Edwards Lifesciences Cuts 40 Jobs, Stock Price Plummets! Critical Care Business Worth $30.4 Billion Sold Off, Involving Major Layoffs of 4,500 Employees!

Edward Life Sciences has announced that 40 of its employees have been notified under a global layoff plan. Chief Executive Bernard Zovighian said some employees would stay on temporarily to support the transformation of the critical care business, while others would be given the opportunity to pursue new job opportunities within the company.

At the same time, Edward Life Sciences has sold its critical care business to Bidi Medical for approximately RMB 30.4 billion, in a transaction involving approximately 4,500 employees, representing 20% of the company's total workforce, who will join the Bidi Medical family.

Edwards Life Sciences has a long history in the fields of structural heart disease, critical care and surgical monitoring, with a number of advanced products, including the world's first successfully implanted artificial mitral valve, renowned in the field of heart valves. However, in order to focus more on the strategic development of structural heart diseases, the company has decided to divest the critical care business. Bernard Zovighian said the spin-off aims to serve more unmet patient needs through differentiated innovation, while expanding its global leadership position, achieving sustainable growth and creating more value for shareholders.

It is worth noting that in Edward Life Sciences' second quarter of 2024 results, while overall sales increased year-over-year, sales growth in transcatheter aortic valve replacement (TAVR) did not meet expectations, leading the company to lower its guidance for this business. As a result, Edward Life Sciences shares fell sharply after the release of its second quarter results.

Despite this, Edward Life Sciences has not slowed down its pace in the medical field. The company completed a number of key acquisitions in July, including Affluent Medical, Innovalve Bio Medical, JenaValve Technology and Endotronix, a leader in heart failure management solutions. It further consolidated its leading position in the valve business. At the same time, the company is also investing heavily in the development of differentiated repair and replacement products for mitral and tricuspid valve diseases to meet the needs of more patients.