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Edwards Lifesciences Q1 Profit Beats Street

Irvine-based heart valve maker Edwards Lifesciences Corp. on Monday said its first-quarter profit rose 23%, surpassing analysts’ expectations.

Edwards earned $41 million in the first quarter, excluding special items. Wall Street expected the device maker to post a $38.6 million profit in the period.

Edwards’ profit with the special items, including a $27 million milestone payment for a regulatory approval of the LifeStent device, which it sold in 2007 to C.R. Bard Inc., totaled $60.5 million.

First-quarter sales were up 5.6% to $313.5 million, above analysts’ expectations of $309.3 million. Heart valve sales were up 16% to $170.4 million, including $24.6 million from Edwards’ less-invasive Sapien valve, which is only sold in Europe.

Edwards also gave second-quarter and full-year profit forecasts.

For the second quarter, the company said it expects a profit of $40.8 million to $43 million. Wall Street expects Edwards to make $42.5 million.

Edwards said it expects a full-year profit of $164.8 million to $169.3 million on sales of $1.24 billion to $1.3 billion. Analysts expect Edwards to post a profit of $166 million on sales of $1.28 billion.

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