Edwards Lifesciences Corp. (NYSE: EW) stock took a hit today after the company lowered its sales outlook for its transcatheter aortic heart-valve replacement unit.
Shares plummeted 17% to $72 in after-hours trading following the announcement.
The company now expects TAVR sales to grow by 5% to 7%, down from its prior outlook of 8% to 10% growth, based on current trends, according to the release.
Edwards reported “slower-than-expected growth in TAVR” for the second quarter, said Chief Executive Bernard Zovighian.
The company also announced it has entered into an agreement to acquire JenaValve Technology and Endotronix in a deal totaling in a combined $1.2 billion. Both acquisitions are expected to close in 2025.
“These acquisitions expand our opportunities to address the unmet needs of aortic regurgitation and heart failure patients around the world,” Zovighian said in a statement.