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Here are 1-3 brief analogies for Edwards Lifesciences (EW):

• The Intuitive Surgical of heart valves and critical care monitoring.
• Like a Medtronic solely focused on innovative structural heart disease treatments.
• The Abbott Labs of heart valve technology, pioneering minimally invasive replacement procedures.

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• Transcatheter Aortic Valve Replacement (TAVR) Systems: Minimally invasive devices used to replace a diseased aortic heart valve without open-heart surgery.
• Surgical Heart Valves: Prosthetic heart valves designed for traditional open-heart surgical replacement of diseased or damaged heart valves.
• Critical Care Technology: Advanced hemodynamic monitoring systems and catheters used to assess cardiovascular function in critically ill patients.
• Transcatheter Mitral and Tricuspid Therapies (TMTT): Developing minimally invasive devices and therapies to treat diseases of the mitral and tricuspid heart valves.

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Edwards Lifesciences (symbol: EW) primarily sells its medical devices and technologies to other companies and institutions within the healthcare sector, rather than directly to individual patients.

Their major customers are healthcare providers, which include:

• Hospitals and Hospital Systems: These are the primary purchasers of Edwards' advanced heart valve therapies (including transcatheter aortic valve replacement - TAVR and surgical heart valves) and critical care monitoring products. Hospitals and large integrated health systems perform the surgical and interventional procedures and utilize the monitoring equipment in their operating rooms, intensive care units, and other specialized departments.
• Ambulatory Surgery Centers (ASCs): While the most complex cardiovascular procedures are typically performed in hospitals, some ASCs may utilize Edwards' critical care and patient monitoring solutions for less invasive procedures or specific diagnostic needs.
• Specialized Cardiac Centers and Clinics: These facilities may also purchase specific monitoring equipment or related diagnostic tools from Edwards to support their patient care.

It is important to note that medical device manufacturers like Edwards Lifesciences generally do not disclose specific, named publicly traded "customer companies" with stock symbols in the way a retail product manufacturer might list its major chain store customers. Their sales are distributed across a vast network of thousands of hospitals and healthcare systems globally. Many of these institutions are non-profit or privately owned, and even publicly traded healthcare providers (e.g., Hospital Corporation of America - HCA) are typically one among many institutional purchasers, making it impractical and usually non-disclosed to identify them as "major customers" in the context of publicly listed companies.

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Bernard J. Zovighian, Chief Executive Officer

Bernard J. Zovighian became CEO of Edwards Lifesciences in May 2023, after serving as the company's president. He joined Edwards Lifesciences in 2015. With a career spanning nearly three decades in medical technology, Zovighian led global businesses across two world-class companies. Prior to joining Edwards, he held roles with increasing responsibilities at Johnson & Johnson (J&J) for almost 20 years, including worldwide president of one of the company's divisions.

Scott B. Ullem, Corporate Vice President, Chief Financial Officer

Scott B. Ullem has served as chief financial officer since 2014, leading Edwards' global finance organization. Before joining Edwards, he was the chief financial officer of Bemis Company Inc., an S&P 500 supplier of packaging and pressure-sensitive materials. Prior to Bemis, Ullem worked as an investment banker for 17 years, holding managing director positions at Goldman Sachs and subsequently at Bank of America, where he advised public and private companies on mergers and acquisitions, as well as equity and debt financing. He currently serves on the board of directors of Illumina and Berry Global.

Donald E. Bobo, Jr., Corporate Vice President, Strategy & Corporate Development

Donald E. Bobo, Jr., has been a corporate vice president since 2007 and is currently responsible for the company's corporate strategy and corporate development functions. He also has executive responsibility for key heart failure initiatives and the U.S. healthcare solutions and commercial services team.

Todd J. Brinton, M.D., F.A.C.C., Corporate Vice President, Advanced Technology & Chief Scientific Officer

Dr. Todd J. Brinton received his bachelor's degree in biomedical engineering from the University of California, San Diego, and his medical degree from the Chicago Medical School at Rosalind Franklin University. He completed his internship, residency, and fellowships in cardiology and interventional cardiology at Stanford. He also serves on the board of directors for the Medical Device Manufacturers Association.

Wayne Markowitz, General Manager and Senior Vice President, Surgical Structural Heart

Wayne Markowitz joined Edwards in August 2023. He has more than 20 years of experience in the medical technology industry, including leadership roles in the U.S., Europe, and Japan. Prior to Edwards, he served as worldwide executive vice president and global head of endovascular robotics at Siemens Healthineers. Before that, Markowitz spent several years in general management and leadership roles at Johnson & Johnson, as well as functional leadership responsibilities at Boston Scientific for a decade.

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Here are the key risks to Edwards Lifesciences (EW):

1. Intense Competition: Edwards Lifesciences operates in a highly competitive global medical device market, particularly in its core segments of Transcatheter Aortic Valve Replacement (TAVR), surgical heart valves, and transcatheter mitral and tricuspid therapies (TMTT). Key competitors include Medtronic, Abbott, and Boston Scientific, all of whom invest heavily in research and development and offer competing products. Failure to maintain market leadership or effectively compete with rivals could lead to a loss of market share and reduced profitability.
2. Regulatory and Economic Uncertainties: The company faces significant risks from changes in healthcare legislation, reimbursement policies, and broader economic conditions. Macroeconomic factors such as inflationary pressure, supply chain constraints due to geopolitical complications, and staffing shortages within hospital systems can negatively impact Edwards' operating results and pressure its profit margins.
3. Need for Continuous Innovation: Edwards Lifesciences' competitive advantage and market position are largely dependent on its proprietary technologies and its ability to continually innovate and introduce new, advanced therapies for structural heart diseases. A failure to invest adequately in research and development or to successfully bring new products to market could result in the loss of its competitive edge and market share, especially as competitors also heavily invest in advancing their own technologies.

