The Irvine, Calif.-based company posted profits of $325.2 million, or 52¢ per share, on sales of $1.14 billion for the three months ended Sept. 30, 2020, for an 18.4% bottom-line gain on sales growth of 4.3%.
Adjusted to exclude one-time items, earnings per share were 51¢, 7¢ ahead of Wall Street, where analysts were looking for sales of $1.1 billion.
Edwards reported 6% growth in its transcatheter aortic valve replacement (TAVR) business, with a raised expectation for 2012 TAVR sales to return to double-digit growth.
“I am very proud of the way our passionate team is serving patients during this difficult period,” Edwards chairman & CEO Michael Mussallem said in a news release. “Our supply chain has delivered and our field team has continued to support the dedicated clinicians that count on Edwards. We are pleased to report better-than-expected third-quarter results despite the challenges of the ongoing COVID pandemic.”
Edwards said it now expects to log adjusted EPS of $1.85 to $1.95, compared with $1.75 to $1.95 previously. The company did not offer full sales guidance, but expects the previously mentioned TAVR growth and it hopes to double sales for transcatheter mitral and tricuspid therapies (TMTT).
EW shares were down -0.03% at $84.43 per share after hours. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day practically even.