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Edwards Lifesciences Reports Second Quarter Results

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Edwards Lifesciences (NYSE: EW) reported Q2 2024 financial results. Total sales grew 7%, with TAVR sales up 5%, and TMTT sales jumping 75%. Adjusted EPS was $0.70. The company expects full-year sales growth of 8-10%, but lowered TAVR guidance to 5-7%. TMTT guidance increased to the higher end of $320-$340 million. The sale of Critical Care for $4.2 billion is expected to close by late Q3 2024. Surgical Structural Heart sales rose 3%, led by INSPIRIS, MITRIS, and KONECT technologies. The adjusted gross profit margin was 77.1%, and the company ended the quarter with $2.0 billion in cash and $600 million in debt. Q3 sales are forecasted at $1.56-$1.64 billion with EPS of $0.67-$0.71.

Edwards Lifesciences (NYSE: EW) ha riportato i risultati finanziari del secondo trimestre 2024. Le vendite totali sono cresciute del 7%, con le vendite di TAVR in aumento del 5% e quelle di TMTT che sono balzate del 75%. L'EPS rettificato è stato di 0,70$. La società si aspetta una crescita delle vendite per l'intero anno compresa tra l'8% e il 10%, ma ha ridotto la previsione per TAVR al 5-7%. La previsione per TMTT è stata aumentata verso l'estremità più alta, a $320-$340 milioni. Si prevede che la vendita di Critical Care per 4,2 miliardi di dollari si concluderà entro la fine del terzo trimestre del 2024. Le vendite del cuore strutturale chirurgico sono aumentate del 3%, guidate dalle tecnologie INSPIRIS, MITRIS e KONECT. Il margine di profitto lordo rettificato era del 77,1% e l'azienda ha chiuso il trimestre con 2,0 miliardi di dollari in contanti e 600 milioni di dollari di debito. Le vendite del terzo trimestre sono previste tra 1,56 e 1,64 miliardi di dollari, con un EPS tra 0,67 e 0,71$.

Edwards Lifesciences (NYSE: EW) reportó los resultados financieros del segundo trimestre de 2024. Las ventas totales crecieron un 7%, con un aumento del 5% en las ventas de TAVR y un espectacular incremento del 75% en las ventas de TMTT. El EPS ajustado fue de 0,70$. La compañía espera un crecimiento de ventas del 8-10% para todo el año, pero ha reducido su guía de TAVR a un 5-7%. La guía de TMTT se ha incrementado hacia el extremo superior, a 320-340 millones de dólares. Se espera que la venta de Critical Care por 4,2 mil millones de dólares se cierre a finales del tercer trimestre de 2024. Las ventas del corazón estructural quirúrgico crecieron un 3%, lideradas por las tecnologías INSPIRIS, MITRIS y KONECT. El margen de beneficio bruto ajustado fue del 77,1%, y la compañía terminó el trimestre con 2,0 mil millones en efectivo y 600 millones en deuda. Se pronostica que las ventas del tercer trimestre estarán entre 1,56 y 1,64 mil millones de dólares, con un EPS de entre 0,67 y 0,71$.

에드워즈 라이프사이언스 (NYSE: EW)는 2024년 2분기 재무 결과를 발표했습니다. 총 매출은 7% 증가했으며, TAVR 매출은 5% 증가하고 TMTT 매출은 75% 급증했습니다. 조정된 EPS는 $0.70이었습니다. 회사는 연간 매출 성장을 8-10%로 예상하지만 TAVR 가이던스를 5-7%로 하향 조정했습니다. TMTT 가이던스는 $320-$340백만의 상단으로 증가했습니다. 42억 달러의 Critical Care 판매는 2024년 3분기 말까지 마감될 것으로 예상됩니다. 외과적 구조적 심장 판매는 INSPIRIS, MITRIS, KONECT 기술에 의해 3% 증가했습니다. 조정된 매출 총이익률은 77.1%였으며, 회사는 분기를 20억 달러의 현금과 6억 달러의 부채로 마감했습니다. 3분기 매출은 15억6000만에서 16억4000만 달러로 예상되며, EPS는 0.67-0.71$입니다.

Edwards Lifesciences (NYSE: EW) a annoncé ses résultats financiers pour le deuxième trimestre 2024. Les ventes totales ont augmenté de 7%, avec une hausse de 5% des ventes de TAVR et un bond de 75% des ventes de TMTT. Le bénéfice par action ajusté était de 0,70$. L'entreprise prévoit une croissance des ventes de 8 à 10 % pour l'année entière, mais a abaissé ses prévisions pour TAVR à 5-7 %. Les prévisions pour TMTT ont été relevées vers le haut, entre 320 et 340 millions de dollars. La vente de Critical Care pour 4,2 milliards de dollars devrait se clôturer d'ici fin du troisième trimestre 2024. Les ventes de soins cardiaques structurels chirurgicaux ont augmenté de 3 %, avec les technologies INSPIRIS, MITRIS et KONECT en tête. La marge brute ajustée était de 77,1 %, et l'entreprise a terminé le trimestre avec 2,0 milliards de dollars de liquidités et 600 millions de dollars de dettes. Les ventes du troisième trimestre sont prévues entre 1,56 et 1,64 milliard de dollars, avec un EPS entre 0,67 et 0,71$.

