Wedbush Reports Solid Q1 Results For Edwards Lifesciences

According to Wedbush, Edwards Lifesciences EW saw solid Q1 2011 results that beat expectations. Wedbush said that EW reports Q1:2011 revenues of $404.5MM and EPS of $0.53, compared to estimates of $392.0MM and $0.42 and consensus of $384.1 million and $0.42. “EW reported very strong Q1:11 financial results, with revenues beating our expectations in multiple product segments, including surgical valves ($172.2MM vs. $163.1MM), transcatheter valves ($72.7MM vs. $70.1MM) and critical care ($120.6MM vs. $117.8MM). Reported EPS of $0.53 was well above our estimate of $0.42, driven by strong revenues and a $0.02 benefit from transaction gains. Management noted that Japanese sales were not adversely affected by the recent earthquake, with sales actually benefiting by recent inventory stocking.” Edwards Lifesciences closed yesterday at $84.32.