said its first-quarter earnings rose 47.1% helped by strong heart valve therapy sales.
The Irvine, Calif.-based company earned $45.9 million, or 73 cents a share, in the quarter, compared with $31.2 million, or 50 cents a share, a year ago. Adjusted for items, earnings were 55 cents a share in the most recent quarter. Analysts polled by Thomson First Call were expecting earnings of 49 cents a share in the most recent quarter.
First-quarter revenue rose 3.1% to $256.7 million, though hurt by foreign exchange and sales from discontinued businesses. Analysts were expecting revenue of $257.79 million.
The company expects to earn 48 cents to 50 cents a share in the second quarter, including 8 cents a share of options expenses. For the full year, the company reaffirmed its guidance earnings of $1.92 to $2.02 a share, including 24 cents a share of options expenses, on revenue of $1.03 billion to $1.07 billion. Analysts are expecting earnings of 51 cents a share for the second quarter and $2.01 a share for the full year on revenue of $1.053 billion.
Gross profit rose 7% to $163.6 million while gross profit margin rose 235 basis points to 63.7%.
Sales in heart valve therapy increased 7.2% to $125.1 million, in critical care segment they increased 1.5% to $81.1 million. Cardiac surgery systems sales decreased 7.5% to $23.3 million and vascular's sales increased 11.7% to $18.2 million.
The company acquired about 687,000 shares of its common stock for $29.4 million.
"Solid sales growth in all regions and across all of our market-leading franchises resulted in a total underlying growth rate of 9.1% this quarter," the company said.
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