Edwards Lifesciences said net sales for the first six months of 2025 were $2.9 billion, an increase of $245.6 million compared with the first six months of 2024, driven primarily by sales of TAVR and TMTT products.

10-QQuarterly reportFiled Aug 6, 2025Period of report Jun 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Edwards Lifesciences said net sales for the first six months of 2025 were $2.9 billion, an increase of $245.6 million compared with the first six months of 2024, driven primarily by sales of TAVR and TMTT products.
The company said gross profit increased for the 3 and 6 months ended June 30, 2025, but gross profit as a percentage of net sales decreased. It cited higher manufacturing expenses related to the expansion of new therapies as a factor, and for the 3 months noted a 0.6 percentage points negative impact from foreign currency rate fluctuations.
Edwards Lifesciences said the IRS notice of deficiency for the 2015 through 2017 tax years sought additional tax of $269.3 million before consideration of interest and a repatriation tax offset, and it has not accrued any additional amount. The Israel Tax Authority informed the company on July 31, 2025 that it was withdrawing its 2017 assessment of approximately $110 million.
The company said net cash provided by operating activities for the 6 months ended June 30, 2025 was $570.6 million, an increase of $252.6 million compared with the same period last year. During the same period, it repurchased 3.4 million shares at an aggregate cost of $306.9 million, and as of June 30 had remaining authority to purchase $1.1 billion of common stock.

Key figures

Quarter ended June 30, 2025

Revenue: $1.5B
Operating income: $411M
Net income: $333M
EPS: $0.56
Gross profit: $1.2B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

6-Month Net Sales and TAVR and TMTT Growth

Edwards Lifesciences said net sales for the first six months of 2025 were $2.9 billion, an increase of $245.6 million compared with the first six months of 2024, driven primarily by sales of TAVR and TMTT products.

Source · Based on the MD&A text of the filing

Gross Profit Margin Decline and Company Explanation

The company said gross profit increased for the 3 and 6 months ended June 30, 2025, but gross profit as a percentage of net sales decreased. It cited higher manufacturing expenses related to the expansion of new therapies as a factor, and for the 3 months noted a 0.6 percentage points negative impact from foreign currency rate fluctuations.

Source · Based on the MD&A text of the filing

IRS Notice of Deficiency and Israel Tax Authority Assessment

Edwards Lifesciences said the IRS notice of deficiency for the 2015 through 2017 tax years sought additional tax of $269.3 million before consideration of interest and a repatriation tax offset, and it has not accrued any additional amount. The Israel Tax Authority informed the company on July 31, 2025 that it was withdrawing its 2017 assessment of approximately $110 million.

Source · Based on the MD&A text of the filing

6-Month Cash Flow and Share Repurchases

The company said net cash provided by operating activities for the 6 months ended June 30, 2025 was $570.6 million, an increase of $252.6 million compared with the same period last year. During the same period, it repurchased 3.4 million shares at an aggregate cost of $306.9 million, and as of June 30 had remaining authority to purchase $1.1 billion of common stock.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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