Edwards Lifesciences Q1 Results Beat Street View; Lifts Outlook

(RTTNews) - Shares of Edwards Lifesciences Corp. (EW) gained nearly 4% in extended trading session on Tuesday after the company's first-quarter earnings and revenues trumped Wall Street estimates. The company also lifted its earnings guidance for the full year 2021.

The Irvine, California-based company's profit rose to $338.2 million or $0.54 per share from $310.6 million or $0.49 per share last year.

Excluding items, adjusted earnings were $340.4 million or $0.54 per share for the period. Analysts polled by Thomson Reuters expected earnings of $0.47 per share. Analysts' estimates typically exclude special items.

First-quarter revenues grew 8% to $1.22 billion from $1.13 billion last year. Analysts had a consensus revenue estimate of $1.16 billion.

Commenting on the quarter, CEO Michael Mussallem said, "Structural heart procedures increased as we progressed through the winter months, and our sales growth this quarter was better-than-expected. Although we anticipate the effects of the pandemic will impact structural heart patients in the near term, we have continued confidence in our positive 2021 outlook."

The company reported global TAVR sales of $792 million, a year-over-year increase of 7 percent on a reported basis. Surgical Structural Heart sales for the quarter were $213 million, up 10 percent from last year.

Looking forward to full year 2021, Edwards continues to see sales of $4.9 to $5.3 billion. The company raised its full year adjusted earnings guidance to $2.07 to $2.27 per share from $2.00 to $2.20 per share. Analysts currently estimate earnings of $2.13 per share on revenues of 5.08 billion.

For the second quarter, the company expects sales of $1.25 to $1.33 billion, and adjusted earnings of $0.54 to $0.60 per share. Analysts currently estimate earnings of $0.52 per share on revenues of $1.25 billion.

EW closed Tuesday's trading at $89.63, up $1.07 or 1.21%, on the NYSE. The stock further gained $3.37 or 3.76% in the after-hours trading.