Edwards Lifesciences (EW)
Builds catheter-based and surgical heart-valve systems led by the SAPIEN TAVR platform.
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Edwards Lifesciences makes replacement heart valves, and the long thin tubes that carry them into a beating heart without opening the chest. Selling its patient-monitoring arm left a single business: the plumbing of the heart. Valves fitted to the aortic valve by tube are most of the money; the growth now comes from treating patients earlier and from newer devices aimed at the heart's other valves.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 8 more below
SAPIEN aortic valve platform
Replacement aortic valves pushed up a blood vessel instead of cut in through the chest — $4.49B in 2025, about three-quarters of everything Edwards sells. Boston Scientific pulled its rival valve in 2025; the next lever is treating patients before symptoms start.
Competes with Evolut FX+ aortic valve (Medtronic) · Navitor aortic valve (Abbott)
In plain English
The valve on the way out of the heart can stiffen with age until blood barely squeezes past. The old fix was open-heart surgery. Edwards' version is a replacement valve squashed down onto a balloon at the tip of a long thin tube, pushed up through a blood vessel and popped open inside the worn-out valve.
A hospital buys the valve and its tube for one scheduled patient. That is the whole model: no subscription, no signed-up future orders to fall back on. The money follows how many of these procedures get booked, which follows what regulators approve and what Medicare agrees to cover.
SOJOURN aortic regurgitation valve
A tube-delivered valve for the other aortic problem: a valve that leaks backwards rather than stiffens shut. Management counts more than 100,000 US patients, largely untreated. Nothing arrives until the JOURNEY trial finishes; no approval date has been given.
Competes with Trilogy heart valve (JenaValve) · Open-surgery aortic valve replacement (Edwards Lifesciences)
In plain English
Two different things go wrong with the same valve. It can stiffen shut — that is what SAPIEN fixes — or it can fail to close, so blood sloshes backwards on every beat. A standard tube-delivered valve needs hard calcium deposits to wedge itself against, and a leaking valve often has none, so there is nothing to grip.
SOJOURN, which came from a company Edwards bought, is the attempt at that problem. It earns nothing today and has to finish its trial and win approval first. Edwards also agreed to buy a competing programme; a court sided with US antitrust regulators in January 2026 and the deal was abandoned.
RESILIA surgical valves (INSPIRIS, MITRIS, KONECT)
Valves a surgeon stitches in during open-heart surgery — $1.03B in 2025, past a billion for the first time, up about four percent. Its job is to throw off steady cash while the tube-delivered valves take the growth.
Competes with Avalus Ultra surgical valve (Medtronic) · Surgical tissue and mechanical valves (Abbott) · SAPIEN aortic valve platform (Edwards Lifesciences)
In plain English
Not every patient gets the tube. Plenty of chests are still opened, and then a surgeon sews in a replacement built from cow heart-sac tissue, treated by Edwards to hold off the calcium build-up that eventually wears such valves out. Aortic, mitral, or a whole valve-and-pipe unit — there is a version for each.
The money comes in slowly and predictably: low single-digit growth in 2025, and in some countries a distributor sits in between, whose stock ordering pushed individual quarters around. The awkward part: every group of patients newly cleared for the tube-delivered valve is a group that no longer needs the sewn-in one. Edwards sits on both sides of that trade.
ECLIPTIS Left Atrial Appendage Exclusion System
A clip placed during open-heart surgery to shut off the small pouch where clots form in patients with an irregular heartbeat. Cleared in June 2026, with a rollout later that year. Edwards' move outside valves — into ground AtriCure already holds.
Competes with AtriClip (AtriCure) · Penditure clip (Medtronic) · WATCHMAN occluder (Boston Scientific)
In plain English
Hearts that quiver instead of beating cleanly tend to form clots in a small dead-end pouch off one of the upper chambers — and a clot that escapes causes a stroke. Pinch the pouch closed and that risk drops.
That is all this is: a clip, put in by the surgeon while the chest is already open for something else. It reaches hospitals through the sales team that is already in those operating rooms selling valves, which is why a brand-new line can be launched without a new field force. AtriCure has held this corner of the market for years, so each sale has to be taken from a device the surgeon already trusts.
PASCAL Precision repair system
An implant delivered on a bendable tube that pinches the flaps of a leaking mitral valve back together — the largest of the three newer devices, which made $550.6M between them in 2025. A US tricuspid launch is due late in 2026.
