Edwards Lifesciences net income falls in Q1

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Edwards Lifesciences, a provider products and technologies to treat advanced cardiovascular disease, has posted a net income for the quarter, which ended March 31, of $18.2 million, compared to net income of $33.2 million for the same period in 2007. 

The first quarter net sales increased 12.4 percent to $296.8 million, compared to $264.1 million in the same quarter last year, Edwards reported. The Irvine, Calif.-based company said its underlying sales growth was 9 percent, excluding the impact of $4.1 million of sales from discontinued products and a $13 million contribution from foreign exchange.

“This quarter was also highlighted by an impressive start to our Edwards Sapien transcatheter heart valve launch in Europe, with better than expected sales of $8.1 million and outstanding procedural success,” said Michael A. Mussallem, Edwards chairman and CEO.

The company also reported that cardiac surgery systems sales for the quarter were $21.4 million, an increase from $16.8 million in the same quarter last year, due primarily to the successful integration of the recently acquired CardioVations product line.
Overall, Edwards said that vascular sales grew 8.9 percent to $22 million compared to the same period in 2007—domestic and international sales for the first quarter were $135.5 million and $161.3 million, respectively.

Additionally, the company reported that research and development expenses were $32.9 million for the quarter, or 11.1 percent of sales, compared to $28.8 million in the year ago period, primarily reflecting additional spending on Edwards' transcatheter and surgical valve programs, as well as the company's critical care development efforts.