Edwards Lifesciences Corp at JPMorgan Healthcare Conference (Virtual) Transcript

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

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Yes, great. So maybe we could start with your comments on 2019. And I want to just parse out, how much of this is repetition from the Analyst Day? Or how much of this is the final result and -- with -- you had guided...

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Yes, sorry. I just want to make sure, you made comments about high teens growth for the year. That was right in the middle of your guidance range on an organic basis for the company. Just want to parse out, is that an update as where you ended up for the year? Or just repeating the comments from the analyst event?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Great. And as we think about 2022, you made the comments as well, you contemplated a range and so you're safe within that range as you sit today. Anything changed versus your prior thinking about the cadence throughout the year? Is perhaps maybe the back half a little better or...

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Maybe last question here on COVID-related trends. As I think about -- 2 years ago when this first hit, TAVR was pushed out completely, and it negatively impacted a lot of patients. Where in the treatment paradigm of hospitals, fast forward to today, is it falling? Are they getting priority for beds in surgery? And does it vary from location to location?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Shifting gears a little bit. I want to start with the TMTT pipeline. This is clearly the most exciting future growth driver here. I don't know if you disagree. But the one thing that really hit home for me was the tricuspid, the TRISCEND data. This is tricuspid replacement. We saw the data at TCT. This is really, in my view, one of the first closer to real-world trials and less of a cherry-picked patient population. And it had fantastic results for a very difficult to treat disease. So maybe talk about your view on tricuspid, you're way ahead in replacement there, replacement versus repair? And then we could go touch on mitral afterwards.

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : So this is obviously in the lead in tricuspid. We're going to get approval in Europe, hopefully, later this year with the launch more meaningfully next year. U.S. pivotal is ongoing. What about in mitral? When should we think about the EVOQUE Eos in mitral starting to move more meaningfully into the clinic?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : So, Mike, one of the biggest or the most common questions I get, whether it's tricuspid or mitral, is on the role repair versus replacement has. Which patients are right for repair, which are right for replacement? Is there a step order? Is it once you get one done, you can't get the other done? And so I would say, how do you think about that? And is it different for mitral and tricuspid?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Which is why I'm asking you the tough questions.

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Do you think there might be a role for one technology, especially mitral, in functional versus degenerative where one is really a valvular disease, the other is more heart failure disease? We saw so many of the patients in the early experience pass away when the valve was fixed but the heart was too weak. So do you think there could be this dual role depending on the different patient etymology?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : So we touched on replacement. You do have both PASCAL and PASCAL TR for mitral and tricuspid repair. And I was impressed with the guidance you provided at the analyst event for $140 million to $170 million. I think The Street was more approaching $150 million. Walk us through where you see optimism around this? Is it on new centers? Is it more adoption within new centers? Are there a lot of geographies this can move into outside the U.S. this year? Just maybe some of the nuts and bolts of it.

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Here I am. Sorry about that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 10, 2022 / 4:15PM, EW.N - Edwards Lifesciences Corp at JPMorgan Healthcare Conference (Virtual)

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : I want to get Scott in here a little. I don't want him standing up there for nothing. And maybe you guys can both address this, but you have a lot of cash on the balance sheet, you generate a lot of cash. I think investors would love to see M&A going forward. How do you think about the environment for M&A and not just within your existing wheelhouse, but also are there other areas that might make sense to move into and in your adjacency that could benefit Edwards?

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Maybe staying on financials. 2022, based on the guidance you gave at the analyst event, looks like it's going to be another heavy investment year into both SG&A and R&D, and you put out some longer-term guidance targets. And I think the R&D component is self-explanatory. We see exactly where it's going. But where is the SG&A going? Where are the areas of investment that still need to be supported and built out? And I would imagine a lot of the new product launches have a high degree of synergy with the existing infrastructure. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JANUARY 10, 2022 / 4:15PM, EW.N - Edwards Lifesciences Corp at JPMorgan Healthcare Conference (Virtual)

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : The good news is, I imagine, while your infrastructure may be different, the physician base and the relationships are all the same. Same doctors doing 1 procedure as well as TMTT.

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Great. Well, unfortunately, we're out of time. There's a lot more we could touch on, but we're going to have to leave it there. Mike, Scott, thanks so much for the time and hope you have a great rest of the day.