Core Insights - Edwards Lifesciences reported revenue of $1.41 billion for the quarter ended March 2025, reflecting an 11.6% decline year-over-year, with EPS at $0.64 compared to $0.66 in the previous year [1] - The revenue exceeded the Zacks Consensus Estimate of $1.4 billion by 0.71%, while the EPS surpassed the consensus estimate of $0.60 by 6.67% [1] Revenue Performance - Net Sales in Europe were $341.80 million, below the average estimate of $357.01 million, marking a 7.1% decrease year-over-year [4] - Net Sales outside the United States reached $573.80 million, slightly above the estimated $573.77 million, but down 12.7% from the previous year [4] - Net Sales in the United States totaled $838.90 million, below the average estimate of $849.03 million, representing a 10.8% decline year-over-year [4] - Net Sales in Japan were $81.80 million, significantly lower than the estimated $96.40 million, indicating a 26.2% decrease [4] - Net Sales in the Rest of the World amounted to $150.20 million, exceeding the estimate of $120.36 million, but down 16% year-over-year [4] Product Group Performance - Transcatheter Aortic Valve Replacement generated $1.05 billion, surpassing the average estimate of $1.03 billion, with a year-over-year increase of 3.8% [4] - Surgical Structural Heart sales were $250.90 million, slightly below the estimated $254.51 million, reflecting a 5.7% decline year-over-year [4] - Transcatheter Mitral and Tricuspid Therapies achieved $115.20 million, exceeding the average estimate of $113.82 million, with a substantial year-over-year increase of 58% [4] Stock Performance - Shares of Edwards Lifesciences have returned -0.9% over the past month, compared to a -6.6% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

[Q1 2025 Financial & Operational Overview](index=1&type=section&id=EDWARDS%20LIFESCIENCES%20REPORTS%20FIRST%20QUARTER%20RESULTS) Edwards Lifesciences reported strong Q1 2025 results, driven by its structural heart strategy, leading to increased sales guidance and key product approvals [Recent Highlights & CEO Statement](index=1&type=section&id=Recent%20Highlights) Edwards Lifesciences reported strong Q1 2025 results with significant sales growth and adjusted EPS, driven by its structural heart strategy and key product approvals Q1 2025 Key Performance Indicators | Metric | Value | Growth (YoY) | Growth (Constant Currency) | | :--- | :--- | :--- | :--- | | Total Sales | $1.41 billion | 6.2% | 7.9% (Adjusted) | | TAVR Sales | - | 3.8% | 5.4% | | TMTT Sales | $115 million | 58% | - | | EPS | $0.62 | - | - | | Adjusted EPS | $0.64 | - | - | - CEO Bernard Zovighian attributed the strong start to the year to the company's structural heart-focused strategy and unwavering dedication to innovation, expressing confidence in the 2025 outlook[3](index=3&type=chunk) - Key operational achievements include SAPIEN M3 CE Mark approval, a finalized National Coverage Determination (NCD) for EVOQUE to expand patient access, and positive data confirming the long-term durability of RESILIA tissue[4](index=4&type=chunk) - The company raised its full-year TMTT sales guidance to **$530-$550 million** and total sales guidance to **$5.7-$6.1 billion**, while reaffirming its adjusted EPS outlook of **$2.40-$2.50**[4](index=4&type=chunk) [Business Segment Performance](index=2&type=section&id=Business%20Segment%20Performance) The company's business segments, including TAVR, TMTT, and Surgical, demonstrated varied growth, driven by product innovation and market expansion [Transcatheter Aortic Valve Replacement (TAVR)](index=2&type=section&id=Transcatheter%20Aortic%20Valve%20Replacement%20(TAVR)) The