Edwards Lifesciences’ Stock Falls on Profit News

Edwards Lifesciences Corp.’s stock was hammered after the company said it is lowering its profit estimates for the fourth quarter and 2001 because of a weak euro and sluggish sales in several product lines. Shares of the Irvine company, which makes products that treat cardiovascular disease, plummeted more than 41%, the fifth biggest percentage loss in U.S. markets for the day. The stock closed at $13.44, down $9.50 a share, on the New York Stock Exchange. Analysts noted that Edwards for the first time had reduced its estimated annual profit to 20% growth both this year and next, down from earlier estimates of 30%. European sales account for about 22% of the company’s revenue, and a weak euro has taken a bite out of European profit and sales, said Chief Executive Michael Mussallem. The company also said third-quarter earnings were in line with Wall Street’s expectations of 23 cents a share. The company said it earned $13.8 million, or 23 cents a share, up from $6 million, or 10 cents, a year earlier. Revenue fell 4.6% to $185.8 million.