Edwards Lifesciences (EW) Company Report

CEO Bernard Zovighian positions 2025 as the first year as a solely structural heart company, citing sale of critical care and four 2024 acquisitions to concentrate on TAVR, mitral, tricuspid, plus emerging structural heart failure and aortic regurgitation opportunities.
2025 guidance: total company sales growth of 8–10%, 5–7% TAVR growth, 50–60% TMTT expansion to $500 M+, and $2.40–$2.50 EPS; targeting 10% average annual sales growth and double-digit EPS growth for 2026+.
Key upcoming catalysts include mid-2025 approval for early TAVR, PROGRESS trial readout in 2026, European launch of SAPIEN M3 in mid-2025 and US in H1 2026, plus ongoing PASCAL/EVOQUE adoption.
CFO underscores focus on strong organic growth, maintaining 78–79% gross margins in 2025, driving 50–100 bps of annual operating margin expansion from 2026, and strategic capital deployment through share buybacks, CapEx investments, and selective structural heart M&A.

5 hours ago

Transcript

Edwards Lifesciences unveils 2025 guidance and long-term structural heart strategy

Guidance Update

Product Launch

New Projects/Investments

2025 financial guidance: total company sales growth of 8%–10%, TAVR growth 5%–7%, Transcatheter Mitral & Tricuspid Therapies (TMTT) sales growth 50%–60%, and EPS of $2.40–$2.50.
Long-term targets: average annual sales growth of 10% and double-digit EPS growth from 2026 onward, driven by catalysts including Early TAVR approval (mid-2025), PROGRESS trial readout (2026), and U.S. launch of SAPIEN M3 (2026).
TMTT portfolio expansion: four pillars—PASCAL repair, EVOQUE replacement, SAPIEN M3 mitral replacement, and PASCAL tricuspid—aiming for $500 m+ in 2025 and $2 b by 2030.
Strategic shift to structural heart: completed sale of Critical Care, focusing exclusively on structural heart; invested $1 b internally and $1.6 b externally in R&D (2024) and expanding supply chain with a new Spain facility.

6 hours ago

Transcript

Edwards Lifesciences provides 2026 financial outlook at Investor Day 2025

Guidance Update

Share Buyback

New Projects/Investments

Edwards Lifesciences projects 2026 sales of $6.4 – $6.8 billion (8 – 10% growth) and adjusted EPS of $2.80 – $2.95 (~11% growth at midpoint).
TAVR business expected to grow 6 – 8% in 2026, TMTT sales of $740 – $780 million (targeting $2 billion by 2030), and surgical segment mid-single-digit growth.
Ongoing R&D investments to drive innovation, targeting ~17% of sales in 2026, with 40% allocated to scientific evidence and 35% to new product development.
Strong capital deployment with ~$280 million CAPEX in 2026 , a remaining $2 billion share repurchase authorization, and opportunistic buybacks driving shares outstanding to 580 – 585 million.

8 hours ago

Presentation

Edwards Life Sciences sets 2025 guidance and outlines long-term growth strategy

Guidance Update

New Projects/Investments

Edwards expects 8%–10% total sales growth in 2025, with TAVR up 5%–7%, TMTT growing 50%–60% to over $500 million, and EPS of $2.40–$2.50.
For 2026 and beyond, the company targets ~10% average annual revenue growth and double-digit EPS growth, driven by catalysts such as early TAVR approval in mid-2025, the PROGRESS trial readout in 2026, and the U.S. launch of SAPIEN M3 in early 2026; TMTT is aimed at $2 billion by 2030.
The strategic focus is on structural heart with three 2025 growth drivers (TAVR, mitral, tricuspid) and two emerging areas (aortic regurgitation and heart failure). The pipeline features Gen 5 SAPIEN Ultra, EVOQUE and SAPIEN M3, supported by $1 billion internal and $1.6 billion external R&D investments, over 10,000 patents, and ongoing category leadership.

9 hours ago

Transcript

Edwards Lifesciences highlights market potential of EchoSolv AS after AHA 2025 data

Product Launch

Two studies presented at AHA Scientific Sessions 2025 reveal significant gaps in standard‐of‐care for severe aortic stenosis (AS) and demonstrate EchoSolv AS’s potential to improve patient outcomes.
In an investigator‐initiated analysis of 30,878 echocardiograms, EchoSolv AS outperformed cardiologists in identifying severe AS, particularly in women, improving the male-to-female diagnosis ratio from 2.2:1 to 1.1:1.
A NEDA study of 1.18 million patients showed only 36% of women and 45% of men with moderate-to-severe AS received intervention, underscoring a critical treatment gap.
EchoSolv AS has FDA clearance and has been validated across the United States and Australia, offering the potential to reduce diagnostic delays and optimize timing of valve interventions.

