Edwards Lifesciences (NYSE: EW) reported Q1 EPS of $1.51, $0.18 better than the analyst estimate of $1.33. Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.08 billion.

GUIDANCE:

Edwards Lifesciences sees FY2020 EPS of $4.75-$5.25, versus the consensus of $5.10. Edwards Lifesciences sees FY2020 revenue of $4-4.5 billion, versus the consensus of $4.37 billion.

• As it is difficult to accurately predict the progression of COVID-19 and the extent of the disruption to hospital procedures utilizing the Edwards therapies, there is a wide range of potential outcomes for sales and earnings for 2020. The company assumes the impact of COVID-19 on sales will be most severe in the second quarter, followed by a gradual recovery in the third quarter, and a fourth quarter that better resembles its original expectations for sales.
• Overall, 2020 sales guidance for Edwards is now expected to be $4.0 to $4.5 billion versus the company's previous range of $4.6 to $5.0 billion. Additionally, the company now expects full year 2020 adjusted earnings per share of $4.75 to $5.25 versus previous guidance of $6.15 to $6.40. For the second quarter of 2020, the company projects total sales to be between $700 and $900 million.
• "This is a very difficult time for structural heart patients as they weigh the risk of COVID-19 versus the severe effects of progressive heart valve disease. We will continue to actively engage with healthcare providers as they confront extraordinary disruptions in 2020. There are still many patients in need and we remain confident in our long-term patient-focused strategy and innovation pipeline," said Mussallem.

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