Led by a 37 percent increase in its transcatheter heart valve sales, Edwards Lifesciences reported on April 26 that its revenue increased 18.1 percent and its earnings per share increased 17.9 percent during the first quarter of 2016.
The company announced it had $367.8 million in sales in the transcatheter heart valve therapy division, including $216.4 million in the U.S., a 64.1 percent increase from the first quarter of 2015.
In June, the FDA approved the third-generation Sapien 3 transcatheter aortic valve replacement (TAVR) system from Edwards to treat high-risk patients with severe aortic stenosis. The FDA previously approved the Sapien and Sapien XT devices.
The transcatheter heart valve therapy division accounted for more than half of Edwards’ $697.3 million in quarterly sales. For the first quarter, U.S. and international sales for the company were $375.6 million and $321.7 million, respectively.
Sales decreased 0.5 percent to $195.9 million in the surgical heart valve therapy division and increased 7.0 percent to $133.6 million in the critical care division.
During the quarter, Edwards generated $107.1 million in cash flow from operating activities and had a free cash flow of $79.4 million. In addition, its GAAP earnings per share increased 17.9 percent to $0.66 per share.
For 2016, Edwards raised its sales guidance to $2.7 billion to $3.0 billion, up from $2.6 billion to $2.85 billion. The company also increased its adjusted earnings per share guidance to $2.67 to $2.77 per share.
“Our strong start to 2016 positions us well for another successful year,” Edwards CEO Michael A. Mussallem said in a news release. “We are enthusiastic about the continued expansion of transcatheter-based therapies for the many structural heart patients still in need. We are confident in our outlook for strong sales growth, and we remain passionate about developing impactful therapies to help more patients around the world.”