Aristotle Value Equity Fund on Edwards Lifesciences Corporation
Thesis
Edwards Lifesciences is a leader in structural-heart therapies and has established its Sapien platform as a leading transcatheter aortic valve replacement system. Aristotle highlights substantial barriers to entry arising from clinical evidence, physician training, regulatory approvals and an innovation-driven culture. The fund believes the continued expansion of TAVR and the scaling of newer mitral and tricuspid therapies are not fully reflected in the share price. Higher procedure volumes, broader TMTT adoption, adjacent cardiovascular technologies and deployment of substantial free cash flow provide the principal catalysts.
“We believe both the continued expansion of this franchise and the scaling contribution from newer mitral and tricuspid therapies are not fully reflected in the current stock price.”