Edwards Critical Care Spin-off Notes
February 15, 2024 Update
The previously announced spinoff of Critical Care is progressing as planned and will enable our sharpened focus on structural heart. As a result, Edwards’ 2025 organic sales growth rate will be even more distinguished.
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Turning to Critical Care. Full year global sales of $928 million increased 10% versus the prior year. Fourth quarter Critical Care sales of $250 million increased 11%. Growth was driven by contribution from all product lines, led by HemoSphere, a smart recovery with strong adoption of our Acumen IQ sensor equipped with the Hypotension Prediction Index algorithm. Critical care strategy is to drive growth through smart recovery and smart expansion, which are designed to help clinicians make more informed decisions and get patients home to their family faster.
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Our GAAP earnings per share of $0.61 included onetime expenses associated with our planned spin-off of Critical Care. A full reconciliation between our GAAP and adjusted EPS for this and other items is included with today’s release. We are maintaining all of our previous sales guidance ranges for 2024 with the exception of TMTT. Absent big moves in foreign exchange, we expect total company sales of $6.3 billion to $6.6 billion. TAVR sales of $4.0 billion to $4.3 billion, Surgical Structural Heart sales of $1.0 billion to $1.1 billion and Critical Care sales of $900 million to $1 billion.
December 13, 2023 Update
“On December 7, 2023, Edwards announced that it will spin off its Critical Care business in Q4 2024.”
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