Edwards Lifesciences (EW) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales rose 16.7% year-over-year to $1.65 billion; constant currency sales up 12.7%.

• TAVR and TMTT segments drove strong global growth, with notable expansion outside the U.S. and new product launches.

• Adjusted EPS was $0.78; GAAP EPS was $0.66, with net income from continuing operations at $380.7 million.

• Completed the acquisition of Autus Valve Technologies for $128.9 million, expanding the pediatric heart valve portfolio.

• $500 million accelerated share repurchase completed in Q1; $1.5 billion remains authorized.

Financial highlights

• TAVR sales grew 14.4% year-over-year to $1.2 billion, led by SAPIEN 3 Ultra RESILIA valve.

• TMTT sales surged to $175.1 million, up 51.9%, driven by PASCAL and EVOQUE systems.

• Surgical product sales increased 10.1% to $276 million, with strong demand for RESILIA and MITRIS valves.

• Gross profit margin was 78.0% (78.2% adjusted), down from 78.7% last year due to FX and manufacturing costs.

• Operating profit margin was 29.0% (31.4% adjusted); operating income from continuing operations was $477.6 million.

Outlook and guidance

• FY 2026 constant currency sales growth guidance raised to 9–11%; sales guidance $6.5–$6.9 billion.

• Adjusted EPS guidance midpoint raised to $2.95–$3.05.

• TAVR sales growth guidance increased to 7–9%, with expected sales of $4.7–$5.0 billion.

• TMTT sales expected at $740–$780 million (35–45% growth); Surgical segment to see mid-single-digit growth.

• Q2 2026 sales projected at $1.66–$1.74 billion; adjusted EPS $0.70–$0.76.