Edwards Lifesciences Corp.’s growth ambitions go beyond a new type of heart valve the company is pursuing.
Irvine-based Edwards, the leading maker of valves implanted during open heart surgery, is looking to stents and patient monitoring devices as part of its plan to top $1 billion in yearly sales this year.
Edwards had $931 million in sales last year.
Stuart Foster, Edwards’ corporate vice president of discovery and technology, detailed the company’s strategy Wednesday at Roth Capital Partners LLC’s annual stock conference at the St. Regis Monarch Beach Resort and Spa in Dana Point.
A key push for Edwards is a new type of heart valve that’s inserted via a catheter. The company is doing clinical trials for its Cribier-Edwards less-invasive valve.
Besides the less-invasive valve, Edwards is looking for growth from stents to treat disease of the body’s peripheral blood vessels, Foster said.
The stents are designed to prop open arteries in the legs and arms.
“There’s room for Edwards,” Foster said. “It’s a $600 million business that’s growing at 15% a year.”
Edwards’ LifeStent should be in full production by the end of the quarter, Foster said.
The company also plans to release FloTrac, a monitoring system for heart surgery and other critical care patients, Foster said. It’s due in the second quarter.
Edwards projected 2005 sales of $980 million to $1.02 billion, which would be 5% to 9% higher than 2004’s figure. Net income could grow by 13% to 15% this year, Foster said.
