Edwards Lifesciences Raises 2020 Adj. EPS Guidance; Reiterates Sales Outlook

(RTTNews) - Edwards Lifesciences Corp. (EW) said the company now expects full-year 2020 adjusted earnings per share of $1.75 to $1.95 on a post-split basis, versus previous guidance of $1.58 to $1.75, or on a pre-split basis, $4.75 to $5.25. Overall, 2020 sales guidance continues to be $4.0 to $4.5 billion.

For the third quarter, the company projects total sales to be between $1.0 and $1.2 billion. Edwards projects sales in the third quarter to return to 2019 levels, and for sales to start growing again in the fourth quarter.

Second quarter adjusted earnings per share decreased 26% to $0.34. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.17, for the quarter. Analysts' estimates typically exclude special items.

Second quarter sales were $925 million, a decrease of 15% over the prior year, or down 14% on an underlying basis. Analysts expected revenue of $797.53 million for the quarter. For the quarter, the company reported global TAVR sales of $594 million, a decrease of 12% over last year, or down 11% on an underlying basis.

Shares of Edwards Lifesciences were up 5% after hours.