NEW YORK (TheStreet) -- Shares of Edwards Lifesciences (EW) - Get Report were falling 12.6% to $99.21 on heavy trading volume mid-Wednesday morning after the company posted lower-than-anticipated revenue for the 2016 third quarter.
Following yesterday's market close, the Irvine, CA-based medical technologies company reported revenue of $739.4 million, below analysts' projections of $749.6 million.
Adjusted earnings of 68 cents per share met Wall Street's expectations for the period.
In the fourth quarter, Edwards anticipates adjusted earnings per share of 67 cents to 77 cents on revenue between $750 million and $790 million. Analysts are looking for earnings of 74 cents per share on $785 million in revenue.
For the full year, the company projects adjusted earnings per share of $2.82 to $2.92, up from its prior estimates of $2.78 to $2.88. Edwards anticipates revenue between $2.7 billion and $3.0 billion.
Wall Street sees earnings of $2.88 per share on revenue of $2.97 billion for 2016.
BMO Capital Markets said today that the results were "a disappointment... at first blush," but added that investors should "not to get overly agitated by one quarter."
The firm reiterated an "outperform" rating and $137 price target on the shares.
Canaccord said that "expectations set the bar too high" for Edwards' third quarter results. Investors should "aggressively buy the weakness," the firm noted, maintaining a "buy" rating and $140 price target on Edwards stock.
More than 7.19 million shares of the Edwards have traded hands so far today vs. the 30-day average of 1.22 million.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, solid stock price performance and increase in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.
You can view the full analysis from the report here: EW