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Stronger Q1 boosts 2026 outlook for Edwards Lifesciences (NYSE: EW)

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8-K

Rhea-AI Filing Summary

Edwards Lifesciences reported strong first quarter 2026 results, with net sales of $1.65 billion, up 16.7% year over year, and constant currency sales growth of 12.7%. GAAP diluted EPS was $0.66 and adjusted EPS was $0.78, reflecting solid operational performance.

TAVR sales rose 14.4% to $1.20 billion and TMTT sales reached $173 million, both supported by broader adoption of SAPIEN, EVOQUE, PASCAL and SAPIEN M3 therapies. Surgical sales grew 10.1% to $276 million, driven by RESILIA-based products and new launches.

The company raised its 2026 constant currency sales growth guidance to 9%–11%, TAVR growth guidance to 7%–9%, and adjusted EPS guidance to $2.95–$3.05. Gross margin remained high at 78.0% (78.2% adjusted). Edwards ended the quarter with about $2.4 billion in cash, $600 million of total debt, and completed a $500 million accelerated share repurchase.

Positive

  • Broad-based double-digit growth: Q1 2026 net sales rose 16.7% to $1.65 billion, with constant currency growth of 12.7% and strong contributions from TAVR, TMTT and Surgical product lines.
  • Raised 2026 guidance: Management increased full-year constant currency sales growth guidance to 9%–11% and lifted adjusted EPS guidance to a new range of $2.95 to $3.05.
  • High margins and cash returns: Adjusted operating margin reached 31.4%, adjusted EPS was $0.78, and the company completed a $500 million accelerated share repurchase while holding $2.4 billion in cash.

Negative

  • Impairment and higher litigation costs: Results included $37.1 million of certain litigation expenses and a $123.6 million loss on impairment, while gross margin ticked down to 78.0% from 78.7% a year earlier.
  • Lower income margin vs. sales growth: Net income from continuing operations grew more modestly to $380.7 million, with its margin at 23.1% compared to 25.7% in the prior-year quarter.

Insights

Strong Q1 growth and higher 2026 guidance are clearly favorable.

Edwards Lifesciences delivered Q1 2026 net sales of $1.65 billion, up 16.7% year over year, with constant currency growth of 12.7%. Growth was broad-based: TAVR revenue rose 14.4% to $1.20 billion, TMTT reached $173 million, and Surgical grew 10.1% to $276 million.

Profitability stayed strong. Gross margin was 78.0% (78.2% adjusted) and operating margin reached 29.0%, or 31.4% on an adjusted basis. Adjusted EPS of $0.78 increased from $0.64 a year earlier, despite higher litigation expenses and a $123.6 million loss on impairment that is excluded from adjusted results.

