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Edwards Lifesciences Corp EW

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Morningstar’s Analysis

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Economic Moat

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Edwards Lifesciences Posts Solid Third-Quarter Performance and Accelerates Key Clinical Trials

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Edwards posted a solid third-quarter performance that leaves the firm on track to meet our full-year projections. Our adjustments based on the latest quarter were minimal, but we may modestly raise our fair value estimate to reflect both time value of money as well as quarterly profitability that slightly exceeded our expectations. Nonetheless, Edwards did not raise its outlook, as many medical device makers have at this late stage in the year, which we think likely contributed to softening in the share price. We remain confident in Edwards’ narrow economic moat and see little to change our view of the firm’s ability to innovate and its expertise in structural heart.

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Company Profile

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.

Contact
One Edwards Way
Irvine, CA, 92614
T +1 949 250-2500
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Aggressive Growth
Employees 14,900