Edwards Lifesciences shares slip on 4Q outlook
NEW YORK (AP) — NEWS: Heart device maker Edwards Lifesciences said Monday its net income rose 11 percent in the third quarter, but its shares traded lower on a disappointing outlook.
DETAILS: Edwards said sales of its Sapien heart valves rose 39 percent to $172 million. The Irvine, Calif., company maintained its outlook for the year but projected disappointing results for the fourth quarter.
NUMBERS: Edwards said its net income grew to $76.9 million, or 68 cents per share, from $69.2 million, or 58 cents per share. Revenue increased 11 percent, to $495.6 million from $447.9 million
Analysts were expecting net income of 66 cents per share and $491.9 million in revenue, according to FactSet.
FUTURE: For the full year Edwards still expects adjusted income of $3 to $3.10 per share and $2 billion to $2.1 billion in revenue. It is projecting adjusted income of 81 to 85 cents per share and $520 million to $550 million in revenue in the fourth quarter.
Analysts expect $3.07 per share and $2.05 billion in revenue for the year, and for the fourth quarter they had forecast 86 cents per share and $547.6 million.
STOCK: Edwards Lifesciences shares lost $3.19, or 4.1 percent, to $73.87 in midday trading.