Edwards Lifesciences Corp【EW】株式ニュース

Edwards Lifesciences Reports First Quarter ResultsApril 23, 2026 4:15 PM
Business Wire
Edwards Lifesciences (NYSE: EW) today reported financial results for the quarter ended March 31, 2026.

Highlights and Outlook

Q1 sales grew 16.7% to $1.65 billion1, constant currency2 sales grew 12.7%

Q1 TAVR sales grew 14.4% to $1.20 billion1; constant currency2 sales grew 11.0%

Q1 TMTT sales of $173 million1,3, driven by repair and replacement therapies

Q1 EPS of $0.661; adjusted2 EPS of $0.781

Raising FY 2026 constant currency2 sales growth guidance to 9% to 11% from 8% to 10%

Raising FY 2026 adjusted2 EPS guidance midpoint; new range of $2.95 to $3.05 from $2.90 to $3.05

Renewed clinical focus on proactive disease management with differentiated SAPIEN TAVR

Completed $500 million Accelerated Share Repurchase

“Building on a year in 2025 marked by solid financial performance and strategic progress, we delivered another strong quarter in Q1, achieving 12.7% sales growth, which reflects the impact and durability of our focused strategy. We remain dedicated to solving large, urgent and complex patient needs and pursuing unique opportunities to innovate and lead in structural heart disease,” said Bernard Zovighian, Edwards’ CEO. “Based on our first quarter performance, we are raising our financial guidance for 2026. We continue to pursue additional meaningful growth opportunities across our portfolio, and our financial strength and strategic clarity give us confidence in the future.”

Transcatheter Aortic Valve Replacement (TAVR)

In the first quarter, the company reported TAVR sales of $1.2 billion, which grew 14.4% compared to the prior year, or 11.0% on a constant currency basis. SAPIEN growth in the U.S. was healthy, and it was even faster outside of the U.S. Edwards’ global competitive position in the first quarter increased slightly year-over-year mainly due to the exit of a competitor in Europe. Average selling prices were stable globally. Based on Edwards’ first quarter TAVR performance, the company is raising its full-year 2026 TAVR sales growth guidance to 7% to 9% from 6% to 8%.

Recent clinical trial results on long-term TAVR performance continue to support patient treatment with SAPIEN TAVR. The company is encouraged by the broader momentum that the EARLY TAVR study data has generated across the clinical community for both symptomatic and asymptomatic patients. There has been a shift toward proactive disease management, with an increased focus on evaluation and intentional referral of patients with severe aortic stenosis earlier in the disease pathway. This evolution in patient management, combined with a large and growing body of long-term SAPIEN outcomes data, reinforces the company’s confidence in the durable, multi-year growth opportunity ahead. Later this year, results of the PROGRESS trial studying patients with moderate AS will be presented at the TCT conference.

In the U.S., the Centers for Medicare & Medicaid Services (CMS) is conducting the process to reconsider the National Coverage Determination (NCD) for TAVR. This decision has the potential to improve timely access to lifesaving TAVR therapy. In Europe, first quarter results demonstrated continued strong commercial execution and sustained physician demand for the SAPIEN platform. Updated guidelines from the European Society of Cardiology and the European Association for Cardio-Thoracic Surgery are reshaping clinical discussions around proactive disease management and reinforcing the role of TAVR for a broader patient population. Outside of Europe, sales growth was strong across multiple geographies, including Japan, driven by procedural growth and adoption of our SAPIEN 3 Ultra RESILIA platform.

Transcatheter Mitral and Tricuspid Therapies (TMTT)

First quarter TMTT sales of $173 million were driven by the company’s unique portfolio of repair and replacement therapies to treat mitral and tricuspid diseases. Globally, mitral and tricuspid procedures grew in the estimated double digits, with Edwards’ sales growing at a higher rate.

In tricuspid, at the recent American College of Cardiology (ACC) scientific session, two-year TRISCEND II data were presented, demonstrating significantly lower all-cause mortality with EVOQUE when accounting for patient crossover. The company continues to increase patient access to transcatheter tricuspid valve replacement and drive further adoption of EVOQUE by expanding into new centers.

Adoption of Edwards’ PASCAL transcatheter edge-to-edge repair (TEER) technology continues to increase, driven by physician enthusiasm for its unique design and differentiated outcomes, and underscored by the significant needs of these patients. The company’s progress on the PASCAL pipeline remains on track, with a next-generation technology expected in Q4 for both mitral and tricuspid patients in the U.S. and Europe. In addition, Edwards expects the launch of PASCAL in the U.S. for tricuspid patients in Q4 of this year, which will expand the population of patients that can benefit from this impactful technology.

The recent FDA approval of SAPIEN M3 expands Edwards’ mitral portfolio in the U.S. The company’s commercial experience, while early, validates the need for this mitral replacement solution for patients who are not well-suited for mitral TEER. Physician feedback on patient outcomes and procedural experience with SAPIEN M3 has been positive.

The strong and increasing utilization of Edwards’ differentiated therapies – EVOQUE, PASCAL and SAPIEN M3 – combined with double-digit mitral and tricuspid procedure volumes globally positions Edwards for continued growth.

Surgical

In Surgical, first quarter global sales of $276 million increased 10.1% compared to the prior year, or 5.9% on a constant currency basis, driven by continued adoption of the company’s RESILIA therapies that offer extended durability. INSPIRIS adoption continues to increase globally. The KONECT aortic valved conduit, which facilitates Bentall procedures for patients in need, recently launched in Europe with strong adoption. With the launch of MITRIS in additional markets around the world, uptake of this technology in surgical mitral valve replacement procedures was strong.

The 10-year data from the company’s COMMENCE trial, studying the long-term durability of its best-in-class RESILIA tissue, will be presented at the upcoming American Association for Thoracic Surgery (AATS) conference. Edwards continues to expect that its surgical tricuspid valve, TRIFORMIS, will launch in the second half of the year. The company’s surgical Left Atrial Appendage Closure, or LAAC, program is on track for preliminary introduction later this year.

Additional Financial Results

For the quarter, gross profit margin was 78.0%, or 78.2% adjusted, compared to 78.7% in the same period last year. The year-over-year change was driven by a weakening dollar as well as additional manufacturing expenses related to the expansion of new therapies. The company is maintaining its full-year 78% to 79% gross margin guidance.

