Edwards Lifesciences Corp. of Irvine said Thursday it swung to a third-quarter profit in line with Wall Street’s expectations.
The heart valve maker said its quarterly profit was $27.8 million, vs. a $4.4 million loss a year earlier.
Analysts expected Edwards to earn $27.5 million.
Investors seemed to focus more on Edwards’ sales for the quarter, which missed Wall Street’s target. The company’s shares were off nearly 3% in afterhours trading.
Sales came in at $247.4 million, up 3% from a year earlier but below Wall Street’s $255.1 million estimate.
FloTrac, a minimally invasive heart monitor, and LifeStent, which opens blocked blood vessels, helped drive sales, Edwards said.
Critical care sales, which FloTrac falls under, were up 8.7%, while vascular sales, including LifeStent, were up 12.8% to $17.6 million.
Edwards’ core heart valve business grew at a slower rate, expanding 3.9% to $117.3 million.
The device maker also narrowed its 2006 profit estimate to $130.8 million to $132 million, down from as much as $133.8 million, all excluding special charges and option expenses.
Edwards expects yearly sales to come in at $1.04 billion to $1.06 billion.
