Edwards Lifesciences Corporation (EW): Business Model Canvas [Dec-2025 Updated]

You're digging into how Edwards Lifesciences Corporation (EW) keeps its structural heart dominance, and honestly, their 2025 game plan is clear: use their massive Transcatheter Aortic Valve Replacement (TAVR) sales-which hit $1.13 billion in Q2 alone-to aggressively fund the next wave of therapies, like their Transcatheter Mitral and Tricuspid Therapies (TMTT) that surged 61.9%. Still, with R&D spending near $1.083 billion for the trailing twelve months ending Q3 2025, you need to see the mechanics behind that growth engine, which projects total net sales between $5.9 billion and $6.1 billion for the year. Here's the quick math on their full nine-block model, showing exactly how they turn patented valve tech and deep physician relationships into market leadership.

Edwards Lifesciences Corporation (EW) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Edwards Lifesciences Corporation's (EW) market leadership, especially in structural heart. These aren't just vendor agreements; they are deep collaborations essential for clinical validation and pipeline expansion. Honestly, the success in this space hinges on these external relationships.

Clinical Investigators and Heart Centers for Pivotal Trials

Edwards Lifesciences Corporation relies heavily on clinical investigators and heart centers to generate the high-quality evidence needed for regulatory approvals and guideline changes. The data from these partnerships directly supports the adoption of their therapies. For instance, the EARLY TAVR trial, a randomized, controlled FDA pivotal study, demonstrated that asymptomatic severe Aortic Stenosis (AS) patients treated with Edwards TAVR had superior outcomes versus guideline-recommended clinical surveillance. This trial involved 939 patients and 285 physicians.

Further validation comes from long-term data. The seven-year analysis from the PARTNER 3 low-risk trial, presented at TCT 2025, showed long-term valve performance comparable to surgery. Specifically, Edwards SAPIEN 3 TAVR showed bioprosthetic valve failure rates of 6.9% compared to 7.3% for surgical aortic valve replacement (SAVR) at seven years, with reintervention rates at 6.0% versus 6.7% for SAVR.

The pipeline development is also partnership-driven, with trials like:

• The ALLIANCE trial, a pivotal study enrolling subjects with symptomatic, severe, calcific AS for the SAPIEN X4 system.
• The PROGRESS trial, evaluating SAPIEN 3 Ultra RESILIA in moderate calcific AS versus clinical surveillance.
• The CLASP IIF trial, which is fully enrolled, studying the PASCAL system for functional Mitral Regurgitation (MR).

Strategic Suppliers for Complex, High-Quality RESILIA Tissue Manufacturing

The durability of Edwards Lifesciences Corporation's tissue valves is a key value proposition, underpinned by the RESILIA tissue technology. This requires specialized, high-quality supplier relationships to maintain consistency across the portfolio. The RESILIA portfolio includes the INSPIRIS, MITRIS, and KONECT platforms, with COMMENCE 10-year data on the tissue expected in the second half of 2026. Data presented at the Heart Valve Society meeting in early 2025 confirmed the long-term durability of this proprietary tissue. The company is focused on driving adoption of this portfolio throughout 2026.

JenaValve and JC Medical Acquisitions to Expand Transcatheter Aortic Regurgitation (AR) Pipeline

Edwards Lifesciences Corporation has actively partnered through acquisition to bolster its Transcatheter Aortic Regurgitation (AR) offerings, which they view as the next frontier. They closed the acquisition of JC Medical in July 2024, which added the J-Valve technology designed for native AR. Edwards provided an equity investment of $25 million to Genesis MedTech as part of this transaction. In July 2024, Edwards also agreed to acquire JenaValve Technology for a proposed $945 million. However, the U.S. Federal Trade Commission (FTC) moved on August 6, 2025, to block the JenaValve acquisition, citing concerns that combining the only two companies with ongoing U.S. clinical trials for TAVR-AR devices would limit patient access. Edwards estimates a final determination on the JenaValve matter by the end of Q1 2026.

