Irvine-based Edwards Lifesciences Corp. said Friday that it expects higher profits in 2008 and is making moves to focus on its core heart valve operations.
Edwards announced the sale of its LifeStent device to C.R. Bard Inc. for $140 million during an investor conference in New York on Friday, in which it also told investors it expects 2008 profit to grow 11% to 14%.
The heart valve maker is selling LifeStent,a device used to treat diseased blood vessels,as part of its efforts to focus on its core heart valve operations.
The move is expected to result in 150 job cuts, half of them in Irvine. Some of those affected could get jobs at Bard or elsewhere at Edwards.
Edwards expects a profit of $118 million to $120 million this year. Sales are forecasted at $1.07 billion to $1.11 billion for 2007.
The company expects see a profit increase of 11% to 14% in 2008 and sales to rise 8% to 13% to $1.16 billion to $1.21 billion.
It also expects to generate a free cash flow of $155 million to $165 million.
Analysts expect Edwards’ profit to grow 11% and sales to come at $1.146 billion in 2008.
For this year, analysts expect the company to post a $118.5 million profit on revenue of $1.08 billion.
