Edwards Lifesciences: TAVR NCD – a nice win

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Edwards Lifesciences: TAVR NCD – a nice win

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Edwards Lifesciences

TAVR NCD – a nice win

Maintain Rating: BUY | PO: 100.00 USD | Price: 86.28 USD

TAVR NCD proposal looks positive on all fronts 15 June 2026

This afternoon the proposed updated TAVR NCD decision was posted by CMS (see our Equity

preview: TAVR NCD expectations ahead of June 15th). The proposal came in even better

Travis Steed

than we previewed with most items moving in favor of TAVR. We think these less Research Analyst

restrictive requirements will help open up more TAVR centers and help capacity for all BofAS +1 404 607 3251

structural heart procedures. We maintain our Buy rating on Edwards Lifesciences. travis.steed@bofa.com

Stephanie Elghazi

Research AnalystHeart team during procedure loosened BofAS

Under the proposal, CMS would allow an initial heart team review to be done +1 646 855 4568

asynchronously using medical records, while still requiring one independent, in-person stephanie.elghazi@bofa.com

evaluation by a heart team TAVR operator that cannot be done virtually. CMS also would Gracia Mahoney Research Analyst

eliminate mandatory surgeon/IC joint operation (two operators no longer required but BofAS

may still occur if the heart team believes it is appropriate). Under the current policy, a +1gracia.mahoney@bofa.com646 855 1136

cardiac surgeon and interventional cardiologist must each independently examine the Enjia Cao

patient face to face, document their rationale, and both participate in the procedure. Research Analyst

BofAS

Hospital and registry burdens are materially reduced +1enjia.cao@bofa.com646 743 9861

The proposal removes several legacy structural requirements. The proposal shifts to Aidan Lahey

Research Analyst