Edwards Lifesciences (NYSE:EW) shares ticked up after hours today on first-quarter results that topped the consensus forecast.
The Irvine, Calif.–based company posted profits of $338.2 million, or 54¢ per share, on sales of $1.22 billion for the three months ended March 31, 2021, for an 8.9% bottom-line gain on sales growth of 7.8%.
Adjusted to exclude one-time items, earnings per share were also 54¢, 7¢ ahead of Wall Street, where analysts were looking for sales of $1.2 billion.
Edwards’ transcatheter aortic valve replacement (TAVR) business reported growth of 7% in sales year-over-year, with its Sapien 3 Ultra platform performing well. In December, the company projected 15%-20% growth for TAVR sales in 2021 and reaffirmed that estimate in a news release today.
“We recognize that there are many people still struggling with the pandemic around the world, yet as we anniversary the start of the pandemic, I’m encouraged by the signs of recovery,” Edwards chairman & CEO Michael A. Mussallem said in the release. “Structural heart procedures increased as we progressed through the winter months, and our sales growth this quarter was better-than-expected. Although we anticipate the effects of the pandemic will impact structural heart patients in the near term, we have continued confidence in our positive 2021 outlook.”
Edwards said it now expects to log adjusted EPS of between $2.07 and $2.27, compared with $2 to $2.20 previously, and maintained its prior sales guidance for between $4.9 billion and $5.3 billion.
EW shares were up 2.6% at $92 per share after hours yesterday. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ended the day down -0.1%.
Shares of EW rose even higher today, ticking up 5.4% at $94.47 per share in mid-afternoon trading.