Edwards Lifesciences

Edwards Lifesciences makes heart valves and devices that repair or replace heart valves. It reports three product groups. Transcatheter aortic valve replacement (TAVR), with the SAPIEN valves, had sales of $1,240 million in Q3 2026. Transcatheter mitral and tricuspid therapies (TMTT), with the PASCAL repair system and the EVOQUE and SAPIEN M3 replacement valves, had sales of $207 million.

Surgical, with valves such as those made of RESILIA tissue, had sales of $264 million. Net sales were $1,715.5 million in Q3 2026 and $6,067.6 million in 2025. Edwards sold its Critical Care product group to BD in September 2024 and a smaller product group in December 2025, so these businesses are discontinued operations. Its shares trade on the New York Stock Exchange.

The head office is in Irvine, California. Bernard Zovighian is Chief Executive Officer.

Edwards trades above its intrinsic value because investors pay for its leading position in TAVR and for the fast growth of its mitral and tricuspid therapies. In Q3 2026, sales rose 10.5% to $1.72 billion, TMTT sales rose 44.0% to $207 million, and adjusted EPS rose 19% to $0.80. Edwards now expects 2026 sales growth of about 11.5% and adjusted EPS of $2.97 to $3.05, and it targets average sales growth of about 10% over the longer term.

For the shares to earn this price, three things must be true. TAVR procedures must keep growing as the updated Medicare coverage and data from the EARLY TAVR and PROGRESS trials bring patients to treatment earlier. TMTT must reach its 2026 sales guidance of $780 million to $790 million and keep growing fast.

The adjusted operating margin must rise, after Edwards guided to the high end of 28% to 29% for 2026. The Q4 2026 report and the 2027 guidance, expected in early February 2027, are the next test. Slower TAVR growth or stronger competition can make the premium hard to keep.

1. Nov 4, 2026Passed

   Q3 2026 results and the 2026 outlookSales growth of 10% or more and a kept or higher EPS outlook pass; a lower outlook fails.Outcome: Sales rose 10.5%, and Edwards raised its 2026 guidance to sales growth of about 11.5% and adjusted EPS of $2.97 to $3.05.
2. Feb 4, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 guidance for sales growth near 10% and higher adjusted EPS passes; guidance for slower growth fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Edwards reported Q3 2026 results. Sales rose 10.5% to $1.72 billion, TAVR sales rose 8.0% to $1.24 billion, and TMTT sales rose 44.0% to $207 million. Diluted EPS was $0.53, after an impairment of $220.2 million of an acquired research asset, and adjusted EPS rose 19% to $0.80. Edwards raised its 2026 guidance to sales growth of about 11.5% and adjusted EPS of $2.97 to $3.05. During the quarter, Medicare released its final updated coverage decision for TAVR, and the FDA approved the PASCAL Precision system for tricuspid repair in October.
• July 23, 2026Edwards reported Q2 2026 results. Sales rose 13.6% to $1,741.0 million, and adjusted EPS was $0.78. Diluted EPS was $0.42, which includes a valuation allowance for California research tax credits after a change in state law on June 29, 2026. Edwards raised its 2026 sales growth guidance to 10% to 11% and targeted average sales growth of about 10% over the longer term.
• May 4, 2026Edwards named Theodora (Doretta) Mistras, the Chief Financial Officer of Viatris, as its Chief Financial Officer from the end of May 2026. She follows Scott Ullem.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · ew-20260930
• 8-KEarnings releaseFiled November 4, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled August 28, 2026 · ew-20260825
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · ew-20260630
• 8-KEarnings releaseFiled July 23, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 8, 2026 · ew-20260507
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 6, 2026 · ew-20260331
• 8-KChange of directors or officers and Investor disclosureFiled May 4, 2026 · ew-20260502
• 8-KEarnings releaseFiled April 23, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 25, 2026 · ew-20251231

Every filing on SEC EDGAR (CIK 1099800)

• Large medical device companies compete in TAVR and in mitral and tricuspid therapies. New valves or lower prices from competitors can reduce the share and the growth of Edwards.
• Most sales depend on payments from Medicare and other health systems. Lower payments or stricter coverage rules can slow the growth of procedures.
• Edwards is often in patent disputes, and it recorded litigation costs in most quarters of 2025 and 2026. The FTC blocked its purchase of JenaValve in January 2026, so future purchases can also meet antitrust limits.
• A recall or a safety problem with a valve can reduce sales and damage the trust of heart teams in its products.
• Tax changes can raise costs. Edwards expects its 2026 tax rate, without special items, at the high end of 16% to 19%, and a change in California law limits its research tax credits.

Edwards has net cash. At September 30, 2026, cash and cash equivalents were $3,110.8 million, short-term investments $1,533.9 million and long-term investments $262.6 million. Read more

Edwards Lifesciences does not pay a dividend.

Source: company filings and market data, read on November 11, 2026.