Edwards Lifesciences Corp

Strong Performance in Q4 and Full Year 2025: Edwards Lifesciences reported Q4 sales of $1.57 billion, growing 11.6% year-over-year, with full-year growth at 10.7%. TAVR sales specifically reached $1.16 billion, reflecting a robust 10.6% growth from the previous year. The strength in performance is attributed to solid execution of their strategic focus on Structural Heart.

Guidance for 2026: The company has increased its confidence in meeting its full-year 2026 sales growth guidance of 8% to 10% and adjusted EPS guidance of $2.90 to $3.05. Q1 sales are projected between $1.55 billion and $1.63 billion, indicating a continued positive growth trajectory.

Investment in Patient Access Initiatives: A significant rise in SG&A spending (up $112 million year-over-year) reflects the company's strategy to amplify patient access, driven by initiatives such as early TAVR education and reinforcements in their field force. While this spending is expected to moderate in 2026, it raises questions about efficiency and profitability in the short term.