The strategic impact on financial guidance is notable. Following the FTC action in August 2025, Edwards Lifesciences Corporation increased its full-year 2025 adjusted Earnings Per Share (EPS) guidance to the high-end of $2.45-$2.55, up from the prior high-end of $2.40-$2.50. This was despite the fact that the full-year 2025 guidance reaffirmed earlier in the year included estimated dilution from the expected JenaValve close.

Here's a quick look at the M&A activity related to AR:

Global Charitable Partners for the Every Heartbeat Matters (EHM) Initiative

The Every Heartbeat Matters (EHM) initiative is a cornerstone of Edwards Lifesciences Corporation's philanthropic engagement, built on partnerships with charitable organizations. The current phase of EHM is committed to improving the lives of 2.5 million additional underserved structural heart and critical care patients by the end of 2025. This builds upon the initial success where, by 2020, the community of over 60 charitable partners had already impacted over 1.7 million underserved people globally.

The impact metrics from the initial phase (since 2014) include:

• Total underserved people impacted: Over 1.7 million.
• Hearts treated by humanitarian care: 8,700.
• Hearts screened by humanitarian care: 164,900.
• Total charitable giving by the Foundation (as of early 2020): Over $30 million.

Edwards Lifesciences Corporation uses MAP International as a partner to facilitate the donation of its medical technologies for humanitarian treatment outside the U.S. The initiative focuses on all stages of the patient journey, from detection through treatment and recovery.

Edwards Lifesciences Corporation (EW) - Canvas Business Model: Key Activities

You're looking at the core engine driving Edwards Lifesciences Corporation's performance as of late 2025. These are the non-negotiable, high-effort actions that translate their innovation pipeline into market leadership.

High-intensity Research and Development (R&D) for structural heart innovation

Edwards Lifesciences Corporation is definitely putting serious capital behind its future pipeline. They exited 2025 having invested $1B+ in R&D for structural heart innovation, plus external investments in emerging opportunities to drive long-term profitable growth. This high-intensity activity is central to maintaining their market position.

Looking at the quarterly spend, the Research and Development expense in the second quarter of 2025 was $276 million, representing 18.0% of sales. For the third quarter of 2025, R&D expenses were $281 million. The company expects to maintain R&D spending at high levels during 2025.

The focus remains on pioneering therapies for currently unaddressed patient groups, such as those with mitral, tricuspid, or aortic regurgitation needing transcatheter replacement, in addition to advancing TAVR and TMTT.

Conducting large-scale, practice-changing clinical trials for new indications

World-class evidence generation is a required activity to evolve guidelines and secure regulatory progress. The SAPIEN platform is the most studied valve, with more than 15 years of distinguished clinical trials involving over 10,000 patients and 10 New England Journal of Medicine publications.

Key clinical trial data presented or ongoing as catalysts for 2025 included:

• Presentation of seven-year outcomes from the PARTNER 3 trial.
• Discussions around the EARLY TAVR trial data driving renewed focus on severe aortic stenosis management in the U.S..
• Ongoing study of TAVR in patients with moderate aortic stenosis in the Progress trial.
• TRISCEND II sub-analysis expected as a clinical presentation.

These trials are integral to achieving the anticipated mid-2025 U.S. TAVR approval for asymptomatic patients.

Precision manufacturing of complex, high-margin transcatheter heart valves

Manufacturing these complex devices at scale is a crucial activity, evidenced by the strong sales performance of their differentiated products. Edwards Lifesciences Corporation accounted for the maximum portion of the transcatheter heart valve replacement market revenue. The Transcatheter Aortic Valve Replacement (TAVR) segment is projected to hold an 80.4% share in the overall THVR market by 2025.

Here's a look at the revenue generated by their key valve platforms in 2025:

The company's manufacturing facilities are located in the United States, Singapore, Costa Rica and Ireland.

Global sales force training and physician education on new procedures

Scaling adoption of new technologies like EVOQUE and SAPIEN M3 requires significant field presence and education. Selling, general and administrative (SG&A) expenses in the third quarter of 2025 were $515 million, or 33.1% of sales, reflecting investments to support the global growth of transcatheter therapies. The company planned to hold operational SG&A spending approximately flat during 2025.

Specific educational and deployment activities include:

• Building the commercial team and deploying physician training and case support for the Cordella system in 2025.
• The TAVR team saw a leadership transition, with Dan Lippis succeeding Larry Wood in early September 2025.
• The company is focused on deploying clinician and patient education and awareness for its structural heart failure management solutions in 2026 and beyond.

This commercial activity supports the overall 2025 total company sales growth guidance of 9% to 10%.

Edwards Lifesciences Corporation (EW) - Canvas Business Model: Key Resources

You're looking at the core assets that make Edwards Lifesciences Corporation a leader in structural heart, and honestly, these resources are what drive their market position, especially as they raise guidance for the full year 2025. These aren't just products; they are the foundation of their revenue stream.

Patented SAPIEN TAVR and PASCAL/EVOQUE TMTT transcatheter technologies

The SAPIEN platform is the cash cow, no question. For the third quarter ending September 30, 2025, the Transcatheter Aortic Valve Replacement (TAVR) segment sales grew 12.4% year-over-year, with constant currency sales up 10.6%. This technology is so central that Edwards Lifesciences is now guiding for TAVR sales growth in the 7% to 8% range for the full year 2025. Then you have the Transcatheter Mitral and Tricuspid Therapies (TMTT) portfolio, which includes PASCAL and EVOQUE. TMTT sales in Q3 2025 hit $145.2 million, showing incredible momentum. To put that in perspective, Q2 2025 TMTT sales were $134.5 million, meaning the growth rate is accelerating, not slowing down.

Here's a quick look at how the key technologies are performing financially as of the latest reported quarter:

The company's overall 2025 sales guidance is now set at the high end of 9% to 10% growth, translating to expected total sales between $5.9 billion and $6.1 billion.

Extensive clinical evidence (e.g., PARTNER 3, EARLY TAVR) supporting product superiority

The evidence base is a massive, non-replicable asset. It's what convinces heart teams to switch or adopt earlier. For instance, the SAPIEN 3 valve data is compelling; it showed superiority at 1 year and demonstrated long-term outcomes equivalent to surgery at 7 years, backed by 10-year follow-up from the PARTNER 2 studies. That kind of long-term durability data is gold. On the TMTT side, the EVOQUE system has real-world data from over 1,000 patients showing impressive safety and efficacy, which helps drive that 61.9% year-over-year growth seen in Q2 2025 TMTT sales. The SAPIEN M3 mitral replacement system also achieved its primary endpoint in the pivotal ENCIRCLE trial.

You can see the impact of this evidence on market perception and adoption:

• SAPIEN 3: Long-term outcomes equivalent to surgery at 7 years.
• EVOQUE: Real-world data from over 1,000 patients.
• SAPIEN M3: Achieved primary endpoint in ENCIRCLE trial.
• Clinical conversations around the EARLY TAVR trial data are focusing U.S. management on earlier patient intervention.

Highly skilled cardiac sales and clinical support teams globally

You can't deploy breakthrough tech without people who know how to sell it and, critically, how to support its use in the cath lab. Edwards Lifesciences has a total employee count of 15,800 as of late 2025. These teams are the boots on the ground, translating clinical data into procedure adoption. The company's strong Q3 performance, with sales growing 14.7% to $1.55 billion, reflects the effectiveness of these global teams in driving adoption across all product groups. The scale of the organization is also supported by a healthy balance sheet, with approximately $3 billion in cash and cash equivalents as of September 30, 2025, which helps fund these large, specialized teams.

The scale of the organization and its financial backing supports the global team structure:

• Total Employees: 15,800.
• Cash on Hand (Q3 2025): Approximately $3 billion.
• Total Debt (Q3 2025): Approximately $600 million.

They have the people and the financial runway to support them.

