The Irvine, Calif.-based company reported profits of $126 million, or 58¢ per share, on revenue of $759.3 million for the 3 months ended June 30. That amounts to a 12.3% bottom-line gain as sales grew 23.1% compared to the same quarter in 2015.
After adjusting to include 1-time items, earnings per share were at 76¢ for Edwards. Analysts on Wall Street were looking for adjusted EPS of 70¢ and revenue of $724.2 million, both of which the company handily topped.
“We are very pleased to report strong second quarter performance, which reflected significant growth in the number of patients and physicians choosing transcatheter heart valve therapy. Our results this quarter were better than expected, driving strong top and bottom line growth,” CEO Michael Mussallem said in a press release.
Shares have risen approximately 7.9% to $117.00 in pre-market trading.
Edwards massaged its full year 2016 outlook, expecting to see revenue at the high end of it’s previously set $2.7 to $3.0 billion and lifting its earnings per share expectations to between $2.78 and $2.88.
For the 3rd quarter, Edwards said it expects to see revenue between $720 and $760 million and adjusted EPS of between 62¢ and 68¢.
“We are very pleased with our strong performance achieved through the first half of this year. As patients and clinicians increasingly prefer TAVR, and based on the substantial body of compelling evidence, we remain as optimistic as ever about the long-term growth opportunity represented by transcatheter therapies. Overall, we remain committed to aggressively investing in structural heart disease and critical care technologies. We are confident this will result in more patients being treated with our innovative therapies and continued strong organic growth,” Mussallem said in prepared remarks.
The post Edwards shares rise on Street-topping Q2 appeared first on MassDevice.
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