Edwards Lifesciences (EW) reiterated its long-term business outlook on a growing portfolio of structural heart therapies, which appears achievable, RBC Capital Markets said Thursday in a report.

The company expects to deliver average annual revenue growth of about 10% with EPS leverage, though its 2026 guidance at its Investor Day came in below consensus, a conservative stance that RBC said typically sets up a beat and-raise.

The outlook assumes mid-to-high single-digit Transcatheter Aortic Valve Replacement portfolio growth, Transcatheter Mitral & Tricuspid Therapies reaching $2 billion by 2030, and added contributions from structural heart failure technologies, RBC said.

The TAVR portfolio has multiