Edwards Lifesciences Prepares for Stronger Sapien Growth in 2023; No Change to Our FVE

Edwards Lifesciences shared its outlook for 2023 at its investor day, and considering our projections for the various product lines and earnings remain bounded by management’s estimates, we’re leaving our fair value estimate unchanged. We’ve long admired the firm’s robust investment in research and development, its long-term view of creating superior technology, and its commitment to a commercial structure to support practitioners in delivering optimal patient outcomes—all of which contribute to the intangible assets that add up to a narrow economic moat.