Edwards Lifesciences Shares Gain after Company Reports Q4 Results (EW)
2/5/2013 10:29:40 AM
Shares of Edwards Lifesciences Corp. (NYSE: EW) have edged higher in pre-market trading after the company reported its fourth-quarter financial results. The company’s fourth-quarter profit increased, driven by robust sales of its new heart valve.
- Edwards Lifesciencs’ fourth-quarter net sales jumped 18.7%
- The company reiterated its sales and earnings guidance for 2013
For the fourth quarter ended December 31, 2012, Edwards Lifesciences reported net income of $91.1 million, or $0.77 per share, compared to net income of $63.1 million, or $0.53 per share reported for the same period in the previous year. Excluding one-time items, earnings for the quarter were $0.90 per share, compared to $0.62 per share reported for the same period in the previous year.
Net sales for the fourth quarter rose 18.7% to $510.5 million. The year-over-year increase in sales was driven by strong sales performance of the company’s transcatheter heart valves (THV). Sales of THV jumped 72.8% to $161 million in the fourth quarter.
Commenting on the fourth-quarter results, Michael A. Mussallem, Chairman and CEO of Edwards Lifesciences, said that the fourth quarter capped a year of significant progress as the company introduced its innovative SAPIEN technology to the U.S. Mussallem further said that he is very proud that over 5,000 patients in the U.S. have been treated with the company’s THV since launch, and the company is aggressively investing to expand the availability of this important therapy.
Mussallem said that the company continues to expect full-year 2013 sales of $2.1 billion to $2.2 billion and earnings per diluted share, excluding one-time items, of $3.21 to $3.31. For the first quarter of 2013, the company expects sales to be between $505 million and $530 million. Earnings for the first quarter, excluding one-time items, are expected to be between $0.74 per share and $0.78 per share.
At last check, EW shares were up 0.4% in pre-market trading today.
About Edwards Lifesciences Corp.
Edwards Lifesciences Corp. is an Irvine, California-based medical equipment and supplies company engaged in the science of the heart valves and hemodynamic monitoring.