Management raised 2026 constant currency sales growth guidance to 9%–11% and adjusted EPS to $2.95–$3.05. They now expect total 2026 sales of $6.5–$6.9 billion and TAVR sales of $4.7–$5.0 billion. A completed $500 million accelerated share repurchase and $2.4 billion of cash at March 31 2026 underline balance sheet flexibility.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 net sales $1,648.6 million Three months ended March 31, 2026; up 16.7% year over year
Constant currency sales growth 12.7% Q1 2026 total company sales growth excluding FX
Q1 2026 TAVR sales $1,197.3 million Transcatheter Aortic Valve Replacement, up 14.4% year over year
Q1 2026 TMTT sales $175.1 million Transcatheter Mitral and Tricuspid Therapies product group sales
Q1 2026 GAAP diluted EPS $0.66 per share Earnings from continuing operations, three months ended March 31, 2026
Q1 2026 adjusted EPS $0.78 per share Non-GAAP diluted EPS excluding specified items
2026 adjusted EPS guidance $2.95–$3.05 Full-year 2026 adjusted EPS outlook range
Accelerated share repurchase $500 million Q1 2026 buyback executed under ASR agreement
Transcatheter Aortic Valve Replacement financial
"Transcatheter Aortic Valve Replacement (TAVR) In the first quarter, the company reported TAVR sales of $1.2 billion"
A minimally invasive procedure that replaces a damaged aortic heart valve by guiding a folded replacement valve to the heart through a thin tube (catheter) inserted in a blood vessel, avoiding the need for open‑chest surgery. It matters to investors because it shapes demand for medical devices, hospital services and reimbursements, impacts patient recovery times and complication rates, and can materially influence sales, margins and regulatory risk for device makers and healthcare providers — like swapping a worn door using a narrow hallway instead of tearing down a wall.
Transcatheter Mitral and Tricuspid Therapies financial
"Transcatheter Mitral and Tricuspid Therapies (TMTT) First quarter TMTT sales of $173 million were driven"
Minimally invasive procedures performed through a thin tube inserted into a blood vessel to repair or replace the heart’s mitral and tricuspid valves, avoiding open‑chest surgery. They matter to investors because they expand treatment options for common valve diseases, can reduce hospital time and complications, and drive demand for medical devices, hospital services and reimbursement decisions—similar to fixing plumbing from the outside instead of tearing down a wall.
Accelerated Share Repurchase financial
"Also during the quarter, the company entered into an Accelerated Share Repurchase agreement to buy back $500 million"
An accelerated share repurchase is a deal where a company hires a bank to buy back a large block of its own stock immediately on the open market, with the bank later settling the exact number of shares over time. For investors it matters because the immediate reduction in shares outstanding can raise per‑share earnings and often supports the stock price, but it also uses company cash or borrowing and can change liquidity and future growth funding.
constant currency financial
"Q1 sales grew 16.7% to $1.65 billion1, constant currency2 sales grew 12.7%"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
Adjusted EPS financial
"Q1 EPS of $0.661; adjusted2 EPS of $0.781"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
loss on impairment financial
"Loss on Impairment - The Company recorded loss on impairment of $123.6 million in the first quarter of 2026"
A loss on impairment occurs when a company reduces the value of an asset on its books because that asset is now worth less than the company previously recorded. Think of it like marking down a store item that no longer sells for the expected price; the cut lowers reported profit and the asset’s recorded value, and it signals to investors that future earnings or cash flows tied to that asset are likely smaller than anticipated.
Net sales $1,648.6 million +16.7% year over year
GAAP diluted EPS $0.66 +$0.05 vs. $0.61 prior-year diluted EPS
Adjusted EPS $0.78 +$0.14 vs. $0.64 prior-year adjusted EPS
TAVR sales $1,197.3 million +14.4% year over year
TMTT sales $175.1 million +51.9% GAAP; +42.8% constant currency adjusted
Guidance

For 2026, Edwards expects total sales of $6.5–$6.9 billion, TAVR sales of $4.7–$5.0 billion, constant currency sales growth of 9%–11%, and adjusted EPS of $2.95–$3.05. Q2 2026 guidance is $1.66–$1.74 billion in sales and adjusted EPS of $0.70–$0.76.

Understanding 8-K Material Events →
0001099800false00010998002026-04-232026-04-23


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported) April 23, 2026
 
EDWARDS LIFESCIENCES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-15525 36-4316614
(State or other jurisdiction
of incorporation)		 (Commission
file number)		 (IRS Employer
Identification No.)

One Edwards Way
Irvine, California 92614
(Address of principal executive offices and zip code)

(949) 250-2500
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareEWNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.                                      Results of Operations and Financial Condition.
 
On April 23, 2026, Edwards Lifesciences Corporation, a Delaware corporation (“Edwards”), issued a press release setting forth Edwards’ financial results for the first quarter of 2026. A copy of the press release is furnished as Exhibit 99.1, and is incorporated herein by reference.
 
The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.

Item 9.01.                                      Financial Statements and Exhibits.
 
