Edwards Lifesciences Corporation Q1 FY2026 earnings call

• Building on strong 2025 performance, Q1 2026 achieved 12.7% self-growth. Focus on structural heart disease and innovation. Strategy underpinned by speed, agility, discipline. TAVR benefits from clinical focus on proactive disease management, long-term evidence of SAPIEN platform. TMTT's unique portfolio of therapies driving growth. Surgical expanding portfolio to address structural heart patients' needs.
• Financial performance: Q1 sales growth strong, raised full-year sales guidance for total company and TAVR. Adjusted EPS guidance updated. Gross margin guidance maintained. R&D and SG&A expenses discussed.

TAVR: First quarter global sales of $1.2 billion, increased 11% year-over-year. U.S. sales healthy, international even faster. Full year TAVR self-growth guidance raised to 7-9%. TMTT: First quarter sales of $173 million, increase of approximately 42% year-over-year. Procedural growth in mitral and tricuspid in double digits. 2026 TMTT sales expected $740 - $780 million, 35-45% growth. Surgical: First quarter global sales of $276 million, increased 6% year-over-year. Continued adoption of Resilia therapies. Mid single digit sales growth expected in 2026.

• Raised full-year 2026 total company sales guidance to 9%-11%, TAVR sales guidance to 7%-9%.
• 2026 TMTT sales expected $740 - $780 million. Mid-single-digit sales growth expected in surgical.
• Updated full-year earnings per share guidance to $2.95 - $3.05 per share.
• Projected Q2 sales 1.66 - 1.74 billion dollars, adjusted earnings per share 70 cents - 76 cents.

Q: David Roman with Goldman Sachs asked about TAVR industry data and drivers of guidance.

A: Discussed TAVR data like early TAVR for asymptomatic, 7-year and 10-year data, market growth and some share gain.

Q: Larry Beagleson with Wells Fargo asked about TAVR guidance and M3 impact.

A: TAVR guidance based on Q1 outperformance, market growth and some share. M3 launching in U.S. for tricuspid patients in Q4.

Q: Travis Seed with Bank of America asked about capacity and NCD.

A: Capacity managed well by health systems, NCD process ongoing.

Q: Robbie Marcus with JP Morgan asked about guidance rationale.

A: Guidance realistic based on Q1 performance, comps, and high bar from 2025 H2.

Q: Vijay Kumar with Evercore ISI asked about share count and weather impact.

A: Share count impacted by accelerated share repurchase, weather impact nominal.

Q: Joanne Wunsch with Citibank asked about R&D and CFO search.

A: R&D investment intentional, CFO search process ongoing.

Q: Matt Taylor with Jefferies asked about TAVR guidance and healthcare environment.

A: TAVR guidance based on Q1 outperformance and market growth, healthcare environment positive with RAPID policy.

Q: Matt Mixick with Barclays asked about Mitral rollout and TriGustin.

A: Sapien M3 rollout starting with clinical trial centers, details on Mitral and TriGustin engagement.