Edwards scores double-digit earnings for Q3

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Edwards Lifesciences has reported net income for the 2009 third quarter, which ended Sept. 30, of $73.5 million, compared with net income of $32.9 million for the same period in 2008.

Third quarter net sales increased 7.3 percent to $325.7 million, according to the Irvine, Calif.-based company.

"We are pleased to report strong third quarter sales and earnings growth, led by heart valve therapy," said Michael A. Mussallem, Edwards’ chairman and CEO. "In addition, critical care sales growth stepped up during the quarter."

For the 2009 third quarter, the company reported heart valve therapy sales of $174.1 million, a 17.3 percent increase from the comparable year-ago quarter. "In the U.S., surgical heart valve sales increased to double-digit growth, driven by our new Magna valves. Additionally, transcatheter heart valve sales doubled in the quarter to $26.4 million and we now expect 2009 sales of approximately $110 million," said Mussallem.

Edwards said its cardiac surgery systems sales for the 2009 third quarter were $22.3 million, compared to $21.4 million in the 2008 third quarter.

However, its vascular sales experienced a downturn, earning $15.1 million for the 2009 third quarter—a decline from $23.5 million in the same quarter last year, due primarily to the divestiture of the LifeStent product line.