3Q19 Earnings Show Edwards Continues to Have Solid TAVR Story

Edwards Lifesciences made tremendous gains in 3Q19 by toppling consensus forecast and significantly raising revenue. As a result, shares of Edwards jumped by nearly 6%. The Irvine, CA-based company, often called a pioneer in the transcatheter aortic valve replacement (TAVR) market, improved third quarter net sales 20.7% year-over-year to $1.09 billion. Diluted earnings per share for the quarter were $1.30, while adjusted earnings per share grew 32% to $1.41. For 2019, the company now expects total sales around the top of its previous $4 billion to $4.3 billion range. Additionally, the company raised its full-year 2019 adjusted earnings per share guidance to $5.50 to $5.65 from $5.20 to $5.40. The company said its strong 3Q19 reflected a large increase in the number of patients who were treated with transcatheter heart valve therapy. Edwards was able to have this type of success despite the growing competition in the TAVR market. During an earnings call, an analyst asked about the potential impact Boston Scientific’s Lotus Edge and Abbott Laboratories’ Portico could have on Edwards TAVR offerings. “Yes. We expect it to have an impact,” said Mike Mussalem, CEO of Edwards, answering the analyst’s question about competition, according to a transcript of an earnings call from Seeking Alpha. “These are really good companies. We tend to think that our technology is pretty subs...
Source: MDDI - Category: Medical Devices Authors: Tags: Business Cardiovascular Source Type: news