(Reuters) - Edwards Lifesciences Corp (EW.N) 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 open-heart surgery.
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 ago.
Earnings were boosted by a special gain of $747.4 million from the settlement of a patent dispute with Medtronic Inc (MDT.N) 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 $575.1 million.
Analysts on average had expected a profit of 77 cents a share on sales of $544.6 million, according to Thomson Reuters I/B/E/S.
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 billion.
Reporting by Susan Kelly in Chicago. Editing by Andre Grenon