Edwards Lifesciences — Oct 24, 2024 release

The company continues to see positive procedure growth globally for the many patients best treated surgically, including those undergoing complex procedures. 2 Additional Financial Results For the quarter, the adjusted gross profit margin was 80.7%, compared to 79.9% in the same period last year. The company expects Q4 gross margin to be in-line with the high end of its 76% to 78% full-year guidance range. Selling, general and administrative expenses in the third quarter were $421 million, or 31.1% of sales, compared to $382 million in the prior year. This increase was driven by an expansion of field-based personnel to support growth of the company's transcatheter therapies, including the launch and rollout of the PASCAL and EVOQUE systems. Research and development expenses increased 4% in the third quarter to $253 million, or 18.7% of sales. This increase was primarily the result of continued investments in the company's transcatheter valve innovations, including increased clinical trial activity. Edwards' adjusted Earnings Per Share was $0.67, slightly ahead of what the company modeled for Q3 guidance provided in July. Cash and cash equivalents was approximately $3.5 billion as of Sept. 30, 2024. Total debt was approximately $600 million. During the third quarter, the company repurchased $1.0 billion of stock through a combination of accelerated share repurchase programs and pre-established trading plans. Edwards currently has approximately $1.4 billion remaining under its current share repurchase authorization. Outlook Edwards' full year sales growth gui