(d)Exhibits
99.1
Press release, dated April 23, 2026, reporting Edwards’ financial results for the first quarter of 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Date: April 23, 2026
 
  
 EDWARDS LIFESCIENCES CORPORATION
   
 By:/s/ Scott B. Ullem
  Scott B. Ullem
  Chief Financial Officer

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Exhibit Index
 
Exhibit
Number		 Description
99.1 
Press release, dated April 23, 2026, reporting Edwards’ financial results for the first quarter of 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

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ew45percentblacklrga21a.jpg
Edwards Lifesciences Corporation
One Edwards Way · Irvine, CA USA · 92614
Phone: 949.250.2500 · www.edwards.com

FOR IMMEDIATE RELEASE
 
Media: Amy Meshulam, media@edwards.com
Investors: Gerianne Sarte, investor_relations@edwards.com
 
EDWARDS LIFESCIENCES REPORTS FIRST QUARTER RESULTS 
IRVINE, CA, April 23, 2026 — Edwards Lifesciences (NYSE: EW) today reported financial results for the quarter ended March 31, 2026.

Highlights and Outlook
•Q1 sales grew 16.7% to $1.65 billion1, constant currency2 sales grew 12.7%
•Q1 TAVR sales grew 14.4% to $1.20 billion1; constant currency2 sales grew 11.0%
•Q1 TMTT sales of $173 million1,3, driven by repair and replacement therapies
•Q1 EPS of $0.661; adjusted2 EPS of $0.781
•Raising FY 2026 constant currency2 sales growth guidance to 9% to 11% from 8% to 10%
•Raising FY 2026 adjusted2 EPS guidance midpoint; new range of $2.95 to $3.05 from $2.90 to $3.05
•Renewed clinical focus on proactive disease management with differentiated SAPIEN TAVR
•Completed $500 million Accelerated Share Repurchase

“Building on a year in 2025 marked by solid financial performance and strategic progress, we delivered another strong quarter in Q1, achieving 12.7% sales growth, which reflects the impact and durability of our focused strategy. We remain dedicated to solving large, urgent and complex patient needs and pursuing unique opportunities to innovate and lead in structural heart disease,” said Bernard Zovighian, Edwards’ CEO. “Based on our first quarter performance, we are raising our financial guidance for 2026. We continue to pursue additional meaningful growth opportunities across our portfolio, and our financial strength and strategic clarity give us confidence in the future.”
Transcatheter Aortic Valve Replacement (TAVR)
In the first quarter, the company reported TAVR sales of $1.2 billion, which grew 14.4% compared to the prior year, or 11.0% on a constant currency basis. SAPIEN growth in the U.S. was healthy, and it was even faster outside of the U.S. Edwards’ global competitive position in the first quarter increased slightly year-over-year mainly due to the exit of a competitor in Europe. Average selling prices were stable globally. Based on Edwards’ first quarter TAVR performance, the company is raising its full-year 2026 TAVR sales growth guidance to 7% to 9% from 6% to 8%.




