Edwards Lifesciences Corp Q1 2023 Earnings Call Transcript

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

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Mike, I'll add my congratulations as well. Maybe to start, I want to spend a minute on TAVR trends, U.S. and OUS, and you said there was some pent-up demand at the beginning of the quarter, but then also, it sounds like staffing continues to improve around the world. And if you get a little pricing benefit on SAPIEN 3 Ultra RESILIA that might help sales throughout the year. So I would just love to get your thoughts on what you're seeing? Do you think there was a bolus in January and it died off? Or are these trends that can continue to improve and accelerate throughout the year? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 26, 2023 / 9:00PM, EW.N - Q1 2023 Edwards Lifesciences Corp Earnings Call

Question: Robert Justin Marcus - JPMorgan Chase & Co, Research Division - Analyst : Great. And Scott, maybe one for you. OpEx came in a little higher than the Street had been expecting in the quarter, yet you reiterated the margin targets for the year. How should we think about the cadence of spending? And anything in the first quarter that stood at to you that won't repeat going forward?

Question: Danielle Joy Antalffy - UBS Investment Bank, Research Division - Analyst : Mike, it may sound like a broken record over here, but it's the end of an era and you definitely will be missed, and it's been such a pleasure being on this journey with you as you had such a meaningful impact on so many patients' lives. So thanks for letting us share that with you. And I guess my first question is on the TAVR growth guidance for the year. And if you look at it from a comp perspective, I mean, Q1 is a tough comp. You guys put up 11% constant currency growth. So I guess I get that we had some sort of backlog work down in January, but I guess my question is, why not a little bit more aggressive on the TAVR growth guidance given the strong Q1 print? Is there anything to consider as it relates REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 26, 2023 / 9:00PM, EW.N - Q1 2023 Edwards Lifesciences Corp Earnings Call to moving through the quarter, as comps actually get easier as we move through the year. So just wondering if you could comment on that. And then I have one quick follow-up.

Question: Danielle Joy Antalffy - UBS Investment Bank, Research Division - Analyst : Okay. That's fair. And I think historically, you guys don't tend to raise guidance very aggressively after the first quarter. So that's fair. And a quick question on the TMTT side of things. I know it's very early in the U.S. on PASCAL launching. But Bernard, just curious what you're seeing as it relates to market growth there, and how much you're seeing that market recover? Again, I know you guys are so early, so I'm not sure what you can say, but usually second entry comes to market and markets accelerate in med-tech, but just wondering if we're getting any signs on what market growth could look like going forward there?