April 23 (Reuters) – Edwards Lifesciences beat Wall Street first-quarter estimates on Thursday, driven by robust demand for its artificial valves used in complex cardiac procedures, sending its shares up over 4% in extended trading.
Medical technology firms are benefiting from aging populations that require more healthcare, leading to increased use of surgical and procedural devices.
Sales of Edwards’ transcatheter aortic valve replacement device (TAVR) rose 14.4% year-over-year to $1.2 billion in the quarter, compared to estimates of $1.15 billion, according to data compiled by LSEG.
TAVR is used to treat severe aortic stenosis, a condition where the aortic valve narrows and restricts blood flow from the heart.
The company now expects adjusted annual profit in the range of $2.95 to $3.05 per share, compared to its previous projection of $2.90 to $3.05 per share.
It raised its annual sales growth forecast to a range of 9% to 11%, up from a previously disclosed range of 8% to 10%.
The California-based company reported quarterly revenue of $1.65 billion, topping estimates of $1.6 billion.
On an adjusted basis, Edwards earned a profit of 78 cents per share, surpassing analysts’ estimate of 73 cents per share.
(Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Vijay Kishore)
Comments