Edwards Lifesciences Corp Annual Report, Year Ended Dec 31, 2021

Edwards Lifesciences Corporation (EW) reported strong net sales growth of 19.3% to $5.2 billion for the fiscal year ending December 30, 2021, compared to the previous year. This growth was primarily driven by a significant increase in Transcatheter Aortic Valve Replacement (TAVR) sales, which rose by 19.8% to $3.4 billion. Despite challenges from the COVID-19 pandemic impacting procedure volumes and hospital resources, particularly in the latter half of the year, the company demonstrated resilience. The company also saw substantial growth in its Transcatheter Mitral and Tricuspid Therapies (TMTT) segment, with sales more than doubling to $86.0 million, indicating progress in its less invasive structural heart technologies. The Surgical Structural Heart and Critical Care segments also posted healthy sales increases of 16.7% and 15.1%, respectively. These positive top-line results were supported by ongoing investments in research and development, with R&D expenses increasing by 19% to $903.1 million, representing 17.3% of net sales. Financially, the company maintained a solid balance sheet with $903.4 million in cash and cash equivalents and short-term investments in the U.S. as of December 31, 2021. While the company experienced a significant intellectual property litigation expense in 2020 ($405.4 million), it was considerably lower in 2021 ($20.6 million). The company continues to focus on innovation and expanding its market leadership in structural heart disease and critical care monitoring.