Sector: Healthcare|Industry: Medical Devices|Market Cap: $42.94B|Employees: 19.8K
Edwards Lifesciences is a global leader in patient-focused medical innovations for structural heart disease and critical care monitoring. The company is a pioneer in heart valve therapies, offering both surgical and transcatheter solutions. They also provide hemodynamic monitoring systems used in hospitals, and are focused on expanding into less invasive mitral and tricuspid valve therapies.
The company's net sales for the three months ended September 30, 2024, were $1.35 billion, an 8.9% increase compared to the same period in 2023. This growth was primarily driven by increased sales in the TAVR and TMTT product lines.
While gross profit increased, the gross profit margin as a percentage of sales decreased due to foreign currency rate fluctuations, including the settlement of foreign currency hedging contracts. For the nine months ended September 30, 2024, the gross profit margin was impacted by 0.8 percentage points.
Net income for the three months ended September 30, 2024, was $3.07 billion, a substantial increase from $383.7 million in 2023, primarily due to income from discontinued operations, which included a gain of $3.3 billion from the sale of the Critical Care product group.