Edwards Beats Expectation on Profits, Misses on Revenue, Reaffirms GuidanceThursday, February 2, 2012
Irvine-based heart valve maker Edwards Lifesciences Corp. today posted mixed fourth-quarter results and gave conservative guidance for the current quarter and the full year.
Edwards posted a profit of $73.2 million, up 13% from a year ago and better than analysts’ consensus projections of $69.7 million.
Including items, Edwards’ profit came in at $63.1 million, down slightly from 2010’s fourth quarter.
Edwards’ fourth-quarter revenue totaled $430.2 million, up 10% from a year ago but below Wall Street’s estimate of $446.9 million.
Fourth-quarter transcatheter heart valve sales grew 43% to $93.2 million. U.S. sales accounted for $17.1 million of the total.
Edwards launched its Edwards Sapien valve in the U.S. late last year after receiving Food and Drug Administration approval.
Edwards also gave forecasts for the current quarter and 2012.
The device maker could see a profit of $55.5 million to $57.9 million in the current quarter, compared to consensus expectations of $65 million.
It said it expected first-quarter total sales of $440 million to $460 million.
Analysts expect Edwards’ current quarter sales to come in at $466.9 million.
Edwards’ 2012 profit could come in at $318.9 million to $330.7 million, excluding items.
Wall Street expects Edwards to make $328.3 million for the full year.
The company said it expects full-year sales of $1.95 billion to $2.05 billion, compared to consensus projections of $2.01 billion.
For more on Edwards, please see the Feb. 6 print edition of the Business Journal.