1、CrispIdea|R E S E A R C HEdwards Lifesciences CorpE Q U I T Y R E S E A R C H Healthcare|Medical Devices|Jul 11,2025Edwards Lifesciences CorpLeading the future of structural heart careWe maintain a“Hold”rating for EW,with the Upgrade TP of$81.03 for FY26.This provides an upside potential of 7%over t

2、he CMP of$76.79.We estimated the adjusted EPS of$2.49 for FY26.We estimate a forward P/E multiple of 29.4x and EV/EBITDA of 22.3x for FY26.Our estimates are based on the following factors:1)Strong overall Q1 revenue growth 2)TMTT segment delivered explosive growth and TAVR segment performed better t

3、han expected 3)EPS guidance has been maintained despite Tariff and JenaValve headwinds 4)Struggles with Japan TAVR market;but management remains focused on future growth opportunities.Strong overall Q1 revenue growth:Edward Lifesciences has reported a strong Q1 revenue growth with sales touching$1.4

4、1bn which is a 6.2%increase compared to previous year of the same period.This sales was primarily fuelled by growth in Transcatheter Aortic valve replacement and Transcatheter Mitral and Tricuspid Therapies products.The gross margin stood at 78.7%in Q1FY25 a increase of 0.4%from 78.3%in Q1FY24.This

5、was mainly due to the high volume sales of high margin products like PASCAL,EVOQUE and premium TAVR valves.These product margins are better than traditional surgical products when compared.The SG&A were$466mn or 33%of the sales and the management tells this was better than expected primarily due to

6、lower sequential spending and the deferral of certain strategic investments in Q1.TMTT segment delivered explosive growth and TAVR segment performed better than expected:TMTT segment delivered a explosive growth of 58%increase from$72.8mn in Q1FY24 to a whooping$115mn in Q1FY25,resulting in the high