Selling, general and administrative expenses in the first quarter were $522 million, or 31.7% of sales, compared to 33.0% of sales in the prior year. This was in line with the company’s expectations and reflects continued funding of resources Edwards provides to support patient care as well as a higher translation of the company’s OUS expense base from the weakening dollar. Research and Development (R&D) expenses in the first quarter were $263 million, or 16.0% of sales, compared to 18.0% in the prior year. This decrease in R&D as a percentage of sales and increase in total expense reflects Edwards’ strong top-line growth as well as strategic prioritization of investments in its expanding structural heart portfolio. The company continues to expect R&D expense as a percentage of sales to be approximately 17% in 2026.

Operating profit margin in the first quarter of 29.0%, or 31.4% adjusted, was in line with the company’s expectation for the quarter. Adjusted EPS was $0.78 and benefited from solid operational performance and planned phasing of strategic investments during the course of the year. In 2026, Edwards expects full-year operating profit margin to be at the high end of the company’s original 28% to 29% guidance range, resulting in approximately 150 basis points of constant currency operating margin expansion for the full year.

Cash and cash equivalents were approximately $2.4 billion as of March 31, 2026. Total debt was approximately $600 million.

Also during the quarter, the company entered into an Accelerated Share Repurchase agreement to buy back $500 million in shares. Edwards has approximately $1.5 billion remaining under its share repurchase authorization.

Outlook

Due to stronger-than-expected first quarter results, Edwards is raising its full-year 2026 sales growth rate guidance to 9% to 11% from 8% to 10% and TAVR product group sales growth rate guidance to 7% to 9% from 6% to 8%. Edwards now expects total company sales of $6.5 to $6.9 billion, and TAVR sales of $4.7 to $5.0 billion at current exchange rates. The company continues to expect $740 to $780 million in TMTT sales and mid-single-digit sales growth in Surgical in 2026. In addition, Edwards is raising the midpoint of its full-year adjusted EPS guidance with a new range of $2.95 to $3.05 from $2.90 to $3.05. For the second quarter of 2026, the company projects total sales to be between $1.66 and $1.74 billion and adjusted EPS of $0.70 to $0.76.

About Edwards Lifesciences

Edwards Lifesciences is the leading global structural heart innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence and partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. Discover more at www.edwards.com and follow us on LinkedIn, Facebook, Instagram and YouTube.

Conference Call and Webcast Information

The company will be hosting a conference call today at 2:00 p.m. PT to discuss its first quarter results. To participate in the conference call, dial (877) 704-2848 or (201) 389-0893. The call will also be available live and archived on the “Investor Relations” section of the Edwards website at ir.edwards.com or www.edwards.com.

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can sometimes be identified by the use of words such as “may,” “will,” “should,” “anticipate,” “believe,” “plan,” “project,” “estimate,” “forecast,” “potential,” “predict,” “early clinician feedback,” “expect,” “intend,” “guidance,” “outlook,” “optimistic,” “aspire,” “confident” or other forms of these words or similar expressions and include, but are not limited to, statements made by Mr. Zovighian; statements regarding clinical trial results and the momentum generated by results; evidence resonating with clinicians; competitive trends; CMS’ reconsideration of the TAVR NCD; adoption of our technologies; utilization of our therapies; quality of clinical and patient outcomes and impacts; technologies delivering strong and positive growth; expectations for R&D spending; expanding opportunity to meet patient needs; regulatory approvals, and the information in the Additional Financial Results and Outlook sections. No inferences or assumptions should be made from statements of past performance, efforts, or results which may not be indicative of future performance or results. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain, difficult to predict, and may be outside of the company’s control. The company's forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If the company does update or correct one or more of these statements, investors and others should not conclude that the company will make additional updates or corrections.

Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include risk and uncertainties associated with the risks detailed in the company's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2025, and its other filings with the SEC. These filings, along with important safety information about our products, may be found at edwards.com.

Edwards, Edwards Lifesciences, the stylized E logo, COMMENCE, EARLY TAVR, EVOQUE, INSPIRIS, KONECT, MITRIS, PARTNER, PARTNER II, PARTNER 3, PASCAL, RESILIA, SAPIEN, SAPIEN 3, SAPIEN 3 Ultra, SAPIEN M3, TRISCEND, and TRISCEND II are trademarks of Edwards Lifesciences Corporation or its affiliates. All other trademarks are the property of their respective owners.

_____________

[1]

Reported sales and diluted EPS are from continuing operations.

[2]

The company uses the terms “adjusted” and “constant currency” when referring to non-GAAP sales from continuing operations and sales growth information, respectively, which excludes currency rate fluctuations and newly acquired products. Adjusted earnings per share from continuing operations is a non-GAAP item computed on a diluted basis and in this press release also excludes certain litigation expenses, amortization of intangible assets, a gain on remeasurement of previously held interest upon acquisition, loss on impairment, and separation costs. See “Non-GAAP Financial Information” and reconciliation tables below.

[3]

Represents “adjusted” revenues excluding $2.0 million of revenues related to Implantable Heart Failure Management. Refer to "Reconciliation of Sales by Product Group and Region" table.

EDWARDS LIFESCIENCES CORPORATION

Unaudited Consolidated Statements of Operations

(in millions, except per share data)

Three Months Ended

March 31,

2026

2025

Net sales

$

1,648.6

$

1,412.7

Cost of sales

362.6

301.6

Gross profit

1,286.0

1,111.1

Selling, general, and administrative expenses

522.2

465.7

Research and development expenses

263.3

254.6

Certain litigation expenses

37.1

10.9

Separation costs

—

4.2

Other operating income

(14.2

)

(19.1

)

Operating income, net

477.6

394.8

Interest income, net

(33.5

)

(36.5

)

Loss on impairment

123.6

—

Other non-operating income, net

(71.5

)

(2.6

)

Income from continuing operations before provision for income taxes

459.0

433.9

Provision for income taxes

78.3

70.3

Net income from continuing operations

$

380.7

$

363.6

Loss from discontinued operations, net of tax

—

(7.2

)

Net income

380.7

356.4

Net loss attributable to noncontrolling interest

—

(1.6

)

Net income attributable to Edwards Lifesciences Corporation

$

380.7

$

358.0

Earnings per share:

Basic:

Continuing operations

$

0.66

$

0.62

Discontinued operations

$

—

$

(0.01

)

Basic earnings per share

$

0.66

$

0.61

Diluted:

Continuing operations

$

0.66

$

0.62

Discontinued operations

$

—

$

(0.01

)

Diluted earnings per share

$

0.66

$

0.61

Weighted-average common shares outstanding:

Basic

579.2

586.9

Diluted

580.7

587.8

Operating statistics from continuing operations

As a percentage of net sales:

Gross profit

78.0

%

78.7

%

Selling, general, and administrative expenses

31.7

%

33.0

%

Research and development expenses

16.0

%

18.0

%

Operating income

29.0

%

27.9

%

Income before provision for income taxes

27.8

%

30.7

%

Net income from continuing operations

23.1

%

25.7

%

Effective tax rate

17.1

%

16.2

%

_____________

Note: Numbers may not calculate due to rounding.

