Stock Monitor: Apollo Endosurgery Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 08, 2018 / If you want access to our free earnings report on Edwards Lifesciences Corp. (NYSE: EW), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EW. Edwards Lifesciences reported its first quarter fiscal 2018 operating and financial results on April 24, 2018. The medical device maker reported better than expected earnings. Additionally, the Company provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Apollo Endosurgery, Inc. (NASDAQ: APEN), which also belongs to the Healthcare sector as the Company Edwards Lifesciences. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Edwards Lifesciences most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
Edwards Lifesciences' sales for the quarter ended March 31, 2018, were $894.8 million, up 1.3% compared to sales of $883.5 million. The Company's reported quarter total adjusted sales were $937.5 million, up 9.3% on a y-o-y basis. Analysts' were expecting sales of $932.3 million.
During Q1 2018, Edwards Lifesciences' adjusted gross profit margin was 74.5% compared to 75.7% in Q1 2017. This reduction was driven primarily by the impact from forex impact, partially offset by a more profitable product mix. For Q1 2018, the Company's selling, general, and administrative expenses (SG&A) increased 11.5% to $256.0 million for the reported quarter, driven by the strengthening of the Euro against the US Dollar and personnel related expenses.
Edwards Lifesciences' research and development (R&D) investments for Q1 2018 grew 11.3% to $143.2 million, or 16.0% of sales. This increase was primarily the result of continued investments in transcatheter heart valve programs, including spending on clinical trials. For the reported quarter, the Company had tax rate of 21.6% driven by a $24.0 million reserve. Excluding the impact of this reserve and other special items, the tax rate would have been 13.2%.
For Q1 2018, Edwards Lifesciences' earnings totaled $206.6 million, or $0.96 per share, compared to earnings of $230.2 million, or $1.06 per share. Excluding special items' Edwards Lifesciences' adjusted earnings grew 29.8% to $1.22 per share versus $0.94 per share in the year earlier comparable quarter. The Company's earnings beat Wall Street's estimates of $1.11 per share.
Edwards Lifesciences' Segment Results
For Q1 2018. Edwards Lifesciences reported Transcatheter Heart Valve Therapy (THVT)'s sales of $551.6 million, reflecting a 2.3% growth rate over sales of $539.2 million in Q1 2017. For the reported quarter, adjusted THVT's sales were $559.6 million, up 12.4% on an underlying basis including the adjustment for stocking inventory in Germany. Edwards Lifesciences is expecting FY18 THVT's underlying sales growth rate to be at the higher-end of 11% to 15%.
During Q1 2018, the Surgical Heart Valve Therapy sales were $179.5 million, down 10.0% compared to Q1 2017 sales of $199.5 million, up 2.4% on an underlying basis. The segment's adjusted results excluded a sales return reserve related to conversion to a consignment inventory model.
The Critical Care sales jumped 13.0% to $163.7 million compared to $144.8 million in Q1 2017 and reflecting an 8.4% growth on an underlying basis. This performance was driven by strong growth across the portfolio, led primarily by the HemoSphere advanced monitoring platform and strong regional performance in the US and Asia/Pacific.
Edwards Lifesciences' adjusted free cash flow was $108.1 million in Q1 2018. As of March 31, 2018, the Company's cash, cash equivalents, and short-term investments totaled $1.5 billion at March 31, 2018, while its total debt was $1.1 billion.
For the full year 2018, Edwards Lifesciences remains confident in achieving the higher end of its sales guidance range of $3.5 to $3.9 billion. Additionally, the Company is now expecting FY18 adjusted earnings to be between $4.50 to $4.70 per share, up from its previous guidance of $4.43 to $4.63 per share.
For the second quarter 2018, at current foreign exchange rates, Edwards Lifesciences is projecting total sales to be between $950 million and $1.0 billion, and adjusted earnings to be in the band of $1.05 to $1.15 per share.
Stock Performance Snapshot
May 07, 2018 - At Monday's closing bell, Edwards Lifesciences' stock marginally advanced 0.98%, ending the trading session at $136.09.
Volume traded for the day: 1.23 million shares.
Stock performance in the last three-month – up 7.41%; previous six-month period – up 34.24%; past twelve-month period – up 23.07%; and year-to-date – up 20.74%
After yesterday's close, Edwards Lifesciences' market cap was at $28.61 billion.
Price to Earnings (P/E) ratio was at 34.41.
The stock is part of the Healthcare sector, categorized under the Medical Appliances & Equipment industry. This sector was up 0.2% at the end of the session.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email firstname.lastname@example.org. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.