Edwards Lifesciences (NYSE: EW) hat die finanziellen Ergebnisse für das 2. Quartal 2024 berichtet. Die Gesamterlöse stiegen um 7%, wobei die TAVR-Umsätze um 5% und die TMTT-Umsätze um 75% zulegten. Der bereinigte EPS lag bei 0,70$. Das Unternehmen erwartet für das Gesamtjahr ein Umsatzwachstum von 8-10%, hat jedoch die TAVR-Prognose auf 5-7% gesenkt. Die TMTT-Prognose wurde auf die obere Grenze von 320-340 Millionen Dollar erhöht. Der Verkauf von Critical Care für 4,2 Milliarden Dollar wird voraussichtlich bis Ende des 3. Quartals 2024 abgeschlossen sein. Der Umsatz im Bereich chirurgisches strukturelles Herz nahm um 3% zu, angetrieben von den Technologien INSPIRIS, MITRIS und KONECT. Die bereinigte Bruttomarge betrug 77,1%, und das Unternehmen schloss das Quartal mit 2,0 Milliarden Dollar in bar und 600 Millionen Dollar Schulden ab. Für das 3. Quartal werden Umsätze von 1,56 bis 1,64 Milliarden Dollar und ein EPS von 0,67 bis 0,71$ prognostiziert.

Positive
  • Q2 2024 sales grew 7%, TMTT sales up 75%
  • Adjusted EPS of $0.70
  • Full-year sales growth forecast of 8-10%
  • TMTT guidance increased to $320-$340 million
  • Sale of Critical Care for $4.2 billion expected to close by late Q3 2024
  • Surgical Structural Heart sales increased 3%
  • Cash position of $2.0 billion
Negative
  • TAVR guidance lowered to 5-7% from 8-10%
  • Adjusted gross profit margin decreased to 77.1% from 77.7% last year

IRVINE, Calif.--(BUSINESS WIRE)-- Edwards Lifesciences (NYSE: EW) today reported financial results for the quarter ended June 30, 2024.

Highlights and Outlook

  • Q2 sales grew 7%; constant currency1 sales grew 8%
  • Q2 TAVR sales grew 5%; constant currency1 sales grew 6%
  • Q2 TMTT sales grew 75%; increasing contribution to Edwards' growth
  • Q2 EPS of $0.61; adjusted1 EPS of $0.70
  • Significant TAVR and TMTT clinical evidence to be presented at TCT in October 2024
  • Positive EVOQUE introduction with excellent patient outcomes; NCD process on track
  • Critical Care sale expected to close late Q3 2024
  • Expect full-year 2024 Edwards sales growth of 8 to 10%; lowering TAVR guidance to 5 to 7% from 8 to 10%; increasing TMTT guidance to the higher end of $320 to $340 million

“Second quarter total company sales growth of 8 percent reflected strong contributions from our rapidly growing TMTT product group, offset by lower-than-expected growth in TAVR," said Bernard Zovighian, CEO. “Edwards is well-positioned to deliver sustainable TAVR growth in 2025 and beyond, driven by advancements in our leading SAPIEN platform, indication expansions to much larger populations of patients, and improving patient access to this important therapy. Our vision for TMTT is becoming a reality, and our strategic commitment has developed into a growth portfolio of differentiated technologies. We are confident in Edwards' strategy in structural heart supported by the broadening TAVR opportunity, accelerating contributions of our TMTT therapies, and our expanding portfolio of structural heart innovations that addresses the unmet needs of millions of patients around the world."

Transcatheter Aortic Valve Replacement (TAVR)

In the second quarter, the company reported TAVR sales of $1.0 billion, which grew 5%, or 6% on a constant currency basis. Edwards’ competitive position did not meaningfully change globally, although the company experienced some regional pressures, and pricing was maintained.

Edwards remains pleased with the performance of its SAPIEN 3 Ultra RESILIA platform, which is the leading platform in the U.S. and Japan. In the second quarter, Edwards began the introduction of the SAPIEN 3 Ultra RESILIA valve in Europe. The RESILIA tissue's anti-calcification technology is designed to address one of the primary causes of reintervention following heart valve replacement and provides the potential to extend the durability of the valve.

Edwards is actively pursuing significant opportunities to grow TAVR globally over the long term and remains committed to advancing science for aortic stenosis patients through the PROGRESS and EARLY TAVR trials, which could fundamentally change how AS patients are treated. The company expects to release the results of the EARLY TAVR trial at TCT this year. Edwards believes if the data are compelling it could have a meaningful impact on the timing for patient treatment, while also streamlining referral and patient care for all severe AS patients.

Transcatheter Mitral and Tricuspid Therapies (TMTT)

In the second quarter, the company reported strong growth of both repair and replacement therapies for mitral and tricuspid patients.

Edwards’ deep structural heart expertise has enabled the company to significantly advance its portfolio of differentiated technologies, including the PASCAL repair system, EVOQUE tricuspid replacement system and the SAPIEN M3 mitral replacement system.

Second quarter sales were $83 million, led by the PASCAL system and the early commercial introduction of the EVOQUE system in the U.S. and Europe. PASCAL adoption is growing, reflecting its premium differentiation and the value it brings to physicians and patients. Edwards is excited to bring this therapy to an increasing number of physicians and patients globally. Early initial adoption of the EVOQUE therapy in both the U.S. and Europe reflects strong demand for this novel solution for patients suffering from tricuspid regurgitation. Initial real-world commercial experience has demonstrated excellent clinical results consistent with those from the TRISCEND II pivotal trial.

Edwards remains engaged with the Centers for Medicare & Medicaid Services (CMS) on coverage for EVOQUE and is pleased with the recent initiation of the National Coverage Decision (NCD) process for transcatheter tricuspid valve replacement. The company believes CMS can move quickly to finalize national coverage. This is an important step toward securing consistent and timely patient access to this breakthrough innovation.

Surgical Structural Heart and Critical Care

Surgical Structural Heart sales for the second quarter were $264 million, which grew 3%, or 5% on a constant currency basis. Growth was driven by strong global adoption of Edwards’ premium surgical technologies, INSPIRIS, MITRIS and KONECT. The company continues to see positive procedure growth globally for the many patients best treated surgically, including those undergoing complex procedures. The company continues to expand the overall body of RESILIA tissue technology evidence and completed enrollment in the U.S. and Canada for its MOMENTIS clinical study in the second quarter, one year ahead of previous expectations.