EDWARDS LIFESCIENCES CORPORATION

Non-GAAP Financial Information

To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company uses non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company’s industry to enhance comparability of the Company’s financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations). The Company uses the terms “adjusted” and “constant currency” when referring to non-GAAP sales from continuing operations and sales growth information, respectively, which excludes currency exchange rate fluctuations and newly acquired products. The Company uses the term “adjusted” to also exclude certain litigation expenses, amortization of intangible assets, a gain on remeasurement of previously held interest upon acquisition, loss on impairment, and separation costs.

Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results, and evaluating current performance. These non-GAAP financial measures are used in addition to, and in conjunction with, results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations by investors that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting the Company's business and facilitate comparability to historical periods.

Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of non-GAAP historical financial measures to the most comparable GAAP measure is provided in the tables below.

Fluctuations in currency exchange rates impact the comparative results and sales growth rates of the Company's underlying business. Management believes that excluding the impact of currency exchange rate fluctuations from its sales growth provides investors a more useful comparison to historical financial results. The impact of the fluctuations has been detailed in the “Reconciliation of Sales by Product Group and Region.”

Guidance for sales and sales growth rates is provided on a “constant currency basis,” and projections for diluted earnings per share, net income and growth, gross profit margin, and taxes are also provided on a non-GAAP basis, as adjusted, for the items identified above due to the inherent difficulty in forecasting such items without unreasonable efforts. The Company is not able to provide a reconciliation of the non-GAAP guidance to comparable GAAP measures due to the unknown effect, timing, and potential significance of special charges or gains, and management's inability to forecast charges associated with future transactions and initiatives.

The items described below are adjustments to the GAAP financial results in the reconciliations that follow:

Certain Litigation Expenses - The Company incurred certain litigation expenses of $37.1 million and $10.9 million in the first quarter of 2026 and 2025, respectively. Such expenses relate to intellectual property litigation, settlements, contingencies, and external legal costs.

Amortization of Intangible Assets - The Company recorded amortization expense related to developed technology and patents in the amount of $3.3 million and $1.4 million in the first quarter of 2026 and 2025, respectively.

Separation Costs - The Company recorded expenses of $4.2 million in the first quarter of 2025, related to consulting, legal, tax, and other professional advisory services related to the sale of Critical Care.

Gain on Remeasurement of Previously Held Interest Upon Acquisition - The Company recorded a $65.2 million gain in the first quarter of 2026 to remeasure its previously held interest upon acquisition of an investee.

Loss on Impairment - The Company recorded loss on impairment of $123.6 million in the first quarter of 2026 ($99.0 million net of tax adjustment), due to the carrying amount of one of its VIE investments not being recoverable.

Provision for Income Taxes - The income tax impacts of the expenses and gains discussed above are based upon the items' forecasted effect upon the Company's full-year effective tax rate. Adjustments to forecasted items unrelated to the expenses and gains above, as well as impacts related to interim reporting, will have an effect on the income tax impact of these items in subsequent periods.

EDWARDS LIFESCIENCES CORPORATION

Unaudited Reconciliation of GAAP to Non-GAAP Financial Information

(in millions, except per share and percentage data)

Three Months Ended March 31, 2026

Net Sales

Gross

Profit

Margin

Operating

Income,

net

Operating

Profit

Margin

Loss on

Impairment

Other

Non-

operating

Income

Net Income

Diluted

EPS

Effective

Tax Rate

GAAP - Continuing Operations

$

1,648.6

78.0

%

$

477.6

29.0

%

$

(123.6

)

$

71.5

$

380.7

$

0.66

17.1

%

Non-GAAP adjustments: (A) (B)

Certain litigation expenses

—

—

37.1

2.2

—

—

29.0

0.05

0.2

Amortization of intangible assets

—

0.2

3.3

0.2

—

—

2.6

—

—

Gain on remeasurement of previously held interest upon acquisition

—

—

—

—

—

(65.2

)

(56.1

)

(0.10

)

0.5

Loss on impairment

—

—

—

—

123.6

—

99.0

0.17

0.6

Adjusted

$

1,648.6

78.2

%

$

518.0

31.4

%

$

—

$

6.3

$

455.2

$

0.78

18.4

%

Three Months Ended March 31, 2025

Net Sales

Gross

Profit

Margin

Operating

Income,

net

Operating

Profit

Margin

Loss on

Impairment

Other

Non-

operating

Income

Net Income

Diluted

EPS

Effective

Tax Rate

GAAP - Continuing Operations

$

1,412.7

78.7

%

$

394.8

27.9

%

$

—

$

2.6

$

363.6

$

0.62

16.2

%

Net loss attributable to noncontrolling interests

—

—

—

—

—

—

1.6

—

—

Total attributable to Edwards Lifesciences Corporation

1,412.7

78.7

%

394.8

27.9

%

—

2.6

365.2

0.62

16.2

%

Non-GAAP adjustments: (A) (B)

Certain litigation expenses

—

—

10.9

0.8

—

—

8.8

0.01

0.1

Amortization of intangible assets

—

—

1.4

0.1

—

—

1.2

—

—

Separation costs

—

—

4.2

0.3

—

—

3.4

0.01

—

Adjusted

$

1,412.7

78.7

%

$

411.3

29.1

%

$

—

$

2.6

$

378.6

$

0.64

16.3

%

_____________

(A)

See description of non-GAAP adjustments under “Non-GAAP Financial Information.”

(B)

The tax effect on non-GAAP adjustments is calculated based upon the impact of the relevant tax jurisdictions’ statutory tax rates on the Company’s estimated annual effective tax rate, or discrete rate in the quarter, as applicable. The impact on the effective tax rate is reflected on each individual non-GAAP adjustment line item.

