Edwards Lifesciences Corp Annual Report, Year Ended Dec 31, 2006

Edwards Lifesciences Corporation's 2006 10-K report highlights continued growth in its core cardiovascular disease treatment segments, with total net sales reaching $1.037 billion, a 3.9% increase year-over-year. Growth was primarily driven by the Heart Valve Therapy and Critical Care divisions, showing robust performance from advanced products like the Carpentier-Edwards PERIMOUNT Magna valve and the FloTrac monitoring system. The company is strategically investing in research and development, particularly in the promising area of transcatheter heart valve technologies, indicating a focus on future innovation and market leadership in less invasive cardiovascular treatments. The company also addresses significant operational aspects, including a $114 million investment in R&D for 2006, highlighting their commitment to developing next-generation products. Despite a challenging regulatory environment, evidenced by an FDA Warning Letter concerning quality systems, Edwards Lifesciences is actively working to resolve these issues. Financially, the company demonstrated strong cash flow from operations and maintained compliance with its credit agreement, while also managing its share repurchase program effectively. The overall financial health appears solid, with a strategic eye on expanding its global presence and technological capabilities in the advanced cardiovascular disease market.