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Call sheet · Q2'26

Edwards Lifesciences (EW)

Q2'26 earnings call · held July 23, 2026 · compared with the Q1'26 call · management-credibility review
6/12
Disclosure score
1 high, 3 medium, 2 low flags
Financial quality
Bottom line
The sleeper story: TMTT is quietly becoming Edwards' growth engine at 45% growth while everyone debates TAVR competitive dynamics. Yes, TAVR beat at 10.5% growth, but that includes the final quarter of Medtronic's Europe exit benefit, and management already warned Q3 will revert to normal seasonality after an easy Q2 comp. The binding constraint isn't technology or capacity, it's the pace of physician behavior change toward earlier intervention, which Progress trial could accelerate or validate. Management's language regression on platform-specific TMTT metrics ('portfolio' vs individual products) suggests margin pressure they're not ready to discuss. My view changes if Progress fails OR if TMTT growth drops below 30%, breaking the $2B by 2030 trajectory.

The 30-second version

  • The sleeper: TMTT is becoming the real growth engine while everyone obsesses over TAVR competitive dynamics
  • TAVR share gains from competitor exits are masking the real story: procedure growth is finally accelerating on proactive treatment
  • They stopped breaking out specific platform contributions in TMTT and pivoted to portfolio talk

What changed this quarter

MetricQ1'26Q2'26Change
Total Revenue$1,650M (+12.7% YoY)$1,740M (+12.5% YoY)Growth decelerating 20 bps
Adjusted EPS$0.78$0.78Flat sequentially
TAVR Revenue$1,200M (+11% YoY)$1,300M (+10.5% YoY)50 bps deceleration
TMTT Revenue$173M (+42% YoY)$196M (+45% YoY)+300 bps acceleration
Surgical Revenue$276M (+6% YoY)$284M (+5% YoY)100 bps deceleration
Gross Margin78.2%77.6%60 bps compression
Operating Margin31.4%30.0%140 bps compression
R&D % of Sales16.0%16.0%Flat at target
SG&A % of Sales31.7%32.0%30 bps expansion
Cash & Equivalents$2.4B$2.9B+$500M build

Accountability tracked

8 new promises made5 narrative shifts flagged8 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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