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Edwards Lifesciences Corporation is a global leader in patient-focused medical innovations, primarily targeting structural heart disease and critical care monitoring . The company operates in several geographical regions, including the United States, Europe, Japan, and the Rest of the World . They sell products categorized into four main groups: Transcatheter Aortic Valve Replacement (TAVR), Transcatheter Mitral and Tricuspid Therapies (TMTT), Surgical Structural Heart, and Critical Care . In 2023, TAVR was a significant driver of revenue growth, and the company has announced plans to spin off its Critical Care product group to focus more on TAVR, TMTT, and Surgical innovations .
- Transcatheter Aortic Valve Replacement (TAVR) - Provides minimally invasive procedures for replacing aortic valves, significantly contributing to revenue growth.
- Surgical Structural Heart - Offers surgical solutions for heart valve repair and replacement, showing strong sales performance.
- Transcatheter Mitral and Tricuspid Therapies (TMTT) - Focuses on developing innovative therapies for mitral and tricuspid valve diseases.
- Critical Care - Delivers advanced hemodynamic monitoring systems and disposable pressure transducers, with plans for a spin-off to concentrate on other segments.
Name | Position | External Roles | Short Bio | |
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Andrew M. Dahl Executive | Senior Vice President, Principal Accounting Officer | None | Joined EW in February 2024 as Corporate Controller; promoted to Principal Accounting Officer in July 2024; previously held roles at Medtronic and Polaris Industries. | |
Bernard J. Zovighian Executive | Chief Executive Officer | Advisory Board Member at Leonard D. Schaeffer Center for Health Policy & Economics (USC) | CEO of EW since May 2023; joined EW in 2015; previously led Surgical Structural Heart and TMTT businesses; nearly 30 years in medical technology. | View Report → |
Catherine M. Szyman Executive | Corporate Vice President, Critical Care | Board Member at Outset Medical and Inari Medical | Leads global critical care business; joined EW in 2015; previously held leadership roles at Medtronic, including President of Global Diabetes. | |
Donald E. Bobo, Jr. Executive | Corporate Vice President, Strategy & Corporate Development | Board Member at egnite; Board Member at AdvaMed; Member of California Life Sciences Association | Over 35 years in medical technology; joined EW in 1995; leads corporate strategy, heart failure initiatives, and commercial services. | |
Larry L. Wood Executive | Corporate Vice President and Group President, TAVR and Surgical Structural Heart | None | Over 35 years at EW; leads TAVR and Surgical Structural Heart businesses; key contributor to TAVR's global growth. | |
Linda J. Park Executive | Senior Vice President, Associate General Counsel, and Corporate Secretary | None | Senior Vice President and Corporate Secretary; consistently listed in recent 8-K filings; no additional details provided in documents. | |
Scott B. Ullem Executive | Corporate Vice President and Chief Financial Officer | Board Member at Illumina; Henry Crown Fellow at Aspen Institute | CFO of EW since 2014; oversees financial operations, IT, and risk management; previously CFO at Bemis Company and investment banker at Goldman Sachs and Bank of America. | |
David T. Feinberg, M.D. Board | Director, Member of Audit Committee | Chairman of Oracle Health; Board Member at Humana, Intus Care, and RAND | Director since July 2024; extensive healthcare leadership experience, including CEO of Cerner and VP at Google Health. | |
Kieran T. Gallahue Board | Director, Member of Audit Committee | Chair of Nominating and Governance Committee at Envista Holdings | Director since 2015; former CEO of CareFusion; extensive experience in healthcare and finance. | |
Leslie C. Davis Board | Director | President and CEO of UPMC | Director since 2024; over 30 years in healthcare operations and leadership. | |
Leslie S. Heisz Board | Director, Chair of Audit Committee | Trustee at Public Storage; Board Member at Capital Group/American Funds and Kaiser Foundation | Director since 2016; extensive experience in finance, capital markets, and governance; former investment banker. | |
Nicholas J. Valeriani Board | Chairman of the Board | Board Member at AgNovos Healthcare, SPR Therapeutics, and West Health Institute and Policy Center | Director since 2014; became Chairman in 2024; former CEO of West Health Institute and senior executive at Johnson & Johnson. | |
Paul A. LaViolette Board | Director, Member of Compensation and Governance Committee | Managing Partner at SV Health Investors; Chairman of Innovation Advisory Board at Mass General Brigham | Director since 2020; extensive experience in healthcare innovation and venture capital. | |
Ramona Sequeira Board | Director, Member of Audit Committee | President of Global Portfolio Division at Takeda; Chair of PhRMA Board; Trustee at Harvey Mudd College | Director since 2020; over 25 years in pharmaceuticals; leads Takeda's global portfolio and commercialization efforts. | |
Steven R. Loranger Board | Director, Member of Audit Committee | Board Member at Xylem Inc. | Director since 2016; former CEO of ITT Corporation; expertise in global manufacturing and operations. |
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Given the increasing competition in the TAVR market, including the potential entry of a fourth valve and instances of regional pricing pressure, how do you plan to sustain your premium pricing strategy and market share while differentiating your products in an increasingly crowded field?
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With hospitals facing ongoing heart team capacity constraints that may limit TAVR procedure volumes, what specific initiatives are you implementing to address these limitations, and how confident are you that hospitals will invest to expand capacity in line with your growth expectations?
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Considering the FTC's second request and the anticipated mid-2025 closing of the JenaValve acquisition, what risks do you foresee in the regulatory review process, and how might potential delays impact your strategy to address the unmet needs in aortic regurgitation?
