Edwards Lifesciences' (EW) long-term growth plan raises concerns amid "structural" risks despite expectations of near-term transcatheter aortic valve replacement upside in Q3, Oppenheimer said in a note Wednesday.

"Our caution stems from our fundamental analysis on key product designs, statistical analysis of trial outcomes, and proprietary survey," Oppenheimer said.

The firm noted that TAVR market growth remains below 10% despite less than 50% penetration, adding that broader adoption in asymptomatic severe or moderate aortic stenosis is unlikely if hospitals performing TAVR remain limited.

Oppenheimer's analysis indicates higher 7-year mortality for TAVR at 16% to 21%, versus surgical aortic valve replacement at 12% to 15%, raising concerns about potential TAVR inferiority that could weigh on the less than 65-year low-risk market, which makes up roughly half of the segment, according to the report.

Oppenheimer downgraded the rating on Edwards' stock and revoked its price target.

Shares of Edwards Lifesciences were down 2.1% in recent Wednesday trading.

Price: 75.13, Change: -1.59, Percent Change: -2.07