Shares of Edwards Lifesciences Corp. (NYSE:EW) continued to slide on Wall Street for the second straight day, despite positive earnings and a favorable FDA panel vote that should clear the way for the company to launch the Sapien transcatheter heart valve in the U.S.
During mid-day trading on The Street, shares of the Irvine, Calif.-based Edwards, ranked 46th in the MassDevice Big 100 list of the world’s largest medical device makers, were trading around $78.50 per share, down nearly 5 percent from yesterday’s closing price of $82.55 and down 9 percent from the closing price of $87.53 on July 20.
It isn’t apparent what is causing the sell off; Edwards beat The Street’s expectations during Q2, increasing top line performance by 18 percent to $431.2 million during the three month period ended on June 30, 2011, compared to $365.2 million during the same period last year.
Net income was essentially flat at $58.1 million, compared to $57.5 million for the same period last year.
The company also reaffirmed previous guidance of total sales of $1.66 to $1.74 billion and net income growth of 11 percent to 13 percent, excluding special items.
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
Here’s a quick rundown of a few releases over the past couple days:
Lawsuit woes swallow C.R. Bard’s bottom line
C.R. Bard Inc.’s (NYSE:BCR) share price plummeted nearly 12 percent today after the Murray Hill, N.J.-based company posted Q2 losses on fees paid out in lawsuits against subsidiary Davol Inc.’s hernia repair products.
Bard reported a $47.8 million loss on $725 million in sales during the three month period ended June 30, 2011, reversing a $124.7 million profit on $673.9 million in sales the company reported during the same period last year. Taking out the $184 million legal settlement, the company would have posted 141.7 million in net income , officials said in a prepared release.
On Wall Street, shares of BCR dropped nearly 12 percent from yesterday’s closing price of $112.71.
Endologix posts 22 percent sales growth and dramatic losses
Endologix Inc. (NSDQ:ELGX) posted 22 percent growth in sales for the three months ended June 30, 2011, to $19.2 million compared to $15.7 million for the same time last year, crediting strong adoption of its endovascular products and a 30 percent sales boost in the U.S.
The Irvine, Calif.-based company posted a net loss of $13.7 million, or 24 cents per diluted share, an almost 3500 percent increase from the $380,000 net loss in Q2 2010, or 1 cent lost per diluted share. The lion’s share of the loss was attributed to a pending acquisition with Nellix. The company’s losses would have come in at $5.1 million if not for the adjustment.
"We remain encouraged with the continued improvement in our financial performance and progress with the initiatives we have implemented to enhance our commercial, operational, and scientific effectiveness," chairman & CEO Robert Parkinson, Jr. said. "These initiatives, combined with Baxter’s global presence, diversified portfolio, and focus on innovation, provide unique opportunities for future growth in an evolving and challenging macro-environment."