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Edwards Lifesciences Corp EW

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Edwards Lifesciences Sees Slower Fourth Quarter as COVID-19 Surges Again; No Change to Our FVE

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Narrow-moat Edwards Lifesciences ended 2020 with just 1% underlying growth for the full year, driven by transcatheter aortic valve replacements, which offset declines in surgical heart valves and critical care. Though management is confident Edwards can return to double-digit top line growth in 2021, we’re holding steady on our fair value estimate. Our projection for top line growth this year falls slightly short of management’s range, which reflects our expectation that the first half of 2021 will still be hindered by the pandemic. We anticipate more normal growth in the second half, though this could also become derailed if the new SARS-CoV-2 variants in South Africa and Brazil take hold in the U.S.

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Company Profile

Business Description

Spun off from Baxter International in 2000, Edwards Lifesciences designs, manufactures and markets a range of medical devices and equipment for advanced stages of structural heart disease. Its key products include surgical tissue heart valves, transcatheter valve technologies, surgical clips, catheters and retractors, and monitoring systems used to measure a patient's heart function during surgery. The firm derives about 55% of its total sales from outside the U.S.

One Edwards Way
Irvine, CA, 92614
T +1 949 250-2500
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Aggressive Growth
Employees 14,900