Edwards Lifesciences Corp. managed to post whopping gains to its third-quarter net income, largely thanks to the sale of its hemodialysis product line to Baxter International.
The Irvine, Calif.-based medical devices monolith said it notched net income of $74 million on sales of $326 million during the three months ended Sept. 30, gains of 123.4 percent and 7.3 percent, respectively, over the same period last year.
The Baxter sale amounted to a $43.6 million gain for the quarter. Combined with other gains and losses, including a $15 million gain from reaching the final milestone in its sale of the LifeStent line to C.R. Bard and a $15 million charge for a donation to The Edwards Lifesciences Fund, the total pre-tax net gain from special items was $38.2 million.
Edwards said it spent $25.1 million buying back 385,000 shares of its own stock during the quarter.