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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.
Edwards Lifesciences Q1 Results Beat Street View; Lifts Outlook
WASHINGTON (dpa-AFX) - Shares of Edwards Lifesciences Corp. (EW) gained nearly 4% in extended trading session on Tuesday after the company s first-quarter earnings and revenues trumped Wall Street estimates. The company also lifted its earnings guidance for the full year 2021.
The Irvine, California-based company s profit rose to $338.2 million or $0.54 per share from $310.6 million or $0.49 per share last year.
Excluding items, adjusted earnings were $340.4 million or $0.54 per share for the period. Analysts polled by Thomson Reuters expected earnings of $0.47 per share. Analysts estimates typically exclude special items.
First-quarter revenues grew 8% to $1.22 billion from $1.13 billion last year. Analysts had a consensus revenue estimate of $1.16 billion.
Provided by Dow Jones By Kimberly Chin Edwards Lifesciences Corp. posted higher earnings in the first quarter, driven by an increase in sales as the company saw a rise in structural heart procedures during the period. The medical device company reported earnings of $338.2 million, up from $310.6 million in the comparable period a year earlier. Per-share earnings were 54 cents, up from 49 cents a year ago. Adjusted earnings were 54 cents a share. Analysts were expecting reported earnings of 46 cents a share and adjusted earnings of 47 cents a share, according to a FactSet poll. Net sales rose to $1.22 billion from $1.13 billion a year earlier. Analysts were looking for $1.16 billion.