Edwards Lifesciences (EW) reported $1.6 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 9.5%. EPS of $0.66 for the same period compares to $0.62 a year ago.The reported revenue represents a surprise of +1.43% over the Zacks Consensus Estimate of $1.58 billion. With the consensus EPS estimate being $0.64, the EPS surprise was +3.13%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...

Edwards Lifesciences (EW) came out with quarterly earnings of $0.66 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.13%. A quarter ago, it was expected that this medical device maker would post earnings of $0.64 per share when it actually produced earnings of $0.64, delivering no surprise.Over the last four quarters, the co ...

[Q1 2024 Financial Performance Overview](index=1&type=section&id=Q1%202024%20Financial%20Performance%20Overview) Edwards Lifesciences reported strong Q1 2024 sales growth of 10% to $1.6 billion, driven by TMTT, leading to raised full-year guidance [Highlights and Outlook](index=1&type=section&id=Highlights%20and%20Outlook) Edwards Lifesciences achieved strong Q1 2024 sales growth of 10% to $1.6 billion, raising full-year guidance due to robust segment performance Q1 2024 Key Financial Results | Metric | Q1 2024 Result | | :--- | :--- | | Total Sales | $1.6 billion (+10% YoY) | | TAVR Sales Growth | 6% (8% adj. for billing days) | | TMTT Sales Growth | 75% | | EPS | $0.58 | | Adjusted EPS | $0.66 | - The company raised its 2024 sales guidance to the high end of the **8-10%** range, citing a strong start to the year. Guidance was specifically increased for TMTT, Surgical, and Critical Care segments[3](index=3&type=chunk)[4](index=4&type=chunk) - The planned spin-off of the Critical Care business is on track for completion by year-end[4](index=4&type=chunk) [Business Segment Performance](index=2&type=section&id=Business%20Segment%20Performance) [Transcatheter Aortic Valve Replacement (TAVR)](index=2&type=section&id=Transcatheter%20Aortic%20Valve%20Replacement%20%28TAVR%29) TAVR sales reached **$1.0 billion**, growing **6%** (8% adjusted), driven by U.S. and Japan, with stable competitive positioning Q1 2024 TAVR Performance | Metric | Q1 2024 Value | | :--- | :--- | | Sales | $1.0 billion | | Reported Growth | 6% | | Constant Currency Growth (adj. for billing days) | 8% | - Growth was driven by performance in the U.S. and Japan, with stable selling prices and competitive position[5](index=5&type=chunk) - The SAPIEN 3 Ultra RESILIA platform is the leading platform in the U.S. and Japan and is set for a European launch in Q2[6](index=6&type=chunk) [Transcatheter Mitral and Tricuspid Therapies (TMTT)](index=2&type=section&id=Transcatheter%20Mitral%20and%20Tricuspid%20Therapies%20%28TMTT%29) TMTT sales surged **75%** to **$73 million**, fueled by PASCAL adoption and the U.S. FDA approval of the EVOQUE system Q1 2024 TMTT Performance | Metric | Q1 2024 Value | | :--- | :--- | | Sales | $73 million | | YoY Growth | 75% | - Growth was driven by the expanded adoption and new site activation of the PASCAL repair system[9](index=9&type=chunk) - In February, the EVOQUE system received U.S. FDA approval, becoming the first transcatheter therapy for treating tricuspid regurgitation[10](index=10&type=chunk) [Surgical Structural Heart and Critical Care](index=2&type=section&id=Surgical%20Structural%20Heart%20and%20Critical%20Care) Surgical Structural Heart grew **7%** to **$266 million**, and Critical Care grew **13%** to **$251 million**, with the spin-off on track Q1 2024 Segment Sales and Growth | Segment | Q1 2024 Sales | Reported Growth | Constant Currency Growth | | :--- | :--- | :--- | :--- | | Surgical Structural Heart | $266 million | 7% | 8% | | Critical Care | $251 million | 13% | 14% | - Surgical growth was driven by strong global adoption of premium technologies including INSPIRIS, MITRIS, and KONECT[11](index=11&type=chunk) - Critical Care growth was led by Smart Recovery technologies, including the Acumen IQ sensor, and strong demand for Swan-Ganz catheters[12](index=12&type=chunk)[13](index=13&type=chunk) [Financial Results and Outlook](index=3&type=section&id=Financial%20Results%20and%20Outlook) [Additional Financial Results](index=3&type=section&id=Additional%20Financial%20Results) Q1 2024 adjusted gross margin was **76.0%**, with increased operating expenses and a strong **$1.7 billion** cash position Q1 2024 vs Q1 2023 Selected Financials | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Adjusted Gross Profit Margin | 76.0% | 77.5% | | SG&A Expenses | $490 million | $436 million | | R&D Expenses | $285 million | $261 million | Balance Sheet Highlights | Balance Sheet Item | As of March 31, 