Edwards Lifesciences Shares Slide After Earnings Miss, Guidance Cut

By Colin Kellaher

Shares of Edwards Lifesciences Corp. tumbled to a new 52-week low on Friday after the medical-device maker's disappointing quarterly update prompted several Wall Street analysts to take a dimmer view of the stock.

The Irvine, Calif., company reported Thursday that third-quarter adjusted earnings were 61 cents a share amid a 1% rise in sales to $1.32 billion, just shy of the 62 cents and $1.33 billion, respectively, that analysts polled by FactSet, on average, were expecting.

Edwards said it now expects full-year adjusted per-share earnings of $2.40 to $2.50, down from a prior forecast of $2.50 to $2.65, with sales coming in at the low end of guidance of $5.35 billion to $5.55 billion.

Analysts at several Wall Street firms reduced their price targets on Edwards shares following the report.

Truist analysts cut their target to $95 from $112 but said they still believe in the company's prospects for long-term double-digit growth and total addressable market. Analysts at Citigroup, Wells Fargo, Piper Sandler and RBC Capital also reduced their share-price targets, but all five firms maintained their ratings on the stock.

Edwards shares were recently changing hands at $72.55, down about 16%, after touching a 52-week low of $70.25 earlier in the session.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

October 28, 2022 10:28 ET (14:28 GMT)

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