爱德华生命科学二季度销售超预期并小幅上调全年销售增速指引

Earnings Call Insights: Edwards Lifesciences (EW) Q2 2026
Management View
- CEO Bernard Zovighian said the quarter came in ahead of plan: "We delivered stronger-than-expected second quarter sales growth of 12.5%." He tied performance to breadth across therapies and geographies, adding, "our results increasingly reflect the strength of our comprehensive portfolio with growth supported by multiple therapies across TAVR, mitral, tricuspid and surgical as well as meaningful contribution from each of our regions."
- Zovighian reiterated long-term framing: "giving us confidence in our target of 10% total company sales growth on average over the long term" and characterized upcoming clinical/regulatory milestones, including "the finalization of updated U.S. TAVR NCD and the presentation of PROGRESS trial results" and "A new TR indication for PASCAL in the U.S."
- In TAVR, Zovighian reported: "TAVR second quarter global sales of $1.3 billion were stronger than expected and increased 10.5% over the prior year," and said pricing held: "Average selling prices were stable globally." He also said U.S. competitiveness improved: "Edwards' competitive position in the U.S. increased modestly year-over-year."
- In TMTT, Zovighian reported: "second quarter sales of $195.9 million, an increase of 44.8% year-over-year," and linked the upside to portfolio execution: "Growth from our differentiated TMTT platforms, PASCAL, EVOQUE and SAPIEN M3 exceeded our expectation in the quarter."
- CFO Theodora Mistras said, "Total sales of $1.74 billion grew 12.5% year-over-year" and "Adjusted EPS in the quarter was $0.78," adding, "we are increasing our full year sales guidance for total company to 10% to 11%... and reaffirming our earnings guidance."
Outlook
- Mistras updated full-year sales expectations: "Edwards now expects total company sales of $6.6 billion to $6.9 billion and TAVR sales of $4.75 billion to $5 billion at current exchange rates."
- Management raised segment growth/targets while holding EPS: Zovighian said, "we are increasing our full year 2026 sales growth guidance for TAVR, TMTT and total company and reaffirming our earnings guidance," and added, "Our updated 2026 sales guidance is 10% to 11% for the company."
- Mistras reaffirmed the full-year earnings range and described new tax assumptions: "We have confidence in delivering our previously increased full year adjusted EPS guidance of $2.95 to $3.05 despite now assuming our effective tax rate will be at the high end of our original 16% to 19% range, driven by Pillar Two impact and changes to California law restricting the usage of R&D credits."
- For Q3, Mistras guided: "we're projecting sales of $1.63 billion to $1.71 billion" and "adjusted EPS in Q3 of $0.71 to $0.77," while warning that "Q3 underlying sales growth will be artificially lower than our first half performance" due to 2025 comparatives.
Financial Results
- Mistras disclosed GAAP vs. non-GAAP profitability: "Adjusted EPS in the quarter was $0.78" and "Our GAAP EPS for the quarter was $0.42, primarily driven by the California R&D tax credit impact."
- Margin and expense cadence were attributed to phasing and FX: "our adjusted gross profit margin was 77.6%, flat" and "Foreign exchange reduced our second quarter gross profit margin by 70 basis points compared to the prior year," while "Second quarter adjusted operating profit margin was 30%" and the first-half margin "benefited from the planned phasing of strategic investments in SG&A and R&D during the course of the year."
- Cash and capital return capacity were highlighted: "approximately $2.9 billion in cash and cash equivalents" and "Edwards has approximately $1.5 billion remaining under our share repurchase authorization."
Q&A
- Robert Marcus, JPMorgan: asked about TAVR share shift and market expansion plus which TMTT products drove upside; CEO Bernard Zovighian: "our growth rate in TAVR were very similar between U.S. and OUS" and on TMTT "the beauty of this quarter is it is altogether" across "PASCAL... EVOQUE... and M3."
- Larry Biegelsen, Wells Fargo: probed why management emphasized PROGRESS heterogeneity and the business impact; CEO Zovighian: "we decided this time to split the PROGRESS presentation in 2" and on revenue impact, "we expect minimal impact in 2026" and "we will... provide a more detailed guidance... for 2027."
- Travis Steed, BofA: pressed on "normalized seasonality" and NCD implications; CEO Zovighian: "we don't expect like last year to have a very strong summer" and CVP Daniel Lippis: the draft NCD offers opportunities including "a pathway for asymptomatic indications to be covered" and "modernization of the policy" to improve "program efficiency."
- Pito Chickering, Deutsche Bank: asked if PASCAL tricuspid submission implied trial success and positioning; CVP Daveen Chopra: "our expectation is for a Q4 approval in the U.S." and said PASCAL’s "independent grasping" features "really make a difference" in Europe, shaping U.S. launch readiness.
- Vijay Kumar, Evercore ISI: asked if EVOQUE is inflecting; CEO Zovighian: "we have seen an inflection in EVOQUE" and Chopra added momentum is driven by "new centers opening up" and "streamlin[ing] the whole process."
- Joshua Jennings, TD Cowen: asked about TAVR-in-TAVR contribution timing; Lippis: "we have modeled that into our market model" but "right now, it represents a relatively small part of the market."
Sentiment Analysis
- Analysts’ tone was slightly positive, with repeated focus on durability-driven share shifts and new-growth catalysts (PROGRESS, NCD, EVOQUE, PASCAL TR), while questions probed timing and adoption mechanics.
- Management tone was positive in prepared remarks and remained confident in Q&A, repeatedly emphasizing durability and pacing of adoption; Zovighian said, "we are very excited about it" and later stressed, "we expect minimal impact in 2026" for PROGRESS.
- Versus Q1, management maintained confidence but was more explicit on near-term pacing and comparables, repeatedly referencing the "high bar" for 2H and positioning NCD/PROGRESS as longer-dated catalysts.
Quarter-over-quarter comparison
- Guidance moved higher on sales but not on EPS: in Q2, Mistras raised full-year company sales growth to "10% to 11%" from "9% to 11%" and raised TAVR to "8% to 9%" from "7% to 9%"; Q1 guidance had been increased to "9% to 11%" company growth and "7% to 9%" TAVR, alongside the $2.95 to $3.05 adjusted EPS range.
- Leadership transition was a key change: Q2 opened with Zovighian welcoming the new CFO, saying, "Since joining in June, Doretta has quickly demonstrated her impact," replacing Q1 CFO Scott Ullem.
- PROGRESS discussion shifted from guarded in Q1 ("we tend not to talk about trial") to more educational in Q2, including baseline characteristics and explicit expectations on timing ("minimal impact in 2026").
Risks and Concerns
- Mistras flagged tax and FX headwinds: "effective tax rate will be at the high end" of the "16% to 19%" range due to "Pillar Two impact" and California law changes, and she said, "If foreign exchange rates were to hold at current levels, we estimate foreign exchange to be a second half headwind of approximately $35 million."
- Management emphasized tough comparatives and seasonality: Mistras said Q3 growth will be "artificially lower" due to 2025’s second-half strength, and Zovighian highlighted last year’s unusually strong summer creating a "very high comp 2H of 2026."
Final Takeaway
Management framed Q2 as broad-based execution across TAVR, TMTT, and Surgical, and raised full-year sales growth targets while reaffirming adjusted EPS, with near-term modeling shaped by second-half comparables, potential NCD tailwinds for asymptomatic coverage, and a longer-dated opportunity set tied to PROGRESS results, PASCAL tricuspid expansion, and continued EVOQUE and SAPIEN M3 scaling.
Read the full Earnings Call Transcript