Nov 12, 2025, 9:05 PM

Press Release

Edwards Lifesciences reports Q3 2025 results

Earnings

Guidance Update

CFO Change

Q3 sales rose 12.6% to $1.55 billion, driven by double-digit growth in structural heart therapies (constant currency).
Full-year sales growth guidance raised to the high end of 9–10%, and EPS guidance lifted to $2.56–$2.62.
Third-quarter TMTT sales jumped 53% to $144 million, while surgical sales increased 5.6% to $258 million.
Reported adjusted EPS of $0.67 (GAAP EPS $0.50) and issued Q4 guidance for $1.51–$1.59 billion in sales and $0.58–$0.64 adjusted EPS.
CFO Scott Ullem to transition out by mid-2026, remaining as strategic advisor during the succession.

Oct 30, 2025, 9:00 PM

Transcript

Edwards Lifesciences reports Q3 2025 results

Earnings

Guidance Update

Share Buyback

Net sales of $1.55 billion, up 14.7% year-over-year (12.6% adjusted) in Q3 2025.
TAVR sales grew 12.4% to $1.15 billion (10.6% constant currency); TMTT sales reached $145.2 million.
GAAP EPS of $0.50; adjusted EPS of $0.67 in Q3 (adjusted operating margin 27.5%).
Raised 2025 guidance: total sales growth to 9–10%, TAVR to 7–8%, and adjusted EPS to $2.56–2.62; share repurchase authorization increased to $2.1 billion.

Oct 30, 2025, 8:18 PM

8-K

Edwards Lifesciences reports Q3 2025 results

Earnings

Guidance Update

Share Buyback

Q3 2025 total sales rose 14.7% year-over-year to $1.553 billion (12.6% adjusted), driven by TAVR sales growth of 12.4% to $1.15 billion and a 59.3% increase in TMTT to $145.2 million
GAAP EPS of $0.50 and adjusted EPS of $0.67, with an adjusted operating margin of 27.5% in the quarter
Raised 2025 full-year guidance: total sales growth to the high end of 9–10%, TAVR growth to 7–8%, and adjusted EPS to $2.56–2.62
Q3 R&D expenses increased to $281 million; ended the quarter with $3.0 billion in cash, $0.6 billion in debt, and an expanded share repurchase authorization of $2.1 billion

Oct 30, 2025, 8:13 PM

Press Release

Edwards Lifesciences presents positive clinical data for SAPIEN M3 and EVOQUE

ENCIRCLE pivotal trial of the SAPIEN M3 mitral valve achieved all primary and secondary endpoints at one year, with 95.7% of patients having MR ≤ 0/1+, low rates of death and heart-failure hospitalization, and significant quality-of-life improvements.
The EVOQUE transcatheter tricuspid valve replacement system, in 1,034 real-world patients, showed a 14.9% pacemaker rate, 1.3% major or life-threatening bleeding rate, 98% TR ≤ 0/1+, and a median post-procedure stay of two days, outperforming TRISCEND II pivotal trial results.
The SAPIEN M3 system received European approval in April 2025, and the EVOQUE system is approved in both the US and Europe.

Oct 27, 2025, 7:06 PM

Press Release

Edwards Lifesciences presents 7-year PARTNER 3 TAVR data

Edwards Lifesciences reported 7-year results from the PARTNER 3 trial showing comparable long-term valve durability between SAPIEN 3 TAVR and surgical AVR, with bioprosthetic valve failure rates of 6.9% vs. 7.3% and reintervention rates of 6.0% vs. 6.7%.
All-cause and cardiovascular mortality rates remained similar between TAVR and SAVR cohorts at seven years, confirming sustained performance of the SAPIEN 3 valve.
The data upheld the early superiority of SAPIEN 3 TAVR at one year and demonstrated maintained improvements in patient health status and quality of life through seven years.
Edwards also showcased 10-year outcomes from PARTNER 2 intermediate-risk studies, reinforcing durable valve performance and consistent clinical benefits across risk profiles and valve generations.

Oct 27, 2025, 6:22 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Edwards Lifesciences.

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