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What were the key takeaways from Edwards Lifesciences's earnings call?

- **12.6% Q3 Revenue Growth**: Driven by TAVR (10.6%), TMTT (53%), and surgical RESILIA adoption.
- **Guidance Raise**: Full-year sales 9-10%, EPS $2.56-$2.62, TAVR 7-8% growth.
- **SAPIEN Durability**: 7-year PARTNER III data shows 1.3% mortality, supporting earlier TAVR adoption.
- **TMTT Expansion**: EVOQUE tricuspid replacement grows 53%, M3 U.S. approval Q1 2026.
- **CFO Transition**: Scott Ullem to step down mid-2026 with successor search underway.

**【CEO Summary Section】**
- Q3 2025 revenue grew 12.6% to $1.55 billion, driven by TAVR, TMTT, and surgical products.
- Raised full-year sales guidance to 9-10% growth and EPS to $2.56-$2.62, citing TAVR adoption and guideline updates.
- TAVR sales up 10.6%, supported by 7-year PARTNER III data showing SAPIEN durability; TMTT grew 53% on EVOQUE and PASCAL.
- Surgical RESILIA portfolio expanded in Europe, with 7-year PARTNER III data validating surgical valve performance.

**【CFO Financial Commentary】
- Adjusted EPS $0.67 (vs. $0.58 est.), driven by $1.55B sales and $515M SG&A deferral.
- Gross margin 77.9%, stable vs. prior year; R&D spend $281M (+11%) focused on TMTT pipeline.
- Full-year operating margin 27-28%, with Q4 margin ~25% due to $100M+ investments.
- FX to add $30M to 2025 sales; TAVR guidance raised to 7-8% growth.
- CFO Scott Ullem to transition by mid-2026, with smooth succession planned.

**【Q&A Key Highlights】
- TAVR Q3 growth 10.6% from U.S. procedure growth and Europe competitor exit; TMTT up 53% on EVOQUE real-world data.
- SAPIEN X4 pivotal data pending; JenaValve regulatory update expected Q1 2026.
- TMTT 2030 target $2B; M3 U.S. approval early 2026 with controlled launch strategy.
- Surgical valve procedures up 5.6% on RESILIA adoption; TAVR 7-year data supports asymptomatic treatment.
- R&D spend prioritized for TMTT; FX to add $30M 2025 sales upside.

Edwards Lifesciences Corporation (EW) Q3 2025 Earnings Call Transcript

Revenue

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Financing Services Revenue

Other Revenue

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Operating Expenses

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EW

EW fundamentals

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