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Sankey diagram of Edwards Lifesciences Corporation. A complete text table follows the diagram.
TAVR remains the profit engine, while mitral and tricuspid therapies scale twice as fast internationally as the established U.S. franchise
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Product and geography are two separately reported views of the same revenue pool and do not imply product-level geography. Commercial and other operating cost is the exact net of $522.2M SG&A, $37.1M litigation expense and $14.2M other operating income.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Aortic valve replacement | 1 | $1.2B | TAVR core; 73% of sales; +14% |
| Mitral & tricuspid therapies | 1 | $175M | The next transcatheter platform; +52% |
| Surgical heart valves | 1 | $276M | Established surgical franchise; +10% |
| Structural-heart sales | 2 | $1.6B | +16.7% year over year |
| United States | 3 | $938M | 57% of sales; +12% |
| Europe | 3 | $443M | 27% of sales; +30% |
| Japan | 3 | $90.6M | 5% of sales; +11% |
| Rest of world | 3 | $178M | 11% of sales; +18% |
| Global valve platform | 4 | $1.6B | Catheter-based and surgical treatment |
| Gross profit | 5 | $1.3B | 78.0% gross margin |
| Valve manufacturing & delivery | 5 | $363M | Precision devices and clinical supply chain |
| Operating income | 6 | $478M | 29.0% operating margin |
| Research & development | 6 | $263M | 16.0% of sales |
| Clinical selling, litigation & other | 6 | $545M | Global physician support and corporate costs |
| From | To | Value |
|---|---|---|
| Aortic valve replacement | Structural-heart sales | $1.2B |
| Mitral & tricuspid therapies | Structural-heart sales | $175M |
| Surgical heart valves | Structural-heart sales | $276M |
| Structural-heart sales | United States | $938M |
| Structural-heart sales | Europe | $443M |
| Structural-heart sales | Japan | $90.6M |
| Structural-heart sales | Rest of world | $178M |
| United States | Global valve platform | $938M |
| Europe | Global valve platform | $443M |
| Japan | Global valve platform | $90.6M |
| Rest of world | Global valve platform | $178M |
| Global valve platform | Gross profit | $1.3B |
| Global valve platform | Valve manufacturing & delivery | $363M |
| Gross profit | Operating income | $478M |
| Gross profit | Research & development | $263M |
| Gross profit | Clinical selling, litigation & other | $545M |