Irvine-based Edwards Lifesciences Corp. posted a drop in second-quarter profit on lower-than-expected heart valve sales and cut its outlook for the year.
Net income dropped 3% to $35 million in the quarter from a year earlier. Sales came in at $272.6 million, up 2% from a year ago.
Profits met Wall Street’s expectations. Sales fell short of analysts’ projected $275 million.
Sales of heart valves rose 2.7% to $131.3 million, including a $2.9 million gain from currency exchange rates.
Sales remained under pressure in the U.S., but Edwards gained market share in Europe and Japan, the company said.
The company’s bolstering its sales workforce in preparation for the U.S. launch of Magna Mitral, a mitral replacement heart valve, the company said.
Edwards now expects to come in at the low end of its previous guidance for the year. The company said it expects a profit of $1.07 billion to $1.11 billion. It now expects sales of $250 million to $260 million.
Shares fell nearly 3.3% in afterhours trading. The company counts a market value of about $2.9 billion.
