Edwards Cuts Forecast, Shares DownMonday, October 28, 2013
Irvine-based Edwards Lifesciences Corp.’s shares fell today after the heart valve maker issued a lower-than-expected earnings forecast for the current quarter.
Edwards’ shares where down 3% to a market value of $8.4 billion in early afternoon trading.
Edwards’ profit for the current quarter could come in at $91.4 million to $96 million, based on a Business Journal extrapolation. Those figures are below analysts’ expectations of $97.1 million.
The company’s lowered outlook came on a day when it learned it was getting more competition to its Edwards Sapien less invasive valve.
Natick, Mass.-based Boston Scientific Corp. said today that its Lotus less-invasive heart valve received European regulatory approval.