: Edwards Lifesciences to spin off Critical Care unit, sets $1B stock buyback

Edwards Lifesciences Corp.’s stock EW rose 1.9% in premarket trading Thursday after it said it plans to form an independent company out of its Critical Care unit in a tax-free spinoff transaction by the end of 2024. The business is expected to generate about $905 million of sales in 2023. Katie Szyman will be chief executive of the new company. She has been corporate vice president of Critical Care since 2015. The maker of aortic valve replacements also announced plans to buy back $1 billion in stock. Edwards Lifesciences said it expects to generate 2024 adjusted profit of $2.70 to $2.80 a share, compared to the FactSet consensus estimate of $2.80 a share. Edwards Lifesciences said it expects 2024 sales of $6.3 billion to $6.6 billion, while analyst are projecting 2024 sales of $6.51 billion.

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