Edwards Lifesciences misses Q2 revenue estimates on weak demand for heart devices
Corrects day in first paragraph
July 24 (Reuters) -Edwards Lifesciences EW.N missed second-quarter revenue estimates on Wednesday, hurt by lower-than-expected demand for its artificial heart valves.
Shares of the California-based company were down 14.3% at $74.50 after the bell.
Edwards reported revenue of $1.39 billion, falling short of analysts' estimatesof $1.65 billion, according to LSEG data.
Investor expectations for medical device makers have been high in recent quarters, driven by sustained demand for surgical procedures, especially among older adults.
Separately, Edwards, whichsold its critical care products unit to Becton Dickinson BDX.N last month, said it will acquire heart device makers JenaValve Technology and Endotronix to expand its structural heart portfolio.
The deals, valued at approximately $1.2 billion, further solidify Edwards' transition to becoming a pure-play structural heart company, with its lead product being the transcatheter aortic valve replacement (TAVR) device, which is used for minimally invasive heart surgeries.
Sales from the TAVRunit rose 5% to $1.0 billion inthe quarter ended June 30, compared to estimates of $1.06 billion.
However, the company revised the sales forecast for TAVR devices for the second half of the year to a 5% to 7% increase, down from the previous guidance of 8% to 10%.
The company forecast third-quarter sales to be between $1.56 to $1.64 billion, assuming critical care is included for the entire third quarter.
On an adjusted basis, the company reported a second-quarter profit of 70 cents per share, narrowly beating analysts' estimates of 69 cents per share.
Reporting by Sneha S K in Bengaluru; Editing by Tasim Zahid
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