Edwards Lifesciences Q3 2026: TMTT Surges 44%, Guidance Raised

Edwards Lifesciences reported adjusted EPS of $0.80 for the third quarter of 2026, beating the consensus estimate of $0.74 by 8.62%. Revenue came in at $1.72 billion, topping expectations of $1.68 billion by 2.31% and growing roughly 10.5% from the same quarter a year ago. CEO Bernard Zovighian called the result broad-based across both businesses and regions.

The standout number was the Transcatheter Mitral and Tricuspid Therapies segment, which generated $209.5 million in revenue, up 44.3% year over year. That growth was powered by strong adoption of the PASCAL, EVOQUE, and SAPIEN M3 platforms, and it received additional clinical backing from the CLASP IITR pivotal trial, which showed superiority of PASCAL plus optimal medical therapy over optimal medical therapy alone in severe tricuspid regurgitation. TVT Registry data on 1,100 EVOQUE patients also replicated the outcomes seen in the TRISCEND II trial.

The core TAVR business, which at $1.24 billion remains by far the largest segment, grew 8% year over year. The U.S. led geographically with 11% revenue growth, while the Rest of World region expanded 20.2%. Management was clear that future TAVR growth is expected to rely more on procedure volume expansion than on further share gains.

On the strength of the quarter, Edwards raised its full-year 2026 sales growth outlook to approximately 11.5% in constant currency, up from the prior range of 10% to 11%. Full-year adjusted EPS guidance was tightened to $2.97 to $3.05, representing roughly 18% growth at the midpoint, while TMTT full-year sales guidance was lifted to $780 to $790 million from the prior $760 to $780 million range.

Investors should note that GAAP results were meaningfully different from the adjusted figures. A $220.2 million impairment of intangible and long-lived assets pushed GAAP diluted EPS down to $0.53, well below the adjusted $0.80. The company also recorded $8.7 million in acquisition contract termination costs and $2.0 million in restructuring expenses in the period.

Looking at the recent earnings history, Edwards has beaten EPS estimates in seven of the past eight quarters, with the lone miss coming in Q4 2025 when it reported $0.58 against an estimate of $0.62. The consistent pattern of outperformance, combined with an upgraded outlook and a pipeline that now includes FDA-approved devices such as PASCAL Precision for tricuspid regurgitation and AUTUS, a pediatric surgical pulmonary valve, underscores the depth of the structural heart franchise heading into the fourth quarter.