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Edwards Lifesciences
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Latest analysis
Updated Nov 4, 2026
Edwards Q3 2026: TAVR Beats at $1.2B, TMTT Surges 46%, Full-Year Guide Raised to ~11.5% Growth
Edwards Lifesciences delivered Q3 2026 total sales of $1.72 billion, growing 11.2% year-over-year, beating expectations across all three product segments. TMTT led with 45.6% growth to $207 million, driven by PASCAL, EVOQUE, and SAPIEN M3 adoption, while TAVR reached $1.2 billion on 8.8% growth supported by procedure volume expansion and modest share gains. Management raised full-year total sales growth guidance to approximately 11.5% and increased adjusted EPS guidance to $2.97-$3.05, citing five therapy approvals, the PROGRESS moderate AS trial, and the modernized CMS NCD as durable multi-year catalysts.
Tone: bullishRevenue
$6.1B
EW 10-K · FY 2025
Employees
16,000
Revenue growth YoY
+11.5%
Headquarters
Irvine, CA
Profile
EW 10-K Item 1 · Feb 25, 2026Edwards Lifesciences is the leading global structural heart innovation company, developing and commercializing transcatheter and surgical therapies for aortic, mitral, tricuspid, and pulmonic heart valve disease. Its three product groups — TAVR, TMTT, and Surgical Structural Heart — span repair and replacement technologies sold in approximately 100 countries. The company has been in the structural heart field for over six decades and invests approximately 18% of net sales in R&D annually.
Read filing description ↓ Collapse description ↑
Edwards Lifesciences Corporation is the leading global structural heart innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence, and meaningful partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. Edwards Lifesciences has been a leader in our field for over six decades. Since our founder, Miles 'Lowell' Edwards, first dreamed of using engineering to address diseases of the human heart, we have steadily built a company on the premise of imagining, building, and realizing a better future for patients. Our innovative work encompasses both surgical and transcatheter therapies. In addition, our unique portfolio of repair and replacement technologies for aortic, mitral, tricuspid and pulmonic heart valves provides a broad set of treatment options to serve the many diverse and complex patients in need. Edwards remains committed to its strategy of transformative product innovation, high-quality, expansive clinical evidence to support approvals and adoption, as well as comprehensive support to ensure excellent real-world patient outcomes. Cardiovascular disease is the number-one cause of death in the world and is the top disease in terms of health care spending in nearly every country. Our future growth opportunities include offering solutions for treating patients with both valvular and non-valvular structural heart disease, such as heart failure, which is an unfortunate natural progression of the disease for many patients suffering from aortic stenosis, mitral and tricuspid regurgitation, and aortic regurgitation.
Primary products
- SAPIEN family of valves (TAVR)
- SAPIEN 3 platform
- SAPIEN 3 Ultra RESILIA valve
- PASCAL transcatheter repair system
- EVOQUE tricuspid valve replacement system
- SAPIEN M3 mitral valve replacement system
Business segments
End markets
Geographies
Named competitors
“We believe that we are a leading global competitor in each of our product lines. In TAVR, our primary competitors include Medtronic plc ('Medtronic') and Abbott Laboratories ('Abbott'). In TMTT, our primary competitor is Abbott, and there are a considerable number of large and small companies with development efforts in these fields. In Surgical, our primary competitors include Medtronic and Abbott.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net sales increased $628.1 million, or 11.5%, in 2025 versus 2024, driven primarily by sales growth in TAVR and TMTT products.
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