Recent clinical trial results on long-term TAVR performance continue to support patient treatment with SAPIEN TAVR. The company is encouraged by the broader momentum that the EARLY TAVR study data has generated across the clinical community for both symptomatic and asymptomatic patients. There has been a shift toward proactive disease management, with an increased focus on evaluation and intentional referral of patients with severe aortic stenosis earlier in the disease pathway. This evolution in patient management, combined with a large and growing body of long-term SAPIEN outcomes data, reinforces the company’s confidence in the durable, multi-year growth opportunity ahead. Later this year, results of the PROGRESS trial studying patients with moderate AS will be presented at the TCT conference.
In the U.S., the Centers for Medicare & Medicaid Services (CMS) is conducting the process to reconsider the National Coverage Determination (NCD) for TAVR. This decision has the potential to improve timely access to lifesaving TAVR therapy. In Europe, first quarter results demonstrated continued strong commercial execution and sustained physician demand for the SAPIEN platform. Updated guidelines from the European Society of Cardiology and the European Association for Cardio-Thoracic Surgery are reshaping clinical discussions around proactive disease management and reinforcing the role of TAVR for a broader patient population. Outside of Europe, sales growth was strong across multiple geographies, including Japan, driven by procedural growth and adoption of our SAPIEN 3 Ultra RESILIA platform.
Transcatheter Mitral and Tricuspid Therapies (TMTT)
First quarter TMTT sales of $173 million were driven by the company’s unique portfolio of repair and replacement therapies to treat mitral and tricuspid diseases. Globally, mitral and tricuspid procedures grew in the estimated double digits, with Edwards’ sales growing at a higher rate.
In tricuspid, at the recent American College of Cardiology (ACC) scientific session, two-year TRISCEND II data were presented, demonstrating significantly lower all-cause mortality with EVOQUE when accounting for patient crossover. The company continues to increase patient access to transcatheter tricuspid valve replacement and drive further adoption of EVOQUE by expanding into new centers.
Adoption of Edwards’ PASCAL transcatheter edge-to-edge repair (TEER) technology continues to increase, driven by physician enthusiasm for its unique design and differentiated outcomes, and underscored by the significant needs of these patients. The company’s progress on the PASCAL pipeline remains on track, with a next-generation technology expected in Q4 for both mitral and tricuspid patients in the U.S. and Europe. In addition, Edwards expects the launch of PASCAL in the U.S. for tricuspid patients in Q4 of this year, which will expand the population of patients that can benefit from this impactful technology.
The recent FDA approval of SAPIEN M3 expands Edwards’ mitral portfolio in the U.S. The company’s commercial experience, while early, validates the need for this mitral replacement solution for
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patients who are not well-suited for mitral TEER. Physician feedback on patient outcomes and procedural experience with SAPIEN M3 has been positive.
The strong and increasing utilization of Edwards’ differentiated therapies – EVOQUE, PASCAL and SAPIEN M3 – combined with double-digit mitral and tricuspid procedure volumes globally positions Edwards for continued growth.
Surgical
In Surgical, first quarter global sales of $276 million increased 10.1% compared to the prior year, or 5.9% on a constant currency basis, driven by continued adoption of the company’s RESILIA therapies that offer extended durability. INSPIRIS adoption continues to increase globally. The KONECT aortic valved conduit, which facilitates Bentall procedures for patients in need, recently launched in Europe with strong adoption. With the launch of MITRIS in additional markets around the world, uptake of this technology in surgical mitral valve replacement procedures was strong.
The 10-year data from the company’s COMMENCE trial, studying the long-term durability of its best-in-class RESILIA tissue, will be presented at the upcoming American Association for Thoracic Surgery (AATS) conference. Edwards continues to expect that its surgical tricuspid valve, TRIFORMIS, will launch in the second half of the year. The company’s surgical Left Atrial Appendage Closure, or LAAC, program is on track for preliminary introduction later this year.
Additional Financial Results
For the quarter, gross profit margin was 78.0%, or 78.2% adjusted, compared to 78.7% in the same period last year. The year-over-year change was driven by a weakening dollar as well as additional manufacturing expenses related to the expansion of new therapies. The company is maintaining its full-year 78% to 79% gross margin guidance.
Selling, general and administrative expenses in the first quarter were $522 million, or 31.7% of sales, compared to 33.0% of sales in the prior year. This was in line with the company’s expectations and reflects continued funding of resources Edwards provides to support patient care as well as a higher translation of the company’s OUS expense base from the weakening dollar. Research and Development (R&D) expenses in the first quarter were $263 million, or 16.0% of sales, compared to 18.0% in the prior year. This decrease in R&D as a percentage of sales and increase in total expense reflects Edwards’ strong top-line growth as well as strategic prioritization of investments in its expanding structural heart portfolio. The company continues to expect R&D expense as a percentage of sales to be approximately 17% in 2026.
Operating profit margin in the first quarter of 29.0%, or 31.4% adjusted, was in line with the company’s expectation for the quarter. Adjusted EPS was $0.78 and benefited from solid operational performance and planned phasing of strategic investments during the course of the year. In 2026, Edwards expects full-year operating profit margin to be at the high end of the company’s original 28% to
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29% guidance range, resulting in approximately 150 basis points of constant currency operating margin expansion for the full year.
Cash and cash equivalents were approximately $2.4 billion as of March 31, 2026. Total debt was approximately $600 million.
Also during the quarter, the company entered into an Accelerated Share Repurchase agreement to buy back $500 million in shares. Edwards has approximately $1.5 billion remaining under its share repurchase authorization.
Outlook
Due to stronger-than-expected first quarter results, Edwards is raising its full-year 2026 sales growth rate guidance to 9% to 11% from 8% to 10% and TAVR product group sales growth rate guidance to 7% to 9% from 6% to 8%. Edwards now expects total company sales of $6.5 to $6.9 billion, and TAVR sales of $4.7 to $5.0 billion at current exchange rates. The company continues to expect $740 to $780 million in TMTT sales and mid-single-digit sales growth in Surgical in 2026. In addition, Edwards is raising the midpoint of its full-year adjusted EPS guidance with a new range of $2.95 to $3.05 from $2.90 to $3.05. For the second quarter of 2026, the company projects total sales to be between $1.66 and $1.74 billion and adjusted EPS of $0.70 to $0.76.
About Edwards Lifesciences    
Edwards Lifesciences is the leading global structural heart innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence and partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. Discover more at www.edwards.com and follow us on LinkedIn, Facebook, Instagram and YouTube.
Conference Call and Webcast Information    
The company will be hosting a conference call today at 2:00 p.m. PT to discuss its first quarter results. To participate in the conference call, dial (877) 704-2848 or (201) 389-0893. The call will also be available live and archived on the “Investor Relations” section of the Edwards website at ir.edwards.com or www.edwards.com.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can sometimes be identified by the use of words such as “may,” “will,” “should,” “anticipate,” “believe,” “plan,” “project,” “estimate,” “forecast,” “potential,” “predict,” “early clinician feedback,” “expect,” “intend,” “guidance,” “outlook,” “optimistic,” “aspire,” “confident” or other forms of these words or similar expressions and include, but are not limited to, statements made by Mr. Zovighian; statements regarding clinical trial results and the momentum generated by results; evidence resonating with clinicians; competitive trends; CMS’ reconsideration of the TAVR NCD; adoption of our technologies; utilization of our therapies; quality of clinical and patient outcomes and impacts; technologies delivering strong and positive growth; expectations for R&D spending; expanding opportunity to meet patient needs; regulatory approvals, and the information in the Additional Financial Results and Outlook sections. No inferences or assumptions should be made from statements of past performance, efforts, or results which may not be indicative of future performance or results. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain, difficult to
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predict, and may be outside of the company’s control. The company's forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If the company does update or correct one or more of these statements, investors and others should not conclude that the company will make additional updates or corrections.

Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements include risk and uncertainties associated with the risks detailed in the company's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2025, and its other filings with the SEC. These filings, along with important safety information about our products, may be found at edwards.com.

Edwards, Edwards Lifesciences, the stylized E logo, COMMENCE, EARLY TAVR, EVOQUE, INSPIRIS, KONECT, MITRIS, PARTNER, PARTNER II, PARTNER 3, PASCAL, RESILIA, SAPIEN, SAPIEN 3, SAPIEN 3 Ultra, SAPIEN M3, TRISCEND, and TRISCEND II are trademarks of Edwards Lifesciences Corporation or its affiliates. All other trademarks are the property of their respective owners.
[1]Reported sales and diluted EPS are from continuing operations.
[2]The company uses the terms “adjusted” and “constant currency” when referring to non-GAAP sales from continuing operations and sales growth information, respectively, which excludes currency rate fluctuations and newly acquired products. Adjusted earnings per share from continuing operations is a non-GAAP item computed on a diluted basis and in this press release also excludes certain litigation expenses, amortization of intangible assets, a gain on remeasurement of previously held interest upon acquisition, loss on impairment, and separation costs. See “Non-GAAP Financial Information” and reconciliation tables below.
[3]Represents “adjusted” revenues excluding $2.0 million of revenues related to Implantable Heart Failure Management. Refer to "Reconciliation of Sales by Product Group and Region" table.

