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Edwards Lifesciences Swings to 2Q Profit, Points to Recovery Signs

     By Maria Armental 
 

Edwards Lifesciences Corp. swung to a profit in the latest quarter with sales up 49% from last year, when the pandemic caused a drop in procedures.

The medical-device company reported a second-quarter profit of $489.5 million compared with a year-earlier loss of $121.9 million. On a per-share basis, profit was 78 cents, or 64 cents as adjusted.

Net sales rose to $1.38 billion from $925 million a year earlier.

The company had projected an adjusted profit of 54 cents to 60 cents a share and $1.25 billion to $1.33 billion in revenue, while analysts surveyed by FactSet expected 54 cents a share, or 55 cents as adjusted, on $1.28 billion in revenue.

"We were encouraged by the clear signs of recovery during the second quarter," Chief Executive Michael A. Mussallem said in a statement, adding: "Vaccine adoption in key regions has contributed to an increased number of patients seeking and, most importantly, receiving treatment."

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

July 29, 2021 16:45 ET (20:45 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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