EW reported a net income for the quarter ended June 30, 2011 of $58.1 million, or $0.48 per diluted share, compared to net income of $57.5 million, or $0.48 per diluted share, for the same period in 2010. Excluding special items from both periods, detailed in the reconciliation table below, second quarter diluted earnings per share were $0.49, an increase over the prior year of 6.5 percent but on the lower side of most estimates. Second quarter net sales increased 18.1 percent to $431.2 million compared to the same period last year. Underlying sales growth was 11.0 percent.
"Growth outside the U.S. was particularly strong this quarter, including another impressive quarter for trans catheter heart valves," said Michael A. Mussallem, chairman and CEO. "Our core heart valve and critical care product lines continued to perform well globally. And, we were pleased with the FDA advisory panel's recommendation for approval yesterday, which reinforces our confidence in a 2011 U.S. launch for the Edwards SAPIEN trans catheter heart valve."
For the second quarter, the company reported Heart Valve Therapy sales of $263.1 million, representing 22.5 percent growth over last year. Underlying sales grew 14.8 percent. Trans catheter heart valve sales were $85.3 million, a 60.3 percent increase over 2010, or 45.7 percent on an underlying basis. These results were driven by strong procedure growth and continued adoption of the new 29mm Edwards SAPIEN XT valve in Europe.
Edwards Lifesciences Corporation announced that for third quarter 2011, it expects diluted earnings per share, excluding special items, in the range of $0.37 to $0.39. The Company reaffirmed fiscal 2011 guidance and expects for diluted earnings per share, excluding special items, of $2.01 to $2.07.
EW dropped rapidly from $81 a share and fell below the current price target of 75.90. It is closed today at $72.46.