Orange County Business Journal

Edwards Lifesciences Q2 Profit Leaps

Vita Reed Thursday, July 25, 2013

Shares of Irvine-based Edwards Lifesciences Corp. are up slightly after yesterday's report of second-quarter earnings and revenue that beat Wall Street expectations and reaffirmed its outlook.

The heart valve maker posted a profit of $94 million, up 38% from 2012’s first quarter. Analysts expected Edwards’ profit to be $87.2 million.

Revenue grew 7% to $517 million. Wall Street was looking for sales of $514.7 million.

Edwards noted that sales of its less-invasive transcatheter heart valves rose 25% to $182 million. The hike was mainly driven by the ongoing domestic introduction of Edwards Sapien, which accounted for $90 million in sales from about 250 commercial sites.

Edwards also reaffirmed its 2013 full-year outlook.

The device maker could see a profit of $344.1 million to $355.6 million, based on a share count of 114.7 million outstanding.

Analysts estimate Edwards will post a 2013 profit of $351 million.

Edwards said it expects full-year sales of $2 billion to $2.1 billion, in line with the Wall Street consensus of $2.05 billion.

The device maker released its financial results after the close of trading today. Edwards’ shares were up about 1% to a market value of about $8.1 billion in early trading today.