(Adds profit and outlook details, sales breakdown)
July 29 Edwards Lifesciences Corp posted
stronger second-quarter earnings on Tuesday, propelled by a gain
from a legal settlement and higher sales of heart valves that
are implanted using a less-invasive procedure than traditional
The Irvine, California-based medical device maker also
raised its full-year profit outlook to a range of $3.24 to $3.34
a share excluding one-time items. It previously forecast
earnings of around $3.10 a share.
Net income for the quarter rose to $547 million, or $5.09
per share, from $93.3 million, or 81 cents per share, a year
Earnings were boosted by a special gain of $747.4 million
from the settlement of a patent dispute with Medtronic Inc
over transcatheter valve technology, which involves
using a catheter to thread a replacement valve through blood
vessels to the heart.
Excluding one-time items, earnings per share rose to 88
cents from 84 cents a year ago.
Edwards' net sales in the quarter increased 11.2 percent to
Analysts on average had expected a profit of 77 cents a
share on sales of $544.6 million, according to Thomson Reuters
Transcatheter heart valve sales rose 20.6 percent to $219.7
million compared with the same period last year. Edwards
launched its next-generation Sapien XT heart valve, which can
treat a larger group of patients, in the United States in June.
Sales of transcatheter valves outside the United States rose
45.1 percent, driven by strong growth in Europe, where Sapien 3
helped the company gain market share, it said. Edwards is also
rolling out its Sapien XT valve in Japan.
Edwards said it now expects its 2014 sales at the high end
of its previously forecast range of $2.05 billion to $2.25
(Reporting by Susan Kelly in Chicago. Editing by Andre Grenon)