TAVR segment achieved **$1.05 billion** in sales, driven by the SAPIEN 3 Ultra RESILIA platform and therapy adoption, with anticipated asymptomatic indication approval TAVR Q1 2025 Sales Performance | Metric | Value (USD) | Growth (YoY) | Growth (Constant Currency) | | :--- | :--- | :--- | :--- | | Q1 Sales | $1.05 billion | 3.8% | 5.4% | - In the U.S., the SAPIEN 3 Ultra RESILIA platform continues to perform strongly. Edwards is focused on helping hospitals manage increasing procedure volumes and expects asymptomatic indication approval in Q2[6](index=6&type=chunk) - Outside the U.S., growth was supported by the expansion of SAPIEN 3 Ultra RESILIA in Europe and efforts to address the undertreatment of aortic stenosis in Japan[7](index=7&type=chunk) [Transcatheter Mitral and Tricuspid Therapies (TMTT)](index=2&type=section&id=Transcatheter%20Mitral%20and%20Tricuspid%20Therapies%20(TMTT)) The TMTT segment experienced exceptional growth, with sales rising **58%** to **$115 million**, driven by global adoption of PASCAL and EVOQUE, and CE Mark approval for SAPIEN M3 TMTT Q1 2025 Sales Performance | Metric | Value (USD) | Growth (YoY) | Growth (Constant Currency) | | :--- | :--- | :--- | :--- | | Q1 Sales | $115 million | 58% | >60% | - Growth was led by increased adoption and balanced contribution from the PASCAL and EVOQUE systems in the U.S., Europe, and globally[8](index=8&type=chunk) - The portfolio was enhanced by the CE Mark approval of SAPIEN M3 in Europe, the world's first transcatheter mitral valve replacement system, which will benefit patients with limited treatment options[9](index=9&type=chunk)[10](index=10&type=chunk) [Surgical](index=2&type=section&id=Surgical) The Surgical segment reported global sales of **$251 million**, driven by positive procedure growth for the RESILIA tissue portfolio and key product launches Surgical Q1 2025 Sales Performance | Metric | Value (USD) | Growth (YoY) | Growth (Constant Currency) | | :--- | :--- | :--- | :--- | | Q1 Sales | $251 million | 1% | 3% | - Global procedure growth for the premium RESILIA tissue portfolio, including MITRIS, INSPIRIS, and KONECT, remains positive[11](index=11&type=chunk) - Key innovation milestones include the successful launch of MITRIS in China and the expected CE Mark approval for the KONECT aortic valved conduit in Europe before year-end[12](index=12&type=chunk) [Detailed Financials & Outlook](index=3&type=section&id=Detailed%20Financials%20%26%20Outlook) This section details Q1 2025 financial results, including improved gross profit margins and operating expenses, alongside updated 2025 guidance and comprehensive financial statements [Additional Financial Results (Q1 2025)](index=3&type=section&id=Additional%20Financial%20Results) Q1 2025 saw improved gross profit margin to **78.7%** and an adjusted operating margin of **29.1%**, with **$3.1 billion** in cash and cash equivalents Q1 2025 Financial Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Gross Profit Margin | 78.7% | 78.4% | | SG&A (% of sales) | 33.0% | - | | R&D (% of sales) | 18.0% | - | | Operating Profit Margin | 27.9% | - | | Adjusted Operating Margin | 29.1% | - | - SG&A expenses were lower than expected due to the deferral of certain strategic investments originally planned for Q1[13](index=13&type=chunk) - The company ended the quarter with approximately **$3.1 billion** in cash and cash equivalents and **$600 million** in total debt[15](index=15&type=chunk) [2025 Outlook](index=3&type=section&id=Outlook) Edwards Lifesciences raised its full-year 2025 TMTT sales guidance to **$530-$550 