Critical Care sales, presented as discontinued operations, were $246 million for the quarter, which grew 5%, or 7% on a constant currency basis. Growth was led by pressure monitoring devices used in the ICU, with strong contribution from smart recovery technologies including the Acumen IQ sensor. Demand was also strong for Swan-Ganz catheters. The company’s previously announced sale of Critical Care for $4.2 billion remains on track and is expected to close in late Q3 2024.

Additional Financial Results

For the quarter, the adjusted gross profit margin was 77.1%, compared to 77.7% in the same period last year. Last year's second quarter gross margin benefited from a more favorable impact from foreign exchange rates.

Adjusted selling, general and administrative expenses in the second quarter were $509 million, or 31.2% of sales, compared to $469 million in the prior year. This increase was driven by the expansion of field-based personnel in TMTT and TAVR to support the company’s growth strategy.

Adjusted research and development expenses in the second quarter were $303 million, or 18.6% of sales, compared to $270 million in the prior year. The increase was driven by continued investments in transcatheter valve innovations, including clinical trial activity.

Adjusted Earnings Per Share of $0.70 benefited $0.04 from a lower-than-expected adjusted tax rate of 8.4%.

Cash, cash equivalents and short-term investments totaled $2.0 billion as of June 30, 2024. Total debt was approximately $600 million. Adjusted free cash flow in the second quarter was $333 million.

Outlook

Based on current trends, the company anticipates second half TAVR sales growth similar to the first half year-over-year growth rate, or 5 to 7% full-year growth versus previous guidance of 8 to 10%. For TMTT, based on first half momentum, the company is increasing full-year sales guidance to the higher end of the previous $320 to $340 million range. The company remains confident in full-year Surgical sales growth of 6 to 8%.

The company expects Q3 sales of $1.56 to $1.64 billion, assuming Critical Care is included for the entire third quarter. The company expects EPS in Q3 of $0.67 to $0.71, assuming the inclusion of Critical Care and no impact from previously announced acquisitions. The company will provide pro forma information for Q4 2024 when third quarter results are reported, reflecting the sale of Critical Care and the acquisitions announced this month.

About Edwards Lifesciences

Edwards Lifesciences is the global leader of patient-focused innovations for structural heart disease and critical care monitoring. We are driven by a passion for patients, dedicated to improving and enhancing lives through partnerships with clinicians and stakeholders across the global healthcare landscape. For more information, visit www.edwards.com and follow us on Facebook, Instagram, LinkedIn, X and YouTube.

Conference Call and Webcast Information

The company will be hosting a conference call today at 2:00 p.m. PT to discuss its second quarter results. To participate in the conference call, dial (877) 704-2848 or (201) 389-0893. The call will also be available live and archived on the “Investor Relations” section of the Edwards website at ir.edwards.com or www.edwards.com.

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,” “forecast,” “potential,” “predict,” "early clinician feedback," “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. Zovighian, second quarter and full year 2024 financial guidance, statements regarding our expected growth, commitment to and focus on structural heart disease and advancing technologies and systems to address unmet patient needs, engagement with the Centers for Medicare & Medicaid Services and expectation of a National Coverage Decision, international adoption of TAVR, transformation of patient treatment, investments, expansion of evidence, approvals, clinical trial outcomes, progress and timing of the Critical Care sale, strategy, and the information in the Outlook section. No inferences or assumptions should be made from statements of past performance, efforts, or results which may not be indicative of future performance or results. 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, difficult to predict, and may be outside of the company’s control. The company's forward-looking statements speak only as of the date on which they are made and the company does 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 risk and uncertainties associated with the sale of our Critical Care product group; our ability to close in time, or at all, on acquisitions and to leverage and integrate their technologies and businesses; and other risks detailed in the company's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2023, and its other filings with the SEC. These filings, along with important safety information about our products, may be found at edwards.com.

Edwards, Edwards Lifesciences, the stylized E logo, Acumen, Acumen IQ, EARLY TAVR, EVOQUE, INSPIRIS, KONECT, MITRIS, MOMENTIS, PASCAL, PROGRESS, RESILIA, Swan, Swan-Ganz, SAPIEN, SAPIEN M3, SAPIEN 3, SAPIEN 3 Ultra, TRISCEND, and TRISCEND II, are trademarks of Edwards Lifesciences Corporation or its affiliates. All other trademarks are the property of their respective owners

__________________

[1]

 

"Constant currency” growth rates exclude foreign exchange fluctuations. Sales growth guidance refers to constant currency. "Adjusted" amounts are non-GAAP items. Adjusted earnings per share is a non-GAAP item computed on a diluted basis and in this press release also excludes an intellectual property agreement and certain litigation expenses, amortization of intangible assets, fair value adjustments to contingent consideration liabilities arising from acquisitions, and one-time separation costs related to the planned sale of Critical Care and include the results of the discontinued operations. See “Non-GAAP Financial Information” and reconciliation tables below.

