Edwards Shares Jump On Results, OutlookWednesday, April 25, 2012
Shares of Edwards Lifesciences Corp. surged today after the Irvine-based heart valve maker posted better-than-expected first-quarter results and issued improved guidance for the current quarter.
Edwards’ shares closed today up 12% to a market value of $9.4 billion.
The company released its results after the market close on Tuesday. It posted a profit of $63.9 million, which was above analysts’ consensus estimate of $56.6 million.
Revenue also surpassed estimates at $459.2 million. Wall Street was looking at $449.5 million, on average.
Edwards could see a profit of $75.5 million to $80.2 million for the current quarter, which is above consensus projection of $70.8 million.
The device maker expects sales of $470 million to $500 million for the quarter, compared to analysts’ average of $487.1 million.