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Edwards Lifesciences sets $1 billion stock buyback program, gives 2018 guidance

Edwards Lifesciences Corp. said Thursday it authorized a new $1 billion stock repurchase program. At Wednesday’s stock closing price of $113.36, the program could represent about 4.2% of the shares outstanding. Separately, the heart disease treatment company said it entered into a $150 million accelerated stock buyback deal in November. The company also affirmed its 2017 financial guidance, and projected 2018 adjusted earnings per share of $4.10 to $4.30, compared with the FactSet consensus of $4.14. Revenue is expected to be $3.5 billion to $3.9 billion in 2018, representing underlying growth of 9% to 10%, and surrounding the FactSet consensus of $3.7 billion. “Our global growth is being driven by our transcatheter aortic valve therapies, and continued advancement in each of our market-leading product lines,” said Chief Executive Michael A. Mussallem. The stock, which was still inactive in premarket trade, has rallied 21% year to date, while the SPDR Health Care Select Sector ETF has climbed 19% and the S&P 500 has gained 17%.

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