Headline: Edwards Lifesciences Shares Surge 4% on Beating Earnings Expectations and Robust TMTT Growth

IRVINE, Calif. - Edwards Lifesciences (NYSE:EW) reported third-quarter earnings that surpassed analyst expectations, driven by strong growth in its transcatheter mitral and tricuspid therapies (TMTT) segment. Following the results, the company's shares rose by 4.19% on Thursday.

The medical device manufacturer reported adjusted earnings per share of $0.67, exceeding the consensus estimate of $0.66. Revenue increased by 8.9% year-over-year to $1.35 billion, although it fell short of analysts’ expectations of $1.57 billion.

Edwards's TMTT sales surged by 73% to $91 million, reflecting strong adoption of the PASCAL repair system and ongoing expansion of the EVOQUE tricuspid replacement system. The company's core segment, transcatheter aortic valve replacement (TAVR), grew by 6% to $1.02 billion.

CEO Bernard Zovighian stated, "Total company sales growth from ongoing operations was 10% in the third quarter, reflecting the strong contributions of both our TAVR and rapidly growing TMTT product lines. Results from ongoing operations slightly exceeded our guidance expectations."

For the fourth quarter, Edwards forecasts revenue of $1.33-$1.39 billion and adjusted earnings per share between $0.53 and $0.57. Both estimates fall below current analyst projections. Nonetheless, the company reiterated its full-year sales guidance ranges for 2024.

Edwards completed the sale of its Critical Care segment in the third quarter, resulting in a significant one-time gain. The company noted that this move enhances its focus on structural heart therapies.

Zovighian added, "Looking ahead, we see expanding opportunities to address the needs of diverse patient groups suffering from aortic stenosis, aortic insufficiency, mitral and tricuspid disease, and structural heart failure."