UPDATE 3-Edwards 4th-quarter profit rises 25 percent

* EPS ex-items 84 cents matches average analyst estimate

* Sales rise 12 percent

* 2010 outlook unchanged

* Shares fall 2 percent

(Adds earnings details, updates share price)

LOS ANGELES, Feb 4 (Reuters) - Edwards Lifesciences Corp (EW.N), the world's largest maker of heart valves, said net profit rose 25 percent in the fourth quarter, citing strong sales of its transcatheter and surgical heart valves.

But the in-line results and lower-than-expected first quarter outlook, failed to wow investors and shares dropped about 2 percent.

"I think people were looking for a beat and a raise," said Morgan Joseph analyst Bruce Jackson.

Fourth-quarter net earnings were $47.6 million, or 80 cents per share, compared with $38.1 million, or 66 cents per share, a year earlier.

Edwards said it earned 84 cents a share excluding one-time items, matching the average analyst estimate, as compiled by Thomson Reuters I/B/E/S.

Sales rose 12 percent to $346.7 million, outpacing the $342.9 million expected by analysts. Excluding the impact of foreign exchange and divested products, sales rose slightly more than 10 percent, Edwards said.

For the full year, Edwards said it still expects earnings per share of $3.50 to $3.60 on sales of $1.43 billion to $1.50 billion.

For the current quarter, the company forecast earnings per share of 77 cents to 81 cents, which fell short of the 82 cents a share forecast by analysts.

For the fourth quarter, the company reported heart valve therapy sales of $188.3 million, including $112 million in sales of its transcatheter valves, which are not yet approved in the United States.

Critical care sales were $120.8 million and cardiac surgery systems sales were $23.9 million.

Shares of Edwards, which closed at $89.66, were lower at $86.75 after hours. (Reporting by Deena Beasley; editing by Andre Grenon)