Edwards Lifesciences Corp. said Tuesday that its first-quarter profit fell 45% on charges primarily related to a product line sale.
The Irvine heart valve maker posted a profit of $18 million in the first quarter, compared with $33 million a year earlier.
The company said profit was affected by $15 million in charges, including a charge related to the sale of its LifeStent device, which treats blood vessel disease, to C.R. Bard Inc. late last year.
Excluding charges, Edwards earned $33 million in the quarter, which beat analysts’ expectation of a $28 million quarterly profit.
Sales totaled $296 million, up 12% from the year-ago period. Analysts expected Edwards to post $284 million in revenue.
Edwards also hiked its 2008 guidance.
The company now expects profits of $138.9 million to $143.4 million. Sales are forecasted at $1.21 billion to $1.26 billion.
Edwards previously said it expected profits of $131.6 million to $136.1 million on sales of $1.2 billion.
Wall Street is looking for a profit of $133.2 million on revenue of $1.18 billion.
