Edwards Lifesciences net income falls in Q1
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.
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.