Leerink analyst Danielle Antalffy notes that both Edwards Lifesciences (EW) and Medtronic (MDT) traded down in reaction to a presentation of the German Aortic Valve Registry data in intermediate risk patients. However, she believes the selloff is overdone, with no change to her estimated total addressable transcatheter aortic valve replacement, or TAVR, market opportunity as there are key baseline characteristic differences between both the surgical valve and TAVR groups that skews the data, and randomized controlled clinical trial data trumps registry data.