Intellectual property portfolio protecting core valve designs and tissue technology

The patents and proprietary tissue technology are the moat around the castle. This is what keeps competitors from easily replicating the SAPIEN or RESILIA tissue platforms. The financial system recognizes this value through amortization expense related to developed technology and patents. For the third quarter of 2025, this amortization expense was $1.7 million. Furthermore, the Board approved an increase in the share repurchase authorization to approximately $2.1 billion, signaling confidence in the long-term value protected by this IP. The company is also actively managing litigation expenses related to intellectual property, recording $15.5 million in such expenses for the first six months of 2025, which shows they are actively defending their core assets.

Here's a snapshot of the financial activity related to IP defense and amortization:

This portfolio underpins the entire market capitalization, which stood at $48.4B as of October 31, 2025.

Edwards Lifesciences Corporation (EW) - Canvas Business Model: Value Propositions

Best-in-class clinical outcomes for aortic stenosis with SAPIEN platform.

The SAPIEN 3 Transcatheter Aortic Valve Replacement (TAVR) demonstrated superior outcomes at 1 year and compelling long-term performance equivalent to surgical aortic valve replacement (SAVR) at seven years, based on PARTNER 3 trial data presented in late 2025.

Edwards Lifesciences Corporation stated that more than 1 million patients worldwide have been treated with SAPIEN valves since the platform's introduction over two decades ago. Third quarter (Q3) 2025 Transcatheter Aortic Valve Replacement (TAVR) sales reached $1.15 billion, leading to an increased full-year TAVR sales growth guidance of 7-8% for 2025.

Minimally invasive transcatheter options for high-risk mitral and tricuspid patients.

The Transcatheter Mitral and Tricuspid Therapies (TMTT) segment showed significant growth, with Q3 2025 sales of $145.2 million, representing a year-over-year growth of 59.3%. The EVOQUE tricuspid valve registry data, involving 1,034 patients, showed 98% Tricuspid Regurgitation (TR) elimination ($\le 0/1+$) and a median discharge of two days post-procedure. The SAPIEN M3 Transcatheter Mitral Valve Replacement (TMVR) system achieved 95.7% Mitral Regurgitation (MR) elimination ($\le 0/1+$) at one year in the ENCIRCLE pivotal trial cohort of 299 patients.

RESILIA tissue technology offering enhanced durability for surgical valves.

The company estimates that more than 450,000 patients globally have received a valve treated with RESILIA tissue via open surgery or TAVR. Eight-year propensity-matched comparison data for SAVR showed:

• Freedom from Structural Valve Deterioration (SVD): 99.3% (RESILIA) versus 90.5% (non-RESILIA).
• Freedom from reoperation due to SVD: 99.2% (RESILIA) versus 93.9% (non-RESILIA).

Surgical heart valve sales rose 7.7% in Q3 2025, supported by the adoption of RESILIA tissue-based valves.

Expanded treatment for asymptomatic severe aortic stenosis patients.

Edwards Lifesciences Corporation is the only company with an approved TAVR indication in the US and Europe for asymptomatic severe aortic stenosis (AS). The European Society of Cardiology (ESC) updated its 2025 guidelines to recommend TAVR be considered for these patients, moving away from clinical surveillance. A health economics study across nine European countries indicated that early TAVR treatment for asymptomatic severe AS could generate annual healthcare savings exceeding €500 million (US$579 million) long-term. Data from the EARLY TAVR trial showed prompt intervention resulted in 2.2 fewer days spent in hospitals and 80% fewer heart failure hospitalizations at 1 year post-treatment compared to surveillance.

Edwards Lifesciences Corporation (EW) - Canvas Business Model: Customer Relationships

You're looking at how Edwards Lifesciences Corporation keeps its most critical customers-the physicians and the entire Heart Team-locked in, especially as their high-value procedures drive significant revenue. The relationship here isn't transactional; it's deeply embedded in the clinical workflow. The success of their structural heart portfolio, which saw TAVR sales hit $1.15 billion in the third quarter of 2025 alone, hinges on this trust.

