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    Edwards Lifesciences Corp (EW)

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    Business Description

    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 .

    1. Transcatheter Aortic Valve Replacement (TAVR) - Provides minimally invasive procedures for replacing aortic valves, significantly contributing to revenue growth.
    2. Surgical Structural Heart - Offers surgical solutions for heart valve repair and replacement, showing strong sales performance.
    3. Transcatheter Mitral and Tricuspid Therapies (TMTT) - Focuses on developing innovative therapies for mitral and tricuspid valve diseases.
    4. Critical Care - Delivers advanced hemodynamic monitoring systems and disposable pressure transducers, with plans for a spin-off to concentrate on other segments.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Bernard J. ZovighianChief Executive OfficerMay 2023Bernard J. Zovighian joined Edwards Lifesciences in January 2015 and has held various leadership roles, including President and Corporate Vice President of the TMTT business before becoming CEO .
    Scott B. UllemCorporate Vice President, Chief Financial OfficerJanuary 2014Scott B. Ullem oversees information technology, information security, risk management, indirect sourcing, and corporate services. He previously served as CFO of Bemis Company Inc. and worked in investment banking .
    Donald E. Bobo, Jr.Corporate Vice President, Corporate Strategy and Development2007Donald E. Bobo, Jr. is responsible for corporate strategy and development, heart failure initiatives, and U.S. healthcare solutions. He joined Edwards in 1995 after roles at American Hospital Supply and Baxter Healthcare .
    Catherine M. SzymanCorporate Vice President, Critical Care2015Catherine M. Szyman leads the global critical care and vascular business. She previously held leadership roles at Medtronic plc, including President of the Global Diabetes business .
    Larry L. WoodCorporate Vice President and Group President, TAVR and Surgical Structural HeartJanuary 2023Larry L. Wood has led the TAVR business since 2007, contributing to its significant growth. He has over 35 years of experience in the medical technology industry .
    Wayne MarkowitzGeneral Manager and Senior Vice President, Surgical Structural HeartAugust 2023Wayne Markowitz is responsible for R&D, operations, marketing, and regulatory initiatives. He has over 20 years of experience and previously worked at Siemens Healthineers, Johnson & Johnson, and Boston Scientific .
    Daveen ChopraCorporate Vice President, Transcatheter Mitral and Tricuspid TherapiesJanuary 2023Daveen Chopra has extensive experience in the medical technology industry, having held senior roles at Medtronic plc. He joined Edwards in 2018 as Corporate Vice President of Surgical Structural Heart .
    Jean-Luc LemercierCorporate Vice President, EMEACLAJuly 2017Jean-Luc Lemercier has over 30 years of experience and previously led the Transcatheter Heart Valves EMEA. He joined Edwards after roles at Johnson & Johnson Cordis and Baxter .
    Daniel LippisCorporate Vice President, JAPACJanuary 2024Daniel Lippis has over 25 years of experience in sales, marketing, and management. He joined Edwards in 2010 and has played a key role in the TAVR and SAPIEN valve platforms' global success .
    David T. FeinbergDirectorJuly 10, 2024David T. Feinberg serves as a Director at Edwards Lifesciences Corporation. He joined the board in July 2024 .
    Andrew M. DahlSenior Vice President and Principal Accounting OfficerJuly 1, 2024Andrew M. Dahl became the Senior Vice President and Principal Accounting Officer in July 2024 .
    Robert W.A. SellersSenior Vice President and Principal Accounting Officer (retired)Retired July 1, 2024Robert W.A. Sellers served as the Senior Vice President and Principal Accounting Officer until his retirement in July 2024 .
    Nicholas J. ValerianiChairman of the BoardMay 7, 2024Nicholas J. Valeriani has over 40 years of experience and joined the Edwards Board in 2014. He was appointed Chairman of the Board in May 2024 .
    Michael A. MussallemNon-Executive Chairman and Director (retired)Retired May 7, 2024Michael A. Mussallem served as Chairman and CEO since 2000. He retired as CEO in May 2023 and as a director in May 2024 .

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateDecember 2023 August 2024
    End Date/DurationNo expiration No expiration
    Total additional amount$1.0 billion $1.5 billion
    Remaining authorization$0.0 billion $1.4 billion
    DetailsN/A$500 million ASR agreement, ends December 27, 2024

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2028600.0 4.3% Fixed-Rate Unsecured Senior Notes 4.3 100.0% = (600.0 / 600.0) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Medtronic PLC - Competitor in Transcatheter Aortic Valve Replacement and Surgical Structural Heart .
    • Abbott Laboratories - Competitor in Transcatheter Aortic Valve Replacement, Transcatheter Mitral and Tricuspid Therapies, and Surgical Structural Heart .
    • Boston Scientific Corporation - Competitor in Transcatheter Aortic Valve Replacement .
    • Artivion, Inc (formerly CryoLife) - Competitor in Surgical Structural Heart .
    • ICU Medical, Inc. - Competitor in Critical Care .
    • PULSION Medical Systems SE, a subsidiary of Getinge AB - Competitor in Critical Care .
    • Cheetah Medical, Inc., a subsidiary of Baxter International - Competitor in Critical Care .
    • LiDCO Group PLC, a subsidiary of Masimo Corporation - Competitor in Critical Care .

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1999 PresentCurrent auditor