million** and total sales to **$5.7-$6.1 billion**, while reaffirming adjusted EPS guidance Updated Full-Year 2025 Guidance | Metric | New Guidance | Previous Guidance | | :--- | :--- | :--- | | Total Company Sales | $5.7 - $6.1 billion | Increased by $100M | | TMTT Sales | $530 - $550 million | $500 - $530 million | | Adjusted EPS | $2.40 - $2.50 | Reaffirmed | Q2 2025 Guidance | Metric | Guidance | | :--- | :--- | | Total Sales | $1.45 - $1.53 billion | | Adjusted EPS | $0.59 - $0.65 | - The company is implementing plans to mitigate anticipated cost pressures from a weakening dollar, tariffs, and the expected close of the JenaValve acquisition to maintain its full-year operating margin guidance of **27% to 28%**[16](index=16&type=chunk) [Financial Statements and Reconciliations](index=5&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents detailed unaudited financial statements for Q1 2025, including Consolidated Statements of Operations and reconciliations of GAAP to non-GAAP sales measures Unaudited Consolidated Statements of Operations (in millions) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $1,412.7 | $1,329.9 | | Gross profit | $1,111.1 | $1,043.0 | | Operating income, net | $394.8 | $349.0 | | Net income | $356.4 | $351.0 | | Diluted EPS | $0.61 | $0.58 | Reconciliation of Sales by Product Group (Constant Currency Growth) | Product Group | GAAP Growth | Constant Currency Growth | | :--- | :--- | :--- | | TAVR | 3.8% | 5.4% | | TMTT | 58.1% | 61.4% | | Surgical Structural Heart | 0.7% | 2.6% | | **Total** | **6.2%** | **7.9%** | Reconciliation of Sales by Region (Constant Currency Growth) | Region | GAAP Growth | Constant Currency Growth | | :--- | :--- | :--- | | United States | 7.3% | 7.2% | | Europe | 4.9% | 8.8% | | Japan | (4.9)% | (1.0)% | | Rest of World | 10.6% | 15.9% |

Investment Rating - The industry investment rating is "Outperform the Market" [1][50]. Core Insights - Eli Lilly's first oral small molecule GLP-1 drug, Orforglipron, has successfully completed Phase 3 clinical trials, which is expected to change the landscape of weight loss medications [3][4]. - The ACHIEVE-1 trial showed that Orforglipron significantly reduced HbA1c levels by 1.3% to 1.6% from a baseline of 8.0% after 40 weeks, with over 65% of patients achieving HbA1c levels ≤6.5% [3][4]. - Patients receiving the highest dose of Orforglipron lost an average of 7.3 kg, indicating potential for further weight loss [4]. - Eli Lilly plans to submit a global application for Orforglipron for weight management by the end of this year and for type 2 diabetes treatment in 2026 [4][5]. Summary by Sections Industry Overview - The successful Phase 3 trial of Orforglipron positions it as a potential second oral GLP-1 drug in the U.S., following Novo Nordisk's Rybelsus [5]. Investment Strategy - Focus on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [7]. - Recommended companies include innovative drug developers and those with strong overseas market potential [7]. Key Companies to Watch - **Nocera Health**: Expected to achieve over 1 billion yuan in revenue from its core product, with a projected 49% year-on-year growth [8]. - **Sihuan Pharmaceutical**: Strong fundamentals with a stable growth outlook, particularly in the ADC market [11]. - **China Biopharmaceutical**: Rapid revenue growth with a focus on innovative products [13]. - **Aier Eye Hospital**: Benefiting from increasing demand in ophthalmology and ongoing overseas expansion [22]. Market Performance - The pharmaceutical sector saw a decline of 0.36% last week, while the broader market index rose by 0.59% [25][36].

