live or archived webcast on the "Investor Relations" section of the Edwards web site at www.edwards.com or ir.edwards.com. An archived replay can also be accessed via mobile devices by downloading Edwards' IR App for iPhone and iPad or Android.

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can sometimes be identified by the use of words such as "may," "will," "should," "anticipate," "believe," "plan," "project," "estimate," "expect," "intend," "guidance," "outlook," "optimistic," "aspire," "confident" or other forms of these words or similar expressions and include, but are not limited to, statements made by Mr. Mussallem and the Company's financial goals or expectations. Forward-looking statements are based on estimates and assumptions made by management of the Company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If the Company does update or correct one or more of these statements, investors and others should not conclude that the Company will make additional updates or corrections.

Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include uncertainties associated with the timing and extent of regulatory approvals, expanded indications and reimbursement levels for new products, particularly our transcatheter heart valves (THV); the ability of the Company to lead in the THV field; the Company's success in developing new products and expanding its markets, creating new market opportunities for its products and avoiding manufacturing and quality issues; the impact of competitive products and currency exchange rates; the timing or results of pending or future clinical trials and pre-clinical milestones; actions by the U.S. Food and Drug Administration and other regulatory agencies; economic developments in key markets, such as Europe; unexpected litigation results or expense; 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, which are available at edwards.com.

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 acquired products and foreign exchange fluctuations, and "excluding special items" or "adjusted for special items" to also exclude gains and losses from special items such as significant investments, litigation, and business development transactions, and for 2012 to include the tax benefit for the U.S. R&D tax credit, which is required to be recorded in 2013. Those results that exclude the impact of foreign exchange are also non-GAAP financial measures. Guidance for sales and sales growth rates is provided on an "underlying" basis, and projections for diluted earnings per share, net income and growth, and free cash flow are also provided on the same non-GAAP (or "excluding special items") basis due to the inherent difficulty in forecasting such items. 2013 guidance also excludes the benefit of the 2012 R&D tax credit. Management does not consider the excluded items or adjustments as 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 its 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. A reconciliation of non-GAAP historical financial measures to the most comparable GAAP measure is provided in the tables below. The Company is not able to provide a reconciliation of projected net income and growth, free cash flow, and projected earnings per share guidance, excluding special items, to expected reported results due to the unknown effect, timing and potential significance of special charges or gains, and management's inability to forecast charges associated with future transactions and initiatives.

Edwards, Edwards Lifesciences, the stylized E logo, and SAPIEN are trademarks of Edwards Lifesciences Corporation.

(1) "Underlying" amounts are non-GAAP items and in this press release exclude exchange fluctuations. See the reconciliation tables below.



EDWARDS LIFESCIENCES CORPORATION
Unaudited Consolidated Statements of Operations

                                     Three Months Ended      Year Ended
                                        December 31,        December 31,
                                     ------------------  ------------------
(in millions, except per share data)   2012      2011      2012      2011
                                     --------  --------  --------  --------

Net sales                            $  510.5  $  430.2  $1,899.6  $1,678.6
Cost of goods sold                      125.8     119.6     494.6     489.8
                                     --------  --------  --------  --------

Gross profit                            384.7     310.6   1,405.0   1,188.8

Selling, general and administrative
 expenses                               177.9     163.4     705.3     642.4
Research and development expenses        74.9      60.7     291.3     246.3
Special charges                           9.0      17.6      16.0      21.6
Interest income, net                        -         -      (0.4)     (0.3)
Other expense (income), net               0.7       0.3       1.7      (4.8)
                                     --------  --------  --------  --------

Income before provision for income
 taxes                                  122.2      68.6     391.1     283.6

Provision for income taxes               31.1       5.5      97.9      46.9
                                     --------  --------  --------  --------

Net income                           $   91.1  $   63.1  $  293.2  $  236.7
                                     ========  ========  ========  ========

Earnings per share:
   Basic                             $   0.79  $   0.55  $   2.55  $   2.07
   Diluted                           $   0.77  $   0.53  $   2.48  $   1.98

