Edwards Lifesciences Corp

EW: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$46.00	Qzvvs	Rzxvzqwjmv

Edwards Earnings: TAVR Growth Settles in Low Double Digits While New Data Pressures Shares

Debbie S. Wang

Oct 26, 2023

Edwards Lifesciences posted third-quarter results that largely met our top- and bottom-line expectations, and we're leaving our $86 fair value estimate unchanged. With quarterly sales of transcatheter aortic valve replacements, or TAVR, up 10% in constant currency, the firm is on track to meet our full-year estimates. Shares appear moderately undervalued—unusual for this narrow-moat company that has historically traded above our intrinsic value.

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