Core Viewpoint - Analysts expect Edwards Lifesciences to report quarterly earnings of $0.60 per share, reflecting a year-over-year decline of 9.1%, with revenues projected at $1.4 billion, down 12.2% from the previous year [1] Earnings Estimates - Changes in earnings estimates are crucial for predicting investor reactions to stock performance, with empirical studies showing a strong correlation between earnings estimate revisions and short-term price performance [2] Key Metrics Overview - Analysts predict 'Net Sales by Product Group- Transcatheter Mitral and Tricuspid Therapies' will reach $113.82 million, indicating a year-over-year increase of 56.1% [4] - 'Net Sales by Product Group- Surgical Structural Heart' is forecasted to be $254.51 million, reflecting a decrease of 4.4% from the year-ago quarter [4] - 'Net Sales by Product Group- Transcatheter Aortic Valve Replacement' is expected to reach $1.03 billion, showing a year-over-year increase of 2.2% [5] - 'Net Sales- Europe' is projected at $357.01 million, indicating a decline of 2.9% from the prior-year quarter [5] - 'Net Sales- Outside of the United States' is estimated at $573.77 million, reflecting a year-over-year decrease of 12.7% [6] - 'Net Sales- United States' is expected to be $849.03 million, down 9.8% from the previous year [6] - 'Net Sales- Japan' is projected to reach $96.40 million, indicating a year-over-year decline of 13% [6] - 'Net Sales- Rest of World' is expected to be $120.36 million, reflecting a significant decrease of 32.7% from the year-ago quarter [7] Stock Performance - Edwards Lifesciences shares have increased by 0.8% over the past month, contrasting with the Zacks S&P 500 composite's decline of 6.9%, with a Zacks Rank of 3 (Hold) indicating expected performance in line with the overall market [7]

Edwards Lifesciences Corp. (EW) is scheduled to report first-quarter 2025 results on April 23, after market close.In the last reported quarter, the company’s adjusted earnings per share of 59 cents beat the Zacks Consensus Estimate by 7.27%. Its earnings beat estimates in two of the trailing four quarters and matched on the other two occasions, the average surprise being 2.60%. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)Q1 EstimatesThe Zacks Consensus Estimate for the company’s ...

爱德华的 CEO Bernard Zovighian 这一薪酬包括 110 万美元的薪水和 610 万美元的股票奖励。 570 万 美元的期权奖励、 140 万美元的奖金和 98028 美元的其他薪酬，显示出公司对高层管理者的激励机制 高度依赖于绩效和长期股权奖励。 心血管医疗器械作为全球最大的细分市场之一，近年来发展迅速，预计到 2026 年，全球心血管医疗器械 市场规模将达到 822 亿美元 ，年均复合增长率为 6.9% 。这一市场的快速增长为爱德华等企业提供了巨 大的发展机遇。 Bernard Zovighian 于 2023 年 5 月正式担任爱德华的 CEO ，其薪酬结构体现了公司对创新和市场竞 争力的重视。与行业其他 CEO 相比，他的薪酬虽然低于强生的 Joaquin Duato （ 4930 万美元）和瑞 思迈的 Michael Farrell （ 4290 万美元），但仍处于行业较高水平。 报名：首届全球眼科大会 | 参会须知 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 合作伙伴征集：2025全球手术机器人大会 心未来 近日， 爱德华生命科学 （ Edwar ...

Market Overview - There has been a significant tone shift in markets so far in 2025, with technology and discretionary sectors lagging behind [1] - Last year's underperforming areas, including Health Care and Energy sectors, have seen increased interest and investment [1] Sector Performance - The Health Care Select Sector SPDR Fund ETF has caught a bid, indicating a positive shift in investor sentiment towards the health care sector [1]

Sales Performance - Sales of TAVR products represented 75%, 77%, and 79% of net sales in 2024, 2023, and 2022, respectively[25]. - Sales of surgical tissue heart valve products accounted for 18%, 19%, and 19% of net sales in 2024, 2023, and 2022, respectively[28]. - In 2024, 59% of net sales were derived from customers in the United States, while 41% came from international markets[35][36]. - Total net sales for 2024 reached $5,439.5 million, an increase of $429.5 million or 8.6% compared to 2023[162]. - Net sales in the United States were $3,206.0 million, up $258.1 million or 8.8% from $2,947.9 million in 2023[162]. - Sales of Transcatheter Aortic Valve Replacement products increased to $4,106.1 million, a rise of $226.3 million or 5.8% from $3,879.8 million in 2023[163]. - The Transcatheter Mitral and Tricuspid Therapies segment saw a significant increase of 78.2%, with sales rising to $352.1 million from $197.6 million[163]. Research and Development - Research and development spending increased by 9% year over year, representing 19% of 2024 sales, primarily due to investments in transcatheter structural heart programs[45]. - The company is developing new products to improve transcatheter aortic heart valve replacement procedures and investing in technologies for mitral and tricuspid valve diseases[47]. - Research and development activities are primarily conducted in the United States and Israel, with collaborations with leading research institutions and clinicians globally[53]. - The company focuses on developing medical technologies for cardiovascular disease treatment, including bioprosthetic surgical tissue heart valves and transcatheter valves[52]. - The company completed patient enrollment in the PROGRESS pivotal trial for moderate AS patients and received CE Mark approval for the Edwards SAPIEN 3 Ultra RESILIA valve in Europe[167]. - Research and Development (R&D) expenses increased as the company continued to invest in aortic transcatheter valve innovations and clinical trial activities[177]. Regulatory and Compliance - Compliance with FDA regulations is resource-intensive, and several products are pending regulatory clearance