Edwards Lifesciences Corp., which makes medical devices to treat late-stage cardiovascular disease, said Thursday that operating profits rose more than 40% for the second quarter, beating Wall Street forecasts.
The Irvine company, which was spun off from Baxter International Inc. more than a year ago, said it earned $17 million, or 28 cents a share, from $12 million, or 20 cents a share, a year ago. Analysts had estimated earnings of 26 cents a share for the recent quarter, according to First Call/Thomson Financial.
Sales fell 6% to $192.4 million.
Results exclude nonrecurring items. In the most recent quarter, Edwards took a $95.7-million pretax charge, primarily associated with the divestiture of a subsidiary. Including the charge, the company posted a net loss of $55.7 million compared with a net loss of $309.3 million a year earlier.
The firm sold its U.S. perfusion services business, which provides services for stopped-heart, open-heart surgery, to Germany's Fresenius Medical Care AG for $45 million.
The shares edged up 66 cents to $24.11 on the New York Stock Exchange. Reuters