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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
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing demand and the rapidly changing workspace model.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
Grow your business with enterprise wearable apps using SAP Platforms and Google Glass. SAP and Google just launched the SAP and Google Glass Challenge, an opportunity for you to innovate and develop the best Enterprise Wearable App using SAP Platforms and Google Glass and gain valuable market exposure. In his session at @ThingsExpo, Brian McPhail, Senior Director of Business Development, ISVs & Digital Commerce at SAP, outlined the timeline of the SAP Google Glass Challenge and the opportunity for developers, start-ups, and companies of all sizes to engage with SAP today.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
The 3rd International @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 – is now accepting Hackathon proposals. Hackathon sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem. At Cloud Expo 2014 Silicon Valley, IBM held the Bluemix Developer Playground on November 5 and ElasticBox held the DevOps Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of...
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
For years, we’ve relied too heavily on individual network functions or simplistic cloud controllers. However, they are no longer enough for today’s modern cloud data center. Businesses need a comprehensive platform architecture in order to deliver a complete networking suite for IoT environment based on OpenStack. In his session at @ThingsExpo, Dhiraj Sehgal from PLUMgrid will discuss what a holistic networking solution should really entail, and how to build a complete platform that is scalable, secure, agile and automated.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS solutions that provide a Hadoop flavor either make choices for customers very flexible in the name of opti...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
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...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
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.