or approval[60]. - The EU's Medical Device Regulation (MDR) implemented in May 2021 requires re-certification of many products, leading to substantial additional expenses[66]. - The company is subject to various laws and regulations, including anti-kickback laws and the Stark law, which could impact its operations[62]. - The regulatory approval process for new products requires extensive clinical trials, and unfavorable clinical data could adversely impact the company's market prospects[95]. - The company is subject to rigorous governmental regulations, which may incur significant compliance costs and impact business operations if not adhered to[124]. Financial Performance - Gross profit increased in 2024, although the gross profit margin decreased by 0.6 percentage points due to foreign currency fluctuations[174]. - Selling, General, and Administrative (SG&A) expenses rose due to higher personnel-related costs and expenses related to recent business combinations[176]. - Interest income increased to $120.3 million in 2024 from $67.2 million in 2023, driven by a higher average investment balance and yield[186]. - Other non-operating income rose to $68.9 million in 2024, up from $13.9 million in 2023, mainly due to gains from the remeasurement of previously held equity interests[187]. - The effective income tax rate decreased to 9.8% in 2024 from 11.1% in 2023, attributed to increased tax benefits from foreign earnings and favorable audit settlements[188]. - Net cash flows from operating activities decreased by $353.5 million to $542.3 million in 2024, primarily due to tax payments of $1.2 billion[216]. - Net cash provided by investing activities was $2.3 billion in 2024, mainly from the sale of Critical Care, offset by $1.1 billion for acquisitions and $252.4 million in capital expenditures[217]. - Net cash used in financing activities was $983 million in 2024, primarily due to treasury stock purchases of $1.2 billion[219]. Employee and Culture - The talent management strategy aims to attract and retain a motivated workforce aligned with the company's patient-focused innovation strategy[77]. - The company is committed to maintaining an ethical culture, promoting diversity, and ensuring fair compensation practices across all operating regions[83]. - As of December 31, 2024, the company had approximately 15,800 employees worldwide, with the majority located in the United States, Singapore, and Costa Rica[88]. - The company emphasizes a patient-focused culture and aims to foster inclusion and collaboration among employees to drive innovation[84]. - The company conducts a multilingual global employee survey, myVoice, to gather feedback on various topics, including patient focus and diversity, which is reviewed by management and the Board of Directors[85]. - The company offers competitive employee benefits and well-being packages, focusing on mental health, nutrition, and physical activity, to enhance employee performance[86]. - The company is committed to developing talent from within, providing extensive learning and development resources for employees at all levels[87]. Risks and Challenges - The company faces risks related to the failure to innovate and market products effectively, which could materially affect its prospects[94]. - Manufacturing and quality problems could materially affect the company's business, especially as it expands into new markets[96]. - The company relies on key physicians and research institutions for product development and marketing, and any disruption in these relationships could adversely impact its business[98]. - The company is subject to risks associated with public health crises, which could result in material adverse impacts on its financial condition and operations[99]. - The company faces challenges in recruiting and retaining qualified talent, which is critical for its continued success and operational stability[105]. - The integration of acquired businesses and technologies may be costly and could divert resources from other product developments, potentially impacting overall business performance[106]. - The company has been impacted by domestic and global economic conditions, which may affect sales and operations due to factors like inflation and interest rates[111]. - Changes in health care legislation and reimbursement policies could adversely affect demand for the company's products and their pricing[112]. - The company is involved in pending or threatened lawsuits related to products, workplace matters, and governmental investigations, which may impact financial performance[236]. - Legal accruals require significant judgment due to the complexities and uncertainties of each case, affecting the company's financial statements[236]. Acquisitions and Divestitures - The company sold its Critical Care product group to Becton, Dickinson and Company on September 3, 2024, which may introduce operational complexities and risks[108]. - The company entered into agreements to acquire multiple medical device companies for a total cash purchase price of $1.5 billion, with $1.1 billion paid upon closing of the transactions[211]. - The company sold its Critical Care product group for $4.2 billion in cash, completing the sale in early September 2024[212]. - The sale of Critical Care to BD was completed on September 3, 2024, incurring expenses of $19.0 million for consulting, legal, and advisory services related to the transaction[181].