Weighted-average common shares outstanding:
   Basic                                115.0     114.1     114.9     114.6
   Diluted                              117.8     118.1     118.3     119.4

-------------------------------------------------------- -------------------
Operating Statistics
As a percentage of net sales:
   Gross profit                          75.4%     72.2%     74.0%     70.8%
   Selling, general and
    administrative expenses              34.8%     38.0%     37.1%     38.3%
   Research and development expenses     14.7%     14.1%     15.3%     14.7%
   Income before provision for
    income taxes                         23.9%     15.9%     20.6%     16.9%
   Net income                            17.8%     14.7%     15.4%     14.1%

Effective tax rate                       25.5%      8.0%     25.0%     16.5%
-------------------------------------------------------- -------------------

Note: Numbers may not calculate due
 to rounding.



EDWARDS LIFESCIENCES CORPORATION
Unaudited Balance Sheets
(in millions)
                                              December 31,    December 31,
                                                  2012            2011
                                             --------------  --------------
ASSETS

Current assets
Cash and cash equivalents                    $        310.9  $        171.2
Short-term investments                                210.5           279.3
Accounts and other receivables, net                   347.5           320.7
Inventories, net                                      281.0           261.3
Deferred income taxes                                  43.4            43.9
Prepaid expenses                                       41.6            35.0
Other current assets                                   57.0            57.1
                                             --------------  --------------
   Total current assets                             1,291.9         1,168.5

Long-term accounts receivable, net                      9.9            24.6
Property, plant and equipment, net                    373.3           304.3
Goodwill                                              384.7           349.8
Other intangible assets, net                           67.0            66.9
Investments in unconsolidated affiliates               21.1            21.8
Deferred income taxes                                  47.3            20.0
Other assets                                           26.3            24.6
                                             --------------  --------------

   Total assets                              $      2,221.5  $      1,980.5
                                             ==============  ==============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
Accounts payable and accrued liabilities     $        347.4  $        335.2
                                             --------------  --------------

Long-term debt                                        189.3           150.4
                                             --------------  --------------
Other long-term liabilities                           205.5           157.0
                                             --------------  --------------

Stockholders' equity
Common stock                                          124.2           120.0
Additional paid-in capital                            489.0           300.5
Retained earnings                                   1,653.9         1,360.7
Accumulated other comprehensive loss                  (37.9)          (37.5)
Treasury stock, at cost                              (749.9)         (405.8)
                                             --------------  --------------
   Total stockholders' equity                       1,479.3         1,337.9
                                             --------------  --------------

Total liabilities and stockholders' equity   $      2,221.5  $      1,980.5
                                             ==============  ==============



EDWARDS LIFESCIENCES CORPORATION
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" or "adjusted for special items" to also exclude gains and losses from special items such as significant investments, litigation, and business development transactions, and for 2012 to include the tax benefit for the research and development ("R&D") tax credit, which is required to be recorded in 2013. 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"), R&D, effective tax rate, net income and growth are 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 GAAP.

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 management's inability to forecast charges associated with future transactions and initiatives.

The items described below are adjustments to the GAAP financial results in the reconciliations that follow:

Gross Profit - In the second quarter of 2012, the Company increased its non-GAAP gross profit by $8.1 million to exclude the impact of its voluntary recall of certain heart valves and Critical Care catheters. Given the magnitude and unusual nature of this adjustment relative to the operating results for the period presented, the financial impact of the recall has been excluded from non-GAAP net income.

Special Charges - The Company incurred certain special charges in 2012 and 2011 related to the following:

     1) Worldwide realignment: $9.0 million charge in the fourth quarter of
        2012 and $5.5 million charge in the fourth quarter of 2011 related
        primarily to severance expenses associated with a global workforce
        realignment;
     2) Licensing of Intellectual Property: $7.0 million charge in the
        second quarter of 2012 for the upfront licensing and royalty fees
        related to the licensing of intellectual property;
     3) European receivables reserve: $8.8 million charge in the fourth
        quarter of 2011 and $4.0 million charge in the second quarter of
        2011 to reflect the increased risk associated with the Company's
        European sovereign debt receivables;
     4) Litigation settlement: $3.3 million charge in the fourth quarter of
        2011 for a litigation settlement.

