Edwards Lifesciences Swings to Profit

Edwards Lifesciences Corp. reported a quarterly net profit versus a year-earlier net loss, on a 10% increase in heart valve sales and better gross profit margins.

Irvine-based Edwards tightened its 2005 earnings-per-share forecast to $1.90 to $1.95 from $1.85 to $1.95, based on its first-quarter performance.

The company said its net income rose to $31.2 million, or 50 cents a share, in the first quarter, compared with a year ago, when it posted a net loss of $62.1 million, or $1.04 a share, because of an acquisition-related one-time charge.