SOURCE: Edwards Lifesciences

Edwards Lifesciences

December 10, 2009 09:00 ET

Edwards Lifesciences Projects Strong Growth in 2010

Transcatheter Valve Sales of $170 to $190 Million Expected; R&D Progress During 2010 Expected to Drive Significant Future Growth

IRVINE, CA--(Marketwire - December 10, 2009) - Edwards Lifesciences Corporation (NYSE: EW), a world leader in products and technologies to treat advanced cardiovascular disease, today will provide investors with information on the initiatives expected to sustain sales growth and performance. During its 2009 investor conference in Irvine, Calif., Edwards' management will present details of the company's growth plans, market expansion opportunities, new product development and financial goals for 2010.

"We expect 2010 will be a very successful and eventful year for Edwards Lifesciences as we continue to deliver strong growth," said Michael A. Mussallem, chairman and CEO. "We expect to extend our leadership in our core franchises, achieving underlying(1) sales growth of 10 to 13 percent. Sales of our market expanding transcatheter valves are expected to grow to $170 million to $190 million in 2010."

During the conference, Edwards' management will also present the company's financial goals for 2010, which include total sales between $1.43 billion and $1.50 billion, a gross profit margin increase of 50 to 100 basis points, net income growth of 17 to 19 percent, excluding the impact of special items, and free cash flow of $190 million to $200 million. "Projected strong sales growth next year will enable us to continue investing heavily in research and development, which should position us very well to capitalize on the global opportunity represented by transcatheter valves and other advanced technologies," said Mussallem.

Among the specific topics to be discussed at today's event are:

-- Transcatheter Heart Valve Therapy - A number of substantial developments are expected during 2010 in both the commercial and clinical trial settings. In Europe during the first quarter, Edwards anticipates launching the next generation SAPIEN XT transcatheter valve, with its smaller delivery profile and state of the art valve design. The company also expects to commence clinical studies of its SAPIEN XT technology in the U.S. and Japan during the year. Additionally, during 2010 PARTNER clinical trial data will be presented and submitted to the Food and Drug Administration in anticipation of a possible U.S. approval in 2011.

-- Heart Valve Therapy - Edwards' recent product launches are fueling strong surgical valve sales growth of approximately 9 percent in 2009 and this momentum is expected to continue into 2010. The company's robust product pipeline, including an innovative new minimally invasive treatment option, should accelerate growth and continue to expand the surgical heart valve market. Including transcatheter valve sales, Edwards expects to generate 14 to 17 percent underlying Heart Valve Therapy sales growth in 2010.

-- Critical Care - Building upon its global leadership in hemodynamic monitoring systems, Edwards expects its disposables business will continue to fuel growth. The company anticipates launching a new line of catheters and a novel monitoring platform in 2010. Edwards also plans a controlled introduction during the year of its blood glucose monitoring system for hospitalized patients.

-- Financial Outlook - The company will reaffirm its financial guidance for the fourth quarter of 2009. Edwards will also detail its financial expectations for 2010, which include earnings per share of $3.50 to $3.60, representing 15 to 18 percent growth over 2009.

Other members of Edwards' management team presenting at the conference include:

Thomas M. Abate, corporate vice president, chief financial officer and treasurer;

Donald E. Bobo, Jr., corporate vice president, Heart Valve Therapy;

Carlyn D. Solomon, corporate vice president, Critical Care; and

Larry L. Wood, corporate vice president, Transcatheter Valve Replacement.

Guest Speakers Provide Clinical Perspective

Also speaking at the conference are interventional cardiologist Dr. John G. Webb, Clinical Professor and Director of Interventional Cardiology and Cardiac Catheterization at St. Paul's Hospital in Vancouver, BC, and cardiothoracic surgeon Dr. Vinod H. Thourani, Assistant Professor of Cardiothoracic Surgery at Emory Crawford Long Hospital in Atlanta, Ga., who will detail their clinical experiences with transcatheter aortic valve therapies. In addition, Dr. Joshua A. Bloomstone, Director of Education at Valley Anesthesiology Consultants, Ltd. and Vice Chairman of the Anesthesiology Department at Thunderbird Hospital in Glendale, Ariz., will speak about his experiences with the FloTrac system in the clinical setting.

Webcast Information

The Edwards Lifesciences 2009 Investor Conference can be accessed via live webcast at beginning at 8:00 a.m. Pacific Time on December 10, 2009. The webcast will also be archived on the Edwards Web site after the conference concludes.

About Edwards Lifesciences

Edwards Lifesciences is the global leader in the science of heart valves and hemodynamic monitoring, with more than five decades of experience in partnering with clinicians to develop life-saving innovations. Headquartered in Irvine, Calif., Edwards treats advanced cardiovascular disease with its market-leading heart valve therapies, and critical care and vascular technologies, which are sold in approximately 100 countries. The company's global brands include Carpentier-Edwards, Cosgrove-Edwards, Edwards SAPIEN, FloTrac, Fogarty, PERIMOUNT Magna and Swan-Ganz. Additional company information can be found at

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can sometimes be identified by the use of words such as "may," "will," "should," "anticipate," "believe," "plan," "goal," "project," "estimate," "expect," "intend," or other similar expressions and include, but are not limited to, the company's financial expectations for 2010 including sales, gross profit margin, net income, earnings per share and free cash flow; the regulatory approval and sales of heart valve therapy products; the continued adoption and 2010 sales of the Edwards SAPIEN valve; the timing, progress and results of clinical studies including the PARTNER trial and the U.S. approval of SAPIEN; expected sales and enhancements for the FloTrac system; the development of blood glucose monitoring technology; and the impact of foreign exchange and special items on the company's results. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. These forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement.

Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include the opportunities for the company's transcatheter valve programs and the ability of the company to continue to lead in the development of this field; the company's success in creating new market opportunities for its products and the timing of new product launches; the impact of currency exchange rates; the timing or results of pending or future clinical trials; actions by the U.S. Food and Drug Administration and other regulatory agencies; and other risks detailed in the company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2008.

Edwards and Edwards SAPIEN XT are trademarks of Edwards Lifesciences Corporation. Edwards Lifesciences, the stylized E logo, Carpentier-Edwards, Cosgrove-Edwards, Edwards SAPIEN, FloTrac, Fogarty, PERIMOUNT Magna and Swan-Ganz are trademarks of Edwards Lifesciences Corporation and are registered in the United States Patent and Trademark Office.

(1) "Underlying" amounts are non-GAAP items and exclude discontinued and newly acquired products, foreign exchange fluctuations and other unusual items.

Contact Information

  • Investor Contact:
    David K. Erickson

    Media Contact:
    Amanda C. Fowler