The Irvine, Calif.-based company posted profits of $186.1 million, or 86¢ per share, on sales of $841.8 million for the 3 months ended June 30, for bottom-line growth of 47% while sales grew 10.9% compared with the same period in the previous year.
After adjusting to exclude 1-time items, earnings per share were $1.08, a full 20¢ ahead of the 88¢ consensus on Wall Street, where analysts were expecting to see sales of $840.1 million for the quarter.
“We are pleased to report another quarter of strong performance, which continued the trend of robust growth driven by long term investments in innovative therapies. Strong demand for TAVR therapy resulted in total sales growth of 15% on an underlying basis, which also reflected strength in all 3 of our product lines across all regions. And our transcatheter mitral and tricuspid valve technologies continue to represent exciting opportunities for breakthrough therapies for patients in need,” chair & CEO Michael Mussallem said in a press release.
Edwards Lifesciences raised its outlook for the rest of the fiscal year, saying it expects to post sales of between $3.2 billion and $3.4 billion and adjusted EPS of between $3.65 and $3.85 for the year, up from previous estimations of between $3.43 to $3.55.
For the 3rd quarter, Edwards Lifesciences said it expects to see sales of between $810 million and $850 million with adjusted earnings of between 80¢ and 90¢.
“As we reflect on our 1st half results, we are very pleased with the performance achieved across all of our product lines and believe our future remains bright. We are confident our valuable innovations will result in a continued strong outlook as we deliver important solutions for the patients we serve,” Mussallem said in a prepared statement.
Shares have risen 4.1% so far in after-hours trading, at $120.32 as of 4:31 p.m. EDT.