EDWARDS LIFESCIENCES CORPORATION
Unaudited Consolidated Statements of Operations

(in millions, except per share data)
 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2024

 

2023

 

2024

 

2023

Net sales

$

1,385.9

 

 

$

1,295.5

 

 

$

2,732.8

 

 

$

2,533.2

 

Cost of sales

 

285.3

 

 

 

256.9

 

 

 

581.6

 

 

 

495.9

 

Gross profit

 

1,100.6

 

 

 

1,038.6

 

 

 

2,151.2

 

 

 

2,037.3

 

Selling, general, and administrative expenses

 

450.8

 

 

 

410.4

 

 

 

883.6

 

 

 

792.4

 

Research and development expenses

 

272.6

 

 

 

243.7

 

 

 

530.4

 

 

 

478.5

 

Intellectual property agreement and certain litigation expenses

 

8.1

 

 

 

147.9

 

 

 

17.0

 

 

 

191.4

 

Change in fair value of contingent consideration liabilities

 

 

 

 

(26.9

)

 

 

 

 

 

(26.2

)

Operating income, net

 

369.1

 

 

 

263.5

 

 

 

720.2

 

 

 

601.2

 

Interest income, net

 

(15.5

)

 

 

(9.1

)

 

 

(32.0

)

 

 

(17.7

)

Other income, net

 

(2.0

)

 

 

(2.5

)

 

 

(7.7

)

 

 

(3.7

)

Income from continuing operations before provision for income taxes

 

386.6

 

 

 

275.1

 

 

 

759.9

 

 

 

622.6

 

Provision for income taxes

 

20.2

 

 

 

20.9

 

 

 

66.8

 

 

 

66.2

 

Net income from continuing operations

 

366.4

 

 

 

254.2

 

 

$

693.1

 

 

$

556.4

 

(Loss) income from discontinued operations, net of tax

 

(1.4

)

 

 

51.3

 

 

 

22.9

 

 

 

89.6

 

Net income

 

365.0

 

 

 

305.5

 

 

 

716.0

 

 

 

646.0

 

Net loss attributable to noncontrolling interest

 

(1.3

)

 

 

(1.6

)

 

 

(2.2

)

 

 

(1.6

)

Net income attributable to Edwards Lifesciences Corporation

$

366.3

 

 

$

307.1

 

 

$

718.2

 

 

$

647.6

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

Continuing operations

$

0.61

 

 

$

0.42

 

 

$

1.15

 

 

$

0.92

 

Discontinued operations

$

 

 

$

0.09

 

 

$

0.04

 

 

$

0.15

 

Basic earnings per share

$

0.61

 

 

$

0.51

 

 

$

1.19

 

 

$

1.07

 

Diluted:

 

 

 

 

 

 

 

Continuing operations

$

0.61

 

 

$

0.42

 

 

$

1.15

 

 

$

0.91

 

Discontinued operations

$

 

 

$

0.08

 

 

$

0.04

 

 

$

0.15

 

Diluted earnings per share

$

0.61

 

 

$

0.50

 

 

$

1.19

 

 

$

1.06

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

602.1

 

 

 

606.9

 

 

 

601.8

 

 

 

607.2

 

Diluted

 

604.3

 

 

 

610.3

 

 

 

604.2

 

 

 

610.6

 

 

 

 

 

 

 

 

 

Operating statistics from continuing operations

 

 

 

 

 

 

 

As a percentage of net sales:

 

 

 

 

 

 

 

Gross profit

 

79.4

%

 

 

80.2

%

 

 

78.7

%

 

 

80.4

%

Selling, general, and administrative expenses

 

32.5

%

 

 

31.7

%

 

 

32.3

%

 

 

31.3

%

Research and development expenses

 

19.7

%

 

 

18.8

%

 

 

19.4

%

 

 

18.9

%

Operating income

 

26.6

%

 

 

20.3

%

 

 

26.4

%

 

 

23.7

%

Income before provision for income taxes

 

27.9

%

 

 

21.2

%

 

 

27.8

%

 

 

24.6

%

Net income from continuing operations

 

26.4

%

 

 

19.6

%

 

 

25.4

%

 

 

22.0

%

 

 

 

 

 

 

 

 

Effective tax rate

 

5.2

%

 

 

7.6

%

 

 

8.8

%

 

 

10.6

%

__________________

Note: Numbers may not calculate due to rounding.

EDWARDS LIFESCIENCES CORPORATION
Unaudited Balance Sheets
(in millions)

 

 

June 30, 2024

 

December 31, 2023

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

1,644.5

 

 

$

1,136.1

 

Short-term investments

 

345.3

 

 

 

500.5

 

Accounts receivables, net

 

778.3

 

 

 

771.5

 

Other receivables

 

56.1

 

 

 

56.6

 

Inventories

 

1,024.7

 

 

 

918.3

 

Prepaid expenses

 

110.2

 

 

 

128.8

 

Other current assets

 

252.1

 

 

 

224.9

 

Current assets of discontinued operations

 

304.8

 

 

 

299.0

 

Total current assets

 

4,516.0

 

 

 

4,035.7

 

Long-term investments

 

353.3

 

 

 

583.9

 

Property, plant, and equipment, net

 

1,640.1

 

 

 

1,592.8

 

Operating lease right-of-use assets

 

92.8

 

 

 

84.4

 

Goodwill

 

1,151.0

 

 

 

1,152.5

 

Other intangible assets, net

 

417.1

 

 

 

399.4

 

Deferred income taxes

 

832.6

 

 

 

749.4

 

Other assets

 

789.8

 

 

 

463.1

 

Non-current assets of discontinued operations

 

306.6

 

 

 

302.0

 

Total assets

$

10,099.3

 

 

$

9,363.2

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities

 

 

 

Accounts payable and accrued liabilities

$

1,088.3

 

 

$

1,044.8

 

Operating lease liabilities

 

21.5

 

 

 

22.9

 

Current liabilities of discontinued operations

 

107.2

 

 

 

127.7

 

Total current liabilities

 

1,217.0

 

 

 

1,195.4

 

Long-term debt

 

597.3

 

 

 

597.0

 

Taxes payable

 

1.1

 

 

 

80.6

 

Operating lease liabilities

 

74.2

 

 

 

65.2

 

Uncertain tax positions

 

343.2

 

 

 

335.0

 

Litigation agreement accrual

 

74.8

 

 

 

94.2

 

Other liabilities

 

257.1

 

 

 

251.3

 

Non-current liabilities of discontinued operations

 

