IRVINE, Calif., May 11 /PRNewswire-FirstCall/ -- At its annual meeting of stockholders, Edwards Lifesciences Corporation , a global leader in products and technologies to treat advanced cardiovascular disease, announced that its Board of Directors had earlier today authorized a new share repurchase program under which the company may repurchase up to 4 million shares of its outstanding common stock.
“Repurchasing shares offers an excellent means to increase value for our stockholders and reaffirms our belief in Edwards Lifesciences’ future,” said Michael A. Mussallem, Edwards Lifesciences’ chairman and CEO. “In light of our expected future cash flows, we will continue to have the flexibility to pursue strategic investments or further reduce debt.”
The company expects to continue repurchasing shares under its existing 2 million share repurchase program, which was initiated in September 2005. Under that authorization, Edwards has repurchased more than 1.1 million shares for a total of $48.5 million. Since becoming a publicly traded company in 2000, the Edwards’ board of directors has authorized five repurchase programs totaling 12 million shares, including the one announced today. As of April 30, 2006 the company had approximately 58.9 million common shares outstanding.
Company Outlook
Based on the company’s strong first quarter results, which were led by growth in U.S. heart valve sales, Mussallem reaffirmed his confidence in Edwards achieving its 2006 financial goals. “We expect to achieve our previously stated goal for total sales of $1.02 to $1.06 billion, increase our gross profit margin by 150 to 200 basis points, deliver non-GAAP net income growth of 12 to 15 percent excluding the impact of special items and stock option expensing, and generate free cash flow of $140 million to $150 million. Based on current foreign exchange rates, we are maintaining our 2006 sales estimate of $1.03 billion to $1.07 billion.”
About Edwards Lifesciences
Edwards Lifesciences, a leader in advanced cardiovascular disease treatments, is the number-one heart valve company in the world and the global leader in acute hemodynamic monitoring. Headquartered in Irvine, Calif., Edwards focuses on specific cardiovascular opportunities including heart valve disease, peripheral vascular disease and critical care technologies. The company’s global brands, which are sold in approximately 100 countries, include Carpentier-Edwards, Cosgrove-Edwards, FloTrac, Fogarty, LifeStent, PERIMOUNT and Swan-Ganz. Additional company information can be found at http://www.edwards.com.
Edwards Lifesciences, Edwards, FloTrac, Magna and ThermaFix are trademarks of Edwards Lifesciences Corporation. Edwards Lifesciences, Carpentier- Edwards, Cosgrove-Edwards, Fogarty, LifeStent, PERIMOUNT, PERIMOUNT Magna and Swan-Ganz are trademarks of Edwards Lifesciences Corporation and are registered in the U.S. Patent and Trademark Office. LifeStent is a trademark of Edwards Lifesciences AG.
This news release includes forward-looking statements that involve risks and uncertainties, including those related to the ability to achieve the company’s 2006 financial goals; the ability to generate and maintain sufficient cash resources to repurchase shares; 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 management of the company and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forward-looking statements.
Edwards Lifesciences Corporation
CONTACT: Media, Jared B. Adams, +1-949-250-5070, or Investors, David K.Erickson, +1-949-250-6826, both of Edwards Lifesciences Corporation
Web site: http://www.edwards.com/