The core of this relationship is the consultative approach with cardiac surgeons and interventional cardiologists, often referred to as the Heart Team. This is not just about selling a device; it's about proving long-term patient benefit. For instance, data from the Heart Valve Society meeting in 2025 confirmed the long-term durability of Edwards' RESILIA tissue, which directly feeds into these consultative discussions with your key customers. The need for urgent patient referral to the Heart Team, as confirmed by multiple TAVR studies presented at ACC in 2025, reinforces the necessity of this close, team-based engagement.

You see the investment in this high-touch model reflected in the operational structure. Edwards Lifesciences deploys dedicated clinical specialists who provide procedural support right there in the operating room. This is essential for complex, high-cost procedures like those in the Transcatheter Mitral and Tricuspid Therapies (TMTT) segment, where Q3 2025 sales reached $145.2 million. Furthermore, for their newer ventures, like the Cordella system in Implantable Heart Failure Management, the plan for 2025 explicitly includes building the commercial team and deploying physician training and case support to ensure high-quality outcomes. It's a direct cost of doing business in this segment; for example, a Senior Specialist, Clinical Development role had a salary range of $106,000 - $149,000 as of mid-2025.

This specialized support extends into long-term data sharing and physician training, which solidifies Edwards Lifesciences' position as a clinical partner rather than just a vendor. They actively work in partnership with physicians and clinical investigators through rigorous clinical research trials to gather evidence proving the efficacy and safety of their technologies. This commitment to evidence is what drives adoption across their portfolio, from TAVR to the growing TMTT segment.

Here's a look at the scale of their clinical and educational engagement in 2025:

• Clinical Affairs specialists collaborate with principal investigators to optimize patient outcomes.
• The company focuses on building its commercial team and deploying physician training for new technologies.
• 2025 educational events included the Global Cardiac Surgery Fellows Program in Irvine, USA.
• They support complex procedures where TAVR sales guidance for the full year 2025 is now 7% to 8% growth.

The high-touch nature is most pronounced when supporting complex, high-cost procedures, which are the engine for their premium product lines. The growth in TMTT, driven by PASCAL and EVOQUE, requires significant clinical hand-holding to ensure adoption and success in new centers globally. This level of support is necessary to justify the investment in these differentiated therapies, which are key to the company's future, with full-year TMTT sales guidance raised to $530 million to $550 million for 2025.

You can see the financial commitment to these relationships in the Selling, General and Administrative (SG&A) expenses, which reflect the size of the field-based teams supporting these procedures. For instance, Q4 2024 SG&A was $492 million, or 35.5% of sales, with the increase reflecting growth in TMTT field-based teams. The company planned to hold operational SG&A spending approximately flat in 2025, balancing field support with overall cost discipline.

Here's a snapshot illustrating the revenue generated from these highly supported procedures:

The relationship is a continuous feedback loop: clinical data from their research informs the training programs, which supports the specialists in the OR, leading to better outcomes, which in turn drives higher procedure volumes and sales growth, like the overall company sales growth guidance being raised to the high end of 9% to 10% for full-year 2025. Finance: draft 13-week cash view by Friday.

Edwards Lifesciences Corporation (EW) - Canvas Business Model: Channels

Edwards Lifesciences Corporation (EW) utilizes a multi-faceted channel strategy centered on direct engagement with high-acuity medical institutions globally.

The company maintains a direct sales force model targeting major hospitals and specialized cardiac centers across its operational footprint. Selling, general and administrative expenses for the fourth quarter were reported at $492 million, or 35.5% of sales, with this spending reflecting growth in field-based teams, which directly supports this direct sales channel.

Edwards Lifesciences Corporation has a significant global reach, with the firm deriving about 60% of its total sales from outside the United States. For the trailing twelve months (TTM) ending September 30, 2025, total revenue was $5.88 billion.

The global distribution is segmented across key geographic areas, as detailed in the following table reflecting recent reported sales data:

Clinical education and training centers are a core component for physician certification and adoption of complex technologies like Transcatheter Aortic Valve Replacement (TAVR) and Transcatheter Mitral and Tricuspid Therapies (TMTT). Edwards Lifesciences Corporation supports this through extensive educational offerings.

