April 24 Medical device maker Edwards
Lifesciences Corp 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
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