5



EDWARDS LIFESCIENCES CORPORATION
Unaudited Consolidated Statements of Operations
(in millions, except per share data) 
Three Months Ended
March 31,
 20262025
Net sales$1,648.6 $1,412.7 
Cost of sales362.6 301.6 
Gross profit1,286.0 1,111.1 
Selling, general, and administrative expenses522.2 465.7 
Research and development expenses263.3 254.6 
Certain litigation expenses37.1 10.9 
Separation costs
— 4.2 
Other operating income(14.2)(19.1)
Operating income, net477.6 394.8 
Interest income, net(33.5)(36.5)
Loss on impairment
123.6 — 
Other non-operating income, net(71.5)(2.6)
Income from continuing operations before provision for income taxes459.0 433.9 
Provision for income taxes78.3 70.3 
Net income from continuing operations$380.7 $363.6 
Loss from discontinued operations, net of tax
— (7.2)
Net income380.7 356.4 
Net loss attributable to noncontrolling interest— (1.6)
Net income attributable to Edwards Lifesciences Corporation$380.7 $358.0 
Earnings per share:
  
Basic:
Continuing operations$0.66 $0.62 
Discontinued operations$— $(0.01)
Basic earnings per share$0.66 $0.61 
Diluted:
Continuing operations$0.66 $0.62 
Discontinued operations$— $(0.01)
Diluted earnings per share$0.66 $0.61 
Weighted-average common shares outstanding:  
Basic579.2 586.9 
Diluted580.7 587.8 
Operating statistics from continuing operations  
As a percentage of net sales:  
Gross profit78.0 %78.7 %
Selling, general, and administrative expenses31.7 %33.0 %
Research and development expenses16.0 %18.0 %
Operating income29.0 %27.9 %
Income before provision for income taxes27.8 %30.7 %
Net income from continuing operations23.1 %25.7 %
Effective tax rate17.1 %16.2 %
 
Note: Numbers may not calculate due to rounding.
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EDWARDS LIFESCIENCES CORPORATION
Non-GAAP Financial Information
 
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company uses non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company’s industry to enhance comparability of the Company’s financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations). The Company uses the terms “adjusted” and “constant currency” when referring to non-GAAP sales from continuing operations and sales growth information, respectively, which excludes currency exchange rate fluctuations and newly acquired products. The Company uses the term “adjusted” to also exclude certain litigation expenses, amortization of intangible assets, a gain on remeasurement of previously held interest upon acquisition, loss on impairment, and separation costs.

Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results, and evaluating current performance. These non-GAAP financial measures are used in addition to, and in conjunction with, results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations by investors that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting the Company's business and facilitate comparability to historical periods.

Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A reconciliation of non-GAAP historical financial measures to the most comparable GAAP measure is provided in the tables below.

Fluctuations in currency exchange rates impact the comparative results and sales growth rates of the Company's underlying business. Management believes that excluding the impact of currency exchange rate fluctuations from its sales growth provides investors a more useful comparison to historical financial results. The impact of the fluctuations has been detailed in the “Reconciliation of Sales by Product Group and Region.”

Guidance for sales and sales growth rates is provided on a “constant currency basis,” and projections for diluted earnings per share, net income and growth, gross profit margin, and taxes are also provided on a non-GAAP basis, as adjusted, for the items identified above due to the inherent difficulty in forecasting such items without unreasonable efforts. The Company is not able to provide a reconciliation of the non-GAAP guidance to comparable GAAP measures due to the unknown effect, timing, and potential significance of special charges or gains, and management's inability to forecast charges associated with future transactions and initiatives.

