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Edwards Lifesciences Corp EW Stock Quote

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Morningstar‘s Stock Analysis EW

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Edwards Posts Tepid Sapien Growth in Third Quarter, and We've Trimmed Our Fair Value Estimate

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Edwards Lifesciences shares swooned after the firm posted tepid third-quarter results that were out of character, given that Edwards has consistently ridden the wave of double-digit growth in its transcatheter aortic valve replacement device largely since the product was launched in the United States more than a decade ago. We’ve lowered our fair value estimate to $86 per share from $93 after reducing our projections for TAVR growth through 2023, as we expect hospitals will not have completely resolved their labor challenges by then. On the other hand, we were pleased to see the firm receive Food and Drug Administration approval on its Pascal Precision device earlier than expected. Edwards’ ability to commercialize this differentiated technology underscores the intangible assets that have allowed the firm to dig a narrow moat.

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Company Profile EW

Business Description

Spun off from Baxter International in 2000, Edwards Lifesciences designs, manufactures, and markets a range of medical devices and equipment for advanced stages of structural heart disease. Its key products include surgical tissue heart valves, transcatheter valve technologies, surgical clips, catheters, and monitoring systems used to measure a patient's heart function during surgery. The firm derives about 55% of its total sales from outside the U.S.

One Edwards Way
Irvine, CA, 92614
T +1 949 250-2500
Industry Medical Devices
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 15,700