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

• Edwards Lifesciences is like Intuitive Surgical (ISRG) for heart valves, focusing on advanced, often minimally invasive solutions for structural heart disease.
• It's the Tesla of heart valve technology, known for pioneering innovative and cutting-edge solutions in a critical medical field.

• Transcatheter Heart Valve Replacement Products: Minimally invasive products designed for replacing heart valves.
• Transcatheter Heart Valve Repair Systems (e.g., PASCAL, Cardioband): Minimally-invasive systems used to treat mitral and tricuspid valve diseases.
• Surgical Aortic Valves (e.g., INSPIRIS): Solutions for the surgical replacement of aortic valves.
• KONECT RESILIA: A pre-assembled aortic tissue valved conduit for replacement of the valve, root, and ascending aorta.
• HARPOON Beating Heart Mitral Valve Repair System: A system for repairing degenerative mitral regurgitation on a beating heart.
• Advanced Hemodynamic Monitoring Systems: Devices that measure a patient's heart function and fluid status in critical care settings.
• Acumen Hypotension Prediction Index software: Software that provides early alerts for dangerously low blood pressure in patients.

Edwards Lifesciences (EW) sells primarily to other companies and organizations within the healthcare sector, rather than directly to individuals. Its major customers are:

• Hospitals: These include large hospital systems, academic medical centers, and community hospitals that perform cardiovascular surgeries and interventional cardiology procedures, as well as those with intensive care units requiring critical care monitoring.
• Surgical Centers: Specialized outpatient or inpatient surgical facilities that perform cardiac-related procedures.
• Cardiology Clinics and Departments: While most major procedures occur in hospitals, some clinics and specialized departments within healthcare systems may purchase and utilize Edwards Lifesciences' monitoring and diagnostic solutions.

These customers are typically healthcare providers and institutions. They are generally not publicly traded companies with stock symbols.

Bernard J. Zovighian, Chief Executive Officer

Bernard J. Zovighian became Chief Executive Officer (CEO) and joined the Board of Directors of Edwards Lifesciences in May 2023, after serving as the company's president. He joined Edwards Lifesciences in January 2015. With a career spanning nearly three decades in medical technology, Zovighian led global businesses across two world-class companies, including nearly 20 years at Johnson & Johnson (J&J). At J&J, he held roles of increasing responsibility, including worldwide president of one of its divisions. He has lived and led teams in several countries.

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

Scott B. Ullem has served as Chief Financial Officer (CFO) since 2014, responsible for leading Edwards' global finance organization. His responsibilities also include information technology, information security, risk management, indirect sourcing, and corporate services teams, and he led the creation of Edwards' Social Impact Investment Fund. Prior to joining Edwards, Ullem was CFO of Bemis Company Inc., an S&P 500 supplier of packaging. Before Bemis, he spent 17 years as an investment banker, serving as a managing director at Goldman Sachs and later at Bank of America, where he worked with 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 Edwards' corporate strategy and corporate development functions. He also holds executive responsibility for key heart failure initiatives and the U.S. healthcare solutions and commercial services team. With over 35 years of experience in the medical technology and healthcare industry, he served in various operating roles at Edwards, including the development of the company's Transcatheter Mitral and Tricuspid strategy and general manager of the Surgical Structural Heart business. Before joining Edwards in 1995, he held roles with American Hospital Supply, Baxter Healthcare Corporation, and InnerSpace Medical.

Todd J. Brinton, M.D., Corporate Vice President, Advanced Technology, and Chief Scientific Officer

Todd J. Brinton, M.D., has been corporate vice president, advanced technology, and chief scientific officer since 2019. He brings significant experience as a champion of cardiovascular innovation and a strong patient focus as a practicing clinical cardiologist. Dr. Brinton has deep ties to the medical technology community as a founder, board member, and advisor to several start-up companies, including his role as physician founder, board member, and chief medical officer of ShockWave Medical, Inc. Before joining Edwards, he was a clinical professor of medicine (cardiology) and adjunct professor of bioengineering at the Stanford University School of Medicine.

Daniel J. Lippis, Corporate Vice President and General Manager, Transcatheter Aortic Valve Replacement (TAVR) business

Daniel J. Lippis became corporate vice president and general manager of the Transcatheter Aortic Valve Replacement (TAVR) business in September 2025. With more than 25 years of experience in the pharmaceutical and medical technology industries, he has successfully led across sales, marketing, business operations, and general management. Lippis joined Edwards in 2010, where he led marketing for the transcatheter heart valve business and oversaw the successful launches and therapeutic adoption of TAVR and SAPIEN valve platforms in the U.S. and globally.

