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

contribution from foreign exchange. "The expanding adoption of Magna Ease and Magna Mitral, and the strong uptake of our Edwards SAPIEN valve in Europe, drove very strong underlying international sales growth," added Mussallem.

Critical Care sales of $106.7 million grew 17.4 percent over last year, which included a $5.2 million positive contribution from foreign exchange. "Sales of our FloTrac system were the biggest growth driver this quarter," said Mussallem. "In addition, this franchise is becoming more diversified with the increased adoption of PreSep, strong growth in emerging markets and share gains in our pressure monitoring and hemofiltration product lines."

Cardiac Surgery Systems sales for the quarter were $21.4 million, an increase from $16.8 million in the same quarter last year, due primarily to the successful integration of the recently acquired CardioVations product line.

Vascular sales grew 8.9 percent to $22.0 million compared to the same period in 2007.

Domestic and international sales for the first quarter were $135.5 million and $161.3 million, respectively.

Additional Operating Results

For the quarter, Edwards' gross profit margin was 65.3 percent compared to 64.7 percent in the same period last year. This improvement was driven primarily by a more profitable product mix, and was partially offset by the impact of foreign exchange hedge agreements.

Selling, general and administrative expenses were $114.6 million for the quarter, or 38.6 percent of sales, compared to $98.6 million in the prior year. The increase was due primarily to expected higher levels of spending for both the Edwards SAPIEN launch in Europe and sales-related costs in the U.S., as well as an impact from foreign exchange of approximately $6 million.

Research and development expenses were $32.9 million for the quarter, or 11.1 percent of sales, compared to $28.8 million in the year ago period, primarily reflecting additional
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SOURCE Edwards Lifesciences Corporation
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