Edwards Lifesciences Corporation

edwards.com

What Do They Do?

Sells catheter-delivered aortic valve replacement systems, surgical heart valves, and mitral and tricuspid therapies to hospitals and clinicians.

How Do They Make Money?

Edwards sells nearly all its products directly or on consignment: direct sales count when products are delivered, while consigned sales count when products are implanted or used.

revenue

Segment	Share	How money arrives
Transcatheter Aortic Valve Replacement Sold outright	74% FY2022: 79%	Sold outright
Transcatheter Mitral and Tricuspid Therapies Sold outright	9.1% FY2022: 2.6%	Sold outright
Surgical Structural Heart Sold outright	17% FY2022: 19%	Sold outright

Who Are Their Customers?

Hospitals, clinicians and hospital purchasing decision-makers buy Edwards products. In the United States, sales are substantially direct; outside the United States, Edwards uses direct sales and independent distributors.

Do Revenues Turn Into Profits?

Yes. It kept 18 cents of every revenue dollar as net income in FY2025 and turned 22 cents into free cash flow.

Operating income, FY2025

21% of revenue

▼ −8% vs FY2024 ($1.4B, 25%)

Net income, FY2025

18% of revenue

▼ −74% vs FY2024 ($4.2B, 77%)

Free cash flow, FY2025

22% of revenue

▲ +361% vs FY2024 ($289.9M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +14%; vs $1.5B in Q2 FY2025
Net income: ▼ −27%; vs $333.2M in Q2 FY2025

Transcatheter Aortic Valve Replacement share of revenue vs 73.8% in Q2 FY2025

Jul 23, 2026 Raised sales-growth and TMTT guidance Total-company constant-currency sales growth guidance rose to 10% to 11% from 9% to 11%; TMTT sales guidance rose to $760 to $780 million from $740 to $780 million.
May 4, 2026 Appointed Theodora Mistras as CFO She will succeed Scott Ullem effective May 29, 2026.

Growing. Revenue grew 16% in 4 years, from $5.2B in FY2021 to $6.1B in FY2025, about 4% a year.

Exited critical care monitoring The older report included critical-care monitoring alongside heart therapies; the latest describes structural-heart product groups and says the Critical Care business was sold.

Broader commercial mitral and tricuspid therapies The older report described some transcatheter repair systems as commercially available while replacement technologies remained in development; the latest describes commercial repair and replacement therapies.

Revenue over time

Transcatheter Aortic Valve Replacement Transcatheter Mitral and Tricuspid Therapies Surgical Structural Heart Critical Care

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Medtronic and Abbott

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