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EW beat Q1 EPS by 16.4% with 21.9% growth; revenues rose 17% to $1.65B, matching estimates.
Edwards Lifesciences saw TAVR sales rise 14.4% and TMTT jump 51.9% on strong therapy adoption.
EW raised 2026 sales growth guidance to 9-11% and EPS view to $2.95-$3.05, signaling confidence ahead.
Edwards Lifesciences Corporation (EW - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of 78 cents, which surpassed the Zacks Consensus Estimate by 16.4%. The figure increased 21.9% on a year-over-year basis.
One-time adjustments primarily include certain litigation and restructuring expenses. GAAP EPS from continuing operations was 66 cents compared with 62 cents in the year-ago period.
Edwards’ Q1 Revenues
Sales totaled $1.65 billion, up 17% year over year. The metric was in line with the Zacks Consensus Estimate.
Following the earnings announcement, EW stock rose 2.3% in the aftermarket trading yesterday.
EW’s Q1 Sales by Segments
Transcatheter Aortic Valve Replacement (“TAVR”)
Global sales in the product group amounted to $1.20 billion, up 14.4% year over year or 11% at constant currency (CER). The performance reflected clinicians’ heightened focus on SAPIEN therapy and proactive disease management of patients suffering from severe aortic stenosis.
Transcatheter Mitral and Tricuspid Therapies (“TMTT”)
Sales totaled $175.1 million, up 51.9% from the prior-year figure on a reported basis. The global adoption of PASCAL and EVOQUE contributed to the overall growth.
Surgical Structural Heart
Global Surgical sales from continuing operations amounted to $276.2 million, up 10.1% year over year or 5.9% at CER. Growth was driven by continued adoption of RESILIA therapies that offer extended durability.
Edwards’ Q1 Margin Performance
The gross profit was $1.29 billion, up 15.7% year over year. The gross margin contracted 64 basis points (bps) to 78% due to a 20.2% increase in the cost of sales.
SG&A expenses rose 12.1% year over year to $522.2 million. R&D expenditures amounted to $263.3 million, up 3.4% year over year.
The operating income increased 28.1% year over year to $500.5 million. The operating margin expanded 269 bps to 30.4%.
EW’s Cash Position
The company exited the first quarter of 2026 with cash and cash equivalents of $2.40 billion compared with $3.00 billion in the fourth quarter of 2025. Total debt was roughly $600 million, in line with the 2025 figure.
Edwards Lifesciences Corporation Price, Consensus and EPS Surprise
For 2026, the company has guided sales growth rate between 9% and 11% (up from 8% and 10%). The Zacks Consensus Estimate for sales is pegged at $6.66 billion, suggesting a 9.8% increase from the 2025 level.
Adjusted EPS is now projected to be in the $2.95-$3.05 range (previously $2.90-$3.05). The Zacks Consensus Estimate is pegged at $2.96.
For the second quarter of 2026, EW projects total sales in the band of $1.66-$1.74 billion and adjusted EPS in the 70-76 cents range. The Zacks Consensus Estimate for second-quarter sales and EPS is pinned at $1.68 billion and 75 cents, respectively.
Our Take
Edwards Lifesciences’ first-quarter earnings beat estimates but revenues matched the same. Within TAVR, the company saw intentional and urgent treatment of severe aortic stenosis patients, fueled by a large and growing body of evidence on the SAPIEN platform and the increased adoption of SAPIEN 3 Ultra RESILIA.
Within TMTT, strong and increasing utilization of Edwards’ differentiated therapies, combined with double-digit mitral and tricuspid procedure volumes globally, positions Edwards for continued growth. Surgical performance continues to benefit from the ongoing adoption of RESILIA therapies that offer extended durability of Edwards’ therapies, including INSPIRIS, KONECT and MITRIS. Supported by the strong quarterly performance and multiple catalysts, management raised its 2026 outlook.
The contraction in gross margins is a concern, but the expansion in operating margins during the quarter is a positive sign.
EW’s Zacks Rank & Key Picks
Edwards Lifesciences currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Globus Medical (GMED - Free Report) , Tactile Systems Technology, Inc. (TCMD - Free Report) and Phibro Animal Health (PAHC - Free Report) .
Globus Medical, currently sporting a Zacks Rank #1 (Strong Buy), reported a fourth-quarter 2025 adjusted EPS of $1.28, which surpassed the Zacks Consensus Estimate by 20.8%. Revenues of $826.4 million beat the Zacks Consensus Estimate by 4.9%. You can see the complete list of today’s Zacks #1 Rank stocks here.
GMED has an earnings yield of 4.7% compared to the industry’s negative 1.4% yield. The company beat earnings estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 18.79%.
Tactile Systems Technology, carrying a Zacks Rank #2 (Buy) at present, posted a fourth-quarter 2025 adjusted EPS of 46 cents, which outpaced the Zacks Consensus Estimate by 3.77%. Revenues of $103.6 million topped the Zacks Consensus Estimate by 10.52%.
TCMD has an earnings yield of 4.4% compared to the industry’s negative 1.4% yield. The company’s earnings outpaced estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 24.85%.
Phibro Animal Health, carrying a Zacks Rank #2 at present, posted a second-quarter fiscal 2026 adjusted EPS of 87 cents, which exceeded the Zacks Consensus Estimate by 27.01%. Revenues of $373.9 million outperformed the Zacks Consensus Estimate by 4.72%.
PAHC has an estimated long-term earnings growth rate of 21.5% compared with the industry’s 12.1%. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 20.15%.
