Irvine-based heart valve maker Edwards Lifesciences Corp. reported higher fourth-quarter profits before charges on Monday and offered first-quarter guidance in line with expectations.
Edwards said it earned $37.4 million in the fourth quarter before charges and stock option costs, an 11% rise from a year earlier.
Including restructuring and product discontinuation charges, net income fell 46% to $20.7 million.
The device maker took a couple of charges for global restructuring and the end of its Optiwave 980 cardiac laser ablation system.
Fourth-quarter sales came in at $265.6 million, up 6% but slightly below Wall Street’s expectation of $267 million.
For the current quarter, Edwards said it could see profits of $31.8 million to $33 million, in line with Wall Street’s average profit forecast of $32.4 million.
For the year, Edwards said it expects to earn $132 million to $137.2 million, also in line with expectations.
The company sees sales of $1.075 billion and $1.125 billion, slightly below expectations.
Separately, Edwards said it plans to start pivotal U.S. clinical trials on a less-invasive heart valve. The valve is inserted via a catheter instead of open heart surgery and is seen as a key future product for Edwards.
