Edwards Lifesciences: Proposed NCD update reads positively for TAVR market

研报英文原文证据摘录

Edwards Lifesciences: Proposed NCD update reads positively for TAVR market

Deutsche Bank

Research

Rating Company Date

Buy Edwards 16 June 2026

Breaking News

North America Lifesciences

United States

Reuters Bloomberg Exchange Ticker Price at 15 Jun 2026 (USD) 86.28

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Price target 100.00

Health Care

52-week range 88.16 - 72.65

Medical Supplies & Devices

Proposed NCD update reads positively

Valuation & Risks for TAVR market

Pito Chickering

Portfolio Manager Summary Research Analyst

CMS has published a National Coverage Analysis (NCA) for TAVR that proposes +1-917-635-9954

some key changes versus the current National Coverage Determination (NCD)

Imron Zafar

reimbursement policy that has been in place since 2019 – which, if maintained in the Research Analyst

updated NCD, should provide a nice tailwind for the TAVR market in 2027 and +1-212-250-3676

beyond based on (1) expanded Medicare coverage to include asymptomatic severe

Kieran Ryan

AS patients; (2) removal of the Coverage with Evidence Development (CED)

Research Associate

requirement for TAVR in symptomatic severe AS patients, thus reducing the

+1-212-250-6879

administrative burden for heart teams and OR staff; (3) relaxation of operator/center

volume requirements that should enable opening of more US TAVR centers (which Ben Shaver

have more or less flatlined at ~850 over the past few years) and more clinicians Research Associate

+1-212-250-9926

being qualified to do the procedure; (4) allowing the TAVR procedure to be done by

EITHER an interventional cardiologist or heart surgeon, versus the current NCD

requiring it be done jointly by BOTH – thereby freeing up operator capacity and

enabling programs to increase throughput of patients referred for TAVR.