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EW's Q1 Earnings Beat, Revenues Match, '26 View Up, Stock Climbs
Key Takeaways
Edwards Lifesciences Corporation (EW - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of 78 cents, which surpassed the Zacks Consensus Estimate by 16.4%. The figure increased 21.9% on a year-over-year basis.
One-time adjustments primarily include certain litigation and restructuring expenses. GAAP EPS from continuing operations was 66 cents compared with 62 cents in the year-ago period.
Edwards’ Q1 Revenues
Sales totaled $1.65 billion, up 17% year over year. The metric was in line with the Zacks Consensus Estimate.
Following the earnings announcement, EW stock rose 2.3% in the aftermarket trading yesterday.
EW’s Q1 Sales by Segments
Transcatheter Aortic Valve Replacement (“TAVR”)
Global sales in the product group amounted to $1.20 billion, up 14.4% year over year or 11% at constant currency (CER). The performance reflected clinicians’ heightened focus on SAPIEN therapy and proactive disease management of patients suffering from severe aortic stenosis.
Transcatheter Mitral and Tricuspid Therapies (“TMTT”)
Sales totaled $175.1 million, up 51.9% from the prior-year figure on a reported basis. The global adoption of PASCAL and EVOQUE contributed to the overall growth.
Surgical Structural Heart
Global Surgical sales from continuing operations amounted to $276.2 million, up 10.1% year over year or 5.9% at CER. Growth was driven by continued adoption of RESILIA therapies that offer extended durability.
Edwards’ Q1 Margin Performance
The gross profit was $1.29 billion, up 15.7% year over year. The gross margin contracted 64 basis points (bps) to 78% due to a 20.2% increase in the cost of sales.
SG&A expenses rose 12.1% year over year to $522.2 million. R&D expenditures amounted to $263.3 million, up 3.4% year over year.
The operating income increased 28.1% year over year to $500.5 million. The operating margin expanded 269 bps to 30.4%.
EW’s Cash Position
The company exited the first quarter of 2026 with cash and cash equivalents of $2.40 billion compared with $3.00 billion in the fourth quarter of 2025. Total debt was roughly $600 million, in line with the 2025 figure.
Edwards Lifesciences Corporation Price, Consensus and EPS Surprise
Edwards Lifesciences Corporation price-consensus-eps-surprise-chart | Edwards Lifesciences Corporation Quote
Edwards’ 2026 Guidance
For 2026, the company has guided sales growth rate between 9% and 11% (up from 8% and 10%). The Zacks Consensus Estimate for sales is pegged at $6.66 billion, suggesting a 9.8% increase from the 2025 level.
Adjusted EPS is now projected to be in the $2.95-$3.05 range (previously $2.90-$3.05). The Zacks Consensus Estimate is pegged at $2.96.
For the second quarter of 2026, EW projects total sales in the band of $1.66-$1.74 billion and adjusted EPS in the 70-76 cents range. The Zacks Consensus Estimate for second-quarter sales and EPS is pinned at $1.68 billion and 75 cents, respectively.
Our Take
Edwards Lifesciences’ first-quarter earnings beat estimates but revenues matched the same. Within TAVR, the company saw intentional and urgent treatment of severe aortic stenosis patients, fueled by a large and growing body of evidence on the SAPIEN platform and the increased adoption of SAPIEN 3 Ultra RESILIA.
Within TMTT, strong and increasing utilization of Edwards’ differentiated therapies, combined with double-digit mitral and tricuspid procedure volumes globally, positions Edwards for continued growth. Surgical performance continues to benefit from the ongoing adoption of RESILIA therapies that offer extended durability of Edwards’ therapies, including INSPIRIS, KONECT and MITRIS. Supported by the strong quarterly performance and multiple catalysts, management raised its 2026 outlook.
The contraction in gross margins is a concern, but the expansion in operating margins during the quarter is a positive sign.
EW’s Zacks Rank & Key Picks
Edwards Lifesciences currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Globus Medical (GMED - Free Report) , Tactile Systems Technology, Inc. (TCMD - Free Report) and Phibro Animal Health (PAHC - Free Report) .
Globus Medical, currently sporting a Zacks Rank #1 (Strong Buy), reported a fourth-quarter 2025 adjusted EPS of $1.28, which surpassed the Zacks Consensus Estimate by 20.8%. Revenues of $826.4 million beat the Zacks Consensus Estimate by 4.9%. You can see the complete list of today’s Zacks #1 Rank stocks here.
GMED has an earnings yield of 4.7% compared to the industry’s negative 1.4% yield. The company beat earnings estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 18.79%.
Tactile Systems Technology, carrying a Zacks Rank #2 (Buy) at present, posted a fourth-quarter 2025 adjusted EPS of 46 cents, which outpaced the Zacks Consensus Estimate by 3.77%. Revenues of $103.6 million topped the Zacks Consensus Estimate by 10.52%.
TCMD has an earnings yield of 4.4% compared to the industry’s negative 1.4% yield. The company’s earnings outpaced estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 24.85%.
Phibro Animal Health, carrying a Zacks Rank #2 at present, posted a second-quarter fiscal 2026 adjusted EPS of 87 cents, which exceeded the Zacks Consensus Estimate by 27.01%. Revenues of $373.9 million outperformed the Zacks Consensus Estimate by 4.72%.
PAHC has an estimated long-term earnings growth rate of 21.5% compared with the industry’s 12.1%. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 20.15%.