Edward Lifesciences (
EW) - Get Report shares hit an all-time high Wednesday after the medical devices maker posted Street-beating first quarter earnings as post-COVID procedures gathered past in the waning months of the pandemic.
The Irvine, California-based group generated revenues of $1.22 billion over the first three months of the year, with a bottom life of 54 cents per share, thanks in part to nearly $800 million in sales from its transcatheter aortic valve replacement, or TAVR, unit, which it expects to grow by as much as 20% this year.
TAVR is a minimally invasive heart procedure that is used to repair narrow aortic valves in patients that are often at high risk from complications linked to open-heart surgery.