Edwards Lifesciences Stock Plummeted Today. Here's Why

Edwards Lifesciences (EW) shares swooned Thursday, dropping aft nan institution damped expectations for bosom valve replacement income maturation connected Wednesday.

The institution said it expects full-year income maturation of 5% to 7% for its transcatheter aortic valve replacement (TAVR) treatment, down from nan 8% to 10% forecast earlier. TAVR involves replacing a diseased bosom valve utilizing a catheter alternatively than done open-heart surgery.

Full-year income of transcatheter mitral and tricuspid therapies (TMTT) are expected to travel successful connected nan higher extremity of Edwards’ antecedently issued scope of $320 cardinal to $340 million. The institution reiterated its surgical income maturation projection of 6% to 8%. 

Shares of Edwards plunged 31% to decorativeness astatine $59.76 Thursday, leaving them down astir 22% this year. The banal was nan day's worst performer successful nan S&P 500.

In nan 2nd quarter, Edwards posted earnings per stock (EPS) of 61 cents, falling short of nan 74 cents expected by analysts, according to Visible Alpha. Revenue was $1.39 billion, beneath expectations. TAVR gross roseate 5% year-over-year to $1 billion.