Model Points to EW US TAVR Growth In-Line with 2Q Cons.; Reit Buy

研报英文原文证据摘录

Model Points to EW US TAVR Growth In-Line with 2Q Cons.; Reit Buy

downside case assumes EW gains minimal

We assume steady share gains in mitral repair, and and a new NCD adding capacity. share in mitral repair and the ramp of tricuspidadditional contributions from tricuspid repair and

Our upside case assumes EW gains more share in repair and replacement products is relatively slow.replacement products in '26-27.

mitral than our base case and tricuspid repair and Also presumes little uptake following the US

This assumes a small ramp on the back of EW's US replacement ramps outperform. This assumes a TMVR approval and capacity constraints impact

TMVR approval. We are not baking in big benefits strong ramp following US TMVR approval. structural heart growth broadly.from the NCD.

Sustainability Matters Catalysts

Top Material Issues: 1) Access & Affordability - EW’s efforts to remove treatment barriers include 1) Acceleration of TAVR growth in '26+. 2) Ramp

providing health economic and reimbursement insight to HC systems, patient ID and awareness of Tricuspid repair and replacement WW. 3)

education, and philanthropic initiatives like Every Heartbeat Matters (EHM). 2) Product Quality & Safety Increasing referrals on the back of TCT '25 data.

- EW works to ensure quality through internal quality controls, supplier specifications, meeting regulatory 4) Asymptomatic indication positive contributions

requirements, and employee training. 3) GHG Emissions - EW aims to reduce its environmental footprint beginning 2H25. 5) Rollout of Sapien Ultra with

by promoting conservation practices and reducing GHG emissions throughout its value chain. Resilia in Europe; 6) Mitral replacement approvals

in the EU ('25) and US (late '25) leading to bigger