Edwards Lifesciences : EW 2025 IC FINAL

Edwards Lifesciences 2025 Investor Conference

2025 Investor Conference

Mark Wilterding

Cautionary Statement

Presentations and comments made today by management of Edwards Lifesciences Corporation (the "Company") will include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can sometimes be identified by the use of words, such as "may," "will," "should," "anticipate," "believe," "plan," "project," "estimate," "potential," "predict," "unstoppable," "early clinician feedback," "expect," "intend," "guidance," "outlook," "optimistic," "aspire," "confident" or other forms of these words or similar expressions and include, but are not limited to, the Company's financial goals or expectations for 2025, 2026 and beyond (including sales, underlying growth, foreign exchange impact on sales, gross profit, earnings per share and its key components, free cash flow, SG&A, R&D, tax rate, operating margin, diluted shares outstanding, and other financial expectations through 2030); expectations for our impact to the healthcare ecosystem (including the improvement of lives of patients, setting the standard for physicians to transform care, changing the practice of medicine and creating health gain and Net Monetary Benefit from TAVR), expectations for our products (including headwinds and tailwinds, growth drivers, expected global opportunity, the timing and results of clinical trials, achievement of new indications, launch of new technologies, regulatory approvals, and reimbursement coverage); expected catalysts in 2026, 2027 and 2028 and beyond; industry growth and total addressable population projections; the Company's rate of penetration in individual and global markets; forecasted trends in patient treatment and demographics; strategies for the Company's new and existing products; and continued development of future innovations.

Statements of past performance, efforts, or results about which inferences, or assumptions may be made can also be forward-looking statements and are not indicative of future performance or results. Forward-looking statements are based on estimates and assumptions made by management of the Company and are believed to be reasonable, though they are inherently uncertain, difficult to predict, and may be outside of the Company's control. The Company's forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If the Company does update or correct one or more of these statements, investors and others should not conclude that the Company will make additional updates or corrections.

Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results to differ from that expressed or implied by the forward-looking statements are detailed in the Company's periodic reports filed with the U.S. Securities and Exchange Commission.

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Use of Non-GAAP Financial Measures

Unless otherwise indicated, all figures are GAAP financial measures.

To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company uses non-GAAP historical financial measures. Management makes adjustments to the GAAP measures for items (both charges and gains) that (a) do not reflect the core operational activities of the Company, (b) are commonly adjusted within the Company's industry to enhance comparability of the Company's financial results with those of its peer group, or (c) are inconsistent in amount or frequency between periods (albeit such items are monitored and controlled with equal diligence relative to core operations).The Company uses the terms "adjusted" and "constant currency" when referring to non-GAAP sales from continuing operations and sales growth information, respectively, which excludes currency exchange rate fluctuations. The Company uses the term "adjusted" to also exclude certain litigation expenses, intellectual property agreements, amortization of intangible assets, fair value adjustments to contingent consideration liabilities arising from acquisitions, restructuring expenses, a gain on remeasurement of a previously held interest upon acquisition, and a charitable contribution to the Edwards Lifesciences Foundation.

Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results, and evaluating current performance. These non-GAAP financial measures are used in addition to, and in conjunction with, results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company's operations by investors that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting the Company's business and facilitate comparability to historical periods.

Guidance for sales and sales growth rates is provided on a "constant currency basis," and projections for diluted earnings per share, net income and growth, gross profit margin, taxes, and free cash flow are also provided on a non-GAAP basis, as adjusted, for the items identified above due to the inherent difficulty in forecasting such items without unreasonable efforts. The Company is not able to provide a reconciliation of the non-GAAP guidance to comparable GAAP measures due to the unknown effect, timing, and potential significance of special charges or gains, and management's inability to forecast charges associated with future transactions and initiatives.

Management considers free cash flow to be a liquidity measure which provides useful information to management and investors about the amount of cash generated by business operations, after deducting payments for capital expenditures, which can then be used for strategic opportunities or other business purposes including, among others, investing in the Company's business, making strategic acquisitions, strengthening the balance sheet, and repurchasing stock.

A reconciliation of non-GAAP historical financial measures to the most comparable GAAP measure is available on the "Investors" page at https://www.edwards.com.

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Opening Remarks

Bernard Zovighian

Delivering sustainable, differentiated growth and leadership

with a unique and patient-focused strategy

Focusing

on structural heart disease

Solving

large and complex patient needs

Pioneering

therapeutic categories

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Exiting 2025

confident in our strategy and execution

2025

Accomplishments

Strategy ⏵ EARLY TAVR and 7-year PARTNER 3 practice-changing evidence, global adoption of SAPIEN 3 Ultra RESILIA

• Launched first-of-its-kind replacement technology with EVOQUE and SAPIEN M3

• Invested $1B+ in R&D for structural heart innovation, plus external investments in emerging opportunities to drive long-term profitable growth

  Financial ⏵ Original sales growth guidance of 8-10%; on track to deliver high-end

• Original EPS guidance of $2.40 - $2.50; on track to exceed

• Exiting 2025 with strong contributions to growth from TAVR, TMTT and Surgical

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Our Structural Heart focus

enhances Edwards' leadership and continued top-tier performance

Deploying unique innovation strategy

with speed and agility

+ Advancing TAVR, TMTT and Surgical

for sustainable, differentiated growth

+

Expanding Structural Heart portfolio

with multiple growth drivers and catalysts

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Edwards creates

global healthcare ecosystem impact

The only complete portfolio

addressing aortic, mitral, tricuspid and pulmonic valve diseases

Improving the lives of patients

with our structural heart therapies

Setting the standard

for physicians to transform care

with confidence

Changing the practice

of medicine with innovation in a complex clinical space

Creating value for healthcare systems and society

Unprecedented research and science

1,000+

scientific publications

12

NEJM/Lancet manuscripts

Patients live longer, higher-quality lives

95%

of Edwards' technologies are category-leading

$40 billion+

population-wide health gain and Net Monetary

Benefit from TAVR1

1: Sevilla et al., Cost-utility and cost-benefit analysis of TAVR availability in the US severe symptomatic aortic stenosis patient population. Journal of Medical Economics. 2022.

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Building on our unique capabilities to solve

unaddressed and growing Structural Heart patient needs

Core innovations Emerging opportunities

Aortic Stenosis Mitral Regurgitation Tricuspid Regurgitation Pulmonic Disease Aortic Regurgitation

+

Structural

+ Heart Failure

20M+ Patients Suffer from Structural Heart Disease

And many patient groups are currently unaddressed with no options today

Total Addressable Population

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