Edwards Lifesciences (EW) stock briefly popped — and then slipped — on its mixed third-quarter report after wrapping up the highly anticipated divestiture of its critical care business.
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The company is best-known for its transcatheter aortic heart-valve replacements, or TAVR. This is a nonsurgical means of replacing a faulty heart valve. During the September quarter, TAVR sales grew 6% to $1.01 billion. The company says its competitive position and pricing remained stable globally.
But overall sales proved a mixed bag. The company’s total revenue advanced roughly 9% to $1.35 billion. That excludes the now-divested critical care business. Analysts projected $1.57 billion in sales, but that includes $206 million from the critical care division. Excluding that, Edwards’ sales still narrowly missed the $1.37 billion forecast.
Notably, earnings on an adjusted basis topped the Street’s call by a penny, coming in at 67 cents per share. Earnings grew almost 14%.
Edwards reiterated its expectation for sales to grow 8% to 10% this year. The Street’s estimate for $6.04 billion in sales is roughly flat year over year.
In after-hours trades, Edwards Lifesciences stock slipped more than 2% to dipped a fraction to 68.60, reversing from an earlier gain.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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