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Edwards Lifesciences Beats Profit Expectations

July 27, 2001

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

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