Edwards Lifesciences (EW) is trading higher after reporting first-quarter 2026 results and raising key elements of its full-year outlook. The company posted Q1 sales of $1.65 billion (16.7% reported growth; 12.7% constant-currency) and adjusted EPS of $0.78, then increased its 2026 constant-currency sales growth guidance to 9%–11% from 8%–10% and lifted the midpoint of adjusted EPS guidance to a new range of $2.95–$3.05 from $2.90–$3.05.

The quarter was led by Transcatheter Aortic Valve Replacement (TAVR), with Q1 TAVR sales of $1.20 billion (up 14.4% reported; 11.0% constant-currency). Management also raised full-year 2026 TAVR sales growth guidance to 7%–9% from 6%–8%, citing stronger Q1 performance and improved competitive positioning in Europe tied to a competitor’s exit, with average selling prices described as stable.

The market’s reaction is focused on the upward revision to the 2026 top-line outlook and the improved earnings path implied by a higher adjusted EPS midpoint. Edwards also reiterated expectations around margins (maintaining 78%–79% full-year gross margin guidance and targeting operating profit margin at the high end of its original 28%–29% range), framing Q1 as evidence of operating leverage while the company continues investing in growth areas.

Edwards said it completed a $500 million accelerated share repurchase and still has about $1.5 billion remaining under its authorization, which can provide incremental support to per-share results. In transcatheter mitral and tricuspid therapies (TMTT), the company reported Q1 sales of $173 million and pointed to growing adoption of EVOQUE and PASCAL, plus early U.S. commercial momentum for SAPIEN M3 and an expectation for additional product launches later in 2026.