Edwards Lifesciences Corporation

Edwards Lifesciences Corporation is an American medical device company that designs, manufactures, and markets transcatheter and surgical technologies for structural heart disease, generating $6.07 billion in revenue in fiscal 2025. The company is the dominant player in transcatheter aortic valve replacement, a market it effectively created, and is building a multi-platform portfolio in mitral and tricuspid therapies that it believes can reach $2 billion in revenue by 2030.

This is a story about a medical technology franchise with an unusual combination: a mature, cash-generating core business that still grows at a mid-to-high single-digit rate, layered with a collection of earlier-stage therapies that collectively compound at 40-50%. Edwards transformed itself into a pure-play structural heart company through the $4.2 billion sale of its Critical Care division to BD in September 2024, and the strategic logic is clear — the company now directs all its capital, clinical evidence generation, and commercial capability toward one disease category it knows better than anyone. The file turns on a single question: whether the TMTT portfolio can follow the TAVR adoption playbook and scale into a second durable growth engine before the TAVR market matures beyond mid-single-digit growth.