The educational resources available to clinicians include:

• 71 Courses available via webinar format.
• 107 Contents available for Operating Room (OR) focused learning.
• 104 Contents available for Intensive Care Unit (ICU) focused learning.
• Dedicated eLearning courses for platforms like FloTrac.
• Live educational events and simulations for hands-on practice.

The company's 2025 guidance projected total constant currency sales growth of 9% to 10%.

Edwards Lifesciences Corporation (EW) - Canvas Business Model: Customer Segments

The customer base for Edwards Lifesciences Corporation centers on the cardiac care continuum, spanning from the physicians who perform the procedures to the institutions that house the technology and the patients who ultimately benefit from the structural heart therapies.

Interventional Cardiologists and Cardiac Surgeons (the primary users) are served through a portfolio that dominates key procedural areas. Edwards Lifesciences holds a global market share of 61% in Transcatheter Aortic Valve Replacement (TAVR) and 75.1% in the US TAVR market, as of late 2025. The SAPIEN platform, used by these physicians, has treated more than 1 million patients since its introduction. For surgical customers, the RESILIA tissue valve portfolio, including INSPIRIS, MITRIS, and KONECT, is offered as a resilient tissue alternative.

Hospitals and healthcare systems focused on structural heart programs are the direct purchasers of the high-value devices. Edwards Lifesciences reaffirmed its 2025 total company constant currency sales growth guidance to the high end of 9% to 10%. The Transcatheter Aortic Valve Replacement (TAVR) business is the largest contributor, representing an estimated 74% of 2025 sales. For the second quarter of 2025, TAVR sales reached $1.1 billion. The Transcatheter Mitral and Tricuspid Therapies (TMTT) segment, representing the growth area for these systems, accounted for 9% of estimated 2025 sales, with Q3 2025 TMTT sales reaching $145.2 million. Looking ahead to 2026, TAVR sales are projected to be between $4.6 to $4.9 billion, and TMTT sales are forecast to reach $740 to $780 million.

The underlying patient population drives demand across all segments. The scale of the potential patient base is substantial, particularly in the US, where recent data suggests significant disease burden:

Patients with severe symptomatic aortic stenosis (AS) in need of transcatheter repair/replacement are increasingly being treated proactively. The SAPIEN platform is the only TAVR approved for asymptomatic patients in the US and Europe. New European Society of Cardiology (ESC)/EACTS guidelines updated in late 2025 simplify care pathways for all severe AS patients, regardless of symptoms, and reduce the age threshold for TAVR consideration to 70. Edwards Lifesciences' EARLY TAVR trial data supported this shift, showing an average of 2.2 fewer days spent in hospitals and 80% fewer heart failure hospitalizations one year after treatment in the TAVR arm compared to surveillance.

Patients with mitral and tricuspid regurgitation (MR/TR) in need of transcatheter repair/replacement represent the fastest-growing segment for Edwards Lifesciences. The TMTT segment is forecast for constant currency growth of 35% to 45% in 2026. The EVOQUE transcatheter tricuspid valve replacement (TTVR) system, the world's first and only approved TTVR system, showed in real-world data from over 1,000 patients that it significantly reduced heart failure hospitalizations at 18 months. Furthermore, the SAPIEN M3 mitral replacement system achieved its primary endpoint in the pivotal ENCIRCLE trial.

• TAVR sales growth guidance for full-year 2025 was increased to 7% to 8%.
• Q3 2025 TAVR sales grew 12.4% year-over-year.
• The company expects to maintain R&D spending at levels seen in Q2 2025 ($276 million, or 18.0% of sales) during 2025.
• Cash and cash equivalents were approximately $3 billion as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Edwards Lifesciences Corporation (EW) - Canvas Business Model: Cost Structure

You're looking at the expense side of Edwards Lifesciences Corporation (EW) operations as of late 2025. The structure is heavily weighted toward innovation and market access, which is typical for a leader in high-stakes medical devices.