Given the magnitude and unusual nature of these special charges relative to the operating results for the periods presented, these items have been excluded from non-GAAP net income and earnings per share.

Provision For Income Taxes - During the fourth quarter 2012, an $8.4 million income tax benefit relating to the federal research and development tax credit that was extended in 2013 retroactive to the beginning of 2012, was included in non-GAAP earnings and non-GAAP diluted earnings per share. During the first quarter of 2012, the Company recorded a $2.3 million tax benefit due to the remeasurement of its uncertain tax positions. During the fourth quarter of 2011, the Company recorded a $4.0 million tax benefit due to the expiration of various statutes of limitations. During the second and third quarters of 2011, the Company recorded a $2.5 million and $6.9 million tax benefit, respectively, related to a ruling made by tax authorities in Switzerland. Given the magnitude and unusual nature of the tax events relative to the periods presented, non-GAAP net income and earnings per share has been adjusted for these tax events.

Foreign Exchange - Fluctuation in exchange rates impacts the comparative results and sales growth rates of the Company's underlying business. Management believes that excluding the impact of foreign exchange rate fluctuations from its sales growth provides investors a more meaningful comparison to historical financial results. The impact of foreign exchange rate fluctuations has been detailed in the "Unaudited Reconciliation of Sales by Product Line and Region."


EDWARDS LIFESCIENCES CORPORATION
Unaudited Reconciliation of GAAP to Non-GAAP Financial Information

GAAP TO NON-GAAP NET INCOME TABLE
                                                            Twelve Months
                                     Three Months Ended         Ended
                                        December 31,        December 31,
                                     ------------------- -------------------
(in millions, except per share data)   2012      2011      2012      2011
                                     --------- --------- --------- ---------

GAAP Net Income                      $   91.1  $   63.1  $  293.2  $  236.7

Reconciling items: (A)

  Gross profit
     Recall of heart valves and
      catheters                             -         -       8.1         -

  Special charges
  1) Worldwide realignment                9.0       5.5       9.0       5.5
  2) Licensing of intellectual
   property                                 -         -       7.0         -
  3) European receivables reserve           -       8.8         -      12.8
  4) Litigation settlement                  -       3.3         -       3.3
                                     --------  --------  --------  --------
   Total                                  9.0      17.6      16.0      21.6
                                     --------  --------  --------  --------

  Provision for income taxes
     Tax effect on non-GAAP
      adjustments (B)                    (2.0)     (3.5)     (5.4)     (3.9)
     Federal research and
      development tax credit(A)           8.4         -       8.4         -
     Expiration of various statutes
      of limitations(A)                     -      (4.0)        -      (4.0)
     Remeasurement of uncertain tax
      position reserve                      -         -      (2.3)        -
     Tax rulings and settlements            -         -         -      (9.4)
                                     --------  --------  --------  --------
     Total                                6.4      (7.5)      0.7     (17.3)

                                     --------  --------  --------  --------
Non-GAAP Net Income                  $  106.5  $   73.2  $  318.0  $  241.0
                                     ========  ========  ========  ========




GAAP TO NON-GAAP DILUTED EARNINGS PER SHARE TABLE

GAAP Diluted Earnings Per Share     $    0.77  $   0.53  $   2.48  $   1.98

Reconciling items: (A)(C)

  Gross profit
     Recall of heart valves and
      catheters                             -         -      0.06         -

  Special charges
  1) Worldwide realignment               0.06      0.04      0.06      0.04
  2) Licensing of intellectual
   property                                 -         -      0.04         -
  3) European receivables reserve           -      0.07         -      0.10
  4) Litigation settlement                  -      0.02         -      0.02
                                    ---------  --------  --------  --------
   Total                                 0.06      0.13      0.10      0.16
                                    ---------  --------  --------  --------

