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Edwards Beats Wall Street, Raises Outlook

Irvine-based heart valve maker Edwards Lifesciences Corp. on Wednesday reported second-quarter financial results that topped Wall Street expectations and raised its full-year profit outlook.

The company said its second-quarter profit came in at $57.5 million, up 21% from a year earlier.

Analysts on average were looking for Edwards to have a $52.2 million profit in the quarter.

Second-quarter sales rose 9% to $365.2 million, beating Wall Street’s expectations of $360.8 million.

Heart valve sales were up 18% to $214.8 million, including $53.2 million from its highly touted less-invasive heart valve line.

Edwards also boosted its profit outlook for the current quarter and 2010.

The company could see a profit of $47.5 million to $49.9 million in the current quarter, based on current shares outstanding.

Analysts on average are looking for Edwards to post a third-quarter profit of $51.1 million.

For 2010, Edwards could see a yearly profit of $211.5 million to $216.2 million based on current shares outstanding, up from a previous projection of $209.1 million to $213.8 million.

Wall Street expects Edwards’ 2010 profit to be $211.5 million.

Edwards said it continued to project its total 2010 sales at the bottom of its full-year guidance of $1.43 billion to $1.5 billion.

It sees less-invasive heart valve sales coming in at $190 million to $205 million.

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