Edwards Lifesciences Corp. posted better-than-expected profit for the second-quarter and raised its guidance for the full year.
News of the Irvine-based cardiovascular device maker’s solid performance, along with the strong outlook, offset a slight miss on revenue expectations for the recent quarter.
Its shares rose about 6% to an all-time high of $106.94 on the news yesterday. They’ve given some of the gain back in trading today, falling about 2%, for a market value of about $11.7 billion.
Edwards posted net income of $67.8 million in the second quarter, up 17% from a year ago. Earnings including special items totaled $79.5 million, up nearly 37%. That came in above analysts’ expectation of about $77.3 million.
Revenue for the quarter rose 12% to $482 million, missing analysts’ expectation of $489.2 million.
More than half—57%—of total sales were international.
Sales growth was roughly 16% when figuring the impact of foreign exchange into calculations.
Edwards raised its full-year guidance on profit and now expects to earn between $308 million and $317 million in 2012. That’s slightly up from a previous estimate of $305 million to $317 million.
It cut overall sales expectations but raised estimates on its Sapien heart valve revenue.
“We expect our transcatheter technologies to continue to drive our growth well into the future,” Chief Executive Michael Mussallem said in a statement.
Edwards now is looking at a range of $550 to $600 million for Sapien sales, up from expectations of $530 million to $600 million in April.
The company forecasts overall full-year revenue between $1.9 billion and $1.97 billion, down from its earlier projection of between $1.95 billion and $2.05 billion.
The company spent $53 million during the latest quarter in buying back about 627,000 shares of common stock.