News | December 21, 2008

Edwards Lifesciences Projects 2009 Growth of 15-19 Percent

December 22, 2008 - Edwards Lifesciences Corp. recently said it expects to drive sales growth and profitability in 2009 and beyond.

During its 2008 investor conference in New York City Dec. 11, Edwards' management presented details of the company’s growth plans, market expansion opportunities and its financial outlook for 2009.

Sales of the company’s expanding market for transcatheter valves are expected to grow from $75 to $95 million in 2009. Edwards’ management also said the company’s financial goals for 2009, including total sales between $1.24 billion to $1.3 billion, a gross profit margin of 68 to 70 percent, earnings per share growth of 15 to 19 percent, excluding the impact of special items, and free cash flow of $160 million to $170 million.

Edwards said it has enrolled the first patient in the clinical study of its next generation Edwards SAPIEN XT transcatheter valve in Europe, which offers a smaller delivery profile and state of the art valve design. In the U.S., enrollment in the PARTNER pivotal trial has met year-end projections and overall timing for completion remains on track. Additionally, the company plans to broaden its presence in Europe and expand into a number of international markets in 2009.

Edwards expects to strengthen its position in heart valve therapy with the launch of several new products, including the U.S. introduction of its PERIMOUNT Magna Ease aortic valve. Together with transcatheter valve sales, Edwards expects to generate 14 to 16 percent underlying heart valve therapy sales growth in 2009.

In hemodynamic monitoring systems, Edwards recently invested in additional technology for its FloTrac minimally invasive monitoring system to drive future growth. The company also discussed its new growth opportunity for continuously monitoring blood glucose levels in hospitalized patients.

Interventional cardiologist Alec Vahanian, M.D., head of the cardiology department at Bichat University Hospital in Paris, France, and Dr. Joseph E. Bavaria, vice-chief, division of cardiothoracic surgery at University of Pennsylvania in Philadelphia, detailed their clinical experiences with transcatheter aortic valve therapies.

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