Edwards Lifesciences Corporation
One Edwards Way · Irvine, CA USA · 92614
Phone: 949.250.2500 · Fax: 949.250.2525
FOR IMMEDIATE RELEASE
Media Contact: Heather Chambers, 949-250-2753
Investor Contact: David K. Erickson, 949-250-6826
EDWARDS LIFESCIENCES REPORTS FOURTH QUARTER RESULTS
IRVINE, Calif., February 2, 2016 — Edwards Lifesciences Corporation (NYSE: EW), the global leader in patient-focused innovations for structural heart disease and critical care monitoring, today reported financial results for the quarter ended December 31, 2015.
Fourth Quarter and Recent Highlights:
•Global sales grew 8.6% to $671.1 million, and underlying1 sales were up 15.1%.
•Global THV sales grew 25.0%, and underlying sales were up 32.4%.
•Results reflect 2-for-1 stock split completed in December 2015.
•GAAP EPS was $0.64, an increase of 28.0%, and non-GAAP EPS grew 18.9% to $0.63.
•2016 THV sales guidance raised $100 million to $1.3 billion to $1.5 billion.
•2016 Adjusted2 EPS guidance increased to $2.57 to $2.67.
•Received U.S. approval for expanded indication study of SAPIEN 3 valve.
“We are very pleased to report strong fourth quarter results, which exceeded our expectations and contributed to another successful year, both in financial performance and progress on important new therapies,” said Michael A. Mussallem, chairman and CEO. “These positive results were due to continued demand for transcatheter aortic valve replacement therapy, and the strong performance of all product lines this quarter. We were also pleased to receive FDA approval for our PARTNER 3 Trial to study patients determined to be at low surgical risk, which may eventually enable heart teams to offer a choice of therapies to a broader group of patients."
Fourth Quarter 2015 Results
Net sales for the quarter ended December 31, 2015 were $671.1 million. U.S. and international segment sales for the fourth quarter were $353.6 million and $317.5 million, respectively. The strong U.S. dollar continued to have a significant negative impact on reported sales. On an underlying basis, sales grew 15.1 percent over the fourth quarter last year. Net income for the quarter ended December 31, 2015 was $140.7 million, or $0.64 per diluted share.
For the fourth quarter, the company reported Transcatheter Heart Valve Therapy (THV) sales of $334.3 million, a 25.0 percent growth rate over the fourth quarter last year, or $329.8 million and 32.4 percent growth on an underlying basis. Strong global sales were led by the impact of the SAPIEN 3 valve in the U.S. and double-digit underlying sales growth across all regions.
In the U.S., THV sales for the quarter were $193.9 million. On an underlying basis, sales were $189.4 million and grew 49.8 percent compared to the prior year period.
“Our THV performance was driven by strong overall procedural growth,” said Mussallem. “Based on our momentum and expectation of continued therapy adoption, we now expect our underlying THV sales growth in 2016 to be in the range of 15 to 25 percent.”
The following information was filed by Edwards Lifesciences Corp (EW) on Tuesday, February 2, 2016 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.