Edwards Lifesciences (EW) Stock Forecast & Price Target

Edwards Lifesciences is positioned for attractive long-term growth because its TAVR business appears stabilized and could re-accelerate as the asymptomatic rollout and CMS NCD update broaden procedure volumes. Its second-quarter performance reinforced that view, with total revenue of $1.741 billion, TAVR revenue of $1.258 billion, TMTT revenue up 45.5% year over year, and adjusted operating margin of 30.0%, while FY26 guidance was raised to 10%-11% top-line growth ex-FX. The company’s outlook is further supported by its durable competitive moat, 15+ years of leading clinical data generation, expanding mitral and tricuspid launches, and margin expansion potential even as tariff headwinds are already reflected in guidance.

Edwards Lifesciences is facing a more cautious outlook despite its solid growth profile because the investment case still hinges on execution across a complex portfolio and on market-expanding catalysts that can be delayed by regulatory and NCD hurdles. FY26 guidance was raised to 10%-11% ex-FX revenue growth, but 3Q26 sales guidance of $1.63 billion to $1.71 billion sits only modestly ahead, while gross margin is expected at the lower end of 78%-79% due to FX hedging and FX also pressures its international-heavy mix. The company’s rich pipeline in mitral, tricuspid, and heart failure therapies supports long-term potential, but competition, commercial hiccups, product recalls, and negative clinical readouts create meaningful downside risk to fundamentals.