Edwards Lifesciences third-quarter sales disappoint, shares plunge

An Edwards SAPIEN transcatheter heart valve is assembled in a training room at Edwards Lifesciences corporate offices in Irvine, CA.
Tim Rue | Corbis | Getty Images
An Edwards SAPIEN transcatheter heart valve is assembled in a training room at Edwards Lifesciences corporate offices in Irvine, CA.

Edwards Lifesciences shares plunged on Wednesday after the company missed third-quarter sales estimates.

The company posted revenue of $739 million in the third quarter, missing expectations for $750 million, according to a consensus estimate from Thomson Reuters.

Sales of the company's global transcatheter heart valve therapy jumped to $410 million, but were still lower than Wall Street estimates of $425 million.

Transcatheter aortic valve replacement (TAVR) systems, in which a new heart valve is threaded into place via an artery as an alternative to chest-cracking surgery, is one of the most important future growth drivers for the medical device company.

Shares of Edwards Lifesciences shed more than 17 Wednesday, but still held gains of about 19 percent for the year so far. Edwards stock has been a top performer in the S&P 500 in the last few years.

Edwards posted earnings of 68 cents a share, excluding one-time items, in line with expectations.

Separately, Edwards raised its full-year earnings forecast earnings to between $2.82 a share and $2.92 a share. And for the coming quarter, the company expects adjusted earnings of between 67 cents and 77 cents.

One-year performance of Edwards Lifesciences:

--Reuters contributed to this report.