Edwards Earnings: TAVR Growth Settles in Low Double Digits While New Data Pressures Shares
Edwards Lifesciences posted third-quarter results that largely met our top- and bottom-line expectations, and we're leaving our $86 fair value estimate unchanged. With quarterly sales of transcatheter aortic valve replacements, or TAVR, up 10% in constant currency, the firm is on track to meet our full-year estimates. Shares appear moderately undervalued—unusual for this narrow-moat company that has historically traded above our intrinsic value.