The key risks to Edwards Lifesciences' business (symbol: EW) are primarily associated with the highly regulated medical device industry, intense competition, and the potential for widespread disruptions.

1. Regulatory and Reimbursement Risks: Edwards Lifesciences operates within a heavily regulated global industry, making it susceptible to changes in healthcare laws, policies, and regulatory approval pathways for its products. Delays or failures in obtaining necessary regulatory approvals for new products or expanded indications can significantly impact market entry and revenue generation. Additionally, increasing pressure from government and private payers to reduce healthcare costs could lead to lower reimbursement rates for the company's life-saving technologies, potentially affecting profitability and patient access to their products.

2. Competitive Pressures and Product Innovation: The structural heart and critical care markets are highly competitive, with established players and new entrants continually innovating. Edwards Lifesciences relies heavily on its ability to develop and commercialize differentiated and cutting-edge medical devices. A failure to innovate effectively, the introduction of superior or more cost-effective products by competitors (such as Medtronic, Boston Scientific, and Abbott Labs), or delays in product development and market acceptance can erode the company's market share and growth prospects.

3. Public Health Crises and Supply Chain Disruptions: The unpredictable nature of global public health crises, exemplified by events like the COVID-19 pandemic, poses a substantial threat to Edwards Lifesciences. Such crises can severely disrupt global supply chains, affecting the availability of raw materials and components, as well as manufacturing and distribution. Furthermore, these events can place immense pressure on hospital systems, impacting the continuity of medical procedures, patient access to care, and the adoption of the company's products, thereby adversely affecting business performance and financial stability.

Transcatheter Heart Valve Replacement (TAVR/TAVI)

• The global transcatheter aortic valve replacement (TAVR) market was estimated at approximately USD 6.83 billion in 2024 and is projected to reach USD 11.76 billion by 2033, growing at a compound annual growth rate (CAGR) of 5.99% from 2025 to 2033.
• Another estimate values the global TAVR market at around USD 5 billion, with an expectation to double to about USD 10 billion by 2028.
• North America accounted for the largest revenue share of 38.68% in the TAVR market in 2024.
• Edwards Lifesciences holds over 60% of the global TAVR market share and 75% in the U.S. The company projects its TAVR sales to be between USD 4.6 billion and USD 4.9 billion in 2026.

Transcatheter Mitral Valve Repair and Replacement

• The global transcatheter mitral valve repair and replacement market size is estimated at USD 1.8 billion in 2025 and is expected to reach USD 5.7 billion by 2032, with a CAGR of 16.2% from 2025 to 2032.
• Another projection for the global transcatheter mitral valve repair and replacement market indicates a growth from USD 1.65 billion in 2024 to USD 5.47 billion by 2029.
• North America holds approximately 42% of the transcatheter mitral valve repair and replacement market.
• Edwards Lifesciences anticipates its Transcatheter Mitral and Tricuspid Therapies (TMTT) segment sales to reach USD 2 billion by 2030, with a projected growth of 50% to 60% in the near term. For 2026, TMTT sales are expected to be between USD 740 million and USD 780 million.

Transcatheter Tricuspid Valve Repair and Replacement

• The global transcatheter tricuspid valve replacement market was valued at USD 1.2 billion in 2024 and is expected to grow to USD 3.5 billion by 2035, at a CAGR of approximately 10.6% from 2025 to 2035.
• The global transcatheter tricuspid valve intervention (TTVI) market is projected to reach USD 10.17 billion by 2030, with Europe leading the regional market share.
• The tricuspid valve repair market was valued at approximately USD 723.1 million in 2024 and is projected to reach USD 1.04 billion by 2030, with a CAGR of 6.2% during the forecast period.
• North America held the largest market share in 2024 for tricuspid valve repair.
• Edwards Lifesciences' Transcatheter Mitral and Tricuspid Therapies (TMTT) segment, which includes tricuspid valve technologies, is expected to generate sales of USD 740 million to USD 780 million in 2026.

