Edwards Lifesciences Corp

Edwards Lifesciences outlined a structural heart growth plan that targets more than US$2 billion in transcatheter mitral and tricuspid revenue by 2030, anchored by its PASCAL, EVOQUE, and Sapien M3 technologies. The plan sits alongside updated Medicare coverage that could enable 100 to 200 additional U.S. centers to perform TAVR procedures, reinforcing the company's transcatheter ecosystem. Edwards' broader narrative projects $8.5 billion in revenue and $2.2 billion in earnings by 2029, requiring 9.3% yearly revenue growth and an earnings increase of about $1.2 billion from $979.9 million today. Three fair value estimates from the Simply Wall St Community cluster between US$91.47 and US$100.96 per share, against a $100.96 fair value that implies 14% upside to the current price. The company still faces risks around margins, tariffs, and competitive pressure in international markets.

Edwards Lifesciences said an updated CMS national coverage determination will ease patient access to transcatheter aortic valve replacement. Under the new NCD, CMS will cover TAVR for symptomatic severe aortic valve stenosis without the coverage with evidence development requirement, while expanding coverage to asymptomatic severe aortic stenosis with coverage with evidence development. The policy also revises coverage criteria for pre-procedural patient assessment, intraoperative requirements, and operator and hospital procedural volume requirements. Edwards said it is pleased the updated policy represents an important step toward improving and expanding patient access to TAVR while reinforcing the value of a multidisciplinary Heart Team, and that the modernized policy supports a more streamlined patient care journey and gives Heart Teams greater flexibility in patient evaluation and treatment. The company added that it has confidence in its 2026 guidance, with 2027 guidance to come in December at its investor conference.

Edwards Lifesciences reported second-quarter revenue of $1.74 billion, up 13.6% year over year, with adjusted earnings of 78 cents per share, a 16.4% increase. TAVR sales reached $1.26 billion, up 10.5% at constant currency, and management raised 2026 TAVR constant-currency growth guidance to 8-9% from 7-9%, while lifting companywide constant-currency sales growth guidance to 10-11% from 9-11%. Transcatheter Mitral and Tricuspid Therapies sales hit $195.9 million, up 44.8% at constant currency, and 2026 TMTT guidance was raised to $760-$780 million from $740-$780 million. The stock trades at a forward 12-month price-to-earnings ratio of 28.78, above the Zacks sub-industry's 27.25 and the S&P 500's 20.66, though near its five-year median of 30. Zacks rates Edwards a Hold with a Growth Score of A, Value Score of D, and Momentum Score of F, suggesting patience rather than treating growth alone as a buy signal.

Edwards Lifesciences reported second-quarter 2026 total sales of $1.74 billion, a 12.5% increase year-over-year, driven by growth across its TAVR, mitral, tricuspid, and surgical segments. TAVR sales reached $1.3 billion, up 10.5%, while TMTT sales surged 44.8% to $195.9 million, and surgical sales rose 5% to $284 million. Adjusted earnings per share were $0.78, with an adjusted gross profit margin of 77.6% and an adjusted operating profit margin of 30%. The company raised its full-year 2026 sales growth guidance for TAVR, TMTT, and total company, and held approximately $2.9 billion in cash and equivalents as of June 30, 2026, with $1.5 billion remaining under its share repurchase authorization.

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Edwards Lifesciences is expected to report fiscal second-quarter 2026 results soon, with analysts forecasting an adjusted EPS of $0.73, up nearly 9% from $0.67 a year ago. The company has beaten Wall Street's bottom-line estimates in three of the past four quarters. For the full fiscal year 2026, analysts project adjusted EPS of $3, a 17.2% increase from $2.56 in fiscal 2025. Following its first-quarter results, shares rose 5.6% as sales grew 16.7% to $1.65 billion, driven by a 14.4% increase in TAVR sales to $1.20 billion and TMTT sales of $173 million, while the company raised its full-year guidance. Analysts have a consensus 'Moderate Buy' rating on the stock with an average price target of $97.48, implying a potential upside of 6.9%.

Edwards Lifesciences shares climbed 6.2% after the company presented new clinical data at the New York Valves conference in late June 2026. The data included baseline results from the PROGRESS trial on moderate aortic stenosis and seven-year durability findings for the SAPIEN 3 valve from the PARTNER 3 study. These results reinforce the case for earlier and less invasive transcatheter aortic valve replacement, a key growth driver for the company. Edwards Lifesciences projects $8.3 billion in revenue and $2.2 billion in earnings by 2029, implying 9.6% annual revenue growth. The stock's fair value is estimated at $96.92, representing a 6% upside from current levels.

Edwards Lifesciences announced new data at New York Valves 2026 reinforcing its leadership in structural heart innovation. The PROGRESS trial baseline characteristics showed over 95% of moderate aortic stenosis patients were symptomatic and more than 70% had two or more at-risk features, with a mean age of 78 years. Seven-year durability data from the PARTNER 3 trial and findings from the EARLY TAVR trial further supported the SAPIEN 3 platform's long-term performance. Additionally, data from over 4,500 patients in the STS/ACC TVT Registry highlighted the PASCAL system's safety and effectiveness for mitral regurgitation, while one-year ENCIRCLE trial MAC Registry results supported SAPIEN M3 in patients with mitral annular calcification.