Research · Sep 3, 2026
[EW] Edwards Lifesciences Thesis 2026: TAVR Volume Growth Sustains Structural Heart Dominance
Edwards Lifesciences Corporation FY25 revenue $6.07B (+12%); op income $1.64B (+19%); NI $1.07B; EPS $1.83 (FY24 EPS $6.97 included Critical Care divestiture gain). Q4 TAVR $1.16B (+10.6%); procedural growth high single digit. SAPIEN platform supported by Partner 3 seven-year + Partner 2 ten-year + early TAVR trial data + share gain from Boston Scientific exit. TMTT Q4 $156M (+40%+); FY >$500M; PASCAL + EVOQUE adoption + SAPIEN M3 mitral launch. Surgical Q4 $254M (+2%); FY $1B+ (+4.3%). FCF $1.34B (+361%). Buyback $-893M. FY26 guide: sales growth 8-10%; EPS $2.90-$3.05; Q1 sales $1.55-$1.63B; Q1 adj EPS $0.70-$0.76; ~$40M FX upside. Risks: TAVR competitive landscape (Medtronic), SAPIEN platform reliance, TMTT execution, reimbursement / NCD dynamics, clinical data outcomes, FX, surgical sub-segment shift, regulatory landscape.