08.12.2023 02:15:22

Edwards Lifesciences To Spin-off Of Critical Care Unit; To Buy Back Additional $1 Bln Of Shares

(RTTNews) - Edwards Lifesciences Corp. (EW) said it intends to complete a spin-off of Critical Care at the end of 2024. It reaffirmed its 2023 financial guidance and provided guidance for 2024. The company's board approved $1 billion of additional share repurchase authorization.

The company noted that the planned separation of Critical Care unit will enable sharpened focus as the company pursues expanded opportunities for TAVR, TMTT and Surgical patients, as well as new investments in interventional heart failure technologies. Katie Szyman, Corporate Vice President of Critical Care since 2015, will be Chief Executive Officer of the new company upon completion of the transaction.

The company expects 2024 adjusted earnings per share to be in the range of $2.70 - $2.80. Analysts polled by Thomson Reuters expects the company to report earnings of $2.80 per share for fiscal year 2024. Analysts' estimates typically exclude special items.

The company projects 2024 global sales of $6.3 billion - $6.6 billion, representing a constant currency growth of 8% - 10%. Analysts expect revenue of $6.51 billion for the fiscal year 2024.

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Edwards Lifesciences Corp. 71,69 0,76% Edwards Lifesciences Corp.