Edwards Lifesciences beats quarterly estimates on strength in heart devices

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(Reuters) -Edwards Lifesciences beat Wall Street estimates for third-quarter results on Thursday, driven by strong demand for its artificial heart valves and other medical devices, with shares rising about 3% in extended trading.

Investor expectations around medical device makers have grown in recent quarters as they expect them to benefit from elevated demand for surgical procedures, as people, especially older adults, have opted for medical procedures deferred during the pandemic.

Edwards’ flagship TAVR — transcatheter aortic valve replacement — device, used in minimally invasive heart procedures, brought in $1.15 billion in sales for the quarter ended September 30, above the analysts’ average estimate of $1.10 billion, according to data compiled by LSEG.

On an adjusted basis, Edwards earned 67 cents per share for the third quarter, topping expectations of 59 cents per share.

It reported revenue of $1.55 billion, surpassing market expectation of $1.50 billion.

The company also raised its full-year adjusted earnings per share forecast to a range of $2.56 to $2.62, compared to its prior outlook on the high end of $2.45 to $2.55. Analysts were expecting $2.51 per share.

Separately, Edwards Lifesciences said its Chief Financial Officer Scott Ullem will step down by mid-2026 and stay on as an adviser after a successor is named.

(Reporting by Kamal Choudhury in Bengaluru; Editing by Alan Barona)