Competes with MitraClip G4 (Abbott) · TriClip (Abbott)
In plain English
Picture swinging doors that no longer meet in the middle, so water slops back through the gap. A mitral valve can end up like that. The repair is to catch both flaps and hold them together in the centre, which shrinks the leak without replacing anything.
PASCAL does that, threaded up on a bendable tube instead of through an opened chest, and hospitals pay for each implant. Abbott got there first with MitraClip and has treated far more patients, so Edwards is the challenger here, selling against a device the operators already know — and is about to take the same argument to the tricuspid valve in the United States.
EVOQUE tricuspid valve replacement
A whole replacement valve for the heart's right-side tricuspid valve, delivered on a tube where PASCAL repairs instead. Second-biggest of the three and, management says, growing very quickly from a small base. Edwards wants the three together near $2B by 2030.
Competes with TriClip (Abbott) · LuX-Valve (Venus MedTech) · Cardiovalve (Venus MedTech)
In plain English
The tricuspid valve sits between the two chambers on the right side of the heart. When it leaks, there are two ways to deal with it: hold the leaking flaps together, which is what PASCAL and Abbott's TriClip do, or take the valve out of the job entirely and put a new one in. EVOQUE is the second kind, travelling folded inside a tube.
Revenue arrives hospital by hospital as each centre is trained and starts treating patients — management describes new ones opening every week. The growth rate looks spectacular mainly because the starting point is tiny. Medicare pays hospitals an extra top-up for the device; it runs three years from October 2024, and after that ordinary payment has to carry it.
SAPIEN M3 mitral valve replacement
A mitral replacement valve delivered by tube, for patients who suit neither a repair nor surgery. US approval only came in December 2025, so 2025 sales were European. The newest and smallest of the three, and launched on purpose slowly.
Competes with Tendyne mitral valve (Abbott) · MitraClip G4 (Abbott) · MITRIS RESILIA surgical mitral valve (Edwards Lifesciences)
In plain English
Replacing the mitral valve through a tube is the least-solved of these problems — fewer patients have been treated this way than by any of the other routes. Edwards' answer arrives in two pieces: a ring-shaped dock goes in first, then the valve clicks into it, the way a new window goes into a frame rather than straight into brickwork.
Sales are counted one implant at a time, and there are not many of them yet. Edwards switches hospitals on in sequence and trains each one before moving to the next, so for now this line grows on the company's own schedule as much as on demand.
SAPIEN aortic valve platformReplacement aortic valves pushed up a blood vessel instead of cut in through the chest — $4.49B in 2025, about three-quarters of everything Edwards sells. Boston Scientific pulled its rival valve in 2025; the next lever is treating patients before symptoms start.Replacement aortic valves pushed up a blood vessel instead of cut in through the chest — $4.49B in 2025, about three-quarters of everything Edwards sells. Boston Scientific pulled its rival valve in 2025; the next lever is treating patients before symptoms start.
In plain English
The valve on the way out of the heart can stiffen with age until blood barely squeezes past. The old fix was open-heart surgery. Edwards' version is a replacement valve squashed down onto a balloon at the tip of a long thin tube, pushed up through a blood vessel and popped open inside the worn-out valve.
A hospital buys the valve and its tube for one scheduled patient. That is the whole model: no subscription, no signed-up future orders to fall back on. The money follows how many of these procedures get booked, which follows what regulators approve and what Medicare agrees to cover.
Competes with Evolut FX+ aortic valve (Medtronic) · Navitor aortic valve (Abbott)
SOJOURN aortic regurgitation valveA tube-delivered valve for the other aortic problem: a valve that leaks backwards rather than stiffens shut. Management counts more than 100,000 US patients, largely untreated. Nothing arrives until the JOURNEY trial finishes; no approval date has been given.A tube-delivered valve for the other aortic problem: a valve that leaks backwards rather than stiffens shut. Management counts more than 100,000 US patients, largely untreated. Nothing arrives until the JOURNEY trial finishes; no approval date has been given.
In plain English
Two different things go wrong with the same valve. It can stiffen shut — that is what SAPIEN fixes — or it can fail to close, so blood sloshes backwards on every beat. A standard tube-delivered valve needs hard calcium deposits to wedge itself against, and a leaking valve often has none, so there is nothing to grip.
