Edwards Lifesciences slides on Q3 sales, earnings misses

Edwards Lifesciences (NYSE:EW) missed the mark with its third-quarter sales and earnings, despite posting healthy, double-digit increases to both the top and bottom line, sending share prices down today in after-market trading.

The Irvine, Calif.-based implantable heart valve maker posted profits of $170.1 million, or 79¢ per share, on sales of $821.5 million for the three months ended Sept. 30, for a bottom-line gain of 20.3% on sales growth of 11.1% compared with Q3 2016.

Adjusted to exclude one-time items, earnings per share were 84¢, two pennies shy of the consensus estimate on Wall Street, where analysts were looking for EPS of 86¢ on sales of $832.0 million.

“We are pleased to report strong third-quarter performance that delivered double-digit overall organic growth driven by robust sales of innovative therapies. Sales were in line with our expectations and were lifted by 20% global underlying growth in TAVR. And, we continue to aggressively pursue breakthrough structural heart therapies with the potential to drive significant future growth and help an even broader group of patients,” chairman & CEO Michael Mussallem said in prepared remarks. “While we are assisting a number of our employees who were personally affected by the recent natural disasters, we were fortunate to have experienced minimal business impact.”

Edwards held steady to its full-year forecast, saying it still expects to post adjusted EPS of $3.65 to $3.85 on the high end of its sales guidance for $3.2 billion to $3.4 billion.

Fourth-quarter adjusted EPS are pegged at 84¢ to 94¢ on sales of $855 million to $895 million, the company said.

“We are very pleased with the performance achieved across all of our product lines and believe our future remains bright. Our innovative TAVR therapies continued to deliver value to patients. And our transcatheter mitral and tricuspid valve technologies continue to represent exciting opportunities for breakthrough therapies. Overall, we are confident that our valuable innovations will result in a continued strong outlook as we deliver important solutions for the patients we serve,” Mussallem said.

The news pushed EW shares down -6.2% to $107.15 apiece today in post-market activity.

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