By Patrick Thomas
Edwards Lifesciences Corp.'s /zigman2/quotes/205745196/composite EW +6.00% profit fell for its second quarter but beat analysts' estimates as sales rose 15% from a year earlier.
The Irvine, Calif., medical-device maker reported a profit of $242.3 million, or $1.14 a share, compared with $282.7 million, or $1.32 a share, a year ago.
The company reported adjusted earnings of $1.38 a share. Analysts polled by FactSet were expecting earnings of $1.33 a share on an adjusted basis.
Sales rose to $1.09 billion from $943.7 million a year earlier. Analysts had expected $1.05 billion of revenue in the quarter.
The company said its sales were boosted by increased demand for its transcatheter aortic valve replacement product (Tarv). Tarv sales grew 16% to $678 million from a year earlier.
For the year, the company raised its adjusted earnings outlook to between $5.20 to $5.40 from $5.10 to $5.35 a share.
For its current quarter, the company said it expects sales between $1.02 billion and $1.06 billion, and adjusted earnings per share between $1.13 to $1.23.
Shares of the company rose 7% during after-market trading.
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