Edwards Lifesciences Corp at Bank of America Global Healthcare Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Travis Steed - Bank of America - Analyst : <_ALACRA_META_ABSTRACT>And so I want to open up with a with kind of a big picture question. And you've laid out commitments on Analyst Day, backlash December, just lot's kind of changed since then. And now you've been CEO for a couple of years. It's like -- trying to think about your willingness to talk about the commitments you laid out and how those have kind of unfolded and kind of the path forward here.

Question: Travis Steed - Bank of America - Analyst : And just like the last couple of quarters, execution has been really good. Like TAVR had where you've got it hitting the guidance. And even on the P&L side, like you've been faced with headlines and you've done a really good job of managing the P&L. And in all settings for the headlines. I'm just like trying to think about like, is this kind of like the new Edwards, like we're hitting and beating and managing expenses and growing earnings and stuff like that. Is there kind of been some kind of like change internally about how to kind of manage the business?

Question: Travis Steed - Bank of America - Analyst : How does the China trade news over the weekend that I guess tariff impact and the [10, 25] or on an annualized basis. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 13, 2025 / 5:40PM, EW.N - Edwards Lifesciences Corp at Bank of America Global Healthcare Conference

Question: Travis Steed - Bank of America - Analyst : Okay, that's helpful.

Question: Travis Steed - Bank of America - Analyst : Then your ability to kind of offset the dilution and just kind of shows the flexibility of your P&L here, how are you thinking about what you're offsetting it with? How you're managing the P&L from taking on the dilution, like what things you need to cut internally to do that?

Question: Travis Steed - Bank of America - Analyst : Anything from the dilution that you would add -- managing the dilution.

Question: Travis Steed - Bank of America - Analyst : That is helpful and a very, very good point. When I switch to TAVR a little bit. First, I guess we talk about the call a little bit, the ability to kind of reopen the NCD, how would that process happen? Would they wait for moderate data to reopen it? Would they want to reopen it now, because they just trying to think through in the past experience, when you've seen these NCDs reopen? And any kind of thinking on how this would happen at this point?

Question: Travis Steed - Bank of America - Analyst : Would we need to wait for moderate to reopen it or they could just -- they probably could do it and moderate would just be added on later? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 13, 2025 / 5:40PM, EW.N - Edwards Lifesciences Corp at Bank of America Global Healthcare Conference

Question: Travis Steed - Bank of America - Analyst : And the NCD probably has like fewer operating requirements, I would say, more centers and all that so that that's probably a losing the friction if you will, and the TAVR growth to some extent.

Question: Travis Steed - Bank of America - Analyst : On the asymptomatic, maybe talk about like now that the data is out for just six, nine months and asymptomatic, what are you seeing kind of referrals like you're expecting a little bit better to have a growth in the second half as the label comes on online and then the next year?

Question: Travis Steed - Bank of America - Analyst : It sounds like the FDA approval 10 days ago was a pretty pivotal moment in the growth for asymptomatic, if you will.

Question: Travis Steed - Bank of America - Analyst : It's the awareness within the referring doctors and cardiologists, high enough is there anything you can do to kind of drive the referrals more to the interventionists to do the procedures.

Question: Travis Steed - Bank of America - Analyst : And on moderate, first of all, you talked about TCT 2026. Like is there potential for that to come earlier or is that not possible? And anything that kind of gives you confidence that you know that trial is going to be positive. And there there is always the crossover stuff with that kind of been talked about in your current trials that you just presented this past year? And then to like on the moderate, any sense for how real that opportunity is versus like asymptomatic and the severe that you are in today? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 13, 2025 / 5:40PM, EW.N - Edwards Lifesciences Corp at Bank of America Global Healthcare Conference

Question: Travis Steed - Bank of America - Analyst : (inaudible) this quarter, I think the revenue grew $42 million every year from doing the math, if I remember correctly. How much of this TMT momentum has been a kind of acceleration of business? How much of that is coming from like PASCAL versus EVOQUE at this point.

Question: Travis Steed - Bank of America - Analyst : It's been a few weeks since the EVOQUE NCD has been finalized. Are you seeing anything now that kind of coverage is in place?

Question: Travis Steed - Bank of America - Analyst : Maybe talk about -- let's dig into that a little bit more in terms of how many book centers are a day, how many plan on adding over time? What's the process of getting one trained and how long does that take to get one center trained in kind of doing efficiently procedures?

Question: Travis Steed - Bank of America - Analyst : I wanted to ask about the M32. I think that's maybe a product that doesn't get enough attention, the approval in Europe. When are we going to see that in in the US and how big of a product do you think replacement in the mitral valve is going to be?

Question: Travis Steed - Bank of America - Analyst : And I wanted to ask kind of any question on some of the acquisitions that you did last year was JC Medical, JenaValve, like there were several investments that you made. Just trying to think about when are we going to start to see more on the growth side of that? Any kind of updates on the portfolio that you kind of acquired last year.

Question: Travis Steed - Bank of America - Analyst : Well, thank you. I appreciate you coming to Vegas.