Edwards Lifesciences Falls on GuidanceTuesday, December 10, 2013
Shares of Irvine-based Edwards Lifesciences Corp. slid on Monday after the heart valve maker provided disappointing guidance for 2014.
Edwards’ shares were down less than 1% to a market value of $6.83 billion in afternoon trading Tuesday, a day after falling as much as 6%.
Edwards could see a full-year 2014 profit of around $328.2 million, based on a Business Journal extrapolation. The company said in a release that its per-share profit would be “in a wide range around $3.”
Analysts expected Edwards to post a $385.1 million profit in 2014.
The device maker said it could see full-year 2014 sales of $2.05 billion to $2.25 billion. Analysts expect revenue of $2.2 billion.
Sales of Edwards’ transcatheter heart valves are projected to come in at $700 million to $820 million in 2014.
Chief Executive Michael Mussallem said looming competition constrained its guidance even though patient demand for its Edwards Sapien valve “remains strong worldwide.”
“Edwards will face new competition in the U.S. and Europe early in 2014. With the uncertain timing of these competitive entries, as well as the regulatory approvals of our own next-generation technologies, we are providing a wide range of forecasted sales,” Mussallem said.