Edwards Lifesciences Corp (EW) 10-Q Quarterly Report October 2018

IRVINE, Calif., October 23, 2018 — 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 September 30, 2018.

Third Quarter and Recent Highlights:

•Sales grew 10 percent; underlying¹ sales grew 11 percent

•Global THVT sales grew 16 percent; underlying sales increased 13 percent

•EPS grew 34 percent; adjusted¹ EPS grew 27 percent

•Reconfirmed 2018 total company adjusted sales and EPS guidance ranges

•Fourth quarter THVT underlying sales guidance moderated; Critical Care guidance raised

•Commencement of U.S. study and European introduction of CENTERA valve system

•Approval to begin US pivotal study of PASCAL mitral repair system

“We are pleased to report strong third quarter performance that delivered 11 percent sales growth on an underlying basis, consistent with our expectations, driven by our impressive portfolio of innovative technologies. Our results to-date keep us on track for another year of strong financial performance while we also aggressively invest in our future growth,” said Michael A. Mussallem, chairman and CEO. “Looking forward, based on recent learnings, we have increased confidence that our innovative lifesaving therapies can benefit many more patients whose structural heart disease is deadly and undertreated today.”

Third Quarter 2018 Results

Sales for the quarter ended September 30, 2018 were $907 million, up 10 percent. Total adjusted sales were $921 million, up 11 percent over the third quarter last year. Diluted earnings per share for the quarter was $1.06 per share, while adjusted earnings per share grew 27 percent to $1.07.

Transcatheter Heart Valve Therapy (THVT)

For the quarter, the company reported THVT sales of $558 million, a 16 percent growth rate over the third quarter last year, or 13 percent on an underlying basis. Estimated global TAVR procedures continued to grow robustly in the mid-teens. Edwards' worldwide sales grew at a lower rate due to a

The following information was filed by Edwards Lifesciences Corp (EW) on Tuesday, October 23, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Edwards Lifesciences Corp's 10-Q Quarterly Report:

Financial - Earnings Highlight
Gross Profit The increase in gross profit as a percentage of net sales for the three months ended September 30, 2018 was driven primarily by a 0.8 percentage point and 0.3 percentage point increase in United States and in international markets, respectively, due to an improved product mix, driven by THVT products.

Revenue - Product Highlight
Net Sales by Product Group (dollars in millions) Table of Contents Table of Contents Transcatheter Heart Valve Therapy Net sales of THVT products increased for the three and nine months ended September 30, 2018 due primarily to: higher sales of the Edwards SAPIEN 3 valve across all regions, particularly the United States and Japan, driven by strong therapy adoption; and foreign currency exchange rate fluctuations, which increased net sales for the nine months ended September 30, 2018 by $27.6 million, due primarily to the strengthening of the Euro against the United States dollar.
Financial - Income Highlight
On December 22, 2017, SEC Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act ("SAB 118") was issued to address the application of generally accepted accounting principles in the United States of America in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the 2017 Act.
Financial - Expense Highlight
The expense in the year-to-date period of 2018 was primarily due to the increase in the fair value of contingent consideration liabilities associated with the December 2017 acquisition of Harpoon Medical Inc., and the achievement by Valtech Cardio Ltd. of a regulatory milestone.
Legal - Other Highlight
The uncertain tax positions are reviewed quarterly and adjusted as events occur that affect potential liabilities for additional taxes, such as lapsing of applicable statutes of limitations, proposed assessments by tax authorities, negotiations between tax authorities, identification of new issues, and issuance of new legislation, regulations, or case law.
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Edwards Lifesciences Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: EW
CIK: 1099800
Form Type: 10-Q Quarterly Report
Accession Number: 0001099800-18-000029
Submitted to the SEC: Thu Oct 25 2018 12:39:02 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Orthopedic Prosthetic And Surgical Appliances And Supplies

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Edwards Lifesciences Corp (EW) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

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