Edwards Lifesciences Says Fourth-quarter Sales Trending At Low End Of Guidance

By Ciara Linnane Markets MarketWatch Pulse

Edward Lifesciences Corp. on Thursday set financial goals for 2017, and said fourth-quarter sales are tracking at the low end of its guidance. The company said it expects 2017 sales to range from $3.0 billion to $3.4 billion, compared with a current FactSet consensus of $3.3 billion. In a statement prepared for an investor meeting later Thursday, the company said it expects adjusted per-share earnings for 2017 to come to $3.30 to $3.45, compared with a FactSet consensus of $3.40. The company is expecting the pending acquisition of Valtech Cardio to shave 10 cents per share off earnings and expects an 8 cents to 13 cents per share benefit from an accounting change related to stock-based compensation. The company said fourth-quarter sales are trending toward the low end of its guided range of $750 million to $790 million, driven by lower sales at its surgical heart valve therapy business. The company remains committed to that business, which it continues to expect will exceed $5 billion by 2021. Shares were flat in premarket trading, but are up 6% in the year so far, while the S&P 500 has gained 9.7%.

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