RECONCILIATION OF SALES BY PRODUCT GROUP AND REGION

2025 Adjusted

Sales by Product Group (QTD) - Continuing Operations

1Q 2026

1Q 2025

Change

GAAP

Growth

Rate*

FX

Impact

1Q 2025

Adjusted

Sales

Constant

Currency

Growth

Rate *

Transcatheter Aortic Valve Replacement

$

1,197.3

$

1,046.6

$

150.7

14.4

%

$

32.0

$

1,078.6

11.0

%

Transcatheter Mitral and Tricuspid Therapies (A)

175.1

115.2

59.9

51.9

%

7.4

122.6

42.8

%

Surgical (B)

276.2

250.9

25.3

10.1

%

9.8

260.7

5.9

%

Total

$

1,648.6

$

1,412.7

$

235.9

16.7

%

$

49.2

$

1,461.9

12.7

%

2025 Adjusted

Sales by Region (QTD) - Continuing Operations

1Q 2026

1Q 2025

Change

GAAP

Growth

Rate*

FX

Impact

1Q 2025

Adjusted

Sales

Constant

Currency

Growth

Rate *

United States

$

937.6

$

838.9

$

98.7

11.8

%

$

—

$

838.9

11.8

%

Europe

442.6

341.8

100.8

29.5

%

42.9

384.7

15.1

%

Japan

90.6

81.8

8.8

10.8

%

(0.9

)

80.9

12.0

%

Rest of World

177.8

150.2

27.6

18.4

%

7.2

157.4

13.0

%

Outside of the United States

711.0

573.8

137.2

23.9

%

49.2

623.0

14.1

%

Total

$

1,648.6

$

1,412.7

$

235.9

16.7

%

$

49.2

$

1,461.9

12.7

%

_____________

(A)

Includes $2.0 million and $0.4 million of revenues related to Implantable Heart Failure Management for the first quarter of 2026 and 2025, respectively.

(B)

For the first quarter 2026, $3.0 million of revenues related to a transitional service agreement from the 2025 sale of our non-core product group were included in Surgical sales.

* Numbers may not calculate due to rounding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423207342/en/
Media: Amy Meshulam, media@edwards.com

Investors: Gerianne Sarte, investor_relations@edwards.com

Original: Edwards Lifesciences Reports First Quarter Results

Edwards Lifesciences Reports Fourth Quarter ResultsFebruary 10, 2026 4:15 PM
Business Wire
Edwards Lifesciences (NYSE: EW) today reported financial results for the quarter and full-year ended Dec. 31, 2025.

Highlights and Outlook

Q4 sales grew 13.3% to $1.57 billion1, constant currency2 sales grew 11.6%

Q4 TAVR sales grew 12.0% to $1.16 billion1; constant currency2 sales grew 10.6%

Q4 TMTT sales grew more than 40% to $156 million1 from repair and replacement therapies

Q4 EPS of $0.111; adjusted2 EPS of $0.58

FY 2025 sales grew 11.5%, 10.7% constant currency2

Increased confidence in FY 2026 constant currency2 sales growth of 8 – 10%

FY 2026 revenue outlook includes TMTT growing 35 – 45% to $740 – $780 million

Increased confidence in FY 2026 adjusted2 EPS $2.90 – $3.05

“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, all achieved through excellent execution by our deeply experienced teams,” said Bernard Zovighian, Edwards’ CEO. “Based on multiple catalysts and the company’s strong fourth quarter performance, we have increased confidence in our outlook for 2026 and believe that our 70 years of expertise in valve innovation and world-class evidence will create sustainable growth and expanded profitability.

“These enduring catalysts benefitting Edwards in 2026 and the years ahead include distinguished long-term results unique to Edwards from the PARTNER 3 7-year and PARTNER 2 10-year trials, the impact of the practice-changing EARLY TAVR trial, new guidelines for treating aortic stenosis patients in Europe and the approvals of the first transcatheter mitral replacement therapy. We expect additional meaningful catalysts later in 2026 to fuel sustainable growth into the future, including next-generation TEER, PASCAL for U.S. tricuspid patients, continued scaling of EVOQUE and the potential of increased patient access from an updated TAVR NCD,” continued Zovighian.

Transcatheter Aortic Valve Replacement (TAVR)

In the fourth quarter, the company reported TAVR sales of $1.16 billion, which grew 12.0% versus the prior year, or 10.6% on a constant currency basis. Full-year 2025 global sales of $4.5 billion increased 8.6% year-over-year on a constant currency basis. U.S. and OUS sales growth rates were similar on a constant currency basis. The company’s procedural growth was comparable across the U.S. and OUS, and average price and competitive position was stable on a global basis.

In the U.S., the company saw intentional and urgent treatment of patients with severe aortic stenosis, fueled by a large and growing body of world-class evidence on the SAPIEN platform. The U.S. Centers for Medicare and Medicaid Services (CMS) formally opened the process to reconsider the National Coverage Determination for TAVR, a decision that has the potential to improve timely and equitable access to lifesaving TAVR therapy.

At TCT last October, the 7-year PARTNER 3 and 10-year PARTNER 2 data confirmed the long-term durability and proven valve performance of the SAPIEN platform. These data reinforce the confidence that physicians and patients have in Edwards’ TAVR and set a new clinical standard with Edwards’ transcatheter heart valve therapy for safety, efficacy, durability, and lifetime management of patients.

Edwards also expanded its partnership with the American Heart Association as the founding sponsor of the Heart Valve Initiative. This new multi-year initiative is focused on timely diagnosis and treatment to save lives and improve care for millions living with heart valve disease.

In Europe, fourth quarter results reflected healthy underlying TAVR procedure growth and Edwards’ consistent commercial execution across the region. The company continues to see modest year-over-year share improvement in the wake of a competitor’s exit. Updated guidelines from the European Society of Cardiology and European Association for Cardio-Thoracic Surgery are reshaping clinical discussions around proactive disease management and reinforcing the role of TAVR for a broader patient population.

Transcatheter Mitral and Tricuspid Therapies (TMTT)

The depth and breadth of Edwards’ portfolio of repair and replacement therapies to treat mitral and tricuspid diseases drove another quarter of strong growth. Fourth quarter TMTT sales grew more than 40% to $156 million. Global adoption of PASCAL and EVOQUE contributed to overall growth. The company continues to expand the number of centers and physician training while focusing on excellent patient outcomes.

