Edwards Lifesciences (EW) Company Report

CFO Scott Ullem highlighted 11% Q4 2025 TAVR revenue growth driven by physician refocus and EARLY TAVR trial results, and reaffirmed 2026 guidance of 8–10% company sales growth and 6–8% TAVR growth.
A draft of the new TAVR National Coverage Determination is expected in mid-2026, with finalization by late 2026/early 2027; Edwards is advocating for streamlined operator requirements and broader hospital access.
Transcatheter mitral and tricuspid therapies (TMTT) are expanding: mitral TEER remains the largest contributor while EVOQUE, PASCAL and SAPIEN M3 gain traction; the FMR trial is enrolled and key data are slated for TCT 2026.
Surgical valves—a billion-dollar mid-single-digit growth segment—will be supported by ongoing innovation, notably RESILIA tissue (10-year COMMENCE trial results due May 2026) and continued validation of SAPIEN durability.
Capital allocation priorities include capacity expansion, smaller M&A and minority investments (e.g., JC Medical for aortic regurgitation and Cordella for heart-failure monitoring), and share repurchases (~$900 M in 2025; $2 B remaining authorization).

1 day ago

Transcript

Edwards Lifesciences outlines growth drivers, policy update and M&A at Citi MedTech Day

M&A

Guidance Update

Share Buyback

Edwards’s TAVR business accelerated to 11% revenue growth in Q4 2025, driven by hospital capacity normalization, positive EARLY TAVR trial results and FDA approval of SAPIEN 3 Ultra RESILIA for asymptomatic patients.
CMS reopened the TAVR National Coverage Determination; a draft NCD is expected in June/July 2026 with final policy by year-end, potentially revising hospital site and operator requirements.
The transcatheter mitral and tricuspid therapies portfolio is expanding, with mitral TEER as the largest contributor and early launches of PASCAL, EVOQUE and SAPIEN M3 replacement devices gaining traction.
Completed two 2024 structural-heart acquisitions: JC Medical’s aortic regurgitation device and the Cordella heart-failure monitoring platform; continues to target small, strategic M&A and minority investments.
Maintained 2026 sales guidance of 8–10% total growth (6–8% TAVR); repurchased ~$900 million of stock in 2025 with $2 billion of buyback authorization remaining.

1 day ago

Transcript

Edwards Lifesciences outlines growth drivers and confirms 2026 outlook at Citi MedTech Access Day

The TAVR business grew 11% in Q4 2025, outpacing an estimated 7–8% market, driven by hospital capacity catch-up, positive EARLY TAVR Trial results and FDA approval of SAPIEN 3 Ultra RESILIA; a new CMS NCD draft is expected in mid-2026.
Transcatheter mitral and tricuspid therapies are led by mitral TEER, with rapid uptake in replacement devices (PASCAL, EVOQUE, SAPIEN M3) and a strategic focus on raising disease awareness and expanding patient access.
The surgical valve franchise is projected to grow at mid-single digits, underpinned by ongoing device and tissue innovations—10-year durability data from the COMMENCE trial on RESILIA tissue will be presented at AATS in May 2026.
Edwards reconfirmed 2026 sales growth guidance of 8–10% (6–8% for TAVR) and detailed capital priorities: scaling production, targeted M&A/minority investments, and opportunistic share repurchases (≈ $2 billion authorization remaining).

1 day ago

Transcript

Edwards Lifesciences reports Q4 2025 results

Earnings

Guidance Update

Product Launch

In Q4 2025, total sales were $1.57 billion, up 11.6% year-over-year; adjusted EPS was $0.58 and GAAP EPS was $0.11.
TAVR global sales reached $1.16 billion, increasing 10.6%, driven by high single-digit procedural growth and stable pricing.
TMTT sales grew over 40% to $156 million in Q4 and topped $1 billion for 2025; surgical products generated $254 million, up 2%, with full-year sales exceeding $1 billion.
Key product launches and pipeline catalysts include the U.S. rollout of SAPIEN M3, scaling of EVOQUE, and upcoming next-generation PASCAL and tricuspid PASCAL launches in Q4.
For 2026, Edwards expects 8%–10% sales growth, EPS of $2.90–$3.05, and adjusted gross margin of 78%–79%, reflecting continued investment in patient access and innovation.

Feb 10, 2026, 10:00 PM

Transcript

Edwards Lifesciences reports Q4 2025 results

Earnings

Guidance Update

Share Buyback

Edwards Lifesciences delivered Q4 sales of $1.57 billion, up 11.6% year-over-year, with adjusted EPS of $0.58 and GAAP EPS of $0.11.
TAVR global sales reached $1.16 billion, a 10.6% increase driven by continued SAPIEN platform adoption.
The company reaffirmed 2026 guidance: 8–10% constant currency sales growth, EPS of $2.90–$3.05, approximately 150 bp of operating margin expansion, and a tax rate of 16–19%.
Share repurchases totaled $900 million in 2025, with $2 billion remaining under the current authorization.