2024 | | :--- | :--- | | Cash, cash equivalents & short-term investments | $1.7 billion | | Total Debt | ~$600 million | | Adjusted Free Cash Flow | $206 million | [Outlook](index=3&type=section&id=Outlook) Edwards Lifesciences raised full-year 2024 sales guidance to the high end of **8-10%** (**$6.3-$6.6 billion**), maintaining EPS guidance Updated Full-Year 2024 Guidance | Segment | Expected Sales Growth | | :--- | :--- | | Total Sales | High end of 8-10% range | | TAVR | 8-10% (constant currency) | | Surgical Structural Heart | 6-8% | | Critical Care | 8-10% | | TMTT | $320 - $340 million | Q2 2024 Guidance | Metric | Q2 2024 Projection | | :--- | :--- | | Total Sales | $1.62 - $1.70 billion | | Adjusted EPS | $0.67 - $0.71 | - The company maintained its full-year 2024 adjusted earnings per share guidance of **$2.70** to **$2.80**[18](index=18&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Unaudited Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) Q1 2024 net sales increased to **$1.60 billion**, with diluted EPS of **$0.58**, despite higher operating expenses Q1 2024 vs Q1 2023 Income Statement (in millions, except EPS) | Account | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net sales | $1,598.2 | $1,459.6 | | Gross profit | $1,212.6 | $1,130.1 | | Operating income | $387.5 | $388.4 | | Net income attributable to Edwards | $351.9 | $340.5 | | Diluted EPS | $0.58 | $0.56 | [Unaudited Balance Sheets](index=6&type=section&id=Unaudited%20Balance%20Sheets) Total assets increased to **$9.74 billion**, with total liabilities decreasing and total equity growing to **$7.19 billion** Balance Sheet Summary (in millions) | Account | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,224.6 | $1,144.0 | | Total current assets | $4,170.5 | $4,035.7 | | Total assets | $9,736.3 | $9,363.2 | | Total liabilities | $2,549.9 | $2,643.8 | | Total equity | $7,186.4 | $6,719.4 | [Non-GAAP Financial Measures and Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Explanation of Non-GAAP Measures](index=7&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Non-GAAP measures provide a clearer view of core operational performance by excluding non-recurring or non-core items - Non-GAAP adjustments are made for items that do not reflect core operational activities, are inconsistent in frequency, or are commonly adjusted within the industry[28](index=28&type=chunk) - Key adjustments in Q1 2024 include certain litigation expenses (**$8.9M**), amortization of intangibles (**$1.4M**), and separation costs for the Critical Care spin-off (**$41.3M**)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [Reconciliation of GAAP to Non-GAAP Financial Information](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Information) GAAP diluted EPS of **$0.58** was adjusted to **$0.66** non-GAAP, reflecting adjustments for litigation, amortization, and separation costs Q1 2024 GAAP to Non-GAAP Reconciliation | Metric | GAAP | Adjustments | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | | Gross Profit Margin | 75.9% | +0.1% | 76.0% | | Operating Income | $387.5M | +$51.6M | $439.1M | | Net Income | $351.9M | +$45.4M | $397.3M | | Diluted EPS | $0.58 | +$0.08 | $0.66 | [Reconciliation of Sales by Product and Region](index=11&type=section&id=Reconciliation%20of%20Sales%20by%20Product%20and%20Region) Total sales grew **9.9%** constant currency, with strong performance in the U.S. and significant TMTT growth Q1 2024 Sales Growth by Product Group (Constant Currency) | Product Group | Constant Currency Growth Rate | | :--- | :--- | | Transcatheter Aortic Valve Replacement | 6.6% | | Transcatheter Mitral and Tricuspid Therapies | 72.2% | | Surgical Structural Heart | 7.9% | | Critical Care | 14.4% | | **Total** | **9.9%** | Q1 2024 Sales Growth by Region (Constant Currency) | Region | Constant Currency Growth Rate | | :--- | :--- | | United States | 10.8% | | Europe | 8.4% | | Japan | 8.2% | | Rest of World | 9.4% | [Reconciliation of Cash Flow and TAVR Growth Rate](index=11&type=section&id=Reconciliation%20of%20Cash%20Flow%20and%20TAVR%20Growth%20Rate) Adjusted free cash flow was **$206.2 million**, and TAVR constant currency growth adjusted to **7.7%** for billing days Adjusted Free Cash Flow (in millions) | | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(53.5) | $314.1 | | Adjustments (Tax deposit, Separation costs) | $325.0 | - | | Capital expenditures | $(65.3) | $(61.5) | | **Adjusted Free Cash Flow** | **$206.2** | **$252.6** | - The TAVR constant currency growth rate of **6.6%** adjusts to **7.7%** when accounting for the impact of fewer billing days in the quarter compared to the prior year[41](index=41&type=chunk)