The recent FDA approval of SAPIEN M3 expands Edwards’ mitral portfolio in the U.S. and represents the first transcatheter replacement option for patients suffering from mitral disease. Similar to other Edwards therapy launches, the strategic introduction of SAPIEN M3 is leveraging the company’s proven high value support model and focusing on outstanding clinical outcomes. Edwards is initially opening sites that were previously in the ENCIRCLE pivotal clinical trial, and physician focus and interest in this technology is growing.

With PASCAL and EVOQUE growing globally, and now with the introduction of SAPIEN M3 in the U.S. and Europe, Edwards continues to deliver on its vision of offering a portfolio of therapies and treating more patients in this globally underserved population with mitral and tricuspid disease. This comprehensive portfolio represents several layers of durable growth.

Surgical

In Surgical, fourth quarter global sales from continuing operations of $254 million increased 4% over the prior year, or 2% on a constant currency basis. Full-year Surgical sales of more than $1 billion grew 5%, or 4% on a constant currency basis, driven by continued adoption of RESILIA therapies that offer extended durability of Edwards’ surgical therapies including INSPIRIS, KONECT and MITRIS.

Edwards is pursuing multiple new innovations to advance Surgical solutions for patients, including Left Atrial Appendage Closure (LAAC). This therapeutic area is a complementary solution to specific valvular procedures, and the company is planning on a preliminary introduction of a new surgical LAAC technology later this year.

Additional Financial Results

For the quarter, the gross profit margin was 78.1%, or 78.3% adjusted, compared to 78.9%, or 79.0% adjusted, in the same period last year. The company continues to expect its full-year 2026 adjusted gross profit margin to be between 78% and 79%.

Selling, general and administrative expenses in the fourth quarter were $603 million, or 38.4% of sales, compared to 35.5% of sales in the prior year. This increase funded strategic investments to amplify patient access to therapy. Some of this strategic spending was delayed from previous quarters in the year. Research and development expenses in the fourth quarter were $268 million, or 17.1% of sales, compared to 19.6% in the prior year. The company continues to expect its full-year 2026 R&D as a percentage of sales to be approximately 17%.

Operating profit margin in the fourth quarter of 9.6%, or 23.7% adjusted, was in line with the company’s previous guidance of mid-20% for the quarter. Adjusted EPS was $0.58, which also included a higher-than-expected tax rate for the quarter. In 2026, Edwards expects full-year operating profit margin at the high end of the original 28% to 29% guidance range.

Cash and cash equivalents were approximately $3.0 billion as of Dec. 31, 2025. Total debt was approximately $600 million.

Outlook

Edwards has increased confidence in meeting its 2026 sales growth rate guidance of 8 to 10% and EPS guidance of $2.90 to $3.05. For the first quarter of 2026, the company projects total sales to be between $1.55 and $1.63 billion and adjusted EPS of $0.70 to $0.76.

About Edwards Lifesciences

Edwards Lifesciences is the leading global structural heart innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence and partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. Discover more at www.edwards.com and follow us on LinkedIn, Facebook, Instagram and YouTube.

Conference Call and Webcast Information

The company will be hosting a conference call today at 2:00 p.m. PT to discuss its fourth quarter results. To participate in the conference call, dial (877) 704-2848 or (201) 389-0893. The call will also be available live and archived on the “Investor Relations” section of the Edwards website at ir.edwards.com or www.edwards.com.

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can sometimes be identified by the use of words such as “may,” “will,” “should,” “anticipate,” “believe,” “plan,” “project,” “estimate,” “forecast,” “potential,” “predict,” “early clinician feedback,” “expect,” “intend,” “guidance,” “outlook,” “optimistic,” “aspire,” “confident” or other forms of these words or similar expressions and include, but are not limited to, statements made by Mr. Zovighian, including the creation of sustainable growth and expanded profitability; first quarter and fiscal year 2026 financial guidance; statements regarding enduring catalysts such as PARTNER 3 7-year and PARTNER 2 10-year trials, EARLY TAVR, new guidelines for patients in Europe, and therapy approvals; statements regarding expected catalysts, including next generation TEER, PASCAL system, EVOQUE, and increased patient access from an updated NCD; expanded indication to include asymptomatic severe AS patients; transformation of patient care and treatment; quality of clinical and patient outcomes and impacts; technologies delivering strong and positive growth; expectations for R&D spending; expanding opportunity to meet patient needs; introduction of a new surgical technology; regulatory approvals, and the information in the Outlook section. No inferences or assumptions should be made from statements of past performance, efforts, or results which may not be indicative of future performance or results. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain, difficult to predict, and may be outside of the company’s control. The company's forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If the company does update or correct one or more of these statements, investors and others should not conclude that the company will make additional updates or corrections.

Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include risk and uncertainties associated with the risks detailed in the company's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2024, and its other filings with the SEC. These filings, along with important safety information about our products, may be found at edwards.com.

Edwards, Edwards Lifesciences, the stylized E logo, EARLY TAVR, EVOQUE, INSPIRIS, KONECT, MITRIS, PARTNER, PARTNER 3, PASCAL, RESILIA, SAPIEN, SAPIEN M3, SAPIEN 3, SAPIEN 3 Ultra, and SAPIEN M3 are trademarks of Edwards Lifesciences Corporation or its affiliates. All other trademarks are the property of their respective owners.

___________________

[1]

Reported sales and diluted EPS are from continuing operations.

[2]

The company uses the terms “adjusted” and “constant currency” when referring to non-GAAP sales from continuing operations and sales growth information, respectively, which excludes currency rate fluctuations and newly acquired products. Adjusted earnings per share from continuing operations is a non-GAAP item computed on a diluted basis and in this press release also excludes certain litigation expenses, amortization of intangible assets, separation costs, intangible assets impairment charges, fair value adjustments to contingent consideration liabilities, loss on impairment, restructuring expenses, charitable contribution to the Edwards Lifesciences Foundation, acquisition contract termination costs, and a gain on remeasurement of previously held interest upon acquisition. See “Non-GAAP Financial Information” and reconciliation tables below.

