Why Edwards Lifesciences (EW) Shares Are Plunging Today - Edwards Lifesciences (NYSE:EW)

Edwards Lifesciences Corp EW reported Q3 adjusted EPS of $0.61, up 13% Y/Y, missing the Wall Street consensus of $0.62.
The company saw persistent U.S. hospital staffing shortages and COVID headwinds in Japan affect its TAVR sales.
Edwards' TAVR sales only grew 1% Y/Y in Q3, reaching $862 million. In the U.S., Edwards' TAVR procedures increased in the mid-single digits versus the prior year.
Q3 sales reached $1.32 billion, up 1% (+7% on constant currency), slightly below the consensus of $1.33.
Edwards Lifesciences regulatory wins during Q3 included FDA approval and the CE Mark of its Pascal Precision system for patients with degenerative mitral regurgitation (DMR).
Guidance: Edwards Lifesciences suspect that U.S. hospital staffing challenges and a strong U.S. dollar will persist.
The company revised FY22 sales guidance at the low end of the company's previous range of $5.35-$5.55 billion, compared to the consensus of $5.47 billion.
It projects an FY22 adjusted EPS of $2.40-$2.50, down from the previous range of $2.50-$2.65 and the consensus of $2.51.
For Q4, Edwards expects reported sales and adjusted EPS to be similar to the third quarter.
Price Action: EW shares are down 15.9% at $72.57 on the last check Friday.

Economic Challenges Hit Edwards Lifesciences Q3 Earnings, Guidance Lags Wall Street Estimates