TD Cowen analyst Joshua Jennings has identified Edwards Lifesciences Corp. (NYSE:EW) as the firm's leading pick within the medical device industry, maintaining a Buy rating on the stock following the release of extended clinical-trial data.
The update followed a presentation at NY Valves in which investigators disclosed seven-year follow-up findings from the PARTNER 3 trial. That study evaluated transcatheter aortic valve replacement, or TAVR, in younger, lower-risk patients with symptomatic severe aortic stenosis. Presenters expanded on topline results previously shared at TCT 2025 and framed the analyses using Valve Academic Research Consortium version 3, or VARC-3, criteria.
The investigator presentation highlighted several points Jennings emphasized in his note. Overall, the long-term analysis found that TAVR and surgical valve replacement showed similar rates of structural valve deterioration, or SVD, and rates of bioprosthetic valve failure, with low event frequencies across both treatment groups. Where SVD was observed, it correlated with a higher likelihood of subsequent reintervention and increased all-cause mortality.
Investigators reported that durability concerns tied to thrombosis occurred more often with TAVR than with surgical valves. Those thrombosis-related issues, however, tended to appear early, were frequently reversible with treatment, and seldom progressed to overt valve failure or required reintervention.
Patient anatomy also influenced outcomes. A small aortic annulus was associated with elevated risk of both structural valve deterioration and bioprosthetic valve failure irrespective of whether patients underwent TAVR or surgery. Reintervention rates themselves remained low overall and were comparable between the two approaches; most reinterventions were performed electively and were followed by very low rates of post-procedural mortality.
In his assessment, Jennings concluded that the seven-year data reinforce Edwards Lifesciences' authoritative position in the TAVR market. He noted that the company's share gains have materialized thus far this year and that the additional granularity from the NY Valves presentation strengthens the case for robust SAPIEN franchise performance into 2026 and beyond.
Jennings identified indication-expansion pathways, specifically the EARLY TAVR program and the PROGRESS Trial, as the principal potential catalysts for further growth. He also pointed to physician adoption as dependent on the continued accumulation of safety and efficacy evidence.
Separately, the company has received a boost from a U.S. government proposal to expand coverage for TAVR by easing certain restrictions, a development Jennings and TD Cowen view as supportive of future procedure growth. TD Cowen has also raised its price target on Edwards, citing expectations of continued market share gains.
The clinical data and the analyst commentary together frame a forward-looking view centered on sustained physician adoption, ongoing trial results, and evolving reimbursement policy as key determinants of Edwards' trajectory in the TAVR market.