EDWARDS LIFESCIENCES CORPORATION

Unaudited Consolidated Statements of Operations

(in millions, except per share data)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2025

2024

2025

2024

Net sales

$

1,569.6

$

1,385.8

$

6,067.6

$

5,439.5

Cost of sales

343.0

292.2

1,334.2

1,117.5

Gross profit

1,226.6

1,093.6

4,733.4

4,322.0

Selling, general, and administrative expenses

602.9

491.9

2,085.2

1,789.2

Research and development expenses

267.7

271.1

1,079.2

1,053.0

Intellectual property agreement and certain litigation expenses

208.6

12.6

325.4

40.4

Change in fair value of contingent consideration liabilities

—

—

(12.5

)

—

Restructuring charges, separation costs and other

10.6

28.1

19.1

61.0

Intangible assets impairment charges

—

—

40.0

—

Other operating income

(14.3

)

(22.7

)

(67.2

)

(0.3

)

Operating income, net

151.1

312.6

1,264.2

1,378.7

Interest income, net

(35.9

)

(44.2

)

(148.4

)

(100.5

)

Loss on impairment

99.8

—

146.9

—

Other non-operating income, net

(3.2

)

(33.3

)

(7.2

)

(68.9

)

Income from continuing operations before provision for income taxes

90.4

390.1

1,272.9

1,548.1

Provision for income taxes

26.2

45.1

216.9

152.1

Net income from continuing operations

64.2

345.0

$

1,056.0

$

1,396.0

Income from discontinued operations, net of tax

27.0

39.3

13.4

2,773.7

Net income

91.2

384.3

1,069.4

4,169.7

Net loss attributable to noncontrolling interest

—

(1.3

)

(4.1

)

(4.9

)

Net income attributable to Edwards Lifesciences Corporation

$

91.2

$

385.6

$

1,073.5

$

4,174.6

Earnings per share:

Basic:

Continuing operations

$

0.11

$

0.58

$

1.81

$

2.34

Discontinued operations

$

0.05

$

0.07

$

0.03

$

4.64

Basic earnings per share

$

0.16

$

0.65

$

1.84

$

6.98

Diluted:

Continuing operations

$

0.11

$

0.58

$

1.81

$

2.34

Discontinued operations

$

0.05

$

0.07

$

0.02

$

4.63

Diluted earnings per share

$

0.16

$

0.65

$

1.83

$

6.97

Weighted-average common shares outstanding:

Basic

580.4

589.8

584.8

597.7

Diluted

581.8

590.5

585.8

599.3

Operating statistics from continuing operations

As a percentage of net sales:

Gross profit

78.1

%

78.9

%

78.0

%

79.5

%

Selling, general, and administrative expenses

38.4

%

35.5

%

34.4

%

32.9

%

Research and development expenses

17.1

%

19.6

%

17.8

%

19.4

%

Operating income

9.6

%

22.6

%

20.8

%

25.3

%

Income before provision for income taxes

5.8

%

28.1

%

21.0

%

28.5

%

Net income from continuing operations

4.1

%

24.9

%

17.4

%

25.7

%

Effective tax rate

29.0

%

11.6

%

17.0

%

9.8

%

__________________

Note: Numbers may not calculate due to rounding.

EDWARDS LIFESCIENCES CORPORATION

Non-GAAP Financial Information

To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company uses non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company’s industry to enhance comparability of the Company’s financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations). The Company uses the terms “adjusted” and “constant currency” when referring to non-GAAP sales from continuing operations and sales growth information, respectively, which excludes currency exchange rate fluctuations and newly acquired products. The Company uses the term “adjusted” to also exclude certain litigation expenses, amortization of intangible assets, separation costs, intangible assets impairment charges, fair value adjustments to contingent consideration liabilities, loss on impairment, restructuring expenses, charitable contribution to the Edwards Lifesciences Foundation, acquisition contract termination costs, and a gain on remeasurement of previously held interest upon acquisition.

Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results, and evaluating current performance. These non-GAAP financial measures are used in addition to, and in conjunction with, results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations by investors that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting the Company's business and facilitate comparability to historical periods.

Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of non-GAAP historical financial measures to the most comparable GAAP measure is provided in the tables below.

Fluctuations in currency exchange rates impact the comparative results and sales growth rates of the Company's underlying business. Management believes that excluding the impact of currency exchange rate fluctuations from its sales growth provides investors a more useful comparison to historical financial results. The impact of the fluctuations has been detailed in the “Reconciliation of Sales by Product Group and Region.”

Guidance for sales and sales growth rates is provided on a “constant currency basis,” and projections for diluted earnings per share, net income and growth, gross profit margin, and taxes are also provided on a non-GAAP basis, as adjusted, for the items identified above due to the inherent difficulty in forecasting such items without unreasonable efforts. The Company is not able to provide a reconciliation of the non-GAAP guidance to comparable GAAP measures due to the unknown effect, timing, and potential significance of special charges or gains, and management's inability to forecast charges associated with future transactions and initiatives.

The items described below are adjustments to the GAAP financial results in the reconciliations that follow:

Certain Litigation Expenses - The Company incurred certain litigation expenses of $10.9 million and $8.9 million in the first quarter of 2025 and 2024, respectively, $15.5 million and $8.1 million for the second quarter of 2025 and 2024, respectively, $90.4 million and $10.8 million for the third quarter of 2025 and 2024, respectively, and $208.6 million and $12.6 million in the fourth quarter of 2025 and 2024, respectively. Such expenses relate to intellectual property litigation, settlements, contingencies, and external legal costs.

Amortization of Intangible Assets - The Company recorded amortization expense related to developed technology and patents in the amount of $1.4 million and $0.5 million in the first quarter of 2025 and 2024, respectively, $1.8 million and $1.2 million in the second quarter of 2025 and 2024, respectively, $1.7 million and $1.3 million in the third quarter of 2025 and 2024, respectively, and $2.4 million and $1.4 million in the fourth quarter of 2025 and 2024, respectively.

Separation Costs - The Company recorded expenses of $4.2 million in both the first and second quarter of 2025, $0.1 million in the third quarter of 2025, and $19.0 million in the fourth quarter of 2024, related to consulting, legal, tax, and other professional advisory services related to the sale of Critical Care.

Intangible assets impairment charges - The Company recorded a $40.0 million charge in the third quarter of 2025 related to an impairment of certain developed technology asset acquired as part of an acquisition.

Change in Fair Value of Contingent Consideration Liabilities - The Company recorded a gain of $12.5 million in the third quarter of 2025 related to changes in the fair value of its contingent consideration liabilities arising from acquisitions.

Loss on Impairment - The Company recorded loss on impairment of $47.1 million in the second quarter of 2025 ($36.0 million net of tax adjustment), related to the Company's determination to not exercise an option to acquire one of its VIE investments. In addition, the Company recorded $99.8 million ($76.5 million net of tax) in the fourth quarter of 2025, related to impairment of its investment in JenaValve Technologies.

