Edwards posts mixed FY10, strong Q4

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Edwards Lifesciences, which develops heart valves and hemodynamic monitoring, has reported a decrease in its net income for the 2010 fiscal year, which ended Dec. 31, 2010, despite posting increases in net sales and income during the fourth quarter of 2010, compared with the previous year's last quarter.

For the twelve months, the company recorded net income of $218 million, a 6.2 percent decrease over last year. Net sales for the twelve months of 2010 increased 9.5 percent to $1.45 billion.

The net income for the 2010 fourth quarter was $64.8 million, compared with a net income of $47.6 million for the same period in 2009, according to Edwards. Also, the fourth quarter net sales increased 13.2 percent to $392.4 million, compared with the previous-year quarter.

For the 2010 fourth quarter, the Irvine, Calif.-based company reported its heart valve therapy unit sales were $226.2 million, representing 20.1 percent growth over last year. The transcatheter heart valve sales were $65.3 million, an 87.2 percent increase over 2009. Its cardiac surgery systems sales increased to $25.2 million for the quarter. Vascular sales were $13.5 million, a decline from $13.7 million in the same quarter last year.

"For 2011, our financial goals remain unchanged,” said Michael A. Mussallem, Edwards' chairman and CEO. “These goals assume $20 to $25 million of U.S. commercial Sapien sales and the associated launch investments.”

Along with the release of its financial statement, Edwards announced receiving conditional IDE approval for cohort B of the PARTNER II trial, which will study the Edwards Sapien XT transcatheter heart valve with the NovaFlex delivery system in non-operable patients in the U.S. The company expects enrollment to commence soon and be completed by year end.