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Edwards Lifesciences (EW) investor relations material

Edwards Lifesciences Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Q2 2025 sales reached $1.53B, up 10.6%–11.9% year-over-year, with double-digit growth across all product groups, led by TAVR and TMTT.

  • Net sales for the first six months of 2025 were $2.94B, up 9.1% year-over-year.

  • EPS was $0.57; adjusted EPS was $0.67, reflecting strong operational performance and non-recurring items.

  • The sale of the Critical Care product group was completed in September 2024, with another non-core group sale planned for 2025.

  • Leadership transition in TAVR with Dan Lippis succeeding Larry Wood, ensuring continuity.

Financial highlights

  • Q2 adjusted EPS was $0.67; GAAP EPS was $0.57, including a one-time charge from external investments.

  • Gross profit margin was 77.5%–77.6%, down from 79.2%–80% year-over-year due to higher manufacturing costs and FX.

  • Adjusted operating profit margin improved to 28.2% in Q2, benefiting from strong sales and deferred spending.

  • Net income from continuing operations was $333.2M–$335.9M, with diluted EPS of $0.57.

  • Cash and cash equivalents stood at $3B–$3.27B as of June 30, 2025.

Outlook and guidance

  • Full-year 2025 sales guidance raised to $5.9B–$6.1B, with adjusted EPS at the high end of $2.40–$2.50.

  • TAVR sales growth guidance increased to 6%–7%, with sales expected between $4.3B–$4.5B.

  • Q3 2025 sales projected at $1.46B–$1.54B and adjusted EPS at $0.54–$0.60.

  • Additional $50M tax expense expected in 2025 due to global minimum tax provisions.

  • Guidance reflects current tariff assumptions; changes could materially impact results.

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Frequently asked questions

Edwards Lifesciences Corporation is an innovative medical-device company, providing products in structural heart disease, and critical care and surgical monitoring that can improve healthcare worldwide. Our comprehensive portfolio includes devices for chronic total occlusions (CTO) repair and treatment of mitral valve disease (MVD). We also design and manufacture mechanical circulatory support devices, including the bioresorbable percutaneous ventricular assist device (BiVAD(TM)) used in advanced heart failure. Edwards Lifesciences Corporation is based in Irvine, California.

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