Orange County Business Journal

Edwards’ Shares Plummet Again

Vita Reed Tuesday, October 9, 2012

Irvine-based Edwards Lifesciences Corp.’s shares continued a downward plunge today after it said third-quarter sales will miss estimates.

The heart valve maker’s shares fell 19% in trading to a market value of about $10.2 billion.

Edwards said late Monday that it expects third-quarter sales to come in at $448 million, down from its previous forecast of $465 million to $485 million.

Analysts are looking for Edwards to have $462.6 million in third-quarter sales, down from a previous projection of $476.5 million.

Edwards said that its third-quarter sales were affected by several factors, including austerity measures by European governments and the lack of reimbursement for some U.S. patients.

The company will release its third-quarter results Oct. 19 after the close of trading.