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Edwards Lifesciences supplies devices that doctors use to repair or replace diseased heart valves. Its largest business is the SAPIEN family of replacement aortic valves, which doctors deliver through a catheter rather than traditional open-heart surgery. This procedure, called transcatheter aortic valve replacement (TAVR), generates most of its product sales. Smaller businesses supply valves implanted during surgery and catheter-based treatments for mitral and tricuspid valves.
Hospitals and other healthcare providers buy the devices. Edwards sells mainly through its own sales teams, with independent distributors also serving some markets, and provides clinical support to hospital staff. The United States supplies most of its revenue, but the company does not depend on any single customer.
Sales depend on hospitals having the staff and facilities to perform procedures, and on insurers and other payors covering those procedures. U.S. TAVR coverage requirements and limits on approved uses restrict access to treatment. Devices generally need regulatory clearance or approval before sale, and new uses or product changes may require further authorization.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Medtronic competes with Edwards in catheter-delivered aortic valves and surgical heart valves, but also receives royalties on certain Edwards product sales. Watch its aortic-valve business for competitive pressure on Edwards’ largest revenue source: transcatheter aortic valve replacement accounted for 74% of Edwards’ net sales in 2025.
Abbott competes with Edwards in aortic and surgical valves and is its main rival in catheter-based mitral and tricuspid treatments. Watch Abbott’s progress in those treatments against Edwards’ PASCAL, EVOQUE and SAPIEN M3 products: this business grew from 4% of Edwards’ net sales in 2023 to 9% in 2025.
Artivion, Inc. offers alternatives to Edwards’ surgical tissue valves through its On-X mechanical heart valves and preserved human cardiac tissues. Its On-X sales and revenue from preserving implantable cardiac tissues are the lines to watch for competition with Edwards’ surgical valve business.
Anteris Technologies Global Corp. is developing DurAVR, a heart valve delivered through a catheter, to compete in the market that supplied 74% of Edwards’ net sales in 2025. Watch DurAVR’s development rather than Anteris’ current sales: the company remains development-stage, with revenue insufficient to cover its research, development and operating investment.
Boston Scientific and Edwards both benefit as cardiovascular procedures grow and hospitals adopt less-invasive treatments: Boston Scientific sells devices for interventional procedures, while Edwards sells catheter-delivered heart valves. Boston Scientific’s Cardiovascular revenue is the relevant line to watch for that shared demand, rather than its broader device sales.
Abbott Laboratories earningsABT
Abbott’s report will show whether its catheter-based mitral and tricuspid treatments are gaining ground against Edwards Lifesciences’ PASCAL and EVOQUE.
Focus on Abbott’s mitral and tricuspid treatment progress, not its overall results. Faster sales or adoption in these therapies would signal fiercer competition for hospital and clinician choices and more pressure on Edwards’ growing TMTT business. Limited progress would point to less pressure from Abbott, but would not prove that Edwards’ own sales are growing.
Boston Scientific Corp. earningsBSX
Boston Scientific’s report will show whether its cardiovascular business shares demand for less-invasive procedures with Edwards Lifesciences’ catheter-delivered therapies.
Look at Boston Scientific’s cardiovascular business, not its broader device sales. Growth there would show that demand for cardiovascular procedures and hospitals’ use of less-invasive treatments are supporting both companies, giving Edwards’ catheter-delivered therapies a firmer demand backdrop. Weak growth would suggest less support from this shared trend, though the companies’ products and results are not interchangeable.
Edwards Lifesciences Corp earningsThis company
Edwards Lifesciences’ report will show whether aortic-valve sales still drive growth and whether its mitral and tricuspid businesses are adding profitable sales.
Read sales growth in transcatheter aortic valve replacement (TAVR) and transcatheter mitral and tricuspid therapies (TMTT) alongside the gross margin, the share of sales left after product costs. Growth in both businesses with a steady margin would show that newer therapies are adding sales without obvious added cost pressure. Slower TAVR growth, too little TMTT growth to offset it, or a falling margin would show that growth is harder to turn into profit and the newer business is not yet easing reliance on the core.
Artivion, Inc. earningsAORT
Artivion’s report will show whether its mechanical valves and preserved implantable cardiac tissues are gaining ground against Edwards Lifesciences’ surgical structural-heart products.
Separate Artivion’s On-X mechanical-valve sales from revenue for preserving implantable cardiac tissues; both are competitive signals for Edwards’ surgical structural-heart products. Growth in these lines would show alternatives gaining demand and stronger competitive pressure on Edwards’ surgical products. Limited growth would suggest less momentum from Artivion, but would not establish Edwards’ own sales.
Medtronic plc earningsMDT
Medtronic’s report will show whether its aortic-valve business is gaining on Edwards Lifesciences’ TAVR, while Medtronic also receives royalties on certain Edwards product sales.
Focus on Medtronic’s aortic-valve business, not its overall device results. Faster growth or adoption there would signal stronger competition in TAVR, Edwards’ largest sales business; limited progress would suggest less pressure from Medtronic. Medtronic also receives royalties on certain Edwards product sales, but this business report alone does not establish the royalty amount Edwards owes.
