Q4 2025 Edwards Lifesciences Corp Earnings Call Transcript
Key Points
- Edwards Lifesciences Corp (EW) reported strong Q4 2025 results with a sales growth of 11.6% and a full-year growth of 10.7%.
- The company has increased confidence in meeting its 2026 sales growth guidance of 8% to 10% and EPS guidance of $2.90 to $3.05.
- The TAVR segment showed robust growth, with global sales increasing by 10.6% year-over-year, driven by strong clinical evidence and renewed focus on the SAPIEN platform.
- The TMTT segment grew over 40% in Q4, with sales exceeding $0.5 billion for the full year, supported by the adoption of PASCAL and EVOQUE.
- Edwards Lifesciences Corp (EW) maintains a strong balance sheet with approximately $3 billion in cash and cash equivalents, and $2 billion remaining under its share repurchase authorization.
- The company's Q4 adjusted EPS was lower than expected at $0.58, due to higher spending on patient access initiatives and a higher-than-expected tax rate.
- The Surgical product group experienced a modest growth of 2% in Q4, impacted by end-of-year distributor inventory adjustments in one country.
- The JenaValve acquisition did not close, resulting in one-time charges that affected the GAAP EPS for the quarter.
- There is uncertainty regarding the impact of the updated national coverage determination for TAVR, which may not present a significant tailwind until 2027.
- The company faces challenges in moderating operating expense growth in 2026 after elevated spending in Q4 2025.
Greetings, and welcome to Edwards Lifesciences fourth-quarter 2025 results conference call. (Operator Instructions) Please note that this conference is being recorded.
I will now turn the conference over to your host, Gerianne Sarte. Thank you. You may begin.
Thank you. Good afternoon, and thank you for joining us. This is Gerianne Sarte. I'm the incoming Senior Vice President of Investor Relations. With me on today's call is our CEO, Bernard Zovighian; and our CFO, Scott Ullem. Also joining us for the Q&A portion of the call will be Dan Lippis, our Global Leader of TAVR; and Daveen Chopra, who has global responsibility for TMTT, Surgical, and IHFM.
Just after the close of regular trading, Edwards Lifesciences released fourth-quarter and full-year 2025 financial results. During today's call, management will discuss the results included in the press release and accompanying financial schedules and then use the remaining time for Q&A.
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