SOJOURN, which came from a company Edwards bought, is the attempt at that problem. It earns nothing today and has to finish its trial and win approval first. Edwards also agreed to buy a competing programme; a court sided with US antitrust regulators in January 2026 and the deal was abandoned.
Competes with Trilogy heart valve (JenaValve) · Open-surgery aortic valve replacement (Edwards Lifesciences)
RESILIA surgical valves (INSPIRIS, MITRIS, KONECT)Valves a surgeon stitches in during open-heart surgery — $1.03B in 2025, past a billion for the first time, up about four percent. Its job is to throw off steady cash while the tube-delivered valves take the growth.Valves a surgeon stitches in during open-heart surgery — $1.03B in 2025, past a billion for the first time, up about four percent. Its job is to throw off steady cash while the tube-delivered valves take the growth.
In plain English
Not every patient gets the tube. Plenty of chests are still opened, and then a surgeon sews in a replacement built from cow heart-sac tissue, treated by Edwards to hold off the calcium build-up that eventually wears such valves out. Aortic, mitral, or a whole valve-and-pipe unit — there is a version for each.
The money comes in slowly and predictably: low single-digit growth in 2025, and in some countries a distributor sits in between, whose stock ordering pushed individual quarters around. The awkward part: every group of patients newly cleared for the tube-delivered valve is a group that no longer needs the sewn-in one. Edwards sits on both sides of that trade.
Competes with Avalus Ultra surgical valve (Medtronic) · Surgical tissue and mechanical valves (Abbott) · SAPIEN aortic valve platform (Edwards Lifesciences)
ECLIPTIS Left Atrial Appendage Exclusion SystemA clip placed during open-heart surgery to shut off the small pouch where clots form in patients with an irregular heartbeat. Cleared in June 2026, with a rollout later that year. Edwards' move outside valves — into ground AtriCure already holds.A clip placed during open-heart surgery to shut off the small pouch where clots form in patients with an irregular heartbeat. Cleared in June 2026, with a rollout later that year. Edwards' move outside valves — into ground AtriCure already holds.
In plain English
Hearts that quiver instead of beating cleanly tend to form clots in a small dead-end pouch off one of the upper chambers — and a clot that escapes causes a stroke. Pinch the pouch closed and that risk drops.
That is all this is: a clip, put in by the surgeon while the chest is already open for something else. It reaches hospitals through the sales team that is already in those operating rooms selling valves, which is why a brand-new line can be launched without a new field force. AtriCure has held this corner of the market for years, so each sale has to be taken from a device the surgeon already trusts.
Competes with AtriClip (AtriCure) · Penditure clip (Medtronic) · WATCHMAN occluder (Boston Scientific)
PASCAL Precision repair systemAn implant delivered on a bendable tube that pinches the flaps of a leaking mitral valve back together — the largest of the three newer devices, which made $550.6M between them in 2025. A US tricuspid launch is due late in 2026.An implant delivered on a bendable tube that pinches the flaps of a leaking mitral valve back together — the largest of the three newer devices, which made $550.6M between them in 2025. A US tricuspid launch is due late in 2026.
In plain English
Picture swinging doors that no longer meet in the middle, so water slops back through the gap. A mitral valve can end up like that. The repair is to catch both flaps and hold them together in the centre, which shrinks the leak without replacing anything.
PASCAL does that, threaded up on a bendable tube instead of through an opened chest, and hospitals pay for each implant. Abbott got there first with MitraClip and has treated far more patients, so Edwards is the challenger here, selling against a device the operators already know — and is about to take the same argument to the tricuspid valve in the United States.
Competes with MitraClip G4 (Abbott) · TriClip (Abbott)
EVOQUE tricuspid valve replacementA whole replacement valve for the heart's right-side tricuspid valve, delivered on a tube where PASCAL repairs instead. Second-biggest of the three and, management says, growing very quickly from a small base. Edwards wants the three together near $2B by 2030.A whole replacement valve for the heart's right-side tricuspid valve, delivered on a tube where PASCAL repairs instead. Second-biggest of the three and, management says, growing very quickly from a small base. Edwards wants the three together near $2B by 2030.
