The Irvine, Calif.-based heart valve replacement pioneer posted profits of $274.7 million, or $1.30 per share, on sales of $1.09 billion for the three months ended Sept. 30, for a 21.6% bottom-line gain on sales growth of 20.7%.
Adjusted to exclude one-time items, earnings per share were $1.41, 19¢ ahead of Wall Street, where analysts were looking for sales of $1.03 billion.
“We are very pleased to report strong third quarter results, which reflected a large increase in the number of patients that were treated with transcatheter heart valve therapy,” chairman & CEO Michael Mussallem said in prepared remarks. “Our results were significantly higher than expected this quarter following the strong Partner 3 trial evidence that led to the recent FDA indication expansion of our Sapien 3 and Sapien 3 Ultra systems. Additionally, at a recent clinical meeting it was exciting to observe new evidence that once again demonstrated significant quality of life improvements for patients that received Sapien valves.”
Edwards said it now expects to log adjusted EPS of $5.50 to $5.65, compared with $5.20 to $5.40 previously, but stood fast on its prior sales guidance for between $4.0 billion and $4.3 billion.
“We are very pleased with our strong year-to-date performance,” added Mussallem. “We are committed to aggressively investing in our future, consistent with our focused innovation strategy. We remain confident that the innovative therapies resulting from our investments will benefit a broader group of patients suffering from structural heart disease and continue to drive strong organic growth.”
EW shares, which closed yesterday up 1.4% at $225.18 apiece, jumped 5.9% to $238.50 each in pre-market trading this morning.