Edwards Lifesciences reports strong Q4 growth, raises confidence in 2026 outlook

Edwards Lifesciences reported double-digit fourth-quarter sales growth and said expanding demand for its structural heart therapies is strengthening the company’s confidence in continued growth through 2026.

Fourth-quarter sales rose 13.3% to $1.57 billion, or 11.6% on a constant-currency basis, the company said. Adjusted earnings per share were $0.58 for the quarter, while reported EPS totaled $0.11. For the full year, 2025 sales increased 11.5%, or 10.7% on a constant-currency basis.

“Edwards’ strong fourth quarter and full year performance in 2025 reflect our differentiated strategy with a clear vision around three key elements: focusing solely on structural heart, solving large, urgent and very complex patient needs, and pursuing unique opportunities to innovate and lead,” CEO Bernard Zovighian said in a statement. He added that the company’s experience in valve innovation and new clinical catalysts are expected to support sustainable growth and expanded profitability.

The company said it now has increased confidence in achieving 2026 constant-currency sales growth of 8% to 10% and adjusted earnings per share of $2.90 to $3.05.

TAVR remains primary growth driver

Sales of transcatheter aortic valve replacement (TAVR) devices reached $1.16 billion in the fourth quarter, up 12% year over year, while full-year TAVR sales totaled $4.5 billion. Growth was driven by expanding treatment of severe aortic stenosis patients and continued adoption of the company’s SAPIEN platform, according to the company.

Clinical data from long-term PARTNER trials presented last year reinforced durability and performance of the company’s valves, while regulatory developments—including the U.S. Centers for Medicare and Medicaid Services’ reconsideration of coverage policies—could improve patient access to the therapy, the company said. Updated European clinical guidelines are also expanding the potential patient population eligible for TAVR procedures.

Mitral and tricuspid therapies show rapid expansion

Edwards’ transcatheter mitral and tricuspid therapies segment delivered the fastest growth, with fourth-quarter sales climbing more than 40% to $156 million. The company expects the category to grow 35% to 45% in 2026, generating $740 million to $780 million in revenue.

Growth in the segment was driven by global adoption of the PASCAL and EVOQUE systems, as well as the recent U.S. approval of the SAPIEN M3, the company’s first transcatheter mitral replacement option. Edwards said it is expanding physician training programs and increasing the number of treatment centers to support adoption.

Surgical segment posts modest gains

The company’s surgical heart valve business reported fourth-quarter sales of $254 million, up 4% year over year. Full-year surgical sales exceeded $1 billion, reflecting adoption of the company’s RESILIA tissue technologies used in surgical valve platforms such as INSPIRIS, KONECT and MITRIS.

Financial position and near-term outlook

Edwards reported gross profit margins of 78.1% for the quarter and said it expects adjusted gross margins between 78% and 79% for 2026. Cash and cash equivalents totaled approximately $3 billion at the end of 2025, compared with about $600 million in total debt.

For the first quarter of 2026, Edwards projects sales of $1.55 billion to $1.63 billion and adjusted earnings per share of $0.70 to $0.76.