Edwards Lifesciences
(NYSE: EW)
reported first-quarter results that exceeded Wall Street expectations after market close today.
The maker of catheter-delivered heart implants — including transcatheter aortic valve replacement (TAVR) systems and transcatheter mitral and tricuspid therapies (TMTT) — also increased its full-year sales guidance. EW’s stock price was relatively flat in after-hours trading.
Irvine, California–based Edwards Lifesciences earned nearly $351 million, or 58¢ per share, off of $1.6 billion in revenue during the quarter that ended March 31, 2024. Compared to Q1 2023, sales were up 9% year over year and profits increased 3%.
Adjusted to exclude one-time items, earnings per share were 66¢. The result beat the expectations of The Street, where analysts predicted EPS of 64¢ and revenue of $1.57 billion.
“Edwards is positioned to extend our leadership and deliver sustainable growth as a result of the strategic investments we have made across our transcatheter platforms to address the large and growing needs of patients impacted by aortic, mitral and tricuspid disease,” Edwards CEO Bernard Zovighian said in a news release. “We are pleased with our total company performance with first quarter sales growth of 10% as more patients were treated with our innovative therapies. This encouraging start to the year supports our increased 2024 sales guidance. Looking beyond 2024, we remain confident in Edwards’ innovation-driven strategy, led by new indications, differentiated technologies and strategic adjacencies for addressing the significant unmet needs of structural heart disease patients.”
Edwards Lifesciences said it now expects full-year 2024 revenue to be near the high end of its prior guidance of 8% to 10%, equal to sales of $6.3 billion to $6.6 billion.
The device developer said it remained confident in previously forecasted full-year TAVR sales growth of 8% to 10%.
The company also increased its outlook for two businesses previously expected to grow in mid-single digits. Edwards now says it expects Surgical Structural Heart sales growth of 6% to 8% and Critical Care sales growth of 8% to 10%.
Edwards upped its guidance for full-year TMTT sales to a range of $320 million to $340 million, compared to its previous guidance of the higher end of the range of $280 million to $320 million.
The company maintained its forecast of full-year adjusted EPS of $2.70 to $2.80.
