Goldman Sachs analyst Amit Hazan initiated coverage of Edwards Lifesciences with a Neutral rating and $253 price target. The analyst sees some upside to consensus 2020 sales and earnings estimates given the continued strong growth in U.S. TAVR adoption, with added capital flexibility further supporting the stock. Beyond 2020 however, Hazan is "much more cautious" on TAVR and Mitral contribution for Edwards Lifesciences, supporting his neutral stance.

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%.