Edwards Lifesciences Corporation reported significant financial growth in its third quarter and the first nine months of 2024, driven by strong sales in its core product lines and strategic business decisions. For the three months ended September 30, 2024, net sales reached $1,354.4 million, an increase of 8.9% from $1,243.4 million in the same period of 2023. For the nine months ended September 30, 2024, net sales totaled $4,053.7 million, up from $3,743.6 million year-over-year.
The company's gross profit for the third quarter was $1,091.5 million, compared to $992.8 million in the prior year, while gross profit for the nine months increased to $3,228.4 million from $3,016.2 million. However, operating income for the third quarter decreased to $350.6 million from $365.9 million in 2023, although it rose for the nine months to $1,066.1 million from $962.1 million.
Net income from continuing operations for the third quarter was $362.1 million, up from $334.9 million in 2023, while net income for the nine months surged to $1,051.0 million from $886.9 million. Notably, total net income for the third quarter of 2024 was $3,069.4 million, a substantial increase from $383.7 million in the same quarter of 2023, largely due to a $3.3 billion gain from the sale of the Critical Care product group, completed on September 3, 2024.
The company’s cash and cash equivalents as of September 30, 2024, stood at $3,676.4 million, significantly higher than $1,132.3 million at the end of 2023. Total assets increased to $12,971.2 million from $9,363.2 million, and total stockholders' equity rose to $9,611.4 million from $6,719.4 million.
Strategically, Edwards Lifesciences has focused on divesting non-core businesses, exemplified by the sale of its Critical Care product group to Becton, Dickinson and Company for $4.2 billion. The company also recorded restructuring expenses of $32.9 million related to a global workforce realignment affecting approximately 360 employees. Additionally, Edwards Lifesciences has made several acquisitions, including the purchase of Endotronix, Inc. for $798.8 million and JC Medical, Inc. for $116.3 million, aimed at expanding its portfolio in transcatheter valve replacement products.
Overall, the company’s performance reflects a robust growth trajectory, supported by strategic divestitures and acquisitions, alongside a strong market position in its core product categories.
About Edwards Lifesciences Corp
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