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As you scale your TMTT business with strong adoption of PASCAL and EVOQUE, how are you managing the significant investments in training, clinical support, and field team expansion, and when do you anticipate this segment achieving profitability?
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Can you provide more details on the one-time rebate adjustment in China and discuss any underlying challenges in that market, including how slower growth in regions like Japan might influence your international TAVR sales trajectory going forward?
Competitors mentioned in the company's latest 10K filing.
Company | Description |
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In Transcatheter Aortic Valve Replacement, our primary competitors include this company, Abbott Laboratories ("Abbott"), and Boston Scientific Corporation. In Surgical Structural Heart, our primary competitors include this company, Abbott, and Artivion, Inc (formerly CryoLife). | |
In Transcatheter Aortic Valve Replacement, our primary competitors include Medtronic PLC, this company, and Boston Scientific Corporation. In Transcatheter Mitral and Tricuspid Therapies, our primary competitor is this company, and there are a considerable number of large and small companies with development efforts in these fields. In Surgical Structural Heart, our primary competitors include Medtronic PLC, this company, and Artivion, Inc (formerly CryoLife). | |
In Transcatheter Aortic Valve Replacement, our primary competitors include Medtronic PLC, Abbott Laboratories ("Abbott"), and this company. | |
In Surgical Structural Heart, our primary competitors include Medtronic PLC, Abbott, and this company (formerly CryoLife). | |
In Critical Care, we compete primarily with a variety of companies in specific product lines including this company, PULSION Medical Systems SE, a subsidiary of Getinge AB, Cheetah Medical, Inc., a subsidiary of Baxter International, and LiDCO Group PLC, a subsidiary of Masimo Corporation. | |
PULSION Medical Systems SE | In Critical Care, we compete primarily with a variety of companies in specific product lines including ICU Medical, Inc., this company, a subsidiary of Getinge AB, Cheetah Medical, Inc., a subsidiary of Baxter International, and LiDCO Group PLC, a subsidiary of Masimo Corporation. |
Cheetah Medical, Inc. | In Critical Care, we compete primarily with a variety of companies in specific product lines including ICU Medical, Inc., PULSION Medical Systems SE, a subsidiary of Getinge AB, this company, a subsidiary of Baxter International, and LiDCO Group PLC, a subsidiary of Masimo Corporation. |
LiDCO Group PLC | In Critical Care, we compete primarily with a variety of companies in specific product lines including ICU Medical, Inc., PULSION Medical Systems SE, a subsidiary of Getinge AB, Cheetah Medical, Inc., a subsidiary of Baxter International, and this company, a subsidiary of Masimo Corporation. |
Notable M&A activity and strategic investments in the past 3 years.
Company | Year | Details |
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Innovalve Bio Medical Limited | 2024 | Edwards acquired Innovalve for an aggregate cash price of $300 million plus an additional $25 million contingent on a regulatory milestone. The deal, executed in July 2024 and expected to close by year‐end, strategically enhances Edwards’ transcatheter mitral and tricuspid therapies portfolio by integrating an early-stage TMVR system. |
Endotronix, Inc. | 2024 | Edwards acquired Endotronix, Inc. for a total consideration of $798.8 million (including cash, fair value adjustment of a previously held equity interest, and settlement of pre-existing relationships) with an additional $2.0 million milestone payment and $35.0 million placed in escrow. This strategic acquisition enables Edwards to enter the heart failure management market by leveraging Endotronix’s FDA-approved Cordella Sensor. |
JC Medical, Inc. | 2024 | Edwards completed the acquisition of JC Medical, Inc. on July 22, 2024, for a base purchase price of $116.3 million plus up to $200 million in milestone payments, including specified allocations for goodwill and IPR&D. The acquisition supports expansion of Edwards’ TAVR portfolio to address conditions like aortic regurgitation, with part of the cash consideration held in escrow for indemnification claims. |
JenaValve Technology, Inc. | 2024 | Edwards acquired JenaValve Technology, Inc. for an aggregate cash price of $500 million with an additional $445 million contingent on achieving regulatory and sales milestones. The acquisition is strategically aimed at expanding the structural heart portfolio for aortic regurgitation, with anticipated FDA approval of the JenaValve Trilogy Heart Valve System in late 2025 and subject to closing conditions like antitrust and foreign investment approvals. |
Early-stage medical device company | 2024 | Edwards acquired an undisclosed early-stage medical device company developing a catheter-based system for valvular disease treatment. The transaction involved initial payments totaling $115.0 million (distributed in two installments) with potential additional payments of up to $200.0 million upon achieving sales milestones. |
Medical technology company | 2023 | Edwards acquired 61% of a medical technology company on February 28, 2023, in an all-cash transaction valued at $175.8 million. The acquisition, structured as a business combination with detailed asset and liability allocations (including significant goodwill and an option agreement for the remaining interest), is aimed at enhancing Edwards’ cardiovascular disease detection and management capabilities. |
Recent press releases and 8-K filings for EW.
- Q1 total sales reached $1.41 billion with reported growth of 8% and 6.2% , reflecting strong overall performance.
- Robust product performance: TAVR sales at $1.05 billion and TMTT sales of $115 million (up 58%) helped drive growth .
- Updated guidance: TMTT sales guidance raised to $530–$550 million and full-year total sales now expected between $5.7 and $6.1 billion .
- Adjusted EPS of $0.64 (with a reported EPS of $0.622) and stable gross margins around 78.7% underscored strong financial results .
- Breakthrough innovations across TAVR, TMTT, and surgical segments enabled strong performance and progress on key launches including SAPIEN M3 .
- Challenges noted include impacts from tariffs, FX pressures, and the anticipated JenaValve acquisition .