Edwards profit falls on charges

Edwards Lifesciences Corp., which makes heart valves and other cardiovascular products, said its first-quarter profit fell on charges for the sale of its LifeStent line and legal costs.

The Irvine-based company said it earned $18.2 million, or 31 cents a share, compared with $33.2 million, or 54 cents, a year earlier.

Excluding one-time items, the company earned 56 cents a share. Analysts polled by Thomson Financial, on average, expected profit of 49 cents a share.

Edwards said charges included $8.1 million for a loss on the sale of LifeStent products and $2.1 million in legal costs.

Sales rose 12% to $296.8 million, topping analysts’ expectations for $284.4 million.

The company said revenue was driven by a 13.3% increase in heart valve therapy sales and a 17.4% boost in sales of critical-care products.

Shares of Edwards Lifesciences fell 70 cents to $47.83 in extended trading after rising 52 cents to close at $48.53.