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Economic Challenges Hit Edwards Lifesciences Q3 Earnings, Guidance Lags Wall Street Estimates

Published 28/10/2022, 17:25
© Reuters. Economic Challenges Hit Edwards Lifesciences Q3 Earnings, Guidance Lags Wall Street Estimates
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  • Edwards Lifesciences Corp (NYSE: NYSE:EW) reported Q3 adjusted EPS of $0.61, up 13% Y/Y, missing the Wall Street consensus of $0.62.
  • The company saw persistent U.S. hospital staffing shortages and COVID headwinds in Japan affect its TAVR sales.
  • Edwards' TAVR sales only grew 1% Y/Y in Q3, reaching $862 million. In the U.S., Edwards' TAVR procedures increased in the mid-single digits versus the prior year.
  • Q3 sales reached $1.32 billion, up 1% (+7% on constant currency), slightly below the consensus of $1.33.
  • Edwards Lifesciences regulatory wins during Q3 included FDA approval and the CE Mark of its Pascal Precision system for patients with degenerative mitral regurgitation (DMR).
  • Guidance: Edwards Lifesciences suspect that U.S. hospital staffing challenges and a strong U.S. dollar will persist.
  • The company revised FY22 sales guidance at the low end of the company's previous range of $5.35-$5.55 billion, compared to the consensus of $5.47 billion.
  • It projects an FY22 adjusted EPS of $2.40-$2.50, down from the previous range of $2.50-$2.65 and the consensus of $2.51.
  • For Q4, Edwards expects reported sales and adjusted EPS to be similar to the third quarter.
  • Price Action: EW shares are down 15.9% at $72.57 on the last check Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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