30.0

 

 

 

25.1

 

Total liabilities

 

2,594.7

 

 

 

2,643.8

 

Stockholders’ equity

 

 

 

Common stock

 

653.5

 

 

 

650.5

 

Additional paid-in capital

 

2,476.3

 

 

 

2,274.4

 

Retained earnings

 

9,710.6

 

 

 

8,992.4

 

Accumulated other comprehensive loss

 

(220.2

)

 

 

(242.8

)

Treasury stock, at cost

 

(5,182.8

)

 

 

(5,024.5

)

Total Edwards Lifesciences Corporation stockholders’ equity

 

7,437.4

 

 

 

6,650.0

 

Noncontrolling interest

 

67.2

 

 

 

69.4

 

Total equity

 

7,504.6

 

 

 

6,719.4

 

Total liabilities and equity

$

10,099.3

 

 

$

9,363.2

 

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. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company’s industry to enhance comparability of the Company’s financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations). The Company uses the terms "adjusted" and “constant currency" when referring to non-GAAP sales and sales growth information, respectively, which excludes currency exchange rate fluctuations. The Company uses the term “adjusted” to also exclude certain litigation expenses, intellectual property agreements, amortization of intangible assets, fair value adjustments to contingent consideration liabilities arising from acquisitions, and one-time separation costs related to the planned sale of Critical Care, and to include the results of its discontinued operations.

Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results, and evaluating current performance. 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 by investors that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting the Company's business and facilitate comparability to historical periods.

Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of non-GAAP historical financial measures to the most comparable GAAP measure is provided in the tables below.

Fluctuations in currency exchange rates impact the comparative results and sales growth rates of the Company's underlying business. Management believes that excluding the impact of currency exchange rate fluctuations from its sales growth provides investors a more useful comparison to historical financial results. The impact of the fluctuations has been detailed in the "Reconciliation of Sales by Product Group and Region."

Guidance for sales and sales growth rates is provided on a "constant currency basis," and projections for diluted earnings per share, net income and growth, gross profit margin, taxes, and free cash flow are also provided on a non-GAAP basis, as adjusted, for the items identified above due to the inherent difficulty in forecasting such items without unreasonable efforts. The Company is not able to provide a reconciliation of the non-GAAP guidance to comparable GAAP measures 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.

Management considers free cash flow to be a liquidity measure which provides useful information to management and investors about the amount of cash generated by business operations, after deducting payments for capital expenditures, which can then be used for strategic opportunities or other business purposes including, among others, investing in the Company's business, making strategic acquisitions, strengthening the balance sheet, and repurchasing stock.

The items described below are adjustments to the GAAP financial results in the reconciliations that follow:

Certain Litigation Expenses - The Company incurred certain litigation expenses of $8.9 million and $6.5 million in the first quarter of 2024 and 2023, respectively, and $8.1 million and $8.9 million in the second quarter of 2024 and 2023, respectively

Amortization of Intangible Assets - The Company recorded amortization expense related to developed technology and patents in the amount of $1.4 million and $1.5 million in the first quarter of 2024 and 2023, respectively, and $2.0 million and $1.3 million in the second quarter of 2024 and 2023, respectively.

Separation Costs - The Company incurred separation costs of $41.3 million and $79.7 million in the first and second quarter of 2024, respectively, related primarily to consulting, legal, tax, and other professional advisory services associated with its planned sale of Critical Care.

Change in Fair Value of Contingent Consideration Liabilities - The Company recorded expense of $0.7 million and a gain of $26.9 million in the first and second quarter of 2023, respectively, related to changes in the fair value of its contingent consideration liabilities arising from acquisitions.

Intellectual Property Agreement - The Company recorded a $37.0 million charge and a $139.0 million charge in the first and second quarter of 2023, respectively, related to an Intellectual Property Agreement with Medtronic, Inc. for a 15-year covenant not to sue.

Provision for Income Taxes - The income tax impacts of the expenses and gains discussed above are based upon the items' forecasted effect upon the Company's full year effective tax rate. Adjustments to forecasted items unrelated to the expenses and gains above, as well as impacts related to interim reporting, will have an effect on the income tax impact of these items in subsequent periods.

Adjusted Free Cash Flow - The Company defines free cash flow as cash flows from operating activities less capital expenditures. During 2024, the Company excluded from its calculation payments for separation costs associated with the planned sale of Critical Care and a material tax deposit made to mitigate interest on potential tax liabilities that the Company is contesting through the judicial process. During 2023, the Company excluded from its calculation a payment related to the Intellectual Property Agreement with Medtronic, Inc.

EDWARDS LIFESCIENCES CORPORATION
Unaudited Reconciliation of GAAP to Non-GAAP Financial Information
(in millions, except per share and percentage data)

 

 

 

Three Months Ended June 30, 2024

 

 

Net Sales

 

Gross
Profit
Margin

 

Selling,
General and
Administrative

 

Selling,
General and
Administrative
as % of Sales

 

Research
and
Development

 

Research
and
Development
as % of Sales

 

Operating
Income

 

Net Income

 

Diluted
EPS

 

Effective
Tax Rate

GAAP - Continuing Operations

 

$

1,385.9

 

79.4

%

 

$

450.8

 

32.5

%

 

$

272.6

 

19.7

%

 

$

369.1

 

 

$

366.4

 

 

$

0.61

 

5.2

%

Discontinued operations

 

 

246.4

 

(2.5

)

 

 

57.7

 

(1.3

)

 

 

30.6

 

(1.1

)

 

 

(12.8

)

 

 

(1.4

)

 

 

 

(3.1

)

Attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.3

 

 

 

 

 

Total attributable to Edwards Lifesciences Corporation

 

 

1,632.3

 

76.9

%

 

 

508.5

 

31.2

%

 

 

303.2

 

