Edwards Lifesciences Q2 2025: Contradictions in TAVR Performance, CMS Expectations, and Growth Guidance

U.S. TAVR performance and market dynamics, expectations regarding CMS's actions on the NCD, U.S. TAVR performance and patient management, and guidance for TAVR and TMTT growth are the key contradictions discussed in Edwards Lifesciences' latest 2025Q2 earnings call.



Revenue and Earnings Growth:
- Edwards Lifesciences reported double-digit sales growth in Q2 2025, with total sales reaching $1.53 billion, which grew by 10.6% compared to the previous year.
- The growth was driven by broad-based growth across its unique portfolio of structural heart therapies and strong performance in TAVR and TMTT segments.

TAVR Segment Performance:
- Q2 2025 global TAVR sales were $1.1 billion, representing a 7.8% increase over the prior year.
- Growth was attributed to the company's leading position in the market, ongoing clinical adoption of its SAPIEN technology, and the recent approvals for asymptomatic indications that provide a multiyear growth opportunity.

TMTT Segment Growth:
- The company's TMTT sales reached $133 million in Q2 2025, showing a 57% growth compared to the previous year.
- This performance was driven by the strength of the portfolio, which includes differentiated repair and replacement technologies, and the successful commercial launch of EVOQUE in the U.S. and Europe.

Guidance and Financial Outlook:
- Edwards raised its full-year 2025 sales growth guidance to 9% to 10%, with adjusted EPS guidance at the high end of its original range of $2.40 to $2.50.
- This increase reflects strong first-half performance and confidence in the outlook for several product groups, including TAVR and TMTT, as well as strategic initiatives and catalysts across the portfolio.