Edwards Lifesciences (EW) investor relations material

Executive summary

• Q3 2025 sales rose 14.7% year-over-year to $1.55 billion, with adjusted growth of 12.6%, driven by strong TAVR, TMTT, and surgical performance across a diversified structural heart portfolio.

• Net sales for the first nine months of 2025 reached $4.5 billion, up 11% year-over-year, led by TAVR and TMTT growth.

• The company completed the sale of its Critical Care product group and entered an agreement to divest a non-core product group, focusing on implantable medical innovations.

• Raised full-year sales growth guidance to the high end of 9–10% and EPS guidance to $2.56–$2.62, reflecting strong Q3 performance.

• Announced CFO transition, with the current CFO to remain through mid-2026 and then serve as a strategic advisor.

Financial highlights

• Q3 adjusted EPS was $0.67, exceeding expectations, with GAAP EPS at $0.50.

• Gross profit margin for Q3 was 77.9% (adjusted), down from 80.7% last year, mainly due to FX and operational expenses.

• Adjusted operating profit margin reached 27.5%, benefiting from strong sales and deferred spending.

• Net income from continuing operations for the nine months was $991.8 million, with Q3 net income at $292.3 million.

• Cash and cash equivalents stood at $3 billion; share repurchases YTD over $800 million.

Outlook and guidance

• Full-year TAVR sales growth guidance raised to 7–8% (from 6–7%), with sales expected at $4.4–$4.5 billion.

• Total company sales growth guidance now at the high end of 9–10%; adjusted EPS guidance raised to $2.56–$2.62.

• Q4 sales projected at $1.51–$1.59 billion; adjusted EPS expected at $0.58–$0.64.

• Full-year adjusted gross margin expected between 78–79%; operating margin guidance at 27–28%.

• TMTT full-year sales guidance maintained at $530–$550 million; surgical sales expected to grow mid-single digits.