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Edwards Lifesciences Corp EW

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Edwards Lifesciences Sees Solid First Quarter and Sets Sights on Further Indication Expansion for TAVR

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Edwards Lifesciences posted solid first-quarter results that featured procedure volumes that gained steam through the quarter, as coronavirus transmission rates fell in February and March. Our slight adjustments weren’t substantial enough to shift our valuation, and we’re leaving our $72 per-share fair value estimate unchanged for now. Despite pressure from the pandemic since last spring, Edwards has been able to navigate the disruption, and we expect acceleration in trancatheter aortic and the nascent transcatheter mitral procedures, as the pandemic recedes over the coming quarters especially in the U.S. In keeping with its long-range strategy, Edwards continues to invest in major clinical trials. The firm’s appetite for investing in differentiated technology and the robust trials to prove the clinical value have been the main drivers of Edwards’ narrow economic moat.

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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 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 Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Aggressive Growth
Employees 14,900