Edwards Lifesciences: Vegas takes

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Edwards Lifesciences: Vegas takes

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Edwards Lifesciences

Vegas takes

Maintain Rating: BUY | PO: 100.00 USD | Price: 79.73 USD

Fireside chat with EW CEO 13 May 2026

We hosted EW’s CEO Bernard Zovighian at our Healthcare conference in Vegas. We Equity

discussed TAVR growth and share gains, TAVR NCD, moderate data and TMTT pipeline.

Travis Steed

Research Analyst

BofASQ1 TAVR growth had small share gains US and Europe +1 404 607 3251

Q1 TAVR growth was better than EW expected and benefitted from share gain in Europe travis.steed@bofa.com

from competitor exit and a little share gain in the US too. On stronger international Stephanie Elghazi

growth in Q1, EW says Europe and Japan did better than the US. The comp in Japan was Research Analyst BofAS

favorable in Q1 and Japan is not expected to grow double digits in the next few quarters. stephanie.elghazi@bofa.com

Enjia Cao

Research AnalystEW looks forward to more flexible NCD BofAS

EW is looking forward to a more flexible NCD where the heart team can decide whether enjia.cao@bofa.com

the operator can be in the room, but it’s up to CMS to decide. The proposal on June 15th Gracia Mahoney

will give an indication of the new NCD. The NCD will get patients easier access to care. Research Analyst BofAS

gracia.mahoney@bofa.com

EW seeing more stress tests for asymptomatic Aidan Lahey

The asymptomatic indication is already approved and guidelines have been updated for Research Analyst BofAS

the EARLY TAVR data in Europe. In the US there has not been new guidelines or aidan.lahey@bofa.com

coverage yet. So EW has not seen any asymptomatic patients in the US. In the US EW Rei Tan

saw higher echo alerts and stress tests and it’s an indication of heart teams being aware ResearchBofAS Analyst