Wells Fargo analyst Larry Biegelsen noted that the USPTO's Patent Trial and Appeal Board declined to institute an Inter Partes Review of Abbot's (ABT) '366 patent yesterday, but he believes this decision "is of zero importance" to the bigger fight between the company and Edwards (EW). Abbott alleges that Edwards' PASCAL device infringes several Abbott patents, but the case against Edwards is built on five other patents, not including '366, explained the analyst. Biegelsen noted that the PASCAL case is set for trial in May of this year and he expects news on several other IPR petitions between now and then.

Sees Q2 revenue $1.62B-$1.7B, consensus $1.64B.

Reports Q1 revenue $1.6B, consensus $1.57B. "Edwards is positioned to extend our leadership and deliver sustainable growth as a result of the strategic investments we have made across our transcatheter platforms to address the large and growing needs of patients impacted by aortic, mitral and tricuspid disease. We are pleased with our total company performance with first quarter sales growth of 10% as more patients were treated with our innovative therapies," said Bernard Zovighian, CEO. "This encouraging start to the year supports our increased 2024 sales guidance. Looking beyond 2024, we remain confident in Edwards' innovation-driven strategy, led by new indications, differentiated technologies and strategic adjacencies for addressing the significant unmet needs of structural heart disease patients."

Pre-earnings options volume in Edwards Lifesciences is 5.5x normal with puts leading calls 10:7. Implied volatility suggests the market is anticipating a move near 4.8%, or $4.27, after results are released. Median move over the past eight quarters is 6.3%.