Edwards Lifesciences Earnings: Here’s Why Investors are Selling Shares Now
Edwards Lifesciences Corp. (NYSE:EW) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 12.81%.
Edwards Lifesciences Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 35.85% to $0.72 in the quarter versus EPS of $0.53 in the year-earlier quarter.
Revenue: Rose 8.17% to $496.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Edwards Lifesciences Corp. reported adjusted EPS income of $0.72 per share. By that measure, the company missed the mean analyst estimate of $0.76. It missed the average revenue estimate of $518.6 million.
Quoting Management: “The ongoing adoption in the U.S. drove global transcatheter valve growth of 40 percent,” said Michael A. Mussallem, chairman and CEO. “Our THV clinical results continue to be very positive and we are making good progress on our pipeline of new products that we believe will enable us to strengthen our leadership position. Yet, as global sales this quarter across product lines were below our expectations, we are lowering our 2013 guidance primarily to reflect a slower start to the year and an updated foreign exchange impact.”
Key Stats (on next page)…