Edwards Lifesciences Corp. reported fourth-quarter 2016 GAAP net income of $158.5 million, or 73 cents per share, compared with $140.7 million, or 64 cents per share, in the year-ago period.
Adjusted net income was $163.6 million, or 75 cents per share, up from $140.7 million, or 64 cents per share, in the fourth quarter of 2015.
The S&P Capital IQ consensus normalized EPS estimate for the fourth quarter was 72 cents.
Gross profit was $554.5 million, up from $495.2 million in the year-ago period.
Net sales rose 14.4% to $767.7 million in the quarter, led by a 29.2% rise in sales for its transcatheter heart valve therapy. By comparison, sales for the year-ago period were $671.1 million.
For the full year of 2016, GAAP net income was $569.5 million, or $2.61 per share, up from $494.9 million, or $2.25 per share, in 2015. Adjusted net income was $630.0 million, or $2.89 per share, up from $510.1 million, or $2.32 per share, a year ago.
Edwards expects 2017 sales to be between $3.0 billion and $3.4 billion, with adjusted EPS of $3.30 to $3.45. For the first quarter of 2017, it forecasts $760 million to $800 million in sales and adjusted EPS of 79 cents to 89 cents. The S&P Capital IQ consensus normalized EPS estimate for the first quarter is 82 cents.
The company said the FDA has approved a transcatheter aortic valve replacement therapy study for the SAPIEN 3 valve, expected to be carried out over a two-year time frame. The study will be evaluating patients diagnosed with severe aortic stenosis who have not yet developed symptoms.