Edwards Lifesciences loses 19% on lower Q3 outlook
Shares of Edwards Lifesciences opened down about 19% this morning after the medical device company lowered its 3rd-quarter outlook.
The European debt crisis, a delayed reimbursement decision and summer vacations conspired to reduce expected 3rd-quarter sales for Edwards Lifesciences (NYSE:EW), sending its share price plunging on Wall Street.
The Irvine, Calif.-based medical device company said it now expects Q3 sales of $448 million, down from its prior guidance of $465 million to $485 million for the quarter.
EW shares opened today at $89.56, down 16.6% from yesterday's close. Shares were trading at $87.17 as of about noon today, down 2.7% on the day and 18.8% from yesterday's close.