In plain English
The tricuspid valve sits between the two chambers on the right side of the heart. When it leaks, there are two ways to deal with it: hold the leaking flaps together, which is what PASCAL and Abbott's TriClip do, or take the valve out of the job entirely and put a new one in. EVOQUE is the second kind, travelling folded inside a tube.
Revenue arrives hospital by hospital as each centre is trained and starts treating patients — management describes new ones opening every week. The growth rate looks spectacular mainly because the starting point is tiny. Medicare pays hospitals an extra top-up for the device; it runs three years from October 2024, and after that ordinary payment has to carry it.
Competes with TriClip (Abbott) · LuX-Valve (Venus MedTech) · Cardiovalve (Venus MedTech)
SAPIEN M3 mitral valve replacementA mitral replacement valve delivered by tube, for patients who suit neither a repair nor surgery. US approval only came in December 2025, so 2025 sales were European. The newest and smallest of the three, and launched on purpose slowly.A mitral replacement valve delivered by tube, for patients who suit neither a repair nor surgery. US approval only came in December 2025, so 2025 sales were European. The newest and smallest of the three, and launched on purpose slowly.
In plain English
Replacing the mitral valve through a tube is the least-solved of these problems — fewer patients have been treated this way than by any of the other routes. Edwards' answer arrives in two pieces: a ring-shaped dock goes in first, then the valve clicks into it, the way a new window goes into a frame rather than straight into brickwork.
Sales are counted one implant at a time, and there are not many of them yet. Edwards switches hospitals on in sequence and trains each one before moving to the next, so for now this line grows on the company's own schedule as much as on demand.
Competes with Tendyne mitral valve (Abbott) · MitraClip G4 (Abbott) · MITRIS RESILIA surgical mitral valve (Edwards Lifesciences)
Named in filings, launches and programs
- SAPIEN X4SProduct · Pre-revenueThe next-generation aortic valve platform; first patients were treated as of mid-2026 and its ALLIANCE trial is still running.
- PASCAL with Capture ClarityProduct · AnnouncedAn updated version of the mitral repair implant; approvals in the United States and Europe are expected late in 2026.
- Alterra Adaptive PrestentProductA docking piece that lets a SAPIEN valve be fitted on the heart's lung-side valve in patients born with heart defects; European approval since 2024.
- TRIFORMIS RESILIAProductThe sewn-in tricuspid valve in the same treated-tissue family as the aortic and mitral surgical valves.
- Carpentier-Edwards PERIMOUNT / MAGNA EASEProduct lineThe older surgical tissue valves that today's INSPIRIS line was built on — still sold, still implanted.
- Physio Flex annuloplasty ringsProduct lineRings sold alongside the valves and used when a surgeon repairs a patient's own valve instead of replacing it.
- Bovine Pericardial PatchProduct lineA sheet of treated cow heart-sac tissue kept on hand for repairs during open-heart operations; part of the surgical range.
- Cordella heart failure sensorPlatform · RampingImplanted sensor from the Endotronix deal reading lung-artery pressure — a rise warns of a heart-failure crisis. Launched 2025, too small for its own sales line.
SAPIEN X4SProduct · Pre-revenue
The next-generation aortic valve platform; first patients were treated as of mid-2026 and its ALLIANCE trial is still running.
PASCAL with Capture ClarityProduct · Announced
An updated version of the mitral repair implant; approvals in the United States and Europe are expected late in 2026.
Alterra Adaptive PrestentProduct
A docking piece that lets a SAPIEN valve be fitted on the heart's lung-side valve in patients born with heart defects; European approval since 2024.
TRIFORMIS RESILIAProduct
The sewn-in tricuspid valve in the same treated-tissue family as the aortic and mitral surgical valves.
Carpentier-Edwards PERIMOUNT / MAGNA EASEProduct line
The older surgical tissue valves that today's INSPIRIS line was built on — still sold, still implanted.
Physio Flex annuloplasty ringsProduct line
Rings sold alongside the valves and used when a surgeon repairs a patient's own valve instead of replacing it.
Bovine Pericardial PatchProduct line
A sheet of treated cow heart-sac tissue kept on hand for repairs during open-heart operations; part of the surgical range.
Cordella heart failure sensorPlatform · Ramping
Implanted sensor from the Endotronix deal reading lung-artery pressure — a rise warns of a heart-failure crisis. Launched 2025, too small for its own sales line.