Edwards Lifesciences Profit Up 21%

Cardiovascular device maker Edwards Lifesciences Corp. said Tuesday that its second-quarter profit rose 21%, spurred by higher sales of its heart valves.

The Irvine-based company said net income rose to $25.5 million, or 41 cents a share, from $21.1 million, or 34 cents, in the same quarter a year ago.

Excluding charges in the 2003 and 2004 quarters, Edwards posted earnings of $26.5 million, or 43 cents a share, in the latest quarter, compared with $23.9 million, or 39 cents, a year earlier.

On that basis, analysts on average had expected the company to earn 41 cents a share, according to Reuters Estimates.

Sales in the second quarter rose 8% to $234.6 million but would have risen only 3% if not for the weak dollar, which boosts the value of overseas sales when they are converted into dollars.

The company said it expected 2004 profit to grow 13% to 15%, excluding the effect of its acquisition in January of privately held medical technology company Percutaneous Valve Technologies Inc.

It forecast 2004 sales of $930 million to $940 million, in line with the average forecast of $937 million among analysts polled by Reuters Estimates.