The single biggest driver of future cost, and potential future revenue, is Research and Development (R&D). For the Trailing Twelve Months (TTM) ending September 30, 2025, Edwards Lifesciences reported R&D expenses of approximately $1.083 billion. This reflects an 8.57% increase year-over-year. For the third quarter of 2025 alone, R&D spending was $281 million, which represented 18.1% of that quarter's sales.

Selling, General, and Administrative (SG&A) costs are also substantial, directly supporting the global sales force and clinical support needed for complex device adoption. In the third quarter of 2025, SG&A expenses hit $515 million, making up 33.1% of the quarter's sales. This increase from the prior year reflects investments to support the global growth of their transcatheter therapies.

The Cost of Goods Sold (COGS) is inherently high because Edwards Lifesciences deals with complex, precision manufacturing of heart valves. You see this reflected in the gross margin figures rather than a direct COGS line item in the highlights. The cost structure demands high-quality inputs and rigorous quality control.

Here's a quick look at how the adjusted gross margin-the inverse of the direct cost of production-compared year-over-year for Q3:

The slight compression in the adjusted gross profit margin from 80.7% to 77.9% was primarily attributed to foreign exchange impacts, but it still shows a significant portion of revenue is consumed by production costs.

Finally, a major, less direct cost component involves the pipeline development. This is captured within R&D but deserves separate mention due to its scale. Edwards Lifesciences must fund large-scale, multi-year clinical trials and navigate lengthy regulatory approvals for every new or enhanced device, like the SAPIEN M3 trial for mitral replacement mentioned in their Q3 update. The company's commitment to evidence generation, such as the 10-year follow-up of PARTNER 2 studies, represents a sustained, non-trivial cash outflow.

• R&D expenses for Q3 2025: $281 million.
• SG&A expenses for Q3 2025: $515 million.
• TTM R&D ending Q3 2025: $1.083 billion.
• Full-year 2025 adjusted EPS guidance range: $2.56 to $2.62.

Finance: draft 13-week cash view by Friday.

Edwards Lifesciences Corporation (EW) - Canvas Business Model: Revenue Streams

Edwards Lifesciences Corporation (EW) generates its revenue primarily through the sale of its structural heart devices, which are categorized into distinct product groups. The company has seen strong momentum across these segments, leading to an upward revision of its full-year 2025 financial outlook.

The Transcatheter Aortic Valve Replacement (TAVR) segment remains the dominant revenue driver for Edwards Lifesciences. For the second quarter of 2025, TAVR sales reached $1.1 billion, representing an 8.9% increase from the prior year period. This growth is supported by the continued adoption of the SAPIEN valve platform and clinical conversations around the EARLY TAVR trial data.

The Transcatheter Mitral and Tricuspid Therapies (TMTT) segment is experiencing the most rapid expansion. In Q2 2025, TMTT sales surged 61.9% year-over-year, totaling $134.5 million. This growth is fueled by demand for the PASCAL and EVOQUE systems, along with the newly approved SAPIEN M3 mitral valve replacement system.

Revenue also comes from the Surgical Structural Heart products line, which includes offerings like the RESILIA valves. This segment benefits from global adoption of its premium portfolio for patients best treated surgically, including complex and concomitant procedures.

Edwards Lifesciences projects its full-year 2025 total net sales to be between $5.9 billion and $6.1 billion, reflecting an increased sales growth guidance of 9% to 10% for the year.

Here's a look at the key revenue performance metrics from the second and third quarters of 2025:

The company's overall revenue generation strategy relies on maintaining leadership in the established TAVR market while aggressively expanding the TMTT portfolio. You can see the quarter-over-quarter sales progression below:

• Full-year 2025 total company sales growth guidance is set at the high end of 9% to 10%.
• Full-year 2025 TAVR sales guidance was raised to a range of $4.3 billion to $4.5 billion.
• Q3 2025 total sales grew 14.7% to $1.55 billion.
• Q3 2025 TAVR sales grew 12.4%.
• Q3 2025 TMTT sales reached $145.2 million.
• The company is committed to delivering first-of-its-kind innovations for all structural heart patients.