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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
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
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.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.