Edwards Lifesciences Beats EstimatesWednesday, October 19, 2011
Irvine-based Edwards Lifesciences Corp.'s third-quarter results surpassed analysts’ expectations.
The company posted a profit today of $51.6 million for the quarter, up 7.5% from the $48 million a year earlier.
Wall Street had expected a profit of $46.4 million.
Edwards’ revenue rose 18% to $412.7 million from a year earlier. That topped analysts’ estimates of $405 million.
The company’s transcatheter heart valves, which are now sold in Europe, helped drive the increases. Transcatheter heart valve sales grew to $82.6 million in the quarter, up 69% over the same period a year earlier.
The device maker expects a Food and Drug Administration decision on the Edwards Sapien transcatheter heart valve “any day now,” Chief Executive Michael Mussallem said in a statement.
Edwards also offered a forecast for the current quarter. The company indicated it could see a profit of $67.8 million to $73.8 million.
Analysts expect a fourth-quarter profit of $73.8 million.