Goldman Sachs Maintains Buy on Edwards Lifesciences After 4Q Earnings

Goldman Sachs has published a research report on Edwards Lifesciences EW after the company reported 4Q revenues slightly below consensus estimates. In the report, Goldman Sachs writes, "Edwards reported 4Q11 revenue 3.8% below consensus with adjusted EPS exceeding forecasts in a low quality manner (lower tax rate and R&D). The company maintained full year 2012 sales and EPS guidance (originally provided on December 9, 2011), and we make only minor changes to our earnings model. Beyond the quarter, the Centers for Medicare and Medicaid Services (CMS) issued a revised draft National Coverage Decision (NCD) that included several reimbursement criteria for transcatheter aortic valve implantation (TAVI). This will trigger a 30 day comment period, after which we expect a final NCD to be issued in 2Q12." Goldman Sachs maintains its Buy rating and $90 price target on Edwards Lifesciences, which is currently trading down $6.82 from yesterday's $80.67 closing price.