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Edwards Lifesciences' Stock Falls on Profit News

November 01, 2000|Marc Ballon

Edwards Lifesciences Corp.'s stock was hammered after the company said it is lowering its profit estimates for the fourth quarter and 2001 because of a weak euro and sluggish sales in several product lines. Shares of the Irvine company, which makes products that treat cardiovascular disease, plummeted more than 41%, the fifth biggest percentage loss in U.S. markets for the day. The stock closed at $13.44, down $9.50 a share, on the New York Stock Exchange. Analysts noted that Edwards for the first time had reduced its estimated annual profit to 20% growth both this year and next, down from earlier estimates of 30%. European sales account for about 22% of the company's revenue, and a weak euro has taken a bite out of European profit and sales, said Chief Executive Michael Mussallem. The company also said third-quarter earnings were in line with Wall Street's expectations of 23 cents a share. The company said it earned $13.8 million, or 23 cents a share, up from $6 million, or 10 cents, a year earlier. Revenue fell 4.6% to $185.8 million.

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