Edwards Lifesciences (EW) Investor Day 2025 summary

Strategic Vision, Focus, and Innovation

• Transitioned to a pure-play structural heart company, divesting non-core assets and making acquisitions to expand reach and address high-growth, high-need patient segments.

• Emphasizes a patient-centered, diversified growth model with TAVR, mitral, and tricuspid therapies as core drivers, and structural heart failure and aortic regurgitation as emerging opportunities.

• Maintains a culture of innovation, leveraging decades of expertise, with a robust global presence, resilient supply chain, and a complete portfolio for aortic, mitral, tricuspid, and pulmonic valve diseases.

• Invests heavily in R&D, with over $1B annually, supported by more than 10,000 patents and 1,000+ publications, driving long-term profitable growth.

• Strategic capital deployment prioritizes organic growth, targeted acquisitions, and shareholder returns through buybacks and opportunistic investments.

Financial Guidance and Growth Outlook

• 2025 guidance: 8%-10% total sales growth, TAVR growth of 5%-7%, TMTT sales growth of 50%-60%, and EPS of $2.40-$2.50.

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

• 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).

• Long-term goal of ~10% average annual sales growth and double-digit EPS growth from 2026 onward, with TMTT reaching $2B by 2030.

• Gross margin expected at 78%-79% in 2025-2026, with R&D spend remaining high but declining as a percentage of sales.

Product, Market, and Clinical Catalysts

• SAPIEN platform leads TAVR globally, with new indications, proven durability, and ongoing innovation; guideline changes and pivotal trial data expected to drive growth.

• TMTT portfolio advances with EVOQUE, PASCAL, and SAPIEN M3, with US launches and next-gen innovations planned through 2027.

• Surgical business driven by RESILIA-based products and the anticipated launch of TRIFORMIS, the first surgical tricuspid valve, in 2026.

• New therapies for aortic regurgitation (JenaValve acquisition) and implantable heart failure management (Cordella, V-LAP) represent emerging growth areas.

• Building a robust innovation pipeline with multiple launches and expanding global reach.