Company Reports

Edwards delivered second-quarter performance that included $1.74 billion in revenue, up 13% in constant currency, fueled by transcatheter aortic valve replacement growth of 11% and strong double-digit growth in transcatheter mitral and tricuspid.

Edwards delivered first-quarter results including constant-currency top-line and adjusted bottom-line growth of 13% and 20%, respectively. Quarterly transcatheter aortic valve replacement sales were up 11%, and transcatheter mitral and tricuspid revenue increased over 40% off a smaller base.

Over the last two decades, Edwards Lifesciences has demonstrated that it knows how to maintain leadership through innovation of tissue heart valves. Edwards remains the dominant force in surgical heart valves and minimally invasive valve therapy—one of the hottest areas in cardiac devices.

Edwards' fourth-quarter results featured revenue growth of 12% (in constant currency) and an adjusted operating margin of 23%, fueled by strength in transcatheter aortic and mitral valves, which account for over 80% of consolidated revenue.

Edwards delivered third-quarter results with revenue growth at 13% in constant currency, which included the 53% rise in transcatheter tricuspid and mitral valve sales. New data shared at a recent medical conference highlighted the utility and durability of Edwards' transcatheter valves.

Edwards posted second-quarter earnings that featured 9% top-line and 16% adjusted bottom-line growth, fueled by an acceleration in transcatheter aortic valve replacement, or TAVR, along with strong adoption of transcatheter mitral and tricuspid devices.

Edwards Lifesciences delivered first-quarter results with top-line and bottom-line growth of 8% (in constant currency) and 12% (from continuing operations), respectively.

Despite intensive medtech industry lobbying to secure a carve-out from the Trump administration’s expansive tariffs on all countries, medical devices have been swept up in the tariff net.

Over the last two decades, Edwards Lifesciences has demonstrated that it knows how to maintain leadership through innovation of tissue heart valves. Edwards remains the dominant force in surgical heart valves and minimally invasive valve therapy—one of the hottest areas in cardiac devices.

Edwards Lifesciences finished 2024 with solid fourth-quarter top-line and adjusted bottom-line growth of 9% and 6%, respectively. While gross margin generally held steady, sales and marketing expenses grew disproportionately to support the launch of new products.

Edwards shared impressively favorable clinical data from the Early transcatheter aortic replacement valve, or TAVR, trial that demonstrated positive outcomes for severe aortic stenosis, or AS, patients even when they were asymptomatic.

After selling its critical care business, Edwards posted third-quarter results that featured 10% constant currency revenue growth from the remaining heart valve portfolio.

Edwards Lifesciences delivered second-quarter results that fell short of our, management’s, and the market’s expectations, leading to shares swooning by over 20% in premarket trading. We’ve lowered our fair value estimate slightly to $84 per share, down from $86, after dialing down our full-year estimate for Sapien growth to 5.5% (down from 8% previously) and incorporating the sale of the critical care business that is set to close in fall. Despite the current softness in the transcatheter aortic valve, or TAVR, business, we don’t think Edwards’ narrow economic moat is at risk. The firm’s intangible assets, including expertise in heart valves and innovative pipeline of devices, remain strong, from our perspective.

Over the last two decades, Edwards Lifesciences has demonstrated that it knows how to maintain leadership through innovation of tissue heart valves. Edwards remains the dominant force in surgical heart valves and minimally invasive valve therapy—one of the hottest areas in cardiac devices.

In a deal that makes sense for both sides, Becton Dickinson is buying Edwards' Critical Care business for $4.2 billion. We're maintaining our fair value estimates for both companies as the price tag doesn't appear excessive and the strategic fit and growth prospects for the business improve under the BD's umbrella.

Narrow-moat Edwards Lifesciences kicked off the year with solid results, and the slight adjustments we’ve made to incorporate stronger growth in the transcatheter mitral and tricuspid business (TMTT) weren’t enough to shift our fair value estimate. While quarterly Sapien sales grew 8% in constant currency and adjusted for billing days, the TMTT business displayed unexpected strength by growing at 75%, albeit off a much smaller base. Nonetheless, this fast start in 2024 led management to raise its outlook for that product segment and indicate revenue for the year would be at the higher end of guidance. Our full-year estimates were already on the high side and remain bounded by management’s range.

Over the last two decades, Edwards Lifesciences has demonstrated that it knows how to maintain leadership through innovation of tissue heart valves. Edwards remains the dominant force in surgical heart valves and minimally invasive valve therapy—one of the hottest areas in cardiac devices.

Narrow-moat Edwards Lifesciences finished 2023 with strong performance that slightly exceeded our expectations on the top line but met them on the bottom line. Our modeling adjustments were immaterial and we’re leaving our fair value estimate unchanged at $86. Quarterly revenue rose 13% in constant currency, with broad strength across all product categories. Consistent with recent quarters, transcatheter aortic valve replacement sales grew in the low-double digits. With data from the Early TAVR trial expected in the fall, we think favorable data among the asymptomatic severe aortic stenosis patients could shore up demand through our explicit forecast period, which could ease underlying market concerns that the pool of aortic stenosis patients has been exhausted.

Edwards Lifesciences posted third-quarter results that largely met our top- and bottom-line expectations, and we're leaving our $86 fair value estimate unchanged. With quarterly sales of transcatheter aortic valve replacements, or TAVR, up 10% in constant currency, the firm is on track to meet our full-year estimates. Shares appear moderately undervalued—unusual for this narrow-moat company that has historically traded above our intrinsic value.

Over the last two decades, Edwards Lifesciences has demonstrated that it knows how to maintain leadership through innovation of tissue heart valves. Edwards remains the dominant force in surgical heart valves and minimally invasive valve therapy—one of the hottest areas in cardiac devices.