The earnings season is in full swing now with several MedTech bigwigs already releasing first-quarter results. Per the latest Earnings Preview, quarterly results of the Medical sector have declined year over year, affected by the ongoing macroeconomic headwinds, primarily in the form of worldwide geopolitical issues and healthcare labor shortages.Going by the broader Medical sector’s scorecard, 5% of the companies in the Medical sector, constituting 19.4% of the sector’s market capitalization, reported earn ...

The upcoming report from Edwards Lifesciences (EW) is expected to reveal quarterly earnings of $0.64 per share, indicating an increase of 3.2% compared to the year-ago period. Analysts forecast revenues of $1.58 billion, representing an increase of 8% year over year.The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Pri ...

Edwards Lifesciences Corporation (EW) is scheduled to report first-quarter 2024 results on Apr 25, after market close.In the last reported quarter, the company’s adjusted earnings per share of 64 cents matched the Zacks Consensus Estimate. The company’s earnings beat estimates in two of the trailing four quarters and matched estimates in the other two. EW has a trailing four-quarter earnings surprise of 0.80% on average.Let's see how things have shaped up before this announcement.Factors at PlaySimilar to t ...

Edwards Lifesciences Corporation (EW) shares have surged 21.8% year to date compared with the industry’s rise of 7.2%. The Medical sector has gained 5.2% in the said time frame. The company has a market capitalization of $55.83 billion.The company’s consistent growth performance reflects its commitment to advancing its leadership in surgical structural heart therapies. The strategic spin-off of Critical Care aims to boost the company’s R&D and innovations and enable a sharpened focus on structural heart dis ...

PITTSBURGH--(BUSINESS WIRE)--PECA Labs, a medical device company reimagining the field of vascular grafts and valves with durable polymeric cardiovascular devices designed to fit, grow, and last, has received an additional CE Mark for its exGraft family of vascular grafts, expanding its on-label use. exGraft vascular grafts are intended for use as vascular prostheses for replacement or bypass of diseased or injured vessels, and with the new clearance, exGraft now includes instructions for post-operative exp ...

Shares of Edwards Lifesciences (EW) reached a new 52-week high of $95.27 on Mar 14, 2024, before closing the session marginally lower at $93.36.In the past year, this Zacks Rank #2 (Buy) stock has gained 13.9% compared with the 11.5% rise of the industry and the S&P 500 composite’s rise of 30.2%.Over the past five years, Edwards Lifesciences registered earnings growth of 9.9% compared with the industry’s 8.5% rise. The company’s expected 2024 earnings growth rate of 9.9% compares favorably with the industry ...

Edwards Lifesciences, Inc. (EW) presented results from two large, real-world studies based on TVT Registry data that demonstrated continued excellent outcomes for patients treated with the Edwards SAPIEN valve platform. The data were published in the Journal of the American College of Cardiology (JACC), Cardiovascular Interventions.The recent development will strengthen Edwards Lifesciences transcatheter aortic valve replacement (TAVR) and surgical structural heart business.Study DetailsIn a study of real-w ...