Edwards Lifesciences Corp. said Tuesday that its second-quarter profit rose 14%, beating Wall Street expectations.
Edwards, an Irvine maker of heart valves, posted a profit of $39.7 million in the second quarter, compared with $34.9 million in 2007’s second quarter.
Without an $800,000 gain, Edwards earned $39 million in the quarter.
Analysts expected Edwards to post a $35.1 million profit in the quarter.
Sales totaled $327.6 million, up 20% from last year’s second quarter. Analysts expected the company to have $311.9 million in sales during the quarter.
Heart valve sales rose 23% to $162.6 million; Edwards said in a release that sales were accelerated by $13.6 million worth of sales of its less-invasive Sapien heart valve.
The company also raised its outlook for 2008, saying its range “reflects strength across all product lines.”
Edwards said it now expects profits of $137.1 million to $141.5 million, excluding charges. Previously, Edwards expected 2008 profit to come in from $134.4 million to $138.8 million.
Edwards now expects to have full-year sales of $1.24 billion to $1.28 billion, up from a previous range of $1.21 billion to $1.26 billion.
Wall Street is looking for Edwards to post a profit of $137.1 million on sales of $1.23 billion.
