Edwards Lifesciences Drops 2020 Revenue Guidance Due to COVID-19

While Edwards Lifesciences reported first-quarter sales growth of 14%, the structural heart company saw a steep drop in procedure volume in the last few weeks of the quarter due to COVID-19. "As you might expect, procedure volumes in March varied greatly by geography, even by hospital, as patients and providers turned their focus to the pandemic," CEO Mike Mussallem said during the company's first-quarter earnings call, according to a SeekingAlpha transcript. Mussallem said the company expects the impact of COVID-19 on its transcatheter aortic valve replacement (TAVR) sales to be most severe in the second quarter, followed by a gradual recovery in the third quarter, and a fourth quarter that more closely resembles the company's original expectations. "Although we're encouraged by recent news of improving infection rates from COVID-19, we also recognize the high degree of continued uncertainty in terms of hospital procedure volumes," Mussallem said. The Irvine, CA-based company now expects global TAVR sales growth for 2020 to be flat compared to 2019, plus or minus 5%. Prior to COVID-19, Edwards expected to see its TAVR sales grow 15% this year. That said, Mussallem reaffirmed the company's confidence that the global TAVR market opportunity will exceed $7 billion by 2024. As a safety precaution during the pandemic, the company has paused proctoring for its newest transcatheter valve, the Sapien 3 Ultra, at centers that are not already trained the device. Mussallem said Edwards...
Source: MDDI - Category: Medical Devices Authors: Tags: COVID-19 Business Source Type: news