Edwards Lifesciences Corp (NYSE:EW) stock fell 1.36% (As on February 7, 11:39:43 AM UTC-4, Source: Google Finance) after the company beats the topline expectations for the fourth quarter of FY 23, helped by strong demand for the company’s artificial heart valves and other devices. Transcatheter aortic valve replacement (TAVR) device, Edwards’ lead product, which has been facing rising competition from other med-tech peers, posted a 12.9% rise in revenue to $979.4 million. Analysts expected sales of $974.2 million for the device, which is used to perform minimally invasive surgery on people with heart valve disease. It also plans to spin off its critical care unit, which makes balloon catheter-based vascular products, by 2024, a move to help target expanded opportunities for the company’s heart devices.

Moreover, Surgical Structural Heart sales for the quarter were $248 million, which grew 11 percent versus the prior year, or 10 percent on a constant currency basis. The growth was lifted by strong global adoption of Edwards’ premium RESILIA tissue technologies and overall procedural volumes. The company continues to see positive momentum with the RESILIA tissue portfolio globally with continued adoption for patients best treated surgically, including younger patients and those needing complex and concomitant procedures. Critical Care sales were $250 million for the quarter, which grew 11 percent versus the prior year on both a reported and constant currency basis.

EW in the fourth quarter of FY 23 has reported the adjusted earnings per share of 64 cents, which is inline with the analysts’ estimates for the adjusted earnings per share of 64 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 14 percent to $1.53 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $1.50 billion. For the quarter, the adjusted gross profit margin was 76.8 percent, compared to 81.0 percent in the same period last year.

For the current quarter ending in March, Edwards Lifesciences expects its per-share earnings to range from 62 cents to 66 cents, with its mid-point below analysts’ average estimate of 66 cents, according to LSEG data. The company said it expects revenue in the range of $1.53 billion to $1.61 billion for the fiscal first quarter, compared to estimates of $1.56 billion.

Edwards Lifesciences expects full-year earnings to be in the range of $2.70 to $2.80 per share, with revenue ranging from $6.3 billion to $6.6 billion.