Edwards Lifesciences Reports Strong Q3 Earnings

IRVINE, Calif. – Edwards Lifesciences (NYSE:EW) reported third quarter earnings that exceeded analyst estimates, largely due to robust growth in its transcatheter mitral and tricuspid therapies (TMTT) segment. Following the results, the company's stock experienced a 4.19% increase on Thursday.

The medical device maker posted an adjusted earnings per share of $0.67, surpassing the consensus estimate of $0.66. Revenue reached $1.35 billion, a 8.9% year-over-year increase, though it fell short of the expected $1.57 billion.

Sales in the TMTT category soared 73% to $91 million, driven by the strong uptake of its PASCAL repair system and the ongoing launch of the EVOQUE tricuspid replacement system. Additionally, the core transcatheter aortic valve replacement (TAVR) business grew 6% to $1.02 billion.

CEO Bernard Zovighian stated, "Third quarter total company sales growth from continuing operations of 10% reflected strong contributions from both TAVR and our rapidly growing TMTT product group. Results from continuing operations were slightly ahead of our guidance expectations."

For Q4, Edwards is forecasting revenue between $1.33-1.39 billion and adjusted EPS of $0.53-$0.57, both below current analyst forecasts. Nevertheless, the company reaffirmed its full-year 2024 sales guidance ranges.

In Q3, Edwards completed the sale of its Critical Care business, resulting in a considerable one-time gain. This decision aligns with the company's strategy to sharpen its focus on structural heart therapies.

Zovighian concluded, "As we look ahead, we see expanded opportunities to meet the needs of a highly diverse group of patients suffering from aortic stenosis, aortic regurgitation, mitral and tricuspid disease, and structural heart failure."

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