Edwards Lifesciences Corporation (EW.N): CMS Publishes Proposed NCD for TAVR; Language Is Favorable

Research evidence excerpt

Edwards Lifesciences Corporation (EW.N): CMS Publishes Proposed NCD for TAVR; Language Is Favorable

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15 Jun 2026 18:02:56 ET │ 10 pages

Edwards Lifesciences Corporation (EW.N)

CMS Publishes Proposed NCD for TAVR; Language Is Favorable

CITI’S TAKE

CMS published its proposed TAVR decision memo (link), broadening

Buy patient coverage in-line with our expectations (link) to include: 1)

Price (15 Jun 26 16:00) US$86.28 symptomatic severe aortic stenosis (AS) without the CED (coverage with

evidence development) requirement; and 2) asymptomatic severe AS Target price US$101.00

patients with CED. It also revises the criteria for “pre-procedural patient Expected share price return 17.1%

assessment, intraoperative requirements, and operator and hospital Expected dividend yield 0.0%

procedural volume requirements.” Further, the heart team language has Expected total return 17.1%

softened: while still requiring at least one cardiac surgeon and Market Cap US$49,680M

interventional cardiologist on the team, “joint participation of two TAVR

operators in a TAVR procedure is not required but may occur if determined

appropriate by the heart team”. Elsewhere, hospital and CED study criteria

were modified. While not a completely clean “win” (e.g., EARLY TAVR CED Joanne WuenschAC

requirement), we believe that the proposal should lower administrative +1-212-816-9606

burden, improve patient access, and increase TAVR procedures. We await joanne.wuensch@citi.com

the final memo on 9/13/2026; we rate EW Buy (Top Pick). Anthony Occhiogrosso

+1-212-816-7579

Other takeaways: The physician procedural experience was notably simplified. The anthony.occhiogrosso@citi.com

current published NCD outlines requirements for the heart team for initiating a TAVR