Edwards Lifesciences (EW, Financial) returned to a double-digit 2-year growth rate during the quarter. Life-saving medical procedures, such as severe aortic stenosis valve replacement, got back to some semblance of normal in the late stages of the pandemic. The Company is still in the early years of leading the charge of replacing open surgical procedures with minimally invasive transcatheter therapies. As medical visits continue to return to normal, Edwards should be able to expand its lead, particularly after a major competitor has had issues with product efficacy. Edwards should be able to maintain its market leadership by focusing its higher than peer average research and development budget on just a handful of product lines.
From David Rolfe (Trades, Portfolio)'s Wedgewood Partners third-quarter 2021 shareholder letter.
