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Edwards Lifesciences Corporation
One Edwards Way · Irvine, CA USA ·92614
Phone: 949.250.2500 · Fax: 949.250.2525
FOR IMMEDIATE RELEASE
Media Contact: Sarah Huoh, 949-250-5070
Investor Contact: David K. Erickson, 949-250-6826
EDWARDS LIFESCIENCES REPORTS STRONG FOURTH QUARTER RESULTS
· Growth in Europe Drove Robust Global THV Sales
· Important Product Launches in 2014 to Strengthen Technology Leadership
IRVINE, Calif., February 3, 2014 Edwards Lifesciences Corporation (NYSE: EW), the global leader in the science of heart valves and hemodynamic monitoring, today reported net income for the quarter ended December 31, 2013, of $75.8 million, or $0.68 per diluted share, and non-GAAP net income of $101.5 million, or $0.91 per diluted share.
Fourth quarter net sales increased 5.0 percent to $536.0 million compared to the same period last year. Underlying1 sales growth was 10.3 percent.
Im proud to say that our strong fourth quarter results helped us finish a year that places Edwards Lifesciences in a stronger position today than at any time in our history, said Michael A. Mussallem, chairman and CEO. During 2013 we launched important new products, reported strong clinical data and made significant progress on several key development milestones that position us very well for sustainable future growth. Most importantly, even more patients are benefitting from our life saving technologies than ever before.
For the fourth quarter, the company reported Surgical Heart Valve Therapy product group sales of $207.0 million. Sales increased 4.7 percent over the fourth quarter last year, or 7.6 percent on an underlying basis. Surgical heart valve sales growth was driven primarily by unit growth in the U.S. and Europe. Sales of the EDWARDS INTUITY valve in Europe also lifted growth.
Sales of transcatheter heart valves (THV) were $183.9 million for the quarter, a 14.2 percent growth rate over the fourth quarter last year. THV sales grew 21.6 percent on an underlying basis to $198.0 million. These results were driven by especially strong growth in Europe and the expected contribution from the Edwards SAPIEN valve in the U.S. Outside the U.S., sales grew by 22.3 percent, or 27.6 percent on an underlying basis.
The following information was filed by Edwards Lifesciences Corp (EW) on Monday, February 3, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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