On October 25, 2023, Edwards Lifesciences Corp (EW, Financial) released its financial results for the quarter ended September 30, 2023. The company reported a 12% growth in Q3 sales to $1.48 billion, with Transcatheter Aortic Valve Replacement (TAVR) sales growing 11% to $961 million. The company's EPS for Q3 was $0.63, with an adjusted EPS of $0.59.
Financial Highlights
Edwards Lifesciences Corp (EW, Financial) reported a strong Q3 performance, with multiple new therapy approvals and double-digit sales growth. The company's TAVR sales were driven by the successful launch of the SAPIEN 3 Ultra RESILIA valve. The company also received approval for the EVOQUE transfemoral tricuspid replacement system, the PASCAL Precision system in Japan, and the MITRIS RESILIA surgical mitral valve.
For Q3, the company's adjusted gross profit margin was 76.4%, compared to 81.0% in the same period last year. Selling, general, and administrative expenses were $440 million, or 29.7% of sales, compared to $377 million in the prior year. Research and development expenses were $270 million, or 18.3% of sales, compared to $234 million in the prior year.
Company's Performance Analysis
Edwards Lifesciences Corp (EW, Financial) reported a strong Q3 performance, with multiple new therapy approvals and double-digit sales growth. The company's TAVR sales were driven by the successful launch of the SAPIEN 3 Ultra RESILIA valve. The company also received approval for the EVOQUE transfemoral tricuspid replacement system, the PASCAL Precision system in Japan, and the MITRIS RESILIA surgical mitral valve.
For Q3, the company's adjusted gross profit margin was 76.4%, compared to 81.0% in the same period last year. Selling, general, and administrative expenses were $440 million, or 29.7% of sales, compared to $377 million in the prior year. Research and development expenses were $270 million, or 18.3% of sales, compared to $234 million in the prior year.
Other Pertinent Details
Edwards Lifesciences Corp (EW, Financial) reiterated its full-year 2023 financial guidance of 10 to 13 percent constant currency sales growth. The company also expects full-year total company and TAVR sales growth to be in the 10 to 13 percent range on a constant currency basis. For the fourth quarter of 2023, the company projects total sales to be between $1.45 and $1.53 billion and diluted earnings per share of $0.60 and $0.66.
Explore the complete 8-K earnings release (here) from Edwards Lifesciences Corp for further details.
