2003 Financial Goals Signal Expectation for Another Strong Year
NEW YORK, Nov. 7 -- Edwards Lifesciences Corporation (NYSE: EW), a global leader in products and technologies to treat advanced cardiovascular disease, today is hosting its 2002 Investor Conference at the W Hotel in New York, during which management will provide greater visibility into the initiatives that are expected to drive accelerating sales growth.
Michael A. Mussallem, chairman and CEO, will open the conference with a review of Edwards' past performance, and will discuss the Company's strategy for sustaining strong performance in its core product lines while adding new growth opportunities. Stuart L. Foster, corporate vice president, Technology & Discovery, will discuss Edwards' Peripheral Interventions platform including its new peripheral stent initiative. Discussing growth in the Company's Cardiac Surgery Platform will be Anita B. Bessler, corporate vice president, Global Franchise Management, Stephane A. Di Lullo, vice president, Heart Valve Therapy and Keith A. Reisinger, corporate vice president, Technology. Bruce J. Bentcover, Edwards' chief financial officer, will confirm expectations for the fourth quarter of 2002 and lay out the Company's projections for full year 2003. At the conclusion of the conference, a demonstration of many of Edwards' products will be available.
"Edwards Lifesciences has had a long and successful history of developing innovative products to treat cardiovascular disease, which has resulted in robust Cardiac Surgery and Critical Care product lines," said Mussallem. "Since becoming an independent public company in 2000, our strategy has been to build on these strong base businesses by investing in new growth platforms. Several of the initiatives we will discuss in today's meeting will enable us to extend our leadership position in these core product lines. Other initiatives we will discuss represent significant opportunities for incremental growth."
During the investor conference, Edwards' management will communicate the Company's outlook for financial performance in 2003, which includes a projected sales growth rate of 7 to 9 percent and net income growth of 14 to 16 percent. "Our financial goals for 2003 confirm our progress toward achieving our long-term aspirations of sustainable double-digit sales growth and above-average net income growth," Mussallem said.
Among the topics to be discussed at today's event are:
-- Peripheral Interventions Platform -- The Company's initial endeavor in
its peripheral interventions platform is the Lifepath AAA Endovascular
Graft System for treating abdominal aortic aneurysms. The Lifepath
program continues to make progress in Europe and remains on track for
a commercial launch in the U.S. in late 2004.
The next significant addition to this platform is a peripheral
stent initiative, which is being discussed in detail for the first
time today. "We believe there is great opportunity in the rapidly
growing $600 million peripheral stent market and are optimistic that
our differentiated product offering will benefit patients suffering
from peripheral vascular disease and lift Edwards' sales growth rate,"
said Foster. The Company continues to expect to launch globally a
broad peripheral stent product offering in mid-2003.
-- Cardiac Surgery Platform -- "Edwards is dedicated to maintaining its
leadership position in heart valve therapy and we will discuss several
initiatives designed to sustain robust growth as well as potentially
expand the market," said Mussallem. "We believe our investments in
heart valve therapy are unequalled."
The Company is building on its market-leading tissue valve
technology by providing products with even greater durability and
performance than those available today. Edwards' future generation
tissue valve combines the durability of PERIMOUNT valves with
hemodynamics unsurpassed by any other valve. Edwards is also making
advancements in the anticalcification treatment of tissue valves,
which have shown great promise in laboratory studies. Also to be
presented are several of the company's technologies for repairing and
replacing diseased heart valves using interventional techniques, which
could broaden the potential market for these life-improving products.
In addition to its heart valve therapy initiatives, Edwards is
leveraging its strong position in the Cardiac Surgery market with
specialized surgical technologies that represent meaningful growth
potential including a CO2 TMR laser revascularization product to treat
angina, and a surgical ablation system for treating cardiac
arrhythmia.
-- Financial Outlook -- In addition to discussing financial goals for
2003, management will reiterate its confidence for achieving its
previously stated sales growth and net income goals for 2002, and its
confidence in meeting analysts' consensus estimates for the fourth
quarter of 2002 and full year 2003.
Guest Speakers To Provide Clinical Perspective
Edwards' Investor Conference will also feature presentations by noted authorities in their respective fields. Barry T. Katzen, MD, founder and medical director of the Miami Cardiac & Vascular Institute, will be speaking on trends in peripheral vascular disease treatment. David Adams, MD, chairman of the department of cardiothoracic surgery at Mount Sinai Medical Center, New York, will discuss clinical innovations in cardiac surgery.
Webcast Information
The Edwards Lifesciences 2002 Investor Conference can be accessed via live webcast at www.edwards.com/investorconference beginning at 9 a.m. Eastern Standard Time on November 7. The webcast also will be archived on the same web page after the conference concludes.
About Edwards Lifesciences
Edwards Lifesciences, a leader in advanced cardiovascular disease treatments, is the number-one heart valve company in the world. Headquartered in Irvine, Calif., Edwards focuses on four main cardiovascular disease states: heart valve disease, coronary artery disease, peripheral vascular disease and congestive heart failure.
The company's global brands, which are sold in over 80 countries, include Carpentier-Edwards, Cosgrove-Edwards, Swan-Ganz, Lifepath AAA and Fogarty. Additional company information can be found at www.edwards.com .
This news release includes forward-looking statements that involve risks and uncertainties including comments related to projected financial performance for 2002, 2003 and beyond including sales growth, EBITDA, net income and earnings per share; sales of PERIMOUNT pericardial tissue heart valves and the continued penetration of the mechanical valve market; the clinical studies, regulatory approval and introduction of peripheral stent products; the U.S. clinical study and European sales of Lifepath AAA; initiatives designed to enhance the company's product pipeline and/or stimulate sales growth including products to treat angina and cardiac arrhythmia; the impact of foreign exchange; the ability to generate and maintain sufficient cash resources to invest in growth opportunities, repay debt or repurchase shares; and more generally, timing or results of pending or future clinical trials, actions by the U.S. Food and Drug Administration and other regulatory agencies, technological advances in the medical field, product pricing, local and foreign government reimbursement rates or policies, product demand and market acceptance, the effect of changing economic conditions, and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements are based on estimates and assumptions made by company management and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forward-looking statements.
Edwards Lifesciences, Edwards, PERIMOUNT Magna and Edwards MC3 are trademarks of Edwards Lifesciences Corporation. Carpentier-Edwards, Cosgrove- Edwards, Fogarty, PERIMOUNT, Lifepath AAA and Swan-Ganz are trademarks of Edwards Lifesciences Corporation and are registered in the U.S. Patent and Trademark Office.
Make Your Opinion Count - Click Here
http://tbutton.prnewswire.com/prn/11690x97857145
Contact Information :
Media, Barry R. Liden, +1-949-250-5070, or Investors, David K. Erickson, +1-949-250-6826, both of Edwards Lifesciences Corporation