Shares in Edwards Lifesciences (NYSE:EW) have fallen in early morning trading today despite the medical device maker posting second quarter earnings that topped expectations on Wall Street.
The Irvine, Calif.-based company posted profits of $282.7 million, or $1.32 per share, on sales of $943.7 million for the three months ended June 30, for bottom-line growth of 12.1% while sales grew 51.9% compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were $1.24, ahead of the $1.08 consensus on Wall Street where analysts expected to see sales of $935 million, which the company also topped.
“We are pleased to report strong second quarter performance that delivered double-digit organic sales growth driven by robust sales of our innovative therapies. Adjusted sales grew 10 percent on an underlying basis, consistent with our expectations, and in-line with our projected 10 to 11 percent underlying sales growth for 2018. We experienced broad-based growth across the Edwards portfolio. Looking forward, as structural heart disease is largely undertreated and underdiagnosed, we remain committed to increasing awareness and providing innovative lifesaving therapies, so that even more patients can benefit,” chair & CEO Michael Mussallem said in a press release.
Edwards reiterated its sales guidance for the year of between $3.5 billion and $3.9 billion, and lifted its adjusted EPS expectations from between $4.50 and $4.70 to between $4.60 and $4.75.
For the third quarter, Edwards said it expects to post sales of between $900 million and $950 million, with adjusted EPS of between 93¢ and $1.03.
“We are confident in our outlook for continued strong sales growth, and we remain passionate about helping more patients around the world. We continue to focus on driving organic growth with leading innovative technologies, while aggressively investing in our future. Our foundation of leadership positions us well for continued longer-term success and greater shareholder value as we pursue multi-billion dollar market opportunities,” Mussallem said in a prepared statement.
Shares in Edwards have fallen 9.3% so far today, at $140.72 as of 12:00 p.m. EDT.
Last month, Edwards priced a $600 million offering of senior notes due 2028.
