EW · Edwards Lifesciences Corporation

Edwards Lifesciences reported strong first-quarter results for 2026, with total sales of $1.65 billion, up 16.7% year-over-year (12.7% constant currency), exceeding expectations. The growth was driven by TAVR sales of $1.20 billion (+14.4% reported, +11.0% constant currency), benefiting from healthy U.S. demand and faster international growth, partly due to a competitor's exit in Europe. TMTT sales reached $173 million, supported by repair and replacement therapies, with double-digit procedure growth globally. Surgical sales grew 10.1% to $276 million, driven by RESILIA therapies. Gross profit margin was 78.0% (78.2% adjusted), slightly down from 78.7% a year ago due to a weaker dollar and manufacturing expansion costs. Operating profit margin was 29.0% (31.4% adjusted). Adjusted EPS of $0.78 benefited from solid operational performance and phasing of investments. The company raised its full-year 2026 constant currency sales growth guidance to 9%-11% (from 8%-10%) and TAVR growth to 7%-9% (from 6%-8%). Full-year adjusted EPS guidance midpoint was raised to $2.95-$3.05. For Q2 2026, Edwards projects sales of $1.66-$1.74 billion and adjusted EPS of $0.70-$0.76. The company also completed a $500 million accelerated share repurchase and has $1.5 billion remaining under its buyback authorization. Management highlighted renewed clinical focus on proactive disease management with SAPIEN TAVR and positive momentum from EARLY TAVR and TRISCEND II data. The CMS reconsideration of TAVR NCD and updated ESC/EACTS guidelines are expected to support broader patient access.