IRVINE, CA – Edwards Lifesciences Corp (NYSE:EW), a leader in the medical technology industry, announced today the appointment of David T. Feinberg, M.D., to its Board of Directors, effective immediately. Dr. Feinberg will also serve on the company's Audit Committee.
Dr. Feinberg, 62, is currently the Chairman of Oracle (NYSE:ORCL) Health and brings a wealth of experience from his previous roles, including CEO of Cerner Corporation (NASDAQ:CERN), Vice President at Google (NASDAQ:GOOGL) Health, and President and CEO at Geisinger Health. He has also held executive positions at UCLA Health and has been actively involved in other boards, including Humana (NYSE:HUM), Douglass Emmett, Inc., OSI Systems (NASDAQ:OSIS), Intus Care, and RAND's Social Economy Policy Advisory Board.
Edwards Lifesciences highlighted Dr. Feinberg's nearly three decades of experience in health system management and health information technology services. His educational background includes a bachelor's degree in economics from the University of California at Berkeley, an M.D. from the University of Health Sciences/Chicago Medical School, and an MBA from Pepperdine University.
The company reported no arrangement or understanding between Dr. Feinberg and any other persons that influenced his selection as a director. Furthermore, Dr. Feinberg does not have any material interest in any transaction requiring disclosure under SEC regulations.
As part of his compensation, Dr. Feinberg will receive pro rata compensation for his role as a non-employee director, as detailed in the company's 2024 Proxy Statement filed with the SEC on March 26, 2024. Edwards Lifesciences will also enter into a standard indemnification agreement with Dr. Feinberg, consistent with agreements filed previously with the SEC.
This appointment comes as Edwards Lifesciences continues to fortify its leadership team and board with individuals who have extensive experience in the healthcare and technology sectors. The information in this article is based on a press release statement from Edwards Lifesciences Corp filed with the SEC.
In other recent news, Edwards Lifesciences is undergoing significant changes and developments. The company has announced executive changes, with Robert W.A. Sellers, Senior Vice President and Principal Accounting Officer, set to retire in 2024. Andrew M. Dahl, currently the Senior Vice President and Corporate Controller, will succeed Sellers upon his retirement.
In addition to these changes, Edwards Lifesciences has entered into a definitive agreement to sell its Critical Care business to Becton, Dickinson and Company for $4.2 billion in cash. This sale is expected to close by the end of 2024, pending regulatory and antitrust approvals. Proceeds from the sale will be reinvested into strategic growth initiatives, specifically in technologies for treating various heart conditions.
Analysts have shown a positive outlook towards Edwards Lifesciences. Goldman Sachs (NYSE:GS) added the company to its US Conviction List and initiated coverage with a Buy rating and a price target of $107.00. Similarly, Citi upgraded shares from Neutral to Buy, with an increased price target of $105.00, following a review of the company's first-quarter performance in 2024. These developments reflect the positive sentiments of analysts towards Edwards Lifesciences in light of recent events.
InvestingPro Insights
As Edwards Lifesciences Corp (NYSE:EW) welcomes Dr. David T. Feinberg to its Board of Directors, investors may find the company's current financial health and market performance of interest. Edwards Lifesciences is trading at a high earnings multiple with a P/E ratio of 40.08 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at 34.67. This indicates robust investor confidence in the company's future earnings potential. Additionally, the company's strong gross profit margin of 76.63% for the same period reflects its ability to maintain profitability in the competitive medical technology sector.
InvestingPro Tips suggest that Edwards Lifesciences operates with a moderate level of debt and its liquid assets exceed short-term obligations, positioning it well for financial stability. Moreover, analysts predict the company will be profitable this year, a sentiment supported by a positive revenue growth of 11.68% over the last twelve months as of Q1 2024. For investors seeking further insights, there are 12 additional InvestingPro Tips available, which can be accessed through the tailored analysis provided by InvestingPro at https://www.investing.com/pro/EW.
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