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Edwards Lifesciences Reports Q3 Financial Results for 2024

authorIntellectia.AI

2024-10-253mins

Edwards Lifesciences Reports Q3 Financial Results for 2024

Edwards Lifesciences Corporation (NYSE: EW) has announced its financial results for the third quarter ending September 30, 2024. The company exhibited robust growth across its operations and segments.

Key Financial Metrics

Below are the key financial figures for the quarter:

Metric Q3 2024 Q3 2023 YoY Change Consensus Estimates
Total Revenue $1.52 billion $1.39 billion +9% $1.52 billion
Earnings Per Share (EPS) $5.13 $0.64 N/A $0.64
Adjusted EPS $0.67 N/A N/A N/A

Interpretation: Edwards Lifesciences reported solid revenue growth, in line with consensus estimates. The company's EPS also outperformed projections with an adjusted EPS of $0.67, showcasing effective management of its operations.

Revenue Performance by Segment

The following table details the company's key segment performances:

Segment Q3 2024 Sales Growth (%) YoY
Transcatheter Aortic Valve Replacement (TAVR) $1 billion +6%
Transcatheter Mitral and Tricuspid Therapies (TMTT) $91 million +73%
Surgical Structural Heart $240 million +5% (constant currency)

Interpretation: The TMTT segment experienced remarkable growth, reflecting strong market adoption of innovations like the PASCAL repair system and EVOQUE tricuspid replacement system. The TAVR segment also contributed robustly, supported by a stable pricing strategy and competitive global positioning.

Operational Highlights - Completed the sale of Critical Care, resulting in a one-time gain. - Ongoing clinical presentations for pivotal TAVR and TMTT evidence at upcoming TCT conference. - Completion of enrollment in CLASP II TR trial and first implants in JOURNEY pivotal trial with J-Valve AR system.

Comments from Company Officers

Bernard Zovighian, CEO, noted significant progress in refining the company's strategic focus on structural heart innovations following the divestment of Critical Care. He also highlighted the solid sales growth from continuing operations and emphasized the company's strategic investments aimed at addressing diverse patient needs in structural heart disease.

Share Repurchase Program

During the third quarter, Edwards repurchased $1.0 billion of its stock. The company has approximately $1.4 billion remaining under its current share repurchase authorization.

Forward Guidance

Edwards reiterated its full-year sales growth guidance of 8% to 10% and expects fourth-quarter sales to range from $1.33 billion to $1.39 billion, with EPS guidance set between $0.53 and $0.57.

Stock Price Movement

Following the earnings release, Edwards Lifesciences' stock saw a slight decrease of 0.37%.

This robust quarter reinforces Edwards Lifesciences' leading position in structural heart innovations and its commitment to sustaining growth through strategic initiatives and market expansion.

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