Edwards Lifesciences Corp.’s core heart valve business has skipped a slight beat, prompting the Irvine-based device maker to look for a sales shock.
Sales of heart valves, which make up half of the company’s $1 billion in yearly revenue, grew 4% in the third quarter, only slightly better than the second quarter’s 2% growth clip. A year ago, valve sales were growing in the low teens.
The slower valve growth led to a disappointing overall 3% gain to $247 million in third-quarter sales. Wall Street was looking for $255 million in sales.
Competition is taking a toll, according to Chief Executive Michael Mussallem.
“We are still feeling the effect of a competing product introduced late last year,” Mussallem said after the third-quarter results came out earlier this month.
That product is Biocor, a valve from Minneapolis-based St. Jude Medical Inc., Edwards’ key heart valve rival.
Biocor came out a year ago and has been gaining market share since then. The good news for Edwards: Biocor’s surge appears to have stalled.
For more on this story, see the Oct. 30 edition of the Business Journal.
