Edwards Lifesciences 2005 Annual Report"
| Twelve months ended December 31, (in millions) | 2005 | 2004 | 2003 |
| Net sales | $ 997.9 | $ 931.5 | $ 359.4 |
| Cost of goods sold | 374.6 | 359.4 | 860.5 |
| Gross profit | 623.3 | 561.3 | 501.1 |
| Selling, general and administrative expenses | 348.7 | 319.9 | 289.4 |
| Research and development expenses | 99.0 | 87.0 | 72.8 |
| Operating Statistics As a percentage of net sales: |
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| Gross profit | 62.5% | 60.3% | 58.2% |
| Selling, general and administrative expenses | 34.9% | 34.3% | 33.6% |
| Research and development expenses | 9.9% | 8.5% | 33.6% |
| Operating margin(a) | 17.6% | 16.6% | 16.1% |
(a) Operating margin is calculated by subtracting selling, general and administrative expenses and research and development expenses from gross profit and then dividing by net sales. The information contained in the table above should be read in conjunction with Edwards Lifesciences’ “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Consolidated Financial Statements” found in the accompanying Annual Report on Form 10-K (PDF) |
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