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Jun 30, 2024
Edwards Lifesciences Q2 2024 Earnings Report
Edwards Lifesciences' second quarter performance reflected strong contributions from TMTT, offset by lower-than-expected growth in TAVR.
Key Takeaways
Edwards Lifesciences reported a 7% sales growth in Q2, driven by a strong performance in Transcatheter Mitral and Tricuspid Therapies (TMTT) with 75% growth, which was offset by lower-than-expected growth in Transcatheter Aortic Valve Replacement (TAVR). The adjusted EPS was $0.70. The company expects full-year 2024 sales growth of 8 to 10%.
Q2 sales grew 7%; constant currency sales grew 8%.
Q2 TAVR sales grew 5%; constant currency sales grew 6%.
Q2 TMTT sales grew 75%; increasing contribution to Edwards' growth.
Q2 EPS of $0.61; adjusted EPS of $0.70.
Edwards Lifesciences
Edwards Lifesciences
Edwards Lifesciences Revenue by Segment
Edwards Lifesciences Revenue by Geographic Location
Revenue by Segment
TAVR Revenue
CapyFin.comTMTT Revenue
CapyFin.comSurgical Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comEurope Revenue
CapyFin.comJapan Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
The company anticipates second half TAVR sales growth similar to the first half year-over-year growth rate, or 5 to 7% full-year growth versus previous guidance of 8 to 10%. For TMTT, based on first half momentum, the company is increasing full-year sales guidance to the higher end of the previous $320 to $340 million range. The company expects Q3 sales of $1.56 to $1.64 billion and EPS in Q3 of $0.67 to $0.71.
Positive Outlook
- Full-year 2024 Edwards sales growth of 8 to 10%.
- TMTT guidance increased to the higher end of $320 to $340 million.
- Confident in full-year Surgical sales growth of 6 to 8%.
- Q3 sales of $1.56 to $1.64 billion.
- EPS in Q3 of $0.67 to $0.71.
Challenges Ahead
- Lowering TAVR guidance to 5 to 7% from 8 to 10%.
- Some regional pressures in TAVR.
- Adjusted gross profit margin was 77.1%, compared to 77.7% in the same period last year.
- Adjusted selling, general and administrative expenses in the second quarter were $509 million, or 31.2% of sales, compared to $469 million in the prior year.
- Adjusted research and development expenses in the second quarter were $303 million, or 18.6% of sales, compared to $270 million in the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income