  Provision for income taxes
     Federal research and
      development tax credit(A)          0.07         -      0.07         -
     Expiration of various statutes
      of limitations(A)                     -     (0.04)        -     (0.04)
     Remeasurement of uncertain tax
      position reserve                      -         -     (0.02)        -
     Tax rulings and settlements            -         -         -     (0.08)
                                    ---------  --------  --------  --------
     Total                               0.07     (0.04)     0.05     (0.12)

                                    ---------  --------  --------  --------
Non-GAAP Diluted Earnings Per Share $    0.90  $   0.62  $   2.69  $   2.02
                                    =========  ========  ========  ========

Note: Numbers may not calculate due to rounding.
(A) See description of "Gross Profit," "Special Charges" and "Provision For
 Income Taxes" on the Non-GAAP Financial Information page.
(B) The tax effect on non-GAAP adjustments is calculated using the relevant
 tax jurisdictions' statutory tax rates.
(C) All amounts are tax effected, calculated using the relevant tax
 jurisdictions' statutory tax rates.



EDWARDS LIFESCIENCES CORPORATION
Unaudited Reconciliation of GAAP to Non-GAAP Financial Information

GAAP TO NON-GAAP GROSS PROFIT TABLE

                                             Three Months     Twelve Months
                                                 Ended            Ended
                                             December 31,     December 31,
                                                 2012             2012
                                            --------------   --------------

GAAP Gross Profit                                     75.4%            74.0%

Reconciling item: (A)

  Recall of heart valves and catheters                   -              0.4%

                                            --------------   --------------
Non-GAAP Gross Profit                                 75.4%            74.4%
                                            ==============   ==============

Note: Numbers may not calculate due to rounding.
(A) See description of "Gross Profit" on the Non-GAAP Financial Information
 page.



EDWARDS LIFESCIENCES CORPORATION
Unaudited Reconciliation of GAAP to Non-GAAP Tax Rate

GAAP TO NON-GAAP TAX RATE TABLE
                                             Three Months     Twelve Months
                                                 Ended            Ended
                                             December 31,     December 31,
                                                 2012             2012
                                            --------------   --------------

GAAP Tax Rate                                         25.5%            25.0%

Reconciling items: (A)

  Gross profit
    Recall of heart valves and catheters                 -        (0.3) pts

  Special charges
    Worldwide realignment                        (0.3) pts        (0.1) pts
    Licensing of intellectual property                   -          0.3 pts

  Provision for income taxes
    Federal research and development tax
     credit                                      (6.4) pts        (2.0) pts
    Remeasurement of uncertain tax position
     reserve                                             -          0.5 pts

                                            --------------   --------------
Non-GAAP Tax Rate                                     18.8%            23.4%
                                            ==============   ==============

(A) See description of "Gross Profit," "Special Charges" and "Provision For
 Income Taxes" on the Non-GAAP Financial Information page.



EDWARDS LIFESCIENCES CORPORATION
Unaudited Reconciliation of Sales by Product Line and Region
($ in millions)
                                                   -----------------
                                                      2011 Adjusted
----------------------------------------------------------------------------
                                                             4Q 2011  Under-
                                              GAAP           Under-   lying
Sales by Product                             Growth    FX    lying    Growth
 Line (QTD)        4Q 2012  4Q 2011  Change  Rate*   Impact  Sales    Rate *
----------------------------------------------------------------------------
  Surgical Heart
   Valves         $  168.6 $  163.4 $  5.2    3.2%  $ (2.8) $  160.6    5.0%
  Cardiac Surgery
   Systems            29.1     27.2    1.9    6.9%    (0.4)     26.8    8.4%
----------------------------------------------------------------------------
Total Surgical
 Heart Valve
 Therapy             197.7    190.6    7.1    3.8%    (3.2)    187.4    5.5%
----------------------------------------------------------------------------
Transcatheter
 Heart Valves        161.0     93.2   67.8   72.8%    (2.3)     90.9   77.2%
----------------------------------------------------------------------------
  Critical Care      138.0    133.3    4.7    3.5%    (3.2)    130.1    6.0%
  Vascular            13.8     13.1    0.7    4.8%    (0.2)     12.9    6.6%
----------------------------------------------------------------------------
Total Critical
 Care                151.8    146.4    5.4    3.6%    (3.4)    143.0    6.1%
----------------------------------------------------------------------------
Total Sales       $  510.5 $  430.2 $ 80.3   18.7%  $ (8.9) $  421.3   21.2%
----------------------------------------------------------------------------