Surgical Structural Heart Solutions

• The global surgical heart valves market is projected to increase from USD 8,897.2 million in 2025 to USD 36,625.0 million by 2035, exhibiting a CAGR of 15.2%.
• The broader global heart valve devices market, which includes both surgical and transcatheter valves, was valued at USD 13.34 billion in 2024 and is projected to reach USD 40.16 billion by 2034, growing at a CAGR of 11.65% from 2025 to 2034.
• North America led the global heart valve devices market in 2024.

Critical Care Solutions (Advanced Hemodynamic Monitoring Systems and Acumen Hypotension Prediction Index software)

• Edwards Lifesciences' Critical Care product group, which included advanced hemodynamic monitoring systems and the Acumen Hypotension Prediction Index (HPI) software, was acquired by BD (Becton, Dickinson and Company) for USD 4.2 billion in cash in June 2024. This business unit generated over USD 900 million in revenue in 2023.
• The global hemodynamic monitoring market size was valued at USD 2.37 billion in 2024 and is expected to reach USD 4.14 billion by 2032, at a CAGR of 7.20%.
• North America dominated the hemodynamic monitoring market with a 39.2% revenue share in 2024, with the U.S. market alone accounting for 82% of that share.

Edwards Lifesciences (EW) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Continued Expansion of Transcatheter Aortic Valve Replacement (TAVR) Therapies: Edwards Lifesciences anticipates sustained growth from its TAVR platform, particularly through the ongoing adoption of its SAPIEN platforms, including SAPIEN 3 Ultra RESILIA and the newly introduced SAPIEN M3. The company also expects growth to be bolstered by clinical trial data, such as the EARLY TAVR trial, which supports earlier intervention for aortic stenosis. TAVR is projected to grow in the mid-to-high single digits annually.
2. Accelerated Growth in Transcatheter Mitral and Tricuspid Therapies (TMTT): The TMTT segment is a significant revenue driver, fueled by the rapid global adoption of its PASCAL and EVOQUE systems. New product launches within this portfolio, including the SAPIEN M3 and future iterations of EVOQUE and PASCAL devices, are expected to further accelerate growth. Edwards Lifesciences projects substantial growth for TMTT, with an expected increase of 35-45% in 2026 and a target of $2 billion in revenue by 2030.
3. Pioneering New Therapeutic Areas in Structural Heart Disease: The company is expanding into new and emerging opportunities by developing therapies for unaddressed patient groups, including those with aortic regurgitation (AR) and structural heart failure. This includes investments in implantable heart failure management solutions, such as the Cordella and Vectorious devices.
4. Robust Performance of Surgical Structural Heart Solutions: Edwards Lifesciences continues to drive revenue through its surgical structural heart business, particularly with the strong adoption of its RESILIA tissue technology. This includes products like INSPIRIS, MITRIS, and KONECT, which are gaining traction globally.

• In 2025, Edwards Lifesciences repurchased over $800 million of its common stock, which included a $500 million accelerated share repurchase agreement.
• As of February 2026, the company had approximately $2.1 billion remaining under its share repurchase authorization, following an increase approved by its Board of Directors.
• Annual share repurchases for Edwards Lifesciences stock were $893.4 million in 2025 and $1.159 billion in 2024.

• Institutional investors and hedge funds collectively own approximately 79.46% of Edwards Lifesciences stock.
• In the second quarter of 2025, Norges Bank purchased a new stake in Edwards Lifesciences valued at $580.64 million.
• DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main significantly boosted its holdings in Edwards Lifesciences by 111.2% in the second quarter of 2025, reaching $714.006 million.

• In 2024, Edwards Lifesciences made several acquisitions, including JC Medical, JenaValve Technology, Innovalve, and Endotronix.
• Edwards Lifesciences completed the acquisition of a 48% stake in Vectorious Medical Technologies Ltd. on September 4, 2025, which led to 100% ownership, valuing the company at $497 million.
• In April 2023, Edwards Lifesciences made a one-time, lump sum payment of $300 million to Medtronic for a 15-year global covenant not to sue regarding certain structural heart patents.

• Edwards Lifesciences' capital expenditures averaged $267.2 million annually from fiscal years 2021 to 2025.
• Capital expenditures were $325.8 million in 2021, decreased to $244.6 million in 2022, then increased to $253 million in 2023, were $252.4 million in 2024, and $260.2 million in 2025.
• Expected capital spending for 2024 and 2025 was approximately $250 million for each year, with the primary focus on strategic opportunities and investing in the company's business.