Irvine-Based Edwards Lifesciences Has High Hopes for 2022
Thursday, January 06, 2022
Irvine-based Edwards Lifesciences Corp. saw sales grow from $1.9 billion in 2012 to more than $5 billion this year.
An even bigger boost in revenue is possible over the next six years: the medical device firm, which makes a variety of products for people fighting cardiovascular disease, thinks the global market opportunity for its expanding base of products could hit $20 billion by 2028, Chief Executive Michael Mussallem said at the company’s annual investor conference, held on Dec. 8.
Its current global market opportunity is pegged around $8.6 billion.
That potential growth is projected via factors like new markets and greater awareness of its varied products, especially for its main transcatheter aortic valve replacement business, company officials said at the conference.
After Edwards wraps up 2021 with revenue between $5.2 billion and $5.4 billion, Mussallem said 2022 will be another year of “double-digit top-line and bottom-line growth” at Orange County’s second-largest publicly traded company, which is valued at about $75 billion.
Edwards’ shares are near an all-time high, and are up over 40% year-over-year.
2022 Product Pipeline
Edwards will “aggressively” pursue breakthrough therapies for patients suffering from structural heart diseases, the CEO said at the conference.
“We look forward to significant milestones, including new product launches, and progress on multiple significant clinical trials,” Mussallem said.
“We remain confident that our innovative therapies will continue to drive strong organic growth in the years to come, and we’re just getting started.”
Among notable additions, Mussallem announced Edwards’ plans to launch a new surgical mitral valve in the U.S., The Mitris Resilia, as well as a remote monitoring mobile app for clinicians called Viewfinder next year.
The Mitris Resilia was designed for “complex cases,” in which a patient’s mitral valve repair may not be an option, the company said. The device is built soft and “saddle-shaped” to mimic the native mitral annulus, or the anatomical junction between the ventricle and left atrium of the heart, the company said.
Meanwhile, the Viewfinder is a mobile app that provides clinicians with remote access to noninvasive data they would see from their patients’ bedside monitors, the company said. The app allows clinicians to track the status of multiple patients at once from their smartphones.
The company is also integrating a full range of Smart Recovery technologies on the HemoSphere monitoring platform that will create a unique offering of enhanced recovery tools to further strengthen the company’s position in smart monitoring.
“We remain confident that our innovative therapies will continue to drive strong organic growth in the years to come, and we’re just getting started,” Mussallem said.
Edwards, which has added several new buildings to its campus over the past year, said its 2021 capital expenditures are likely to end up in the $350 million range, with roughly 40% of that spent on infrastructure investments.
Edwards Lifesciences is a gold-level Leaders Circle partner of the Greater Irvine Chamber.
Category: Life Sciences, Greater Irvine Chamber, Leaders Circle, Edwards Lifesciences