The items described below are adjustments to the GAAP financial results in the reconciliations that follow:
 
Certain Litigation Expenses - The Company incurred certain litigation expenses of $37.1 million and $10.9 million in the first quarter of 2026 and 2025, respectively. Such expenses relate to intellectual property litigation, settlements, contingencies, and external legal costs.

Amortization of Intangible Assets - The Company recorded amortization expense related to developed technology and patents in the amount of $3.3 million and $1.4 million in the first quarter of 2026 and 2025, respectively.

Separation Costs - The Company recorded expenses of $4.2 million in the first quarter of 2025, related to consulting, legal, tax, and other professional advisory services related to the sale of Critical Care.

Gain on Remeasurement of Previously Held Interest Upon Acquisition - The Company recorded a $65.2 million gain in the first quarter of 2026 to remeasure its previously held interest upon acquisition of an investee.

Loss on Impairment - The Company recorded loss on impairment of $123.6 million in the first quarter of 2026 ($99.0 million net of tax adjustment), due to the carrying amount of one of its VIE investments not being recoverable.

Provision for Income Taxes - The income tax impacts of the expenses and gains discussed above are based upon the items' forecasted effect upon the Company's full-year effective tax rate. Adjustments to forecasted items unrelated to the expenses and gains above, as well as impacts related to interim reporting, will have an effect on the income tax impact of these items in subsequent periods.
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EDWARDS LIFESCIENCES CORPORATION
Unaudited Reconciliation of GAAP to Non-GAAP Financial Information
(in millions, except per share and percentage data)


Three Months Ended March 31, 2026
Net SalesGross Profit MarginOperating Income, netOperating Profit Margin
Loss on
Impairment
Other Non-operating IncomeNet IncomeDiluted EPSEffective Tax Rate
GAAP - Continuing Operations$1,648.6 78.0 %$477.6 29.0 %$(123.6)$71.5 $380.7 $0.66 17.1 %
Non-GAAP adjustments: (A) (B)
   
Certain litigation expenses
— — 37.1 2.2 — — 29.0 0.05 0.2 
Amortization of intangible assets— 0.2 3.3 0.2 — — 2.6 — — 
Gain on remeasurement of previously held interest upon acquisition
— — — — — (65.2)(56.1)(0.10)0.5 
Loss on impairment— — — — 123.6 — 99.0 0.17 0.6 
Adjusted$1,648.6 78.2 %$518.0 31.4 %$— $6.3 $455.2 $0.78 18.4 %

Three Months Ended March 31, 2025
Net SalesGross Profit MarginOperating Income, netOperating Profit Margin
Loss on Impairment
Other Non-operating IncomeNet IncomeDiluted EPSEffective Tax Rate
GAAP - Continuing Operations$1,412.7 78.7 %$394.8 27.9 %$— $2.6 $363.6 $0.62 16.2 %
Net loss attributable to noncontrolling interests— — — — — — 1.6 — — 
Total attributable to Edwards Lifesciences Corporation1,412.7 78.7 %394.8 27.9 %— 2.6 365.2 0.62 16.2 %
Non-GAAP adjustments: (A) (B)
   
Certain litigation expenses
— — 10.9 0.8 — — 8.8 0.01 0.1 
Amortization of intangible assets— — 1.4 0.1 — — 1.2 — — 
Separation costs
— — 4.2 0.3 — — 3.4 0.01 — 
Adjusted$1,412.7 78.7 %$411.3 29.1 %$— $2.6 $378.6 $0.64 16.3 %
 
(A)See description of non-GAAP adjustments under “Non-GAAP Financial Information.”
(B)The tax effect on non-GAAP adjustments is calculated based upon the impact of the relevant tax jurisdictions’ statutory tax rates on the Company’s estimated annual effective tax rate, or discrete rate in the quarter, as applicable. The impact on the effective tax rate is reflected on each individual non-GAAP adjustment line item.

