(Reuters) – Edwards Lifesciences Corp on Wednesday raised its full-year sales and profit forecasts, citing strong demand for the company’s artificial heart valves and other devices.
Sales of the company’s Transcatheter heart valve replacement device rose 8% in the first quarter. Edwards now sees sales from the valves to range between $3.8 billion and $4 billion in 2023, above analysts estimates of $3.87 billion.
The company said it sees excellent opportunities for growth outside the United States, given that adoption of the device in the international market remains quite low.
Lately, device makers have been reporting a recovery in sales as staff shortages ease and procedure volumes pick up in hospitals. Last week, Abbott reported strong growth in U.S. sales of its structural heart devices unit in its first quarter.
In the quarter ended March 31, Edwards’ revenue rose 9% to $1.46 billion, topping analysts’ estimates of $1.39 billion.
The company also saw 12% sales growth for its surgical structural heart devices, while its critical care monitoring device sales rose 5% in the quarter.
The company now sees 2023 sales in the range $5.6 to $6 billion, compared to Refinitiv estimates at $5.86 billion. It also lifted its adjusted profit forecast to $2.48 to $2.60 per share, compared to analysts’ estimates of $2.52.
(Reporting by Aditya Samal; Editing by Maju Samuel)
