Edwards Lifesciences makes heart valves, and almost nothing else. It sells them to hospitals, to the surgeons and heart doctors who implant them, and to the groups that buy on their behalf, from American hospital networks to European ministries of health.
No single buyer accounts for a large share of sales, but one country does. The United States brought in 58% of the total in 2025.
A typical sale begins when a hospital schedules a patient for a new aortic valve and buys the device from Edwards. An Edwards specialist then attends the procedure to guide the doctor. The hospital pays for a valve and receives some expertise along with it.
That aortic valve, sold under the SAPIEN name, is by far the largest business: it made up 74% of sales in 2025.
Devices that repair or replace the mitral and tricuspid valves form the second business. Among them is EVOQUE, which the company describes as the world's first approved device for replacing the tricuspid valve without opening the chest. This group brought in 9% of sales, and its share has grown every year.
The third group, valves that surgeons sew in during open-heart operations, made up 17% and is slowly shrinking.
Edwards says it wants to focus entirely on repairing and replacing heart valves. To that end, it sold its Critical Care business to Becton, Dickinson for $4.2 billion in 2024. A smaller group of products followed in 2025. In our reading, what remains is a company whose present rests on one valve and whose growth seems to depend on two others.
