Edwards Lifesciences Shares Slide After Earnings Miss, Guidance Cut
October 28 2022 - 10:43AM
Dow Jones News
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 colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 28, 2022 10:28 ET (14:28 GMT)
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