Edwards Lifesciences Clocks 10% Top-Line Growth In Q1; Forecasts Lower Than Expected Q2 Sales

Edwards Lifesciences Corp EW posted a Q1 adjusted EPS of $0.60, compared to $0.54 posted a year ago and beating the consensus of $0.57.
Sales increased 10% to $1.34 billion (underlying 13%), beating the consensus of $1.31 billion.
Transcatheter aortic valve replacement sales grew to $881 million, up 11%. Globally, the company's average selling price and market position were stable.
Related: FDA Approves Edwards Lifesciences' Resilia Valve For Mitral Replacement Surgery.
U.S. TAVR sales grew approximately 10%, and adoption was broad-based across hospitals.
TAVR sales outside the U.S. grew about 20% Y/Y.
EW held cash and equivalents of $1.5 billion as of March 31, 2022.
Guidance: Edwards Lifesciences reaffirmed its FY22 projection of adjusted EPS of $2.50 - $2.65 (consensus of $2.55) and reiterated its top-line outlook of $5.5 billion - $6.0 billion (consensus $5.76 billion).
For Q2 FY22, Edwards Lifesciences expects revenue of $1.36 billion - $1.44 billion (consensus $1.46 billion) and adjusted EPS of $0.61 - $0.69 (consensus $0.65).
Analyst Reaction: SVB Leerink analyst Danielle Antalffy maintained an Outperform but lowered the price target from $145 to $138.
RBC Capital analyst Shagun Singh maintained an Outperform and lowered the price target from $142 to $135.
Raymond James analyst Jayson Bedford maintained an Outperform and reduced the price target from $126 to $124.
Price Action: EW shares traded 3.67% lower at $112.00 during pre-market trading on Wednesday.

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