Overview

• Structural heart device maker's Q1 sales grew 16.7%, beating analyst expectations

• Adjusted EPS for Q1 beat consensus, reaching $0.78

• Company completed $500 mln accelerated share repurchase

Outlook

• Edwards Lifesciences raises FY 2026 sales growth guidance to 9%-11% from 8%-10%

• Company now expects FY 2026 adjusted EPS of $2.95-$3.05, up from $2.90-$3.05

• Edwards projects Q2 2026 sales of $1.66-$1.74 bln and adjusted EPS of $0.70-$0.76

Result Drivers

• TAVR GROWTH - Q1 TAVR sales rose 14.4%, driven by healthy U.S. SAPIEN growth, faster growth outside the U.S., and a competitor's exit in Europe

• TMTT EXPANSION - TMTT sales rose on double-digit global procedural growth, with higher adoption of EVOQUE and PASCAL therapies

• SURGICAL ADOPTION - Surgical sales increased 10.1%, supported by continued adoption of RESILIA therapies and new product launches

Company press release: ID:nBw4xm7Yza

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Beat	$1.65 bln	$1.60 bln (25 Analysts)
Q1 Adjusted EPS	Beat	$0.78	$0.73 (24 Analysts)
Q1 EPS		$0.66

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 25 "strong buy" or "buy", 10 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the advanced medical equipment & technology peer group is "buy"

• Wall Street's median 12-month price target for Edwards Lifesciences Corp is $97.00, about 19% above its April 22 closing price of $81.53

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