Overview

TD Cowen analyst Joshua Jennings has named Edwards Lifesciences Corp. (NYSE:EW) as the firm’s top pick in the medical‑device sector, reaffirming a Buy rating following the presentation of long‑term clinical trial data.

Clinical Data Basis

Investigators at NY Valves presented seven‑year follow‑up results from the PARTNER 3 trial, which evaluated transcatheter aortic valve replacement (TAVR) in younger, lower‑risk patients with symptomatic severe aortic stenosis. The presentation expanded on initial findings released at TCT 2025 and offered a detailed analysis within the Valve Academic Research Consortium (VARC‑3) framework.

Key findings included:

  • TAVR and surgical aortic valve replacement demonstrated comparable structural valve deterioration and bioprosthetic valve failure rates, with overall event rates remaining low.
  • Structural valve deterioration was linked to higher reintervention rates and increased all‑cause mortality.
  • Thrombosis‑related durability issues were more frequent with TAVR but tended to occur early, were often reversible, and rarely progressed to failure or required reintervention.
  • Patients with a small aortic annulus faced higher risks of structural valve deterioration and bioprosthetic valve failure, irrespective of the treatment modality.
  • Reintervention rates were low and similar between TAVR and surgery, were predominantly elective, and were associated with very low post‑procedural mortality.

Analyst Interpretation

Jennings stated that these results provide robust clinical evidence reinforcing Edwards’ dominant market position. He noted that the share‑gain thesis for Edwards has already materialised year‑to‑date and that the detailed NY Valves data underpins expectations for strong SAPIEN product performance throughout 2026 and beyond. While future indication‑expansion drivers such as EARLY TAVR and the PROGRESS trial represent the largest potential catalysts, continued physician adoption is expected to remain anchored in the demonstrated safety and efficacy data.

Additional Developments

Edwards Lifesciences has recently received support from a U.S. government proposal aimed at expanding coverage for TAVR procedures by loosening certain reimbursement restrictions. In response to the clinical data and policy environment, TD Cowen raised its price target for Edwards, citing expectations of continued market‑share gains.

Publication Details

The article, authored by Luke Juricic and published on 03‑07‑2026 at 01:30 am, was generated with AI assistance and reviewed by an editor.