Edwards Lifesciences makes structural heart medical devices, primarily transcatheter heart valves — devices delivered through a catheter without open-heart surgery. The flagship product is the SAPIEN family of transcatheter aortic valves, used to treat severe aortic stenosis, with over 1.2 million patients treated globally. Edwards also makes surgical heart valves built on its RESILIA tissue platform. Beyond aortic valves, Edwards is building a portfolio for mitral and tricuspid valves, including the PASCAL repair system, the EVOQUE tricuspid replacement, and the SAPIEN M3 mitral replacement — all targeting patients who historically had few options. Edwards sells single-use devices directly to hospitals, working closely with interventional cardiologists and cardiac surgeons through a large field clinical specialist team. Edwards sells in approximately 100 countries, with roughly 58% of sales in the U.S. TAVR drives about 74% of sales, surgical valves about 17%, and the transcatheter mitral and tricuspid segment (TMTT) about 9% — though TMTT is the fastest-growing segment and management targets $2B in annual TMTT revenue by 2030. Revenue is driven by procedure volume, pricing mix, indication expansion, and geographic growth. R&D spending is substantial, centered on large clinical trials that Edwards uses to drive physician adoption, guideline changes, and new indications — such as the 2025 FDA approval for treating asymptomatic severe aortic stenosis, which meaningfully expands the addressable patient pool.