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Edwards Lifesciences Offers Measured Q1 Outlook

Edwards Lifesciences Corp. of Irvine on Thursday reported a fourth-quarter profit that was in line with expectations and gave a conservative forecast for the current quarter.

The maker of replacement heart valves and related devices said it expects a profit of $45.7 million to $48.1 million in the first quarter, below the $48.7 million Wall Street had been expecting.

Edwards didn’t give a sales forecast for the quarter. Analysts expect first-quarter revenue to come in at $347.2 million.

For 2010, the device maker could see a profit of $207.9 million to $213.8 million, based on its shares outstanding as of Dec. 31. Edwards said it sees yearly revenue coming in at $1.43 billion to $1.5 billion.

Analysts expect Edwards to post a profit of $211.5 million on revenue of $1.47 billion for 2010.

In the fourth quarter, Edwards said it earned $49.8 million excluding onetime items, a 10% rise from a year earlier.

Analysts were looking for Edwards to make $50.5 million in the quarter.

Revenue rose 12% to $346.7 million, topping Wall Street’s projection of $342.9 million.

Full-year sales of Sapien, Edwards’ heart valve that doesn’t require open-heart surgery for insertion, more than doubled to $112 million, the company said.

Sapien, which is sold in Europe, is in a major clinical trial in the United States with an eye toward Food and Drug Administration approval at the end of 2011.

Sapien and a rival valve from CoreValve, an Irvine-based unit of Medtronic Inc., are considered by analysts to be the most important development in heart valves in years because they will open up the market for patients who can’t handle major surgery.

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