Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Edwards Lifesciences Corp., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net sales	5,232,500)	4,386,300)	4,348,000)	3,722,800)	3,435,300)
Cost of sales	(1,248,900)	(1,080,600)	(1,114,400)	(939,400)	(875,300)
Gross profit	3,983,600)	3,305,700)	3,233,600)	2,783,400)	2,560,000)
Selling, general, and administrative expenses	(1,493,700)	(1,228,400)	(1,242,200)	(1,088,500)	(984,700)
Research and development expenses	(903,100)	(760,700)	(752,700)	(622,200)	(552,600)
Intellectual property litigation income (expenses), net	(20,600)	(405,400)	(33,400)	(214,000)	73,300)
Change in fair value of contingent consideration liabilities, net	124,100)	(13,600)	6,100)	5,700)	9,900)
Special charges	—)	—)	(64,600)	(116,200)	(9,700)
Other operating expenses	—)	—)	—)	—)	(700)
Operating income	1,690,300)	897,600)	1,146,800)	748,200)	1,095,500)
Interest expense	(18,400)	(15,800)	(20,700)	(29,900)	(23,200)
Interest income	17,400)	23,400)	32,200)	32,000)	20,300)
Special gains (charges)	—)	—)	—)	7,100)	(50,200)
Foreign exchange gains (losses), net	5,000)	12,300)	5,900)	6,700)	(5,400)
Gain (loss) on investments	5,800)	600)	500)	(1,700)	(2,700)
Non-service cost components of net periodic pension benefit credit (cost)	(300)	(400)	(200)	100)	—)
Other	2,200)	(1,000)	2,000)	(1,100)	600)
Other income (expense), net	12,700)	11,500)	8,200)	4,000)	(7,500)
Income before provision for income taxes	1,702,000)	916,700)	1,166,500)	761,400)	1,034,900)
Provision for income taxes	(198,900)	(93,300)	(119,600)	(39,200)	(451,300)
Net income	1,503,100)	823,400)	1,046,900)	722,200)	583,600)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Edwards Lifesciences Corp. net sales increased from 2019 to 2020 and from 2020 to 2021.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Edwards Lifesciences Corp. operating income decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Income before provision for income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Edwards Lifesciences Corp. income before provision for income taxes decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Net income	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Edwards Lifesciences Corp. net income decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Edwards Lifesciences Corp. (NYSE:EW)

Income Statement