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Edwards Lifesciences (EW) operates in several key markets related to structural heart disease and critical care technologies. Here are the addressable market sizes for their main products and services:

• Transcatheter Aortic Valve Replacement (TAVR): The global TAVR market was estimated at approximately $6.83 billion in 2024 and is projected to grow to about $11.76 billion by 2033, with a compound annual growth rate (CAGR) of 5.99% from 2025 to 2033. Another projection estimates the global TAVR market to reach around $12.5 billion by 2034, up from $6.3 billion in 2024, growing at a CAGR of 7.1%. The worldwide TAVR market is projected to see an 8% CAGR between 2024 and 2034. In the U.S., the market is forecast to grow at a 6% CAGR during the same period.
• Transcatheter Mitral and Tricuspid Therapies (TMTT): The combined market for mitral and tricuspid valves is projected to reach $3 billion by 2025, with mitral therapies constituting the majority. Edwards Lifesciences anticipates capturing a share of the evolving TMTT devices market, which is projected to be $1.0 billion and is expected to grow by 30% annually until 2028. The overall market for Transcatheter Mitral Valve Replacement (TMVR) devices was approximately $1.3 billion in 2024 and is expected to increase to an estimated $3.2 billion by the end of 2030. The global Mitral Valve Disease Market is expected to grow at a CAGR of 8.5% from 2023 to 2032, reaching an anticipated valuation of $6.1 billion by 2032, from $2.9 billion in 2022. Tricuspid interventions are expected to be the fastest-growing segment, with a projected CAGR of 15.15% through 2030.
• Surgical Structural Heart (Surgical Valve Technologies): The surgical structural heart unit is forecast to grow at mid-single-digits, reaching approximately $1 billion in 2024.

Note: Edwards Lifesciences completed the sale of its Critical Care product group to BD (Becton, Dickinson and Company) for $4.2 billion in September 2024. Therefore, this is no longer an addressable market for Edwards Lifesciences. The Critical Care business generated over $900 million in revenue globally in 2023.

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Expected Drivers of Future Revenue Growth:

1. Continued Expansion and Indication Growth in Transcatheter Aortic Valve Replacement (TAVR): Edwards Lifesciences anticipates sustained growth from its leading TAVR platforms, particularly the SAPIEN 3 platform. The recent FDA approval for asymptomatic severe aortic stenosis, backed by data from the EARLY TAVR trial, is expected to significantly expand the addressable market by reaching a large patient population previously untreated. The company projects continued global adoption and technological advancements within TAVR to be a core driver.
2. Accelerated Growth and New Product Launches in Transcatheter Mitral and Tricuspid Therapies (TMTT): The TMTT segment is a major growth engine, with Edwards focusing on the commercialization and global expansion of innovative products such as the EVOQUE tricuspid valve and the PASCAL Precision system. Upcoming regulatory milestones, including the anticipated U.S. approval for the SAPIEN M3 transcatheter mitral valve replacement system in early 2026, are expected to further fuel substantial revenue growth in this area, with TMTT sales projected to reach $2 billion by 2030.
3. Increased Adoption of RESILIA Tissue Technology in Surgical Heart Valves: Edwards Lifesciences continues to drive the adoption of its RESILIA portfolio, which includes INSPIRIS, MITRIS, and KONECT valves, setting a new standard for tissue durability in surgical heart valve replacement. The company is committed to advancing its leadership in surgical therapies and expanding access to these innovations in emerging markets globally.
4. Entry into Structural Heart Failure Management with the Cordella System: The Cordella system, an implantable heart failure management device approved in 2024, is poised to contribute to future revenue growth. This system allows for real-time monitoring of pulmonary artery pressure, enabling early interventions for heart failure patients. Expected CMS national coverage in early 2025 could significantly expand its market penetration.
5. Development of Transcatheter Therapies for Aortic Regurgitation (AR): Edwards is expanding into new therapeutic areas, including aortic regurgitation, a condition with significant unmet needs. The acquisition of JenaValve Technology brings the JenaValve Trilogy System, which could secure FDA approval by late 2025, opening up a new and substantial market for transcatheter AR treatment.

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Share Repurchases

• Edwards Lifesciences executed an accelerated share repurchase (ASR) agreement to repurchase $500 million of its common stock in August 2025. This brought total repurchases in 2025 to over $800 million.
• In December 2023, Edwards Lifesciences approved an additional $1 billion share repurchase authorization.
• The company executed an ASR to repurchase $750 million of common stock in November 2022, contributing to over $1.7 billion in share repurchases for that year. Following this, approximately $900 million remained in its share repurchase authorization. As of August 2025, approximately $600 million remained in the share repurchase authorization.

Outbound Investments

• Edwards Lifesciences acquired JenaValve Technology and Endotronix for a total investment of $1.2 billion, with these acquisitions closing in 2024. These investments are part of a focus on structural heart failure and aortic regurgitation.
• The company has made 12 investments across sectors such as Cardiac and Vascular Disorders, Neurology, and Pulmonology, with notable recent investments including Corvia Medical (Series C, June 2022), V-Wave, and Caption Health.
• In 2024, Edwards made a strategic decision to sell its Critical Care product group for $4.2 billion in cash to BD, ensuring a more agile focus on structural heart innovation.

Capital Expenditures

• Edwards Lifesciences' capital expenditures were approximately $325.8 million in 2021, $244.6 million in 2022, $253 million in 2023, and $252.4 million in 2024.
• The average capital expenditures for the fiscal years ending December 2020 to 2024 were $296.6 million.
• The company invested significantly in both internal research and development and external early-stage acquisitions in 2024 to advance novel therapies within its structural heart portfolio.