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Edwards Lifesciences Reports Strong First Quarter Results and Raises 2008 Guidance
Date:4/22/2008

- Strong Sales Growth Across All Product Lines

- Transcatheter Valves Propel Heart Valve Sales Growth

- Special Items Reduce Net Income by $15 Million

IRVINE, Calif., April 22 /PRNewswire-FirstCall/ -- Edwards Lifesciences Corporation (NYSE: EW), a world leader in products and technologies to treat advanced cardiovascular disease, today reported net income for the quarter ended March 31, 2008 of $18.2 million, or $0.31 per diluted share, compared to net income of $33.2 million, or $0.54 per diluted share for the same period in 2007. Excluding special items from this year detailed in the reconciliation table below, first quarter 2008 net income was $33.2 million, or $0.56 per diluted share.

First quarter net sales increased 12.4 percent to $296.8 million, compared to $264.1 million in the same quarter last year. Underlying sales growth was 9.0 percent, excluding the impact of $4.1 million of sales from discontinued products and a $13.0 million contribution from foreign exchange.

"We're very pleased to report strong first quarter results, driven by robust sales growth in all of our product lines," said Michael A. Mussallem, Edwards Lifesciences' chairman and CEO. "In addition, we are raising our full year 2008 sales guidance by $50 million and increasing our bottom-line expectations.

"This quarter was also highlighted by an impressive start to our Edwards SAPIEN transcatheter heart valve launch in Europe, with better than expected sales of $8.1 million and outstanding procedural success." Sales Results

For the first quarter, the company reported Heart Valve Therapy sales of $146.7 million, a 13.3 percent increase over prior year, which included a $6.1 million positive
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SOURCE Edwards Lifesciences Corporation
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