Orange County Business Journal

Edwards Lifesciences Reports Results; Gets Additional FDA Approval

Vita Reed Monday, October 22, 2012

Irvine-based heart valve maker Edwards Lifesciences Corp. on Friday reported mixed third-quarter results and gave guidance for the remainder of the year.

The company also said that the Food and Drug Administration approved the use of its Edwards Sapien less-invasive heart valve for patients with aortic valve stenosis who are eligible for surgery but at high risk for serious surgical complications or death.

Edwards posted a third-quarter profit of $69.2 million, up 34% from a year ago and above Wall Street’s estimate of $66.6 million.

Revenue rose 9% to $447.9 million, below analysts’ expectations of $448.2 million. Edwards said that was “consistent with the sales figure preannounced” on Oct. 8.

The device maker said that it expects profit for the current quarter to come in at $90.4 million to $95.2 million, compared with analysts’ expectations of $95.2 million.

Fourth-quarter sales are seen at $490 million to $520 million, compared with consensus estimates of $504.8 million.

Edwards said it expected its 2012 profit to come in at $302.2 million to $307 million, compared to analysts’ estimate of $305.8 million.

The company said it now expects its full-year sales at the bottom of its previous $1.9 billion to $1.97 billion range, above Wall Street’ expectation of $1.89 billion.

Edwards' shares were flat in after-hours trading on Friday after closing down 1% with a market value of about $10 billion.