Edwards Lifesciences (EW) official guidance

We continue to expect average diluted shares outstanding for 2026 to be between 580 million to 585 million.

Edwards now expects its 2026 effective tax rate, excluding special items, to be at the high end of its previous range of 16% to 19%. This reflects an expectation that side-by-side safe-harbor taxation legislation related to Pillar Two does not come into effect before the end of the year.

Edwards is also reaffirming adjusted EPS guidance of $2.95 to $3.05, despite now assuming the company’s effective tax rate will be at the high end of the original 16% to 19% range.

In addition, Edwards is raising the midpoint of its full-year adjusted EPS guidance with a new range of $2.95 to $3.05 from $2.90 to $3.05.

Increased confidence in FY 2026 adjusted2 EPS $2.90 – $3.05

For the third quarter of 2026, the company projects total sales to be between $1.63 and $1.71 billion and adjusted EPS of $0.71 to $0.77.

The company now expects gross profit margin to be at the lower end of its full-year 78% to 79% gross margin guidance, driven by the impacts of foreign exchange through its hedging program.

The company is maintaining its full-year 78% to 79% gross margin guidance.

We continue to expect our full year 2026 adjusted gross profit margin to be within our original guidance range of 78%-79%.

The company continues to expect its full-year 2026 adjusted gross profit margin to be between 78% and 79%.

Following this elevated level of spending in Q4, we are planning a more moderated operating expense growth and SG&A expense growth in 2026, which is how we get to the operating margin guidance of the high end of our original 28%-29%.

In 2026, Edwards expects full-year operating profit margin at the high end of the original 28% to 29% guidance range.

For 2026, we expect approximately 150 basis points constant currency operating margin expansion, which includes less spending related to removing JenaValve from our operating plans for the year.

The company continues to expect R&D expense as a percentage of sales to be approximately 17% in 2026.

The company continues to expect R&D expense as a percentage of sales to be approximately 17% in 2026.

We continue to expect 2026 R&D as a percentage of sales to be approximately 17%.

The company continues to expect its full-year 2026 R&D as a percentage of sales to be approximately 17%.

Based on the company’s second quarter performance, Edwards is increasing its full-year 2026 sales growth rate guidance to 10% to 11% from 9% to 11%, TAVR product group sales growth guidance to 8% to 9% from 7% to 9%, and TMTT product group sales guidance to $760 to $780 million from $740 to $780 million. Edwards now expects full-year total company sales of $6.6 billion to $6.9 billion and TAVR sales of $4.75 billion to $5.0 billion at current exchange rates.

Edwards now expects total company sales of $6.5 to $6.9 billion, and TAVR sales of $4.7 to $5.0 billion at current exchange rates.

Based on the company’s second quarter performance, Edwards is increasing its full-year 2026 sales growth rate guidance to 10% to 11% from 9% to 11%, TAVR product group sales growth guidance to 8% to 9% from 7% to 9%, and TMTT product group sales guidance to $760 to $780 million from $740 to $780 million.

The company continues to expect $740 to $780 million in TMTT sales and mid-single-digit sales growth in Surgical in 2026.

Finally, this year, we continue to expect sales in the range of $740 million-$780 million.

FY 2026 revenue outlook includes TMTT growing 35 – 45% to $740 – $780 million

Together, these are significant advancements for mitral and tricuspid patients and represent large opportunities to achieve our $2 billion revenue expectation for TMTT in 2030.

In terms of the impact to Edwards, while the contribution to growth from our portfolio of repair and replacement therapy could vary by quarter or year, we know PASCAL, EVOQUE, and M3 will be key contributors as TMTT grows to an estimated $2 billion by 2030.

Based on the company’s second quarter performance, Edwards is increasing its full-year 2026 sales growth rate guidance to 10% to 11% from 9% to 11%, TAVR product group sales growth guidance to 8% to 9% from 7% to 9%, and TMTT product group sales guidance to $760 to $780 million from $740 to $780 million. Edwards now expects full-year total company sales of $6.6 billion to $6.9 billion and TAVR sales of $4.75 billion to $5.0 billion at current exchange rates.

Edwards now expects total company sales of $6.5 to $6.9 billion, and TAVR sales of $4.7 to $5.0 billion at current exchange rates.

For the third quarter of 2026, the company projects total sales to be between $1.63 and $1.71 billion and adjusted EPS of $0.71 to $0.77.

The company continues to expect $740 to $780 million in TMTT sales and mid-single-digit sales growth in Surgical in 2026.

We continue to expect mid-single digit sales growth rate in Surgical in 2026, driven by continued adoption of our RESILIA therapies that offer extended durability of our surgical therapies, including INSPIRIS, KONECT, and MITRIS.

Due to stronger-than-expected first quarter results, Edwards is raising its full-year 2026 sales growth rate guidance to 9% to 11% from 8% to 10% and TAVR product group sales growth rate guidance to 7% to 9% from 6% to 8%.

And overall, we're increasingly confident about the 6%-8% full-year growth guidance for TAVR.

Due to stronger-than-expected first quarter results, Edwards is raising its full-year 2026 sales growth rate guidance to 9% to 11% from 8% to 10% and TAVR product group sales growth rate guidance to 7% to 9% from 6% to 8%.

Overall, for Edwards in 2026, we have increased confidence in meeting our 8%-10% sales growth guidance as well as in our EPS guidance.

Increased confidence in FY 2026 constant currency2 sales growth of 8 – 10%

We think that 10% growth on the top line for Edwards in 2026 will be within the range that we provide at the investor conference.