Edwards Lifesciences Corp. (EW) reported first‑quarter 2026 results that exceeded expectations, with revenue of $1.65 billion, up 12.7% year‑over‑year, and adjusted earnings per share of $0.78, beating the consensus of $0.73–$0.75 by $0.03–$0.05.
The strong performance was driven by robust demand in the company’s core structural‑heart segments. Transcatheter aortic valve replacement (TAVR) sales rose 14.4% to $1.20 billion, while transcatheter mitral and tricuspid therapies (TMTT) generated $173 million. Surgical segment revenue was not disclosed in the release, but the overall mix favored higher‑margin TAVR and TMTT products, supporting the earnings beat.
Operating profitability also improved, with an adjusted operating profit margin of 31.4% in Q1 2026, up from 30.8% in the prior year. The company expects full‑year operating profit margins to reach the high end of its 28%–29% guidance range, reflecting continued pricing power and cost discipline.
Management raised its full‑year 2026 sales guidance to $6.50 billion–$6.90 billion, up from the previous 8%–10% growth range, and increased the TAVR sales guidance to 7%–9% from 6%–8%. Adjusted EPS guidance was also lifted to $2.95–$3.05, underscoring confidence in sustained demand and margin stability.
CEO Bernard Zovighian said, "Building on a year in 2025 marked by solid financial performance and strategic progress, we delivered another strong quarter in Q1, achieving 12.7% sales growth, which reflects the impact and durability of our focused strategy. We remain dedicated to solving large, urgent and complex patient needs and pursuing unique opportunities to innovate and lead in structural heart disease." He added, "Based on our first quarter performance, we are raising our financial guidance for 2026. We continue to pursue additional meaningful growth opportunities across our portfolio, and our financial strength and strategic clarity give us confidence in the future." CFO Scott Ullem noted, "We are raising our full year total company sales guidance to 9% to 11%, up from 8% to 10%, and our TAVR sales guidance to 7% to 9%, up from 6% to 8%."
The results reinforce Edwards Lifesciences’ leadership in the structural‑heart market, where it holds a dominant U.S. share and has benefited from the exit of a European competitor. The company’s balance sheet remains strong, with $2.4 billion in cash and cash equivalents and a $500 million accelerated share‑repurchase program that has already returned $1.5 billion to shareholders. Edwards also continues to monitor the CMS National Coverage Determination for TAVR, with a draft decision memo expected by mid‑June, which could further support demand growth.
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