Restructuring Expenses - The Company recorded a $32.9 million charge in the third quarter of 2024 and $8.9 million charge in the fourth quarter of 2025 primarily related to severance expenses associated with a global workforce realignment.

Charitable Foundation Contribution - The Company recorded a $30.0 million charge in Other operating (income) expense, net in the third quarter of 2024 for a charitable contribution to the Edwards Lifesciences Foundation.

Acquisition Contract Termination Costs - The Company recorded expenses of $1.7 million and $9.1 million in the fourth quarter of 2025 and 2024, respectively, related to the termination of certain contracts associated with the Company's acquisitions.

Gain on Remeasurement of Previously Held Interest Upon Acquisition - The Company recorded a $24.6 million gain in the third quarter of 2024 and a $30.5 million gain in the fourth quarter of 2024 to remeasure its previously held interest upon acquisition of the investee.

Provision for Income Taxes - The income tax impacts of the expenses and gains discussed above are based upon the items' actual effect upon the Company's full-year effective tax rate. Adjustments to forecasted items unrelated to the expenses and gains above, as well as impacts related to interim reporting, will have an effect on the income tax impact of these items in subsequent periods.

EDWARDS LIFESCIENCES CORPORATION

Unaudited Reconciliation of GAAP to Non-GAAP Financial Information

(in millions, except per share and percentage data)

Three Months Ended December 31, 2025

Net Sales

Gross

Profit

Margin

Operating

Income,

net

Operating

Profit

Margin

Other

Non-operating

Income

Net

Income

Diluted

EPS

Effective

Tax Rate

GAAP - Continuing Operations

$

1,569.6

78.1

%

$

151.1

9.6

%

$

3.2

$

64.2

$

0.11

29.0

%

Net loss attributable to noncontrolling interests

—

—

—

—

—

—

—

—

Total attributable to Edwards Lifesciences Corporation

1,569.6

78.1

%

151.1

9.6

%

3.2

64.2

0.11

29.0

%

Non-GAAP adjustments: (A) (B)

Certain litigation expenses

—

—

208.6

13.2

—

187.1

0.32

(9.7

)

Amortization of intangible assets

—

0.2

2.4

0.2

—

1.7

—

—

Restructuring expenses

—

—

8.9

0.6

—

6.8

0.01

(0.2

)

Acquisition contract termination costs

—

—

1.7

0.1

—

1.7

—

(0.2

)

Loss on impairment

—

—

—

—

—

76.5

0.14

(1.0

)

Prior period ongoing tax impacts

—

—

—

—

—

(0.1

)

—

—

Adjusted

$

1,569.6

78.3

%

$

372.7

23.7

%

$

3.2

$

337.9

$

0.58

17.9

%

Three Months Ended December 31, 2024

Net Sales

Gross

Profit

Margin

Operating

Income,

net

Operating

Profit

Margin

Other

Non-operating

Income

Net

Income

Diluted

EPS

Effective

Tax Rate

GAAP - Continuing Operations

$

1,385.8

78.9

%

$

312.6

22.6

%

$

33.3

$

345.0

$

0.58

11.6

%

Net loss attributable to noncontrolling interests

—

—

—

—

—

1.3

—

—

Total attributable to Edwards Lifesciences Corporation

1,385.8

78.9

%

312.6

22.6

%

33.3

346.3

0.58

11.6

%

Non-GAAP adjustments: (A) (B)

Certain litigation expenses

—

—

12.6

0.9

—

8.4

0.02

0.7

Amortization of intangible assets

—

0.1

1.4

0.1

—

1.1

—

—

Separation costs

—

—

19.0

1.4

—

14.5

0.02

0.5

Acquisition contract termination costs

—

—

9.1

0.6

—

8.1

0.02

(0.1

)

Gain on remeasurement of previously held interest upon acquisition

—

—

—

—

(30.5

)

(27.0

)

(0.05

)

—

Prior period ongoing tax impacts

—

—

—

—

—

(2.0

)

—

0.6

Adjusted

$

1,385.8

79.0

%

$

354.7

25.6

%

$

2.8

$

349.4

$

0.59

13.3

%

Twelve Months Ended December 31, 2025

Net

Sales

Gross

Profit

Margin

Operating

Income

Operating

Profit

Margin

Other

Non-operating

Income

Net

Income

Diluted

EPS

Effective

Tax Rate

GAAP - Continuing Operations

$

6,067.6

78.0

%

$

1,264.2

20.8

%

$

7.2

$

1,056.0

$

1.81

17.0

%

Net loss attributable to noncontrolling interests

—

—

—

—

—

4.1

—

—

Total attributable to Edwards Lifesciences Corporation

6,067.6

78.0

%

1,264.2

20.8

%

7.2

1,060.1

1.81

17.0

%

Non-GAAP adjustments: (A) (B)

Certain litigation expenses

—

—

325.4

5.5

—

277.5

0.48

—

Amortization of intangible assets

—

0.1

7.3

0.1

—

5.6

—

—

Separation costs

—

—

8.5

0.1

—

6.5

0.01

—

Restructuring expenses

—

—

8.9

0.1

—

6.8

0.01

—

Intangible assets impairment charges

—

—

40.0

0.7

—

40.0

0.07

—

Change in fair value of contingent consideration liabilities

—

—

(12.5

)

(0.2

)

—

(12.5

)

(0.02

)

—

Acquisition contract termination costs

—

—

1.7

—

—

1.7

—

—

Loss on impairment

—

—

—

—

—

112.5

0.20

—

Adjusted

$

6,067.6

78.1

%

$

1,643.5

27.1

%

$

7.2

$

1,498.2

$

2.56

17.0

%

Twelve Months Ended December 31, 2024

Net

Sales

Gross

Profit

Margin

Operating

Income

Operating

Profit

Margin

Other

Non-operating

Income

Net

Income

Diluted

EPS

Effective

Tax Rate

GAAP - Continuing Operations

$

5,439.5

79.5

%

$

1,378.7

25.3

%

$

68.9

$

1,396.0

$

2.34

9.8

%

Net loss attributable to noncontrolling interests

—

—

—

—

—

4.9

—

—

Total attributable to Edwards Lifesciences Corporation

5,439.5

79.5

%

1,378.7

25.3

%

68.9

1,400.9

2.34

9.8

%

Non-GAAP adjustments: (A) (B)

