Edwards Lifesciences (NYSE:EW) can’t seem to get a break on Wall Street, where its share price slipped 3.4 percent today despite growth for its top and bottom lines.
The Irvine, Calif.-based heart valve maker missed The Street’s earnings forecast by a mere penny, but that was enough to send its shares down to a $67.79 close.
That despite reporting profits of $52 million, or 43 cents per diluted share, on sales of $413 million for the three months ended Sept. 30. That’s a bottom-line boost of 7.5 percent and a top-line increase of 18.3 percent compared with profits of $48 million, or 40 cents diluted EPS, on sales of $349 million during the same period last year.
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Excluding special items adjusted EPS was 38 cents, "primarily driven by the expected U.S. Sapien launch investments and the impact of foreign exchange," according to a press release. Analysts were looking for adjusted EPS of 39 cents, according to MarketWatch.
"On our fourth anniversary of commercial sales outside the U.S., it is gratifying to see our transcatheter heart valves addressing the large unmet patient need and driving strong growth. And the FDA approval, which we expect any day, will allow Sapien to reach many inoperable patients in the U.S. suffering from severe aortic stenosis," chairman & CEO Michael Mussallem said in prepared remarks.
Mussallem said Edwards expects full-year sales to be between $1.68 billion and $1.72 billion, with adjusted EPS of 57 cents to 62 cents.
"While even a minor shift in timing of the U.S. approval of Sapien affects the fourth quarter earnings, the value to Edwards in 2012 and beyond remains compelling," he added.
MassDevice keeps a close eye on public medical device companies, tracking their quarterly sales and earnings reports. For the most recent filings, check out our Earnings Roundup, where we collect each quarter’s reports.
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