18.6

%

 

 

356.3

 

 

 

366.3

 

 

 

0.61

 

2.1

%

Non-GAAP adjustments: (A) (B)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certain litigation expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.1

 

 

 

6.5

 

 

 

0.01

 

0.3

 

Amortization of intangible assets

 

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

2.0

 

 

 

1.7

 

 

 

 

 

Separation costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

79.7

 

 

 

50.4

 

 

 

0.08

 

6.0

 

Adjusted

 

$

1,632.3

 

77.1

%

 

$

508.5

 

31.2

%

 

$

303.2

 

18.6

%

 

$

446.1

 

 

$

424.9

 

 

$

0.70

 

8.4

%

 

 

Three Months Ended June 30, 2023

 

 

Net Sales

 

Gross
Profit
Margin

 

Selling,
General and
Administrative

 

Selling,
General and
Administrative
as % of Sales

 

Research
and
Development

 

Research
and
Development
as % of Sales

 

Operating
Income

 

Net Income

 

Diluted
EPS

 

Effective
Tax Rate

GAAP - Continuing Operations

 

$

1,295.5

 

80.2

%

 

$

410.4

 

31.7

%

 

$

243.7

 

18.8

%

 

$

263.5

 

 

$

254.2

 

 

$

0.42

 

 

7.6

%

Discontinued operations

 

 

234.7

 

(2.6

)

 

 

58.3

 

(1.1

)

 

 

26.6

 

(1.1

)

 

 

63.7

 

 

 

51.3

 

 

 

0.08

 

 

2.1

 

Attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.6

 

 

 

 

 

 

Total attributable to Edwards Lifesciences Corporation

 

 

1,530.2

 

77.6

%

 

 

468.7

 

30.6

%

 

 

270.3

 

17.7

%

 

 

327.2

 

 

 

307.1

 

 

 

0.50

 

 

9.7

%

Non-GAAP adjustments: (A) (B)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intellectual property agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

139.0

 

 

 

111.7

 

 

 

0.19

 

 

2.8

 

Certain litigation expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.9

 

 

 

7.0

 

 

 

0.01

 

 

0.3

 

Change in fair value of contingent consideration liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26.9

)

 

 

(24.8

)

 

 

(0.04

)

 

0.2

 

Amortization of intangible assets

 

 

 

0.1

 

 

 

 

 

 

 

 

 

 

 

1.3

 

 

 

1.0

 

 

 

 

 

0.1

 

Adjusted

 

$

1,530.2

 

77.7

%

 

$

468.7

 

30.6

%

 

$

270.3

 

17.7

%

 

$

449.5

 

 

$

402.0

 

 

$

0.66

 

 

13.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

 

Net Sales

 

Gross
Profit
Margin

 

Selling,
General and
Administrative

 

Selling,
General and
Administrative
as % of Sales

 

Research
and
Development

 

Research
and
Development
as % of Sales

 

Operating
Income

 

Net Income

 

Diluted
EPS

 

Effective
Tax Rate

GAAP - Continuing Operations

 

$

2,732.8

 

78.7

%

 

$

883.6

 

32.3

%

 

$

530.4

 

19.4

%

 

$

720.2

 

$

693.1

 

$

1.15

 

8.8

%

Discontinued operations

 

 

497.7

 

(2.3

)

 

 

114.6

 

(1.4

)

 

 

58.0

 

(1.2

)

 

 

23.6

 

 

22.9

 

 

0.04

 

(0.3

)

Attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.2

 

 

 

 

Total attributable to Edwards Lifesciences Corporation

 

 

3,230.5

 

76.4

%

 

 

998.2

 

30.9

%

 

 

588.4

 

18.2

%

 

 

743.8

 

 

718.2

 

 

1.19

 

8.5

%

Non-GAAP adjustments: (A) (B)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certain litigation expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17.0

 

 

13.9

 

 

0.02

 

0.1

 

Amortization of intangible assets

 

 

 

0.1

 

 

 

 

 

 

 

 

 

 

 

3.4

 

 

2.9

 

 

 

 

Separation costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

121.0

 

 

87.2

 

 

0.15

 

2.6

 

Adjusted

 

$

3,230.5

 

76.5

%

 

$

998.2

 

30.9

%

 

$

588.4

 

18.2

%

 

$

885.2

 

$

822.2

 

$

1.36

 

11.2

%

 

 

Six Months Ended June 30, 2023

 

 

Net Sales

 

Gross
Profit
Margin

 

Selling,
General and
Administrative

 

Selling,
General and
Administrative
as % of Sales

 

Research
and
Development

 

Research
and
Development
as % of Sales

 

Operating
Income

 

Net Income
Attributable
to Edwards
Lifesciences
Corporation

 

Diluted
EPS

 

Effective
Tax Rate

GAAP - Continuing Operations

 

$

2,533.2

 

80.4

%

 

$

792.4

 

31.3

%

 

$

478.5

 

18.9

%

 

$

601.2

 

 

$

556.4

 

 

$

0.91

 

 

10.6

%

Discontinued operations

 

 

456.6

 

(2.9

)

 

 

112.6

 

(1.0

)

 

 

53.0

 

(1.1

)

 

 

114.4

 

 

 

89.6

 

 

 

0.15

 

 

1.8

 

Attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.6

 

 

 

 

 

 

Total attributable to Edwards Lifesciences Corporation

 

 

2,989.8

 

77.5

%

 

 

905.0

 

30.3

%

 

 

531.5

 

17.8

%

 

 

715.6

 

 

 

647.6

 

 

 

1.06

 

 

12.4

%

Non-GAAP adjustments: (A) (B)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intellectual property agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

176.0

 

 

 

142.2

 

 

 

0.24

 

 

1.4

 

Certain litigation expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15.4

 

 

 

12.3

 

 

 

0.02

 

 

0.1

 

Change in fair value of contingent consideration liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26.2

)

 

 

(24.2

)

 

 

(0.04

)

 

0.1

 

Amortization of intangible assets

 

 

 

0.1

 

 

 

 

 

 

 

 

 

 

 

2.8

 

 

 

2.3

 

 

 

 

 

 

Adjusted

 

$

2,989.8

 

77.6

%

 

$

905.0

 

30.3

%

 

$

531.5

 

17.8

%

 

$

883.6

 

 

$

780.2

 

 

$

1.28

 

 

14.0

%

__________________

(A) 

 

See description of non-GAAP adjustments under "Non-GAAP Financial Information."

