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Edwards shares rise on 2017 outlook

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Edwards LifesciencesEdwards Lifesciences (NYSE:EW) shares have risen today in response to the company posting a positive outlook for 2017, despite 4th quarter numbers sliding towards the lower end of its guidance.

The company said that for the next year, it expects to bring in global sales between $3 billion and $3.4 billion, with adjusted earnings per share of between $3.30 and $3.45.

The company said it expects to see more opportunities in transcatheter aortic valve replacements, with the industry expected to exceed $5 billion by 2021. Edwards said the next year would also be a pivotal one for clinical experience in trans catheter mitral and tricuspid therapies.

“We expect another year of strong performance for Edwards Lifesciences in 2017, led by growth in sales of Sapien 3 and continued leadership in all our core businesses. We are projecting strong financial results next year while we continue to invest aggressively to provide breakthrough therapies for even more patients in need,” CEO & chair Michael Mussallem said in prepared remarks.

The news for the 4th quarter of this year wasn’t as positive, with Edwards expecting to see numbers near the lower end of its guidance, which was set between $750 and $790 million. The company said the dip was driven by lower surgical heart valve therapy sales which trended below October guidance, as well as the impact of foreign exchange.

Transcatheter heart valve therapy sales and critical care sales in Q4 look consistent with released guidance, Edwards said.

Shares have risen 7.3% so far today, up $6.11 to trade at $89.81 as of 12:46 p.m. EST.

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