Edwards forecast fourth-quarter sales below expectations on soft demand for heart devices
Oct 24 (Reuters) -Edwards Lifesciences EW.N on Thursday forecast fourth-quarter sales below Wall Street estimates, hurt by softer demand and fierce competition for its artificial heart valves.
Investor expectations for medical device makers have risen in recent quarters as demand for surgical procedures, especially among older adults, remains high.
The company's third-quarter sales of $1.35 billion also fell short of analysts' average estimates of $1.52 billion, according to data compiled by LSEG.
Edwards' lead product is the transcatheter aortic valve replacement (TAVR) device, which enables minimally invasive heart surgeries.
Sales from the TAVR unit increased 6.5% to $1.02 billion in the quarter ended Sept. 30 in line with analysts' estimates.
In July, the company acquired heart device makers JenaValve Technology and Endotronix in deals valued at $1.2 billion as it looks to cement its position as a pure-play structural heart company.
However,its TAVR devices face fierce competition from Abbott ABT.N, Boston Scientific BSX.N, and Medtronic MDT.N.
These results contrast with larger peer Boston Scientific,raised its annual profit forecast and exceeded Wall Street's estimates for third-quarter profit on Wednesday, driven by robust demand for its heart devices.
California-based Edwards reaffirmed its full-year sales growth guidance of 8% to 10%.
The medical device maker anticipates fourth-quarter sales to be between $1.33 to $1.39 billion, lower than analysts' average estimates of $1.44 billion. It expects profit of 53 to 57 cents per share.
On an adjusted basis, Edwards earned 67 cents per share for the quarter ended Sept. 30, beating analysts' expectations by 3 cents.
Reporting by Sneha S K; Editing by Tasim Zahid
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