Edwards Lifesciences Falls 10% After Poor Earnings Report

Shares of Edwards Lifesciences

are down nearly 10% after the company reported poor earnings. The company reported net income for the quarter ended December 31, 2011 of $63.1 million, or $0.53 per diluted share, compared to net income of $64.8 million, or $0.54 per diluted share, for the same period in 2010. Excluding special items from both periods detailed in the reconciliation table below, fourth quarter diluted earnings per share were $0.62, compared to $0.55 in the prior year quarter, an increase of 12.7 percent. Fourth quarter net sales increased 9.6 percent to $430.2 million compared to the same period last year. Underlying sales growth was 8.3 percent.