Edwards Lifesciences Corp Annual Report, Year Ended Dec 31, 2000

Edwards Lifesciences Corporation's 2000 10-K report details its operations as a newly independent entity following its spin-off from Baxter International Inc. on March 31, 2000. The company is a leading provider of products and services for treating late-stage cardiovascular disease, with key offerings in cardiac surgery, critical care, vascular, and perfusion products and services. The report highlights a strategic focus on innovation, global sales expansion, and leveraging its strength in late-stage cardiovascular disease treatments. Despite a net loss of $272 million in 2000, largely due to significant non-recurring charges related to the divestiture of its perfusion product line and other restructuring costs, the company's pro forma adjusted net income indicates a profitable underlying business. Sales were impacted by the spin-off, divestitures, and accounting changes in Japan, but core segments like cardiac surgery showed growth. Financial highlights include a total asset base of $1.088 billion and total stockholders' equity of $440 million as of December 31, 2000. The company has a substantial credit facility totaling $650 million. Management expresses confidence in its ability to fund operations and growth through operating cash flow and existing financing. Key risks identified include intense competition, reliance on technological innovation, product liability, supply chain disruptions, and international market volatility.