
Edwards Lifesciences (NYSE:EW) reinforced its guidance for the rest of 2012 and issued its forecast for next year ahead of its annual investor conference today at its headquarters in Irvine, Calif.
The medical device company, which makes replacement heart valves, said it still expects to post adjusted earnings per share of $2.54-$2.58.
For 2013, Edwards forecast adjusted EPS of $3.21-$3.31 on sales of $2.1 billion to $2.2 billion. That represents a more than 25% increase over projected 2012 earnings and total underlying sales growth of 13%-16%, according to a press release.
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The news sent EW shares to $89.50 apiece as of about 10:35 this morning, for a 3.5% increase.
"We project strong underlying sales growth fueled by the ongoing launch of our Sapien transcatheter heart valve in the U.S.," chairman & CEO Michael Mussallem said in prepared remarks. "Global sales of our market-expanding transcatheter valves are expected to grow to between $710 million and $790 million in 2013.
"Our strong bottom line growth projection includes the estimated impact of the medical device excise tax, as well as investments to prepare for the launch of our Sapien XT transcatheter heart valve in Japan. We also expect to continue our investment in research and development at approximately 15% of sales in 2013, which positions us well to serve many more patients with our innovative technologies and generate significant growth for years to come," Mussallem said.
Edwards projected global sales of its Sapien device at $390 million to $440 million next year, with surgical heart valve sales of $800 million to $840 million and critical care sales of $560 million to $600 million.
"U.S. clinical and regulatory progress on the Edwards Sapien XT transcatheter valve remains on track. Regulatory and reimbursement approvals in Japan for Sapien XT are expected by the end of 2013," according to the release. "By the end of 2013, the company expects to receive a CE Mark for the Sapien 3 valve, a lower-profile balloon expandable valve designed to further reduce paravalvular leak."
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