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Edwards Q2 Rises on Strong Valve Sales

Irvine-based Edwards Lifesciences Corp. posted better-than-expected results Thursday as sales of its heart valve devices were strong.

Edwards said its second-quarter profit, excluding charges, was $32.3 million, up 22% from a year ago. That was higher than analysts’ expectations for a profit of $27.4 million in the quarter.

Sales were up 10% to $258.2 million. Edwards said new, more expensive devices such as its Perimount Magna replacement heart valve drove the growth.

The company took a onetime charge of $27.6 million in the period, mostly related to the restructuring of its heart valve development and supply agreements with Lake Forest-based 3F Therapeutics Inc. 3F is developing a less-invasive heart valve of its own.

For the year, Edwards reiterated previous income guidance of $113.1 million to $116.1 million. The company projects sales of $980 million to $1.02 billion.

Edwards’ research and development investments are “already demonstrating encouraging results, particularly in our proprietary tissue heart valve replacement and repair products, minimally invasive critical care monitoring and peripheral stent product lines,” Chief Executive Michael Mussallem said in a release.

“The strength of our core franchises provides a strong platform for sustainable growth,” Mussallem said.

Edwards’ shares were up 3.3% to $42.45 in after-hours trading.

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