Citi Comments On Edwards Lifesciences' One-Year Results

According to Citi, Edwards Lifesciences EW presented the one-year results of the high-risk Cohort A of its randomized PARTNER trial for the SAPIEN transcatheter valve at the ACC 2011 conference in New Orleans on Sunday. Citi reported that major stroke rates were higher than SAVR but lower than Cohort B at both 30 days (3.8%) and 1 year (5.1%). “We maintain our Buy, as TAVR is one of the most significant new product opportunities in Med Tech. Raising PT to $99 (from $79) on revised 35x P/E (from 30x) on a revised $2.83 2012E EPS (from $2.65), which we increase due to higher US TAVR demand and a faster growing TAVR market in Europe.” Edwards Lifesciences closed on Friday at $86.07.