During the third quarter of 2016, Edwards Lifesciences’ revenue increased 20.1 percent to $739.4 million and its GAAP earnings per share increased 20.4 percent to $0.65 per share compared with the same time period last year. Meanwhile, adjusted earnings per share increased 25.9 percent to $0.68 per share.
Sales in the transcatheter heart valve therapy division (TAVR) grew 38.5 percent to $410.1 million and accounted for more than 55 percent of the company’s revenue. In the U.S., the division’s revenue increased 55.9 percent to $259.5 million.
The FDA approved Edwards’ Sapien 3 transcatheter aortic valve replacement (TAVR) device in June 2015 for high-risk patients with severe aortic stenosis.
“Overall growth was consistent with our expectations, with robust performance driven by continued strong procedure growth within both large and small TAVR programs,” Edwards CEO Michael A. Mussallem said in a news release.
In the surgical heart valve therapy group, sales increased 1.6 percent to $190.9 million, including a slight increase in mitral valve sales and a small decrease in aortic valve sales.
Edwards also increased its profit guidance for the full year and said it expects its adjusted earnings to be between $2.82 and $2.92 per share. The company maintained its revenue guidance at $2.7 billion to $3.0 billion for 2016.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.