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Edwards Lifesciences Backs FY17 View, Sees Higher FY18; To Buy Back $1 Bln Share

Edwards Lifesciences Corp. (EW), a company in patient-focused innovations for structural heart disease and critical care monitoring, Thursday said it reaffirmed

For fiscal 2017, the company still expects adjusted earnings per share of $3.65 to $3.85, and global sales at the high end of $3 billion to $3.4 billion target, representing underlying growth of 10 to 11%.

On average, analysts polled by Thomson Reuters expect earnings of $3.75 per share on sales of $3.39 billion for the year. Analysts' estimates typically exclude special items.

For fiscal 2018, the company expects adjusted earnings per share of $4.10 to $4.30, and global sales of $3.5 to $3.9 billion, representing underlying growth of 9 to 10%.

Analysts expect earnings of $4.15 per share on sales of $3.71 billion for the year.

The company expects 2018 THVT sales of $2.1 to $2.4 billion, representing underlying growth of 11% to 15%.

The company will discuss its strategy for longer-term growth, provide an update on its technology pipeline and share its financial guidance during its annual investor conference today in New York City.

Michael Mussallem, chairman and CEO, said, "In 2018, we are projecting strong financial results while we continue to invest aggressively to provide breakthrough therapies for patients in need. During the year, we expect to achieve a number of meaningful clinical milestones that will serve as indicators of our progress in advancing multiple transcatheter mitral and tricuspid programs."

Separately, Edwards Lifesciences announced that its Board of Directors recently authorized a new share repurchase program to acquire up to an additional $1 billion of the company's outstanding common shares.

The company also announced that in November it entered into an accelerated share repurchase agreement to acquire $150 million of Edwards' common stock.

by RTT Staff Writer

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