Edwards Lifesciences Corp (EW)

Edwards Lifesciences Corporation is a global medical technology company focused on structural heart disease. It develops surgical and transcatheter therapies, including repair and replacement technologies for aortic, mitral, tricuspid and pulmonic heart valves. The company describes a strategy built on transformative product innovation, extensive clinical evidence to support approvals and adoption, and comprehensive support for real-world patient outcomes. It also sees future growth in treating valvular and non-valvular structural heart disease, such as heart failure.

Products are organized into three groups. Transcatheter Aortic Valve Replacement (TAVR) is built around the SAPIEN family of valves, which are delivered while the heart is beating, and accounted for 74% of 2025 net sales. The SAPIEN 3 and Alterra systems also offer a minimally invasive option for pulmonary valve replacement in congenital heart disease. Transcatheter Mitral and Tricuspid Therapies (TMTT) includes the PASCAL transcatheter repair system, the EVOQUE tricuspid valve replacement system and the SAPIEN M3 mitral valve replacement system, and represented 9% of sales. Surgical Structural Heart, at 17% of sales, includes bioprosthetic tissue valves using RESILIA tissue, such as INSPIRIS RESILIA, KONECT RESILIA and MITRIS RESILIA, along with annuloplasty rings for valve repair.

Customers include cardiac surgeons, interventional cardiologists, hospitals and their service line leaders, administrators and purchasing staff, as well as group purchasing organizations, buying groups, integrated delivery networks and ministries of health. No single customer accounted for 10% or more of 2025 net sales. The company sells in approximately 100 countries. In 2025, 58% of net sales came from the United States, where products are sold almost entirely through direct sales forces. The other 42% came from outside the U.S. through direct sales forces and independent distributors, with 60% of that in Europe, 14% in Japan and 26% in the rest of the world. Field clinical specialists attend procedures and train clinicians.

Edwards manufactures its products mainly in the United States, Singapore, Costa Rica and Ireland. Its inputs include resins, chemicals, electronics, metals and animal tissue, with bovine tissue sourced only from the United States and Australia. It buys some materials from external suppliers, including certain single-source supplies. Research and development, about 18% of 2025 sales, is conducted mainly in the United States and Israel and supported by alliances with research institutions and clinicians. The company relies on patents, trademarks and trade secrets, and is regulated by the FDA, EU authorities and Japan's PMDA. In TAVR, its primary competitors are Medtronic and Abbott. In TMTT the primary competitor is Abbott, and in Surgical they are Medtronic and Abbott. Its principal executive offices are at One Edwards Way, Irvine, California.