Heart valve sales boost Edwards Lifesciences Q3 profits

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Edwards Lifesciences has reported an increase in net profit for the third quarter of 2008, which ended Sept. 30, boosted by a 16.1 percent sales growth for the quarter.  

The company said its net income for the third quarter of 2008 was $32.9 million, compared to a net income of $29.1 million for the same period in 2007. Third quarter net sales increased 16.1 percent to $303.6 million, compared to $261.4 million in the same quarter last year. 

Of that sales growth, the Irvine, Calif.-based company reported that its heart valve therapy sales were $148.4 million, a 20.8 percent increase over the prior year, which included a $5.4 million positive contribution from foreign exchange. Growth was enhanced by $13 million in Sapien transcatheter heart valve sales.

"Our base heart valve business, which excludes transcatheter heart valve sales, performed well this quarter, driven by strong double-digit international sales growth and improved U.S. performance. In addition, we expect the recent U.S. approval of our Magna mitral heart valve to be a future contributor to growth," said Michael A. Mussallem, Edwards’ chairman and CEO.

In addition, the company said its cardiac surgery systems sales for the 2008 third quarter were $21.4 million, an increase from $13.8 million in the same quarter last year due to the CardioVations product line, which is growing at approximately 25 percent on an underlying basis.

Domestic and international sales for the third quarter were $135.6 million and $168 million, respectively, according to Edwards.