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April 23, 2020, 4:38 p.m. EDT

Edwards Lifesciences expects COVID-19 to subtract half a billion dollars from sales, stock gains

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By Jeremy C. Owens

EW

Edwards Lifesciences Corp. /zigman2/quotes/205745196/composite EW -0.64% announced Thursday that sales and profit for the first quarter came in higher than expectations despite COVID-19, sending shares higher even while detailing the financial hit the pandemic will have on its finances. The medical-device company focused on heart procedures reported first-quarter profit of $310.6 million, or $1.47 a share, on sales of $1.13 billion, up from $993 million a year ago. After adjusting for litigation expenses and other costs, the company reported earnings of $1.51 a share, up from $1.32 a share a year ago. Analysts on average expected adjusted earnings of $1.32 a share on sales of $1.08 billion, according to FactSet. Edwards also revealed that it now expects full-year sales of $4 billion to $4.5 billion, after previously guiding for 2020 revenue of $4.6 billion to $5 billion. Earnings are now expected to be $4.75 to $5.25 a share, down from previous guidance of $6.15 to $6.40 a share. "The company assumes the impact of COVID-19 on sales will be most severe in the second quarter, followed by a gradual recovery in the third quarter, and a fourth quarter that better resembles its original expectations for sales," the company disclosed in its announcement. The stock increased more than 3% in after-hours trading following the announcement, after closing the regular session with a 2.1% gain at $221.04.

/zigman2/quotes/205745196/composite
US : U.S.: NYSE
$ 68.32
-0.44 -0.64%
Volume: 1.30M
July 9, 2020 2:54p
P/E Ratio
39.23
Dividend Yield
N/A
Market Cap
$42.61 billion
Rev. per Employee
$290,844
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