Certain litigation expenses

—

—

40.4

0.7

—

30.4

0.05

0.3

Amortization of intangible assets

—

—

4.4

0.1

—

3.5

—

—

Restructuring expenses

—

—

32.9

0.6

—

25.9

0.05

0.2

Charitable foundation contribution

—

—

30.0

0.6

—

22.7

0.04

0.3

Separation costs

—

—

19.0

0.3

—

14.5

0.02

0.2

Acquisition contract termination costs

—

—

9.1

0.2

—

8.1

0.02

0.1

Gain on remeasurement of previously held interest upon acquisition

—

—

—

—

(55.1

)

(51.6

)

(0.09

)

0.1

Prior period ongoing tax impacts

—

—

—

—

—

0.8

—

—

Adjusted

$

5,439.5

79.5

%

$

1,514.5

27.8

%

$

13.8

$

1,455.2

$

2.43

11.0

%

__________________

(A)

See description of non-GAAP adjustments under “Non-GAAP Financial Information.”

(B)

The tax effect on non-GAAP adjustments is calculated based upon the impact of the relevant tax jurisdictions’ statutory tax rates on the Company’s estimated annual effective tax rate, or discrete rate in the quarter, as applicable. The impact on the effective tax rate is reflected on each individual non-GAAP adjustment line item.

RECONCILIATION OF SALES BY PRODUCT GROUP AND REGION

2025 Adjusted

2024 Adjusted

Sales by Product Group (QTD) - Continuing Operations

4Q 2025

4Q 2024

Change

GAAP

Growth

Rate*

Implantable

Heart

Failure

Management (A)

4Q 2025

Adjusted

Sales

FX

Impact

4Q 2024

Adjusted

Sales

Constant

Currency

Growth

Rate *

Transcatheter Aortic Valve Replacement

$

1,160.3

$

1,036.3

$

124.0

12.0

%

$

—

$

1,160.3

$

13.5

$

1,049.8

10.6

%

Transcatheter Mitral and Tricuspid Therapies

155.7

105.1

50.6

48.3

%

—

155.7

2.9

108.0

44.1

%

Surgical Structural Heart

253.6

244.4

9.2

3.8

%

—

253.6

3.7

248.1

2.2

%

Total

$

1,569.6

$

1,385.8

$

183.8

13.3

%

$

—

$

1,569.6

$

20.1

$

1,405.9

11.6

%

2025 Adjusted

2024 Adjusted

Sales by Product Group (YTD) - Continuing Operations

YTD

4Q 2025

YTD

4Q 2024

Change

GAAP

Growth

Rate*

Implantable

Heart

Failure

Management (A)

YTD 4Q

2025

Adjusted

Sales

FX

Impact

YTD 4Q

2024

Adjusted

Sales

Constant

Currency

Growth

Rate *

Transcatheter Aortic Valve Replacement

$

4,487.7

$

4,106.1

$

381.6

9.3

%

$

—

$

4,487.7

$

26.7

$

4,132.8

8.6

%

Transcatheter Mitral and Tricuspid Therapies

550.6

352.1

198.5

56.4

%

(3.0

)

547.6

5.8

357.9

53.1

%

Surgical Structural Heart

1,029.3

981.3

48.0

4.9

%

—

1,029.3

5.9

987.2

4.3

%

Total

$

6,067.6

$

5,439.5

$

628.1

11.5

%

$

(3.0

)

$

6,064.6

$

38.4

$

5,477.9

10.7

%

2025 Adjusted

2024 Adjusted

Sales by Region (QTD) - Continuing Operations

4Q 2025

4Q 2024

Change

GAAP

Growth

Rate*

Implantable

Heart

Failure

Management (A)

4Q 2025

Adjusted

Sales

FX

Impact

4Q 2024

Adjusted

Sales

Constant

Currency

Growth

Rate *

United States

$

907.0

$

812.9

$

94.1

11.6

%

$

—

$

907.0

$

—

$

812.9

11.6

%

Europe

409.6

343.7

65.9

19.1

%

—

409.6

22.3

366.0

11.9

%

Japan

87.5

85.9

1.6

1.9

%

—

87.5

(1.7

)

84.2

3.9

%

Rest of World

165.5

143.3

22.2

15.5

%

—

165.5

(0.5

)

142.8

15.9

%

Outside of the United States

662.6

572.9

89.7

15.6

%

—

662.6

20.1

593.0

11.7

%

Total

$

1,569.6

$

1,385.8

$

183.8

13.3

%

$

—

$

1,569.6

$

20.1

$

1,405.9

11.6

%

2025 Adjusted

2024 Adjusted

Sales by Region (YTD) - Continuing Operations

YTD

4Q 2025

YTD

4Q 2024

Change

GAAP

Growth

Rate*

Implantable

Heart

Failure

Management (A)

YTD 4Q

2025

Adjusted

Sales

FX

Impact

YTD 4Q

2024

Adjusted

Sales

Constant

Currency

Growth

Rate *

United States

$

3,543.1

$

3,206.0

$

337.1

10.5

%

$

(3.0

)

$

3,540.1

$

—

$

3,206.0

10.4

%

Europe

1,517.5

1,321.7

195.8

14.8

%

—

1,517.5

44.6

1,366.3

11.1

%

Japan

354.7

339.8

14.9

4.4

%

—

354.7

3.2

343.0

3.4

%

Rest of World

652.3

572.0

80.3

14.0

%

—

652.3

(9.4

)

562.6

15.9

%

Outside of the United States

2,524.5

2,233.5

291.0

13.0

%

—

2,524.5

38.4

2,271.9

11.1

%

Total

$

6,067.6

$

5,439.5

$

628.1

11.5

%

$

(3.0

)

$

6,064.6

$

38.4

$

5,477.9

10.7

%

__________________

(A)

For the fourth quarter 2025, $2.1 million of revenues related to Implantable Heart Failure Management (“IHFM”) are included in TMTT and accounted as a part of its constant currency growth rates. For the year-to-date 2025, amounts represent revenues related to IHFM for January 2025 through August 2025. Beginning September 2025, $2.7 million of revenues related to IHFM are included in TMTT and accounted as a part of its constant currency growth rates.

* Numbers may not calculate due to rounding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260210513744/en/
Media: Amy Meshulam, 949-250-4009, media@edwards.com

Investors: investor_relations@edwards.com

Original: Edwards Lifesciences Reports Fourth Quarter Results