Edwards Lifesciences Business Summary

Edwards Lifesciences Corporation (EW) operates as a pure-play medical technology leader specializing in structural heart disease, generating revenue primarily through the high-margin sale of transcatheter and surgical heart valves. Following the $4.2 billion divestiture of its Critical Care monitoring business to Becton, Dickinson and Company in late 2024, the company has sharpened its focus into three primary segments: Transcatheter Aortic Valve Replacement (TAVR), Transcatheter Mitral and Tricuspid Therapies (TMTT), and Surgical Structural Heart. Its flagship SAPIEN platform remains the global standard for minimally invasive valve replacement, while the TMTT segment, featuring the PASCAL and EVOQUE systems, serves as its primary growth engine. Edwards competes directly with Medtronic, Abbott Laboratories, and Boston Scientific, maintaining a dominant market share in the TAVR space while positioning itself as the premier innovator in non-surgical structural heart interventions. Originally founded in 1958 by engineer Miles "Lowell" Edwards and surgeon Dr. Albert Starr, the company is currently led by CEO Bernard J. Zovighian, who succeeded long-time leader Michael Mussallem in 2023. Zovighian brings nearly 30 years of medtech experience, previously heading the company’s TMTT and Surgical businesses. The leadership team includes CFO Scott Ullem, who is managing a transition through mid-2026, and Chief Scientific Officer Todd J. Brinton, M.D., a clinical cardiologist and former founder of Shockwave Medical. In September 2025, Daniel J. Lippis assumed the role of Corporate VP for TAVR, succeeding veteran Larry Wood. The company’s governance is overseen by Independent Chairman Nicholas Valeriani and Non-executive Chairman Michael Mussallem, with a shareholder base dominated by institutional giants including The Vanguard Group, BlackRock, and State Street.