(B) 

 

The tax effect on non-GAAP adjustments is calculated based upon the impact of the relevant tax jurisdictions’ statutory tax rates on the Company’s estimated annual effective tax rate, or discrete rate in the quarter, as applicable.  The impact on the effective tax rate is reflected on each individual non-GAAP adjustment line item.

RECONCILIATION OF GAAP OPERATING CASH FLOW TO ADJUSTED FREE CASH FLOW

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net cash provided by operating activities

$

371.5

 

 

$

33.6

 

 

$

318.0

 

 

$

347.7

 

Capital expenditures

 

(85.4

)

 

 

(47.9

)

 

 

(150.7

)

 

 

(109.4

)

Tax deposit

 

 

 

 

 

 

 

305.1

 

 

 

 

Separation cost payments

 

46.7

 

 

 

 

 

 

66.6

 

 

 

 

Intellectual property agreement

 

 

 

 

300.0

 

 

 

 

 

 

300.0

 

Adjusted Free Cash Flow (A)

$

332.8

 

 

$

285.7

 

 

$

539.0

 

 

$

538.3

 

__________________

(A) 

 

See description of "Adjusted Free Cash Flow" under "Non-GAAP Financial Information."

RECONCILIATION OF SALES BY PRODUCT GROUP AND REGION

 

 

 

 

 

 

 

 

 

 

 

2023 Adjusted

 

 

Sales by Product Group (QTD)

 

2Q 2024

 

2Q 2023

 

Change

 

GAAP
Growth
Rate*

 

FX
Impact

 

2Q 2023
Adjusted
Sales

 

Constant
Currency
Growth
Rate *

Transcatheter Aortic Valve Replacement

 

$

1,038.6

 

$

991.6

 

$

47.0

 

4.7

%

 

$

(10.4

)

 

$

981.2

 

5.8

%

Transcatheter Mitral and Tricuspid Therapies

 

 

83.0

 

 

47.6

 

 

35.4

 

74.7

%

 

 

 

 

 

47.6

 

74.7

%

Surgical Structural Heart

 

 

264.3

 

 

256.3

 

 

8.0

 

3.1

%

 

 

(3.6

)

 

 

252.7

 

4.6

%

Total Sales from Continuing Operations

 

$

1,385.9

 

$

1,295.5

 

$

90.4

 

7.0

%

 

$

(14.0

)

 

$

1,281.5

 

8.1

%

Sales from Discontinued Operations

 

 

246.4

 

 

234.7

 

 

11.7

 

5.0

%

 

 

(3.6

)

 

 

231.1

 

6.7

%

Total Sales

 

$

1,632.3

 

$

1,530.2

 

$

102.1

 

6.7

%

 

$

(17.6

)

 

$

1,512.6

 

7.9

%

 

 

 

 

 

 

 

 

 

 

2023 Adjusted

 

 

Sales by Product Group (YTD)

 

YTD
2Q 2024

 

YTD
2Q 2023

 

Change

 

GAAP
Growth
Rate*

 

FX
Impact

 

YTD 2Q
2023
Adjusted
Sales

 

Underlying
Growth
Rate *

Transcatheter Aortic Valve Replacement

 

$

2,046.5

 

$

1,939.5

 

$

107.0

 

5.5

%

 

$

(12.5

)

 

$

1,927.0

 

6.2

%

Transcatheter Mitral and Tricuspid Therapies

 

 

155.9

 

 

89.2

 

 

66.7

 

74.9

%

 

 

0.7

 

 

 

89.9

 

73.5

%

Surgical Structural Heart

 

 

530.4

 

 

504.5

 

 

25.9

 

5.1

%

 

 

(5.0

)

 

 

499.5

 

6.2

%

Total

 

$

2,732.8

 

$

2,533.2

 

$

199.6

 

7.9

%

 

$

(16.8

)

 

$

2,516.4

 

8.6

%

Sales from Discontinued Operations

 

 

497.7

 

 

456.6

 

 

41.1

 

9.0

%

 

 

(5.9

)

 

 

450.7

 

10.4

%

Total Sales

 

$

3,230.5

 

$

2,989.8

 

$

240.7

 

8.1

%

 

$

(22.7

)

 

$

2,967.1

 

8.9

%

 

 

 

 

 

 

 

 

 

 

2023 Adjusted

 

 

Sales by Region (QTD) - Continuing Operations

 

2Q
2024

 

2Q
2023

 

Change

 

GAAP
Growth Rate*

 

FX
Impact

 

2Q 2023
Adjusted
Sales

 

Constant
Currency
Growth
Rate *

United States

 

$

816.8

 

$

761.9

 

$

54.9

 

 

7.2

%

 

$

 

 

$

761.9

 

7.2

%

Europe

 

 

335.6

 

 

301.9

 

 

33.7

 

 

11.2

%

 

 

0.1

 

 

 

302.0

 

11.1

%

Japan

 

 

87.4

 

 

94.1

 

 

(6.7

)

 

(7.2

)%

 

 

(12.1

)

 

 

82.0

 

6.5

%

Rest of World

 

 

146.1

 

 

137.6

 

