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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