Edwards Lifesciences first-quarter net profit falls, sales rise 5 percent

Thu Apr 24, 2014 4:21pm EDT

(Reuters) - Medical device maker Edwards Lifesciences Corp (EW.N) said on Thursday quarterly net earnings fell due to higher manufacturing costs, unfavorable foreign exchange rates and a year-earlier gain of $83.6 million related to patent litigation.

The medical device maker said first-quarter net income dropped to $60.3 million, or 56 cents a share, from $143.9 million, or $1.24 a share, a year earlier.

Excluding special items, Edwards said it earned 76 cents a share.

Quarterly net sales rose 5.2 percent to $522.4 million.

For the full year, Edwards said it still expects sales of $2.05 billion to $2.25 billion. The company projected second-quarter adjusted earnings per share of 71 to 81 cents on sales of $525 million to $565 million.

(Reporting by Deena Beasley in Los Angeles; editing by Matthew Lewis)