Irvine-based Edwards Lifesciences Corp. on Monday reported second-quarter profit that beat Wall Street expectations.
The heart valve maker also raised its 2006 earnings guidance.
Edwards posted a profit of $36.1 million in the quarter ended June 30, up from $13.9 million a year earlier.
Last year, Edwards took a $27.6 million charge in the second quarter, mostly related to restructuring heart valve development and supply agreements with 3F Therapeutics Inc., a Lake Forest company that eventually was acquired by ATS Medical Inc. of Minnesota.
Revenue at Edwards during the second quarter rose 3.5% to $267.3 million.
Analysts expected Edwards to earn $34.2 million on sales of $266.5 million, excluding charges.
The company “made good progress on all of our strategic growth initiatives, most notably in our percutaneous and Ascendra heart valve programs,” said Michael A. Mussallem, chairman and chief executive at Edwards.
Edwards hiked its 2006 profit estimate to $130.3 million to $133.8 million from a previous range of $127.3 million to $133.2 million.