Feb 10, 2026, 10:00 PM

Transcript

Edwards Lifesciences reports Q4 2025 results

Earnings

Guidance Update

In Q4 2025, Edwards Lifesciences reported total sales of $1.57 billion, up 11.6% year-over-year, with adjusted EPS of $0.58 and GAAP EPS of $0.11.
By product: TAVR sales were $1.16 billion, +10.6% (high single-digit procedural growth; share gains and pricing contributed) ; TMTT revenue was $156 million, +40%, with full-year TMTT exceeding $1 billion; Surgical sales were $254 million, +2%, with full-year surgical also above $1 billion.
Full-year 2026 guidance: 8%–10% sales growth and $2.90–$3.05 EPS; Q1 guidance of $1.55–$1.63 billion sales and $0.70–$0.76 adjusted EPS.
Q4 margins: adj. gross margin of 78.3%, SG&A at 38% of sales, R&D at 17.1%, and adj. op margin 23.7%; expecting ~150 bp constant-currency operating margin expansion in 2026 and 50–100 bp annually thereafter.

Feb 10, 2026, 10:00 PM

Transcript

Edwards Lifesciences reports Q4 2025 results

Earnings

Guidance Update

Revenue Acceleration/Inflection

Q4 net sales grew 13.3% to $1.57 billion (constant currency +11.6%); FY 2025 sales rose 11.5% to $6.07 billion (constant currency +10.7%).
Q4 GAAP EPS was $0.11 and adjusted EPS was $0.58.
By segment in Q4, TAVR sales increased 12.0% to $1.16 billion (constant currency +10.6%), TMTT sales rose 40% to $156 million, and Surgical sales were $254 million, up 4% (constant currency +2%).
Raised FY 2026 outlook to 8–10% constant currency sales growth, 35–45% TMTT growth to $740–$780 million, and adjusted EPS of $2.90–$3.05.
Q1 2026 guidance: sales of $1.55–$1.63 billion and adjusted EPS of $0.70–$0.76.

Feb 10, 2026, 9:22 PM

8-K

Edwards Lifesciences reports Q4 2025 results

Earnings

Guidance Update

Q4 2025 sales were $1.57 billion, up 13.3% year-over-year (11.6% constant currency).
TAVR sales reached $1.16 billion in Q4, a 12.0% increase (10.6% constant currency).
Q4 EPS was $0.11 GAAP and $0.58 adjusted.
FY 2026 outlook: projected constant currency sales growth of 8–10% and adjusted EPS of $2.90–$3.05.

Feb 10, 2026, 9:15 PM

Press Release

Edwards Lifesciences posts $1.57 B Q4 sales, EPS miss

Earnings

Guidance Update

Q4 revenue of about $1.57 billion, up roughly 11–13% year-over-year on reported and constant-currency basis, driven by TAVR momentum (global TAVR sales of ~$1.16 billion, +10.6% cc) and growth in transcatheter mitral/tricuspid therapies
GAAP EPS of $0.16 and adjusted EPS of $0.58, missing Street estimates by $0.04 due to higher patient-access spending and an elevated tax rate
Full-year sales growth of 10.7%, with roughly 60% of sales generated outside the U.S., underscoring its international exposure
2026 guidance reiterated: 8–10% sales growth, adjusted EPS of $2.90–$3.05, and a strategic target of $2 billion in TMTT revenue by 2030

Feb 10, 2026, 2:38 PM

Morningstar

Edwards Lifesciences outlines 2026 strategic vision at JPM Healthcare Conference

Guidance Update

Product Launch

M&A

Core structural heart focus: CEO Bernard Zovighian detailed ongoing investment in TAVR (SAPIEN), TMTT (PASCAL, EVOQUE, SAPIEN M3), and surgical (RESILIA) platforms, while expanding into unaddressed segments—asymptomatic AS, mitral, tricuspid disease, and AR.
2026 financial guidance: expects 8–10% sales growth, ~15% EPS growth, and 150 bps margin expansion, driven by diversified growth beyond TAVR into TMTT and surgical.
Key catalysts: highlighted 2025 practice-changing data (EARLY TAVR, seven-year PARTNER 3), upcoming MODERATE trial, U.S. approval of SAPIEN M3, CMS TAVR NCD reopening, and next-gen launches across core platforms.
AR strategy unchanged: despite JenaValve acquisition being blocked, Edwards remains committed to pioneering aortic regurgitation therapies via its JC Medical pivotal program.

Jan 12, 2026, 7:15 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Edwards Lifesciences.

Q4 2025

Feb 10, 2026

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Q3 2025

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Q2 2025

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Executives

Bernard Zovighian

Annette Brüls

Daniel Lippis

Daveen Chopra

Donald Bobo Jr

Scott Ullem

Wayne Markowitz

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David Feinberg

Kieran Gallahue

Leslie Davis

Leslie Heisz

Nicholas Valeriani

Paul LaViolette

Ramona Sequeira

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