Edwards Lifesciences Corp. (NYSE:EW) Q3 2020 Earnings Conference Call - Final Transcript

Oct 21, 2020 • 05:00 pm ET

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Edwards Lifesciences Corp. (NYSE:EW) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, ladies and gentlemen and welcome to the Edwards Lifesciences Third Quarter 2020 Results Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note that this conference is being recorded.

I will now turn the conference over to our host, Mark Wilterding, President of Investor Relations. Thank you. You may begin.

Executive
Mark Wilterding

Thanks, Diego. Good afternoon everyone and thank you for joining us. With me on today's call are Mike Mussallem, Chairman and Chief Executive Officer and Scott Ullem, Chief Financial Officer.

Just after the close of regular trading, Edwards Lifesciences released third quarter 2020 financial results. During today's call management will discuss those results included in the press release and accompanying financial schedules and then use the remaining time for Q&A.

Please note that management will be making forward-looking statements that are based on estimates, assumptions and projections. These statements include but are not limited to financial guidance and expectations for longer-term growth opportunities, regulatory approvals, clinical trials, litigation, reimbursement, competitive matters and foreign currency fluctuations. These statements speak only as of the date on which they were made and Edwards does not undertake any obligation to update them after today. Additionally, the statements involve risks and uncertainties, including but not limited to those associated with COVID-19 pandemic that could cause actual results to differ materially. Information concerning factors that could cause these differences and important product safety information may be found in the press release, our 2019 Annual Report on Form 10-K and Edwards' other SEC filings, all of which are available on the Company's website at edwards.com.

Finally, a quick reminder that when using the terms underlying and adjusted, management is referring to non-GAAP financial measures. Otherwise, they are referring to GAAP results. Reconciliations between GAAP and non-GAAP numbers mentioned during this call are included in today's press release.

With that, I'd like to turn the call over to Mike for his comments. Mike?

Executive
Michael A. Mussallem

Thank you, Mark. Let me begin by saying I am very proud of our passionate team and the way that they continue to serve patients during this difficult period. Our supply chain has delivered and our field team has continued to support the dedicated clinicians that count on Edwards.

We're pleased to report better-than-expected third-quarter results despite the challenges of the ongoing COVID pandemic. Sales of $1.1 billion increased 4% reflecting growth around the world. Global TAVR sales headlined our growth with continued adoption of our SAPIEN valve platform and a step-up in procedure volumes as newly diagnosed patients entered the system and were treated. In the third quarter we are also pleased to report growing investments in new therapies and compelling clinical data announced that at the recent TCT Connect conference that we will be having a meaningful impact on future patient care.

In TAVR third quarter global sales were $745 million, up 6%. Growth was led by therapy adoption across all geographies with notable strength in Europe. Globally, our average