 

8.5

 

 

6.2

%

 

 

(2.0

)

 

 

135.6

 

7.7

%

Outside of the United States

 

 

569.1

 

 

533.6

 

 

35.5

 

 

6.7

%

 

 

(14.0

)

 

 

519.6

 

9.5

%

Total

 

$

1,385.9

 

$

1,295.5

 

$

90.4

 

 

7.0

%

 

$

(14.0

)

 

$

1,281.5

 

8.1

%

 

 

 

 

 

 

 

 

 

 

2023 Adjusted

 

 

Sales by Region (YTD) - Continuing Operations

 

YTD
2Q
2024

 

YTD
2Q
2023

 

Change

 

GAAP
Growth Rate*

 

FX
Impact

 

YTD 2Q
2023
Adjusted
Sales

 

Underlying
Growth
Rate *

United States

 

$

1,609.7

 

$

1,487.0

 

$

122.7

 

 

8.3

%

 

$

 

 

$

1,487.0

 

8.3

%

Europe

 

 

665.3

 

 

598.6

 

 

66.7

 

 

11.2

%

 

 

7.3

 

 

 

605.9

 

9.8

%

Japan

 

 

174.1

 

 

182.8

 

 

(8.7

)

 

(4.7

)%

 

 

(21.1

)

 

 

161.7

 

7.7

%

Rest of World

 

 

283.7

 

 

264.8

 

 

18.9

 

 

7.1

%

 

 

(3.0

)

 

 

261.8

 

8.4

%

Outside of the United States

 

 

1,123.1

 

 

1,046.2

 

 

76.9

 

 

7.3

%

 

 

(16.8

)

 

 

1,029.4

 

9.1

%

Total

 

$

2,732.8

 

$

2,533.2

 

$

199.6

 

 

7.9

%

 

$

(16.8

)

 

$

2,516.4

 

8.6

%

 

 

 

 

 

 

 

 

 

 

2023 Adjusted

 

 

Sales by Region (QTD) - Discontinued Operations

 

2Q
2024

 

2Q
2023

 

Change

 

GAAP
Growth Rate*

 

FX
Impact

 

2Q 2023
Adjusted
Sales

 

Constant
Currency
Growth
Rate *

United States

 

$

149.1

 

$

133.4

 

$

15.7

 

 

11.8

%

 

$

 

 

$

133.4

 

11.8

%

Europe

 

 

36.9

 

 

34.3

 

 

2.6

 

 

7.7

%

 

 

0.2

 

 

 

34.5

 

7.4

%

Japan

 

 

19.4

 

 

23.9

 

 

(4.5

)

 

(18.8

)%

 

 

(3.0

)

 

 

20.9

 

(6.9

)%

Rest of World

 

 

41.0

 

 

43.1

 

 

(2.1

)

 

(5.1

)%

 

 

(0.8

)

 

 

42.3

 

(3.0

)%

Outside of the United States

 

 

97.3

 

 

101.3

 

 

(4.0

)

 

(4.0

)%

 

 

(3.6

)

 

 

97.7

 

(0.3

)%

Total

 

$

246.4

 

$

234.7

 

$

11.7

 

 

5.0

%

 

$

(3.6

)

 

$

231.1

 

6.7

%

 

 

 

 

 

 

 

 

 

 

2023 Adjusted

 

 

Sales by Region (YTD) - Discontinued Operations

 

YTD
2Q
2024

 

YTD
2Q
2023

 

Change

 

GAAP
Growth Rate*

 

FX
Impact

 

YTD 2Q
2023
Adjusted
Sales

 

Underlying
Growth
Rate *

United States

 

$

296.9

 

$

257.4

 

$

39.5

 

 

15.4

%

 

$

 

 

$

257.4

 

15.3

%

Europe

 

 

75.0

 

 

68.7

 

 

6.3

 

 

9.2

%

 

 

1.1

 

 

 

69.8

 

7.4

%

Japan

 

 

43.5

 

 

49.3

 

 

(5.8

)

 

(11.7

)%

 

 

(5.6

)

 

 

43.7

 

(0.5

)%

Rest of World

 

 

82.3

 

 

81.2

 

 

1.1

 

 

1.3

%

 

 

(1.4

)

 

 

79.8

 

3.1

%

Outside of the United States

 

 

200.8

 

 

199.2

 

 

1.6

 

 

0.8

%

 

 

(5.9

)

 

 

193.3

 

3.9

%

Total

 

$

497.7

 

$

456.6

 

$

41.1

 

 

9.0

%

 

$

(5.9

)

 

$

450.7

 

10.4

 

__________________

* Numbers may not calculate due to rounding.

Media Contact: Amy Hytowitz, 949-250-4009

Investor Contact: Mark Wilterding, 949-250-6826

Source: Edwards Lifesciences Corporation

FAQ

What were Edwards Lifesciences' Q2 2024 sales?

Edwards Lifesciences reported Q2 2024 sales growth of 7%, equating to $1.0 billion in TAVR sales and $83 million in TMTT sales.

What is the new TAVR guidance for Edwards Lifesciences in 2024?

Edwards Lifesciences lowered its full-year 2024 TAVR guidance to 5-7% from the previous 8-10%.

What is Edwards Lifesciences' outlook for TMTT sales in 2024?

Edwards Lifesciences raised its TMTT sales guidance to the higher end of the $320-$340 million range for 2024.

When is the sale of Edwards Lifesciences' Critical Care unit expected to close?

The sale of Edwards Lifesciences' Critical Care unit for $4.2 billion is expected to close by late Q3 2024.

What is Edwards Lifesciences' financial forecast for Q3 2024?

Edwards Lifesciences expects Q3 2024 sales of $1.56 to $1.64 billion and EPS of $0.67 to $0.71.

Edwards Lifesciences Corp

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