Edwards Raises 2026 Sales Growth Outlook to About 11.5%

The Tip Desk · November 4, 2026 · 4 min read

Third-quarter sales reached $1.72 billion as the structural heart company lifted full-year constant-currency growth to about 11.5% from 10% to 11%.

Edwards Lifesciences (EW) raised its 2026 constant-currency sales growth outlook to approximately 11.5% after third-quarter sales of $1.72 billion, a 10.5% increase, with constant-currency sales up 11.2%.

The structural heart company had lifted that full-year range to 10% to 11% after the second quarter. Chief executive Bernard Zovighian said the company delivered third-quarter growth of 11.2% that exceeded expectations, with broad-based performance across businesses and regions, giving it confidence to raise the full-year outlook.

Total-company sales growth had slowed from 13.6% in the second quarter, when constant-currency sales rose 12.5%.

Transcatheter aortic valve replacement sales were $1.24 billion, up 8.0%, or 8.8% in constant currency. That pace followed 11.3% growth in the second quarter. Edwards said growth rates were similar in the United States and outside the United States, and that global procedural growth benefited from a heightened focus on TAVR and data supporting proactive management of severe aortic stenosis. Average selling prices were stable globally.

The company said it saw encouraging signs of procedure growth exiting the quarter. In the United States, competitive position was stable sequentially and increased modestly year-over-year, enabled by adoption of the SAPIEN 3 Ultra RESILIA platform. CMS released a final, updated national coverage determination for TAVR during the quarter. In Japan, Edwards secured new dedicated reimbursement for SAPIEN 3 Ultra RESILIA.

Transcatheter mitral and tricuspid therapies sales were $207 million, up 44.0%, or 45.6% in constant currency, from $195.9 million in the second quarter. The company said results were driven by its portfolio of repair and replacement therapies and that mitral and tricuspid procedure volumes continued to grow in the double digits. During the quarter, the PASCAL Ace with Capture Clarity implant received U.S. approval for degenerative mitral TEER. In October, the FDA approved the PASCAL Precision system for tricuspid regurgitation. The EVOQUE system delivered another strong quarter of growth, and Edwards received U.S. and European approval for EVOQUE via transjugular access.

Surgical sales were $264 million, up 2.5%, or 2.8% in constant currency, driven by continued adoption of the RESILIA tissue portfolio. AUTUS became the first FDA-approved surgical pulmonary valve designed specifically for pediatric anatomy.

Adjusted earnings were $0.80 a share, up 19% versus the prior year, after $0.78 in both the first and second quarters. GAAP diluted earnings from continuing operations were $0.53 a share. Adjusted EPS benefited from better-than-expected topline performance as well as planned phasing of strategic investments in R&D and SG&A throughout the year, the company said.

Gross profit margin was 78.5%, or 78.7% adjusted, versus 77.9% a year earlier. The company said the expected impact from scaling of newer therapies was more than offset by manufacturing efficiencies and foreign exchange. SG&A was $561 million, or 32.7% of sales. R&D expense was $281 million, or 16.4% of sales. Operating profit margin was 17.4%, or 30.3% adjusted.

A $220.2 million impairment of intangible and long-lived assets was recorded in the third quarter, versus a $40.0 million charge a year earlier. Certain litigation expenses, net, were a $12.7 million insurance recovery, versus $90.4 million of expenses in the year-ago quarter.

Edwards is increasing TAVR 2026 constant-currency sales growth guidance to 9.0% to 9.5% from 8% to 9%, TMTT sales guidance to $780 million to $790 million from $760 million to $780 million, and adjusted EPS guidance to $2.97 to $3.05 from $2.95 to $3.05, growing 18% at the midpoint versus the prior year. It is reaffirming mid-single-digit growth in Surgical.

For the fourth quarter and going forward, Edwards assumes growth will be driven mainly by continued increases in procedure volumes and less by share gains. Fourth-quarter sales are projected at $1.67 billion to $1.75 billion and adjusted EPS at $0.61 to $0.69. Cash and cash equivalents were approximately $3.1 billion as of September 30, 2026. Share repurchases of approximately $700 million had been completed through the third quarter, with about $1.3 billion remaining under authorization.