Edwards Lifesciences Earnings: Launch of New Products Supports Stronger Growth Trajectory

Narrow-moat Edwards Lifesciences posted first-quarter results that generally fell in line with our expectations, and we’re leaving our fair value estimate unchanged. Top-line growth early in the first quarter displayed more strength than expected in this seasonally soft period, which management chalked up to some delayed patients reaching the treatment stage after the holidays. Recent improvements in hospital staffing likely also played a role in easing the capacity bottleneck at providers seen in 2022. All in all, the solid performance at Edwards in the first quarter underscores the trend in increased healthcare utilization that’s been seen across device makers, labs, and hospitals.