Shares of Edwards Lifesciences (NYSE:EW) are down more than 6% in after-market trading despite a Wall Street-beating 4th quarter and full year.

Edwards posted profits of $63.1 million, or 53 cents per diluted share, on sales of $430.2 million during the 3 months ended Dec. 31, 2011, representing a sales increase of 9.6% but a bottom-line decline of 2.6%. Excluding 1-time items, EPS reached 62 cents, 3 pennies ahead of expectations on The Street.

For the full year, Edwards reported profits of $36.7 million, or $1.98 diluted EPS, on sales of $1.68 billion. Adjusted EPS were $2.02, again 3 cents above analysts’ expectations.

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“Our fourth quarter closes out a year of significant investment and major milestones for Edwards. Successful Partner trial results culminated in U.S. regulatory approval to begin offering our transcatheter heart valve technology to many inoperable patients suffering from severe aortic stenosis,” chairman & CEO Michael Mussallem said in prepared remarks. “Although the Sapien approval was later than we anticipated and the recent economic turmoil in southern Europe affected results, we were able to deliver quarterly sales growth of 9.6%, consistent with our most recent guidance.”

Sapien sales are forecast to run between $560 million and $630 million this year, “including $200 to $260 million of sales in the U.S.,” Mussallem said. During the 4th quarter sales of the device reached $93.2 million, up 42.7%, with $17.1 million coming from domestic sales.

Mussallem said the company expects to post sales of $440 million to $460 million during the first quarter, with full-year revenues of between $1.95 billion to $2.05 billion.

“We estimate that first quarter diluted EPS will be between $0.47 and $0.49, excluding special items. For the full year 2012, we continue to estimate that diluted EPS will be between $2.70 and $2.80, excluding special items,” he said. “These goals assume a mid-year 2012 approval of Cohort A of the Partner trial.”

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The Minneapolis-based firm posted profits of $2.2 million, or 13 cents per share, on sales of $22.1 million during the 3 months ended Dec. 31, 2011.

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