Tuesday was a down day for U.S. equities as government bond yields rose. The S&P 500 Index fell 1.3%, the Dow Jones Industrial Average declined 1.7% and the Nasdaq Composite fell 1.7%.
Edwards Lifesciences Corp (NYSE:EW) and Illumina, Inc. (NASDAQ:ILMN) reported their quarterly earnings results after hours Tuesday, while Tesla Inc (NASDAQ:TSLA) finds itself in hot waters over a contract dispute.
Here’s what you should know:
Edwards Lifesciences Corp (EW)
Edward Lifesciences reported its latest quarterly results after hours yesterday.
The company announced that the first-quarter global sales of its heart valves, a metric that marks the company’s most important growth driver, increased 2.3% year-over-year to $551.5 million. However, the figure missed analysts’ outlook of $579.64 billion, according to data compiled by Thomson Reuters.
Edward Lifesciences also saw the sales of surgical heart valve therapy fall 10% compared to the year-ago quarter to $179.5 million. The company’s net profit for the period fell to $206.6 million, or 96 cents per share, from the year-ago total of $230.2 million, or $1.06 per share.
On an adjusted basis, the company brought in earnings of $1.22 per share, topping the Wall Street consensus estimate of $1.11 per share, according to data compiled by Thomson Reuters. Revenue rose 1.3% year-over-year to $894.8 million.
EW stock fell about 7.6% after the bell Tuesday.
Illumina, Inc. (ILMN)
Illumina shares were higher following the company’s latest quarterly earnings results.
The genomic technologies-based company announced that its first-quarter revenue gained 31% year-over-year, totaling $782 million and topping the year-ago total of $598 million. The figure also topped analysts’ expectations of $743.5 million.
Illumina’s revenue included $628 million in product revenue and $154 million in service and other revenue, an increase from the year-ago totals of $491 million and $107 million respectively.
Company President and CEO Francis deSouza said that the revenue growth could be attributed to the “growing adoption of applications spanning oncology, clinical and non-clinical research, population genomics, and personal genomics.”
Illumina added that it garnered a product approval certificate from the Ministry of Food and Drug Safety in South Korea for its NextSeq 550Dx instrument in the quarter.
ILMN shares gained 0.6% after the bell following a 3% drop during regular trading hours.
Tesla Inc (TSLA)
Tesla is facing some backlash over the company reportedly failing to pay contract workers fully for overtime.
The company is embroiled in a contract dispute with a contract company over failing to pay for overtime and denying the company’s workers their legally mandated meal and rest breaks, according to a contract employee at Tesla’s Fremont auto-assembly plant.
The worker said in a lawsuit that she also claims she was fired for filing a complaint about employee-payment practices. Dorley Nezbeth-Altimore said in a court filing that she worked at the plant for over two months in 2016 and 2017 and is looking for a class-action status for the lawsuit, which would target Tesla and the contractor.
Tesla responded by saying it “goes above and beyond the requirements of California and federal law in providing workers meal and rest breaks and appropriate overtime pay.”
TSLA stock fell a fraction of a percentage after the bell Tuesday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
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