Edwards Lifesciences has reported revenue over $6bn in full year 2025, predominantly driven by strong demand for its transcatheter aortic valve replacement (TAVR) products along with 56.4% growth in its transcatheter mitral and tricuspid therapies (TMTT) portfolio, despite missing analysts’ earnings per share (EPS) estimate in Q4.
With 2025 revenue reflecting an 11.5% uptick versus 2024 and with Q4 2025 revenue of $1.56bn denoting a 13.3% rise on Q4 2024, Edwards expects 2026 earnings to fall in the $2.90 to $3.05 per share range and has set its revenue growth guidance between 8% and 10% at constant currency.
Edwards financials released after market close on 10 February. The company's shares on the New York Stock Exchange (NYSE) rose to $78.61 per share at market open on 11 February against a previous close of $77.05. Edwards has a market cap of $44.71bn.
In 2025, Edwards’ TAVR portfolio contributed $4.49bn to its total revenue, corresponding to a 9.3% rise from $4.10bn in 2024.
Meanwhile, TMTT grew 56.4% to $550.6m in 2025 versus $352.1m in 2024. During a conference call, Edwards CEO Bernard Zovighian highlighted that this growth was fuelled by a “comprehensive portfolio of repair and replacement therapies” and strengthened by new options for patients.
“These include the launch of SAPIEN M3, the scaling of EVOQUE, and the upcoming introduction of the next generation of PASCAL and PASCAL for US tricuspid patients also in Q4 2026,” Zovighian said.
“Together, these are significant advancements for mitral and tricuspid patients and represent large opportunities to achieve our $2bn revenue expectation for TMTT in 2030,” Zovighian added.
Meanwhile, revenue in Edwards surgical structural heart portfolio eclipsed $1bn in 2025 and drew in $253.6m in Q4, representing respective year-over-year upticks of 4.9% and 3.8%.
Total Q4 revenue came in at $1.56bn. As with Edwards full year results, its TAVR portfolio drew in the majority of revenue at $1.16bn, denoting a 12% uptick on around $1bn in Q4 2024. According to data compiled by London Stock Exchange Group (LSEG) and seen by Reuters, this performance exceeded analysts’ estimates of $1.13bn.
Despite the positive Q4 performance, adjusted EPS of $0.58 in the quarter fell short of analysts’ estimates of $0.62. However, in a research note, William Blair analyst Brandon Vasquez highlighted that the EPS miss was largely due to a “deliberate increase” in spend ahead of improving TAVR guidelines and potentially expanded reimbursement later in 2026, investments the firm stated were “bullish for future growth”.
In a statement on Edwards’ results, Zovighian concluded: “Edwards’ strong fourth quarter and full year performance in 2025 reflect our differentiated strategy with a clear vision around three key elements: focusing solely on structural heart, solving large, urgent and very complex patient needs, and pursuing unique opportunities to innovate and lead.”
Editor's note: This article has been updated to reflect Edwards' share price at market open on 11 February, having previously outlined that its shares rose 3% in after-hours trading on 10 February.
