Edwards Lifesciences Corp. said its third-quarter revenue rose 1.3% as continued strong sales growth for the medical-device maker's nonsurgical heart values was muted by impacts from a strong U.S. dollar.

The Irvine, Calif., company's revenue increased to $615.5 million from $607.4 million a year earlier. Edwards had projected revenue of $580 million to $620 million. However, on an underlying basis, which excludes currency impacts and sales-return reserve impacts, sales rose 14%.

For the year, Edwards raised its per-share earnings estimate to between $4.43 and $4.53, from its previous estimate for per-share profit of $4.30 to $4.40.

For the current quarter, the company forecast per-share earnings of $1.11 and $1.21 on revenue of $620 million to $660 million. Analysts polled by Thomson Reuters expected per-share profit of $1.14 and revenue of $631 million.

The company has continued to post better-than-expected sales of its nonsurgical heart valves, despite increased competition. The devices, known as transcatheter heart valves, provide an alternative option for elderly patients who are considered at high risk of complications in open-heart surgery.

Ahead of the earnings, Wells Fargo analysts said they expect Edwards to continue to dominate the market for transcatheter heart valves while the company helps grow a related market in transcatheter mitral valve repair and replacements.

For the latest quarter, sales of Edwards's transcatheter heart valves, which are implanted with catheter tubes inserted through the arteries, grew 11% to $296.1 million. According to FactSet, analysts had expected transcatheter heart-valve sales of $278 million. Meanwhile, underlying sales of transcatheter heart valves climbed 29%.

Chairman and Chief Executive Michael A. Mussallem said in prepared remarks on Monday that the transcatheter heart valve business's performance was driven by increases in procedures and the launch of its Sapien 3 heart valve.

Mr. Mussallem also said that based on Edwards's year-to-date results and the strong demand for Sapien 3, the company now expects its underlying transcatheter heart valve sales for 2015 to reach the high end of previous growth estimate of between 25% and 35%.

Overall, Edwards Lifesciences reported a profit of $118.1 million, or $1.07 a share, up from $94.6 million, or 87 cents a share, a year earlier. The company had projected per-share earnings of 92 cents to $1.

Sales of the company's traditional heart valves, which are implanted via open-heart surgery, decreased 7.6% to $187.9 million, but on an underlying basis sales edged up 0.2% on stronger volume. Critical-care segment sales fell 3.8% to $131.5 million, but grew 5% on an underlying basis.

Write to Tess Stynes at tess.stynes@wsj.com

 

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(END) Dow Jones Newswires

October 26, 2015 17:35 ET (21:35 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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