                                                   -----------------
                                                      2011 Adjusted
----------------------------------------------------------------------------
                                                          YTD 4Q 2011 Under-
                                              GAAP           Under-   lying
Sales by Product   YTD 4Q   YTD 4Q           Growth    FX    lying    Growth
 Line (YTD)         2012     2011    Change  Rate*   Impact  Sales    Rate *
----------------------------------------------------------------------------
  Surgical Heart
   Valves         $  676.1 $  676.9 $ (0.8)  (0.1%) $(13.2) $  663.7    1.9%
  Cardiac Surgery
   Systems           111.4    107.5    3.9    3.6%    (2.1)    105.4    5.7%
----------------------------------------------------------------------------
Total Surgical
 Heart Valve
 Therapy             787.5    784.4    3.1    0.4%   (15.3)    769.1    2.4%
----------------------------------------------------------------------------
Transcatheter
 Heart Valves        552.1    333.8  218.3   65.4%   (16.7)    317.1   74.1%
----------------------------------------------------------------------------
  Critical Care      508.4    508.3    0.1    0.0%    (9.4)    498.9    1.9%
  Vascular            51.6     52.1   (0.5)  (1.1%)   (1.0)     51.1    1.0%
----------------------------------------------------------------------------
Total Critical
 Care                560.0    560.4   (0.4)  (0.1%)  (10.4)    550.0    1.8%
----------------------------------------------------------------------------
Total Sales       $1,899.6 $1,678.6 $221.0   13.2%  $(42.4) $1,636.2   16.2%
----------------------------------------------------------------------------


---------------------------------------------------
                                              GAAP
Sales by Region                              Growth
 (QTD)             4Q 2012  4Q 2011  Change  Rate*
---------------------------------------------------
United States     $  224.9 $  154.7 $ 70.2   45.5%
---------------------------------------------------
  Europe             142.6    143.7   (1.1)  (0.8%)
  Japan               79.2     76.8    2.4    3.0%
  Rest of World       63.8     55.0    8.8   16.0%
---------------------------------------------------
International        285.6    275.5   10.1    3.6%
---------------------------------------------------
Total             $  510.5 $  430.2 $ 80.3   18.7%
---------------------------------------------------


---------------------------------------------------
                                              GAAP
Sales by Region    YTD 4Q   YTD 4Q           Growth
 (YTD)               2012     2011   Change  Rate*
---------------------------------------------------
United States     $  812.1 $  605.6 $206.5   34.1%
---------------------------------------------------
  Europe             559.7    574.0  (14.3)  (2.5%)
  Japan              294.1    283.7   10.4    3.7%
  Rest of World      233.7    215.3   18.4    8.5%
---------------------------------------------------
International      1,087.5  1,073.0   14.5    1.3%
---------------------------------------------------
Total             $1,899.6 $1,678.6 $221.0   13.2%
---------------------------------------------------

* Numbers may not calculate due to rounding.

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@ThingsExpo Stories
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be.
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small, but are focused on specific tasks. The ability for developers to deploy multiple containers – thous...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Communication) is an open source project supported by Google, Mozilla and Opera that aims to enable bro...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on demos and comprehensive walkthroughs.
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the data to create additional revenue streams, such as improved warranties or premium features. Or slash...