Canaccord analyst Jason Mills said he likes the trends coming out of the Edwards Lifesciences Q1 results and he recommended investors buy the shares on any weakness. He noted the company was going up against the toughest comps of the year along with heightened expectations coming off the Q4 TAVR performance. Mills reiterated his Buy rating and $174 price target on Edwards Lifesciences shares.

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%.