Edwards Lifesciences (EW) Investor Day 2025 summary

Strategic Vision and Innovation

• Focus on large, complex unmet patient needs in structural heart disease, aiming to define and lead new therapeutic categories such as TAVR, mitral, tricuspid, pulmonic interventions, and expanding into aortic regurgitation and heart failure.

• Emphasis on breakthrough technologies, robust R&D investment (over $1B annually), and a comprehensive product portfolio supported by over 10,000 patents and 1,000+ publications.

• Recent strategic moves include the sale of critical care, four acquisitions in 2024, and a sharpened focus on structural heart disease, with pending JenaValve acquisition for AR.

• Building a global healthcare ecosystem with 16,000 employees, operations in over 100 countries, and a complete portfolio for aortic, mitral, tricuspid, and pulmonic valve diseases.

• Commitment to long-term value creation for patients, physicians, health systems, and shareholders through innovation and evidence generation.

Financial Guidance and Growth Outlook

• 2025 guidance: 8%-10% total company sales growth, with TAVR expected to grow 5%-7%, TMTT projected at 50%-60% sales growth, and EPS guidance of $2.40-$2.50.

• 2026 guidance: 8%-10% sales growth, $2.80-$2.95 adjusted EPS, operating margin expansion of ~100bps, and total sales of $6.4B-$6.8B.

• Segment targets for 2026: TAVR $4.6-$4.9B (6%-8% growth), TMTT $740-$780M (35%-45% growth), Surgical $1.05-$1.13B (mid-single digit growth), with TMTT aiming for $2B by 2030.

• Gross margin expected at 78%-79% in 2025-2026, with operating margin 28%-29%, and ROIC above 20%.

• Strategic capital deployment focuses on R&D, targeted acquisitions, manufacturing, and share repurchases, maintaining a strong and flexible balance sheet.

Product and Market Developments

• TAVR: Growth driven by EARLY TAVR trial results, expanding indications, new platforms like SAPIEN X4, and anticipated FDA and guideline updates by 2026.

• TMTT: Portfolio includes PASCAL, EVOQUE, and SAPIEN M3, with strong demand, US launches, and next-gen innovations planned through 2027.

• Surgical: RESILIA-based products (INSPIRIS, KONECT, MITRIS) drive above-market growth, with the U.S. launch of TRIFORMIS, the first surgical tricuspid valve, expected H2 2026.

• Emerging opportunities: Advancing therapies for aortic regurgitation (JenaValve), implantable heart failure management (Cordella, V-LAP), and structural heart failure.

• Building a robust innovation pipeline with multiple launches and expanding global reach, supported by ongoing R&D and clinical investment.