Edwards Lifesciences stock jumps 4% on earnings beat, strong TMTT growth

IRVINE, Calif. - Edwards Lifesciences (NYSE:EW ) reported third quarter earnings that beat analyst estimates, driven by strong growth in its transcatheter mitral and tricuspid therapies (TMTT) business. The company's stock jumped 4.19% Thursday following the results.

The medical device maker posted adjusted earnings per share of $0.67, topping the consensus estimate of $0.66. Revenue came in at $1.35 billion, up 8.9% YoY but below the $1.57 billion analysts expected.

Edwards' TMTT sales surged 73% to $91 million, reflecting strong adoption of its PASCAL repair system and continued rollout of the EVOQUE tricuspid replacement system. The company's core transcatheter aortic valve replacement (TAVR) business grew 6% to $1.02 billion.

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

For the fourth quarter, Edwards forecasts revenue of $1.33-1.39 billion and adjusted EPS of $0.53-$0.57, both below current analyst projections. However, the company reiterated its full-year 2024 sales guidance ranges.

Edwards completed the sale of its Critical Care business in Q3, resulting in a significant one-time gain. The company said this move sharpens its focus on structural heart therapies.

"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," Zovighian added.

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Source: Investing.com