The Irvine, Calif.-based company posted profits of $230.2 million, or $1.06 per share, on sales of $883.5 million for the 3 months ended March 31, for bottom-line growth of 61% while sales grew 26.7% compared to the same period in 2016.
Edwards earnings per share handily topped the 82¢ consensus on The Street, and revenue came in well above the $777.8 million expectations from analysts.
“Our 1st quarter continued a trend of exceptional growth for Edwards at both the top and bottom lines. Strong total sales growth of 19 percent on an underlying basis was above our expectations and reflected strength in all three of our product lines across all regions, with particular strength in transcatheter heart valves in the U.S. We’re also pleased with our progress on key R&D milestones as we pursue innovative solutions for the patients we serve,” CEO & chair Michael Mussallem said in a press release.
The company released updated guidance for the full year and coming quarter with its 1st quarter earnings. Edwards said it expects to report 2nd quarter sales of between $810 and $850 million, with adjusted earnings per share between 82¢ and 92¢.
For the full year, the company expects to post sales of $3.2 to $3.4 billion, narrowed from previous guidance of between $3.0 and $3.4 billion. Edwards also lifted its earnings per share guidance for the full year from between $3.30 and $3.45 to between $3.43 and $3.55.
“Our strong start to 2017 bolsters our confidence in our focused innovation strategy. We believe there are abundant opportunities within our areas of focus to provide meaningful innovations for patients and drive significant organic growth. Our foundation of leadership, coupled with a robust product pipeline, positions us well for continued longer-term success and greater shareholder value,” Mussallem said in a prepared statement.
Shares have risen more than 10% in early day trading, up $9.96 at $108.88 as of 10:37 a.m. EST