8

RECONCILIATION OF SALES BY PRODUCT GROUP AND REGION 
     
2025 Adjusted
 
Sales by Product Group (QTD) - Continuing Operations1Q 20261Q 2025ChangeGAAP
Growth
 Rate*		FX
 Impact		1Q 2025 Adjusted SalesConstant Currency
Growth
 Rate *
Transcatheter Aortic Valve Replacement$1,197.3 $1,046.6 $150.7 14.4 %$32.0 $1,078.6 11.0 %
Transcatheter Mitral and Tricuspid Therapies (A)
175.1 115.2 59.9 51.9 %7.4 122.6 42.8 %
Surgical (B)
276.2 250.9 25.3 10.1 %9.8 260.7 5.9 %
Total$1,648.6 $1,412.7 $235.9 16.7 %$49.2 $1,461.9 12.7 %
     2025 Adjusted 
Sales by Region (QTD) - Continuing Operations1Q 20261Q 2025ChangeGAAP
Growth Rate*		FX 
Impact		1Q 2025 Adjusted SalesConstant Currency
Growth
 Rate *
United States$937.6 $838.9 $98.7 11.8 %$— $838.9 11.8 %
Europe442.6 341.8 100.8 29.5 %42.9 384.7 15.1 %
Japan90.6 81.8 8.8 10.8 %(0.9)80.9 12.0 %
Rest of World177.8 150.2 27.6 18.4 %7.2 157.4 13.0 %
Outside of the United States711.0 573.8 137.2 23.9 %49.2 623.0 14.1 %
Total$1,648.6 $1,412.7 $235.9 16.7 %$49.2 $1,461.9 12.7 %
(A)Includes $2.0 million and $0.4 million of revenues related to Implantable Heart Failure Management for the first quarter of 2026 and 2025, respectively.
(B)For the first quarter 2026, $3.0 million of revenues related to a transitional service agreement from the 2025 sale of our non-core product group were included in Surgical sales.
* Numbers may not calculate due to rounding.

9

Source: View Original Filing on SEC EDGAR

FAQ

How did Edwards Lifesciences (EW) perform financially in Q1 2026?

Edwards Lifesciences posted strong Q1 2026 growth. Net sales were $1.65 billion, up 16.7% year over year, with constant currency growth of 12.7%. GAAP diluted EPS was $0.66, and adjusted EPS rose to $0.78, reflecting solid margins and operating leverage.

What were Edwards Lifesciences’ key product group results in Q1 2026?

TAVR and TMTT led Edwards’ growth. TAVR sales increased 14.4% to $1.20 billion, while Transcatheter Mitral and Tricuspid Therapies reached $175.1 million. Surgical sales were $276.2 million, up 10.1%, supported by expanding use of RESILIA tissue and newer surgical valve products.

Did Edwards Lifesciences (EW) change its 2026 guidance?

Yes, Edwards raised its 2026 outlook. The company now expects constant currency sales growth of 9%–11%, up from 8%–10%, and adjusted EPS of $2.95–$3.05. It also guides to total 2026 sales of $6.5–$6.9 billion and TAVR sales of $4.7–$5.0 billion.

What margins did Edwards Lifesciences report for Q1 2026?

Margins remained high despite mixed items. Gross margin was 78.0%, or 78.2% on an adjusted basis. Operating margin reached 29.0% GAAP and 31.4% adjusted. Net income from continuing operations was $380.7 million, with a 23.1% margin in the quarter.

How strong is Edwards Lifesciences’ balance sheet after Q1 2026?

Edwards reported a solid financial position. Cash and cash equivalents were about $2.4 billion and total debt roughly $600 million as of March 31 2026. During the quarter, it executed a $500 million accelerated share repurchase and still has about $1.5 billion remaining under authorization.

What guidance did Edwards Lifesciences give for Q2 2026?

Edwards provided Q2 2026 sales and EPS guidance. Management projects total sales between $1.66 billion and $1.74 billion and adjusted EPS of $0.70 to $0.76. This outlook reflects expectations for continued growth across TAVR, TMTT, and Surgical product groups.

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