Edwards Lifesciences Proposed NCD Positive as Expected; Multiple Positives Should Help Expand TAVR Access

Research evidence excerpt

Edwards Lifesciences Proposed NCD Positive as Expected; Multiple Positives Should Help Expand TAVR Access

J P M O R G A N North America Equity Research

15 June 2026

Edwards Lifesciences Overweight

EW, EW US

Proposed NCD Positive as Expected; Multiple Positives Price (15 Jun 26):$86.28

Should Help Expand TAVR Access

Medical Supplies & Devices

CMS released a proposed update to its National Coverage Determination (NCD) Robbie Marcus, CFA AC

for transcatheter aortic valve replacement (TAVR) after the close on Monday. The (1-212) 622-6657

updates are broadly positive for Edwards (as well as for Medtronic and Abbott), robert.j.marcus@jpmorgan.com

as expected, with the main highlights being: (1) the inclusion of asymptomatic Allen Gong

severe aortic stenosis (AS) as a covered indication; (2) the lifting of the coverage (1-212) 622-9520

with evidence development (CED) requirement for symptomatic severe AS; (3) allen.gong@jpmorgan.com

the removal of the previous requirement that both the interventional cardiologist Lilia-Celine B Lozada

and cardiac surgeon participate in the surgical procedure, (4) lower procedure (1-212) 622-1019

lilia-celine.b.lozada@jpmchase.com

thresholds for doctors and hospitals to perform TAVR, and (5) a new clause giving

Henry Householter

Medicare Administrative Contractors (MACs) latitude to “make reasonable and (1-212) 464-5599

necessary determinations” for other beneficiaries seeking coverage as long as it’s henry.householter@jpmorgan.com

“reasonable and necessary for the diagnosis or treatment of illness or injury or to J.P. Morgan Securities LLC

improve the functioning of a malformed body.”

• Expanded coverage including asymptomatic patients is the most

significant update from the proposed NCD. Medicare coverage will now