Edwards Lifesciences (NYSE:EW) stock is down on Thursday after the heart disease care company announced earnings for its second quarter of 2024.
That earnings report starts with its adjusted EPS of 70 cents. This just beats out Wall Street’s estimate of 69 cents per share. It’s also better than the 66 cents per share reported in the same period of the year prior.
However, the company’s revenue of $1.63 billion failed to impress investors. That comes in below analysts’ estimate of $1.65 billion for the period, even if it is better than the $1.53 billion reported in the second quarter of 2023.
Edwards Lifesciences CEO Bernard Zovighian said the following in the earnings report:
“Second quarter total company sales growth of 8 percent reflected strong contributions from our rapidly growing TMTT product group, offset by lower-than-expected growth in TAVR.”
EW Stock Drops on Outlook
Investors in EW stock aren’t happy about its outlook for the third quarter of 2024. This has it expecting adjusted EPS ranging from 67 cents to 71 cents alongside revenue between $1.56 billion and $1.64 billion.
At the midpoints, this has Edwards Lifesciences expecting adjusted EPS of 69 cents on revenue of $1.6 billion. To put that in perspective, Wall Street is looking for adjusted EPS of 69 cents on revenue of $1.62 billion for the quarter.
EW stock is down 22.4% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
