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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
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people's real needs and desires.
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
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 Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.