Edwards Lifesciences Corporation has sold its German perfusion services subsidiary to WKK GmbH, a Mainz, Germany-based provider of hospital services.

Under terms of the agreement, WKK acquired Edwards' perfusion services subsidiaries in Germany, which employed approximately 20 people, primarily clinical perfusionists and technicians, and generated approximately $3.5 million of revenues during the first two quarters of 2003. In connection with the transaction, Edwards expects to record a $3.3 million pretax loss on the sale as part of its second quarter results, which will be reported July 22, 2003. Financial terms of the transaction were not disclosed.

"Edwards Lifesciences' strategy is to focus on products and technologies to treat advanced cardiovascular disease," said Michael A. Mussallem, Edwards' chairman and CEO. "This transaction enables us to further increase our focus on our core franchises and on targeted investments aimed at applying technology to unmet patient needs."

WKK specializes in creating innovative and customer-defined outsourcing concepts for hospitals and medical practices.