For heart valve therapy, reported sales for the fourth quarter grew 13% to $257 million, which included $93 million from transcatheter heart valves. Surgical heart valves grew 2% over last year on a reported basis and were unchanged on an underlying basis.
Outside the US, our surgical heart valve business reported 7% growth, driven primarily by strong sales in Asia and continued penetration of premium products. Pricing remains stable in each geography. However, strong growth in emerging markets changed the country mix, which slightly lowered our global average price.
In the US, sales declined this quarter due to the introduction of a competitor’s product in 2011, along with what we believe were flat procedural volumes. We expect the impact of competition in the US to diminish in the second half of 2012 with the annualization of that product’s introduction.
We continue to make progress on our Edwards INTUITY rapid deployment aortic valve system. We’ve submitted responses to the additional questions we received in late 2011 and now expect CE Mark approval during the first quarter. We will then initiate two European post-approval clinical studies, Cadence and Foundation. Additionally, we remain excited about our next general tissue technology, GLX, for which we anticipate receiving a CE Mark in the second half of 2012.Turning to cardiac surgery systems, sales for the quarter were $27 million, up 8% on a reported basis and 7% on an underlying basis. These results was primarily due to growth of MIS products, which are recovering from the product availability issues earlier in 2011.Late in the fourth quarter, we received both a CE Mark and a 510K clearance for our IntraClude aortic occlusion device, designed to reduce the learning curve for MIS mitral valve surgery. We continue to expect the limited launch in the first quarter as we collect additional clinical evidence. IntraClude is the first of several new products we expect to introduce into our MIS portfolio in 2012. Read the rest of this transcript for free on seekingalpha.com
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