Core Insights - Edwards Lifesciences' fourth-quarter performance was supported by its comprehensive structural heart disease portfolio, particularly in the Surgical Structural Heart business and TAVR segment, despite potential growth challenges from macroeconomic volatility and currency impacts [1][8]. Company Performance - In the past year, Edwards Lifesciences' shares declined by 13.8%, contrasting with a 4.8% growth in the industry and a 24.1% increase in the S&P 500 [2]. - The company has a market capitalization of $44.63 billion and has consistently surpassed earnings estimates over the last four quarters, with an average surprise of 2.60% [2]. Business Segments - The Surgical Structural Heart segment grew by 5% year-over-year in the fourth quarter, driven by strong global adoption of premium surgical technologies such as INSPIRIS, MITRIS, and KONECT [4]. - The TAVR platform achieved a 5.3% year-over-year growth in the fourth quarter, with strong sales growth in both the U.S. and international markets, particularly in Europe and Japan [6][7]. Innovations and Acquisitions - Edwards Lifesciences is advancing its RESILIA tissue technology, with positive data from the COMMENCE trials supporting its portfolio's momentum [3]. - The company completed the acquisition of Endotronix in 2024, marking its entry into the implantable heart failure management market [5]. Economic Challenges - The company faces macroeconomic challenges, including inflation and geopolitical factors that could impact operating results [8]. - Staffing shortages and increased medical supply expenses post-pandemic are putting pressure on margins [9]. - Foreign exchange fluctuations have negatively affected gross margins, with a 30 basis point decrease in the fourth quarter compared to the previous year [10]. Financial Estimates - The Zacks Consensus Estimate for 2025 earnings per share remains at $2.45, while the estimate for 2024 revenues is projected at $5.81 billion, indicating a 2.6% decline from the previous year [11].

2025年2月11日，得益于第四季度业绩超预期，爱德华生命科学（NYSE：EW）股价在盘后交易中上涨。截至盘后，EW股价上涨 7% ，至每股 75.88美元 第四季度 爱德华生命科学 公司实现 利润3.856亿美元 ，合每股收益 65美分 ，销售额达 13.86亿美元 （合约 101.178亿人民币 ）。在销售额同比 增长 9.4% 的推动下，公司净利润增长 4.2% 。 剔除一次性项目后，调整后每股收益为 59美分 ，较华尔街预期高出4美分。此外，公司销售额也超出市场预期的 13.6亿美元 。 # 财 报 详情 第四季度销售额同比增长 9% ，达到 13.9亿美元 ，超出市场预期。所有产品线均呈现强劲增长态势。 经汇率调整后，第四季度经导管主动脉瓣置换术（TAVR）销售额实现 5% 的增长，按报告汇率计算增长率为 6% 。 经导管二尖瓣和三尖瓣治疗（TMTT）业务表现尤为突出，第四季度销售额同比增长 88% ，达到 1.05亿美元 ，成为推动公司业绩增长的重要引擎。 第四季度基本每股收益为 0.58美元 ，经调整后每股收益为 0.59美元 ，主要得益于强劲的销售业绩。 财务表现 临床进展 公司在第四季度公布 ...