Deutsche Bank Rates Edwards At Hold

According to Deutsche Bank, Edwards Lifesciences EW transcatheter heart valve (THV) sales were $72.7M (inclusive of $2-$3M in stocking) and were ahead of DB est of $68M. Deutsche Bank said that sales were also higher than 4Q10's $65.3M (which included $3-4M in stocking) and well ahead of the year ago's $39.1M. EW has had the pedal to the metal; the ramp-up has been nothing short of impressive. “Two years ago the market doubted EW's ability to generate annual sales of $73M, let alone expect it for a single quarter. However, we feel expectations are now more aligned and reflected in the stock. We rate EW Hold.” Edwards Lifesciences closed yesterday at $84.36.