Edwards Lifesciences Corp. said Tuesday that it will cut 70 jobs and take a $16 million charge in the fourth quarter because of reorganization and discontinuing a product.
The Irvine-based heart device maker is discontinuing its Optiwave 980 cardiac laser ablation system, which is used to treat abnormal heart rhythm. The company said it plans use it resources for programs with greater growth opportunities, including its mainstay heart valve business.
Focusing on its core products and restructuring the company, “best prepares us for the new technologies and growth platforms Edwards is pursuing,” Chief Executive Michael Mussallem said in a statement.
On Monday, Edwards said it is selling a gene-based drug program that aims to treat heart disease to Sangamo BioSciences Inc. of Richmond for $7.5 million in stock.
That move, expected to close at the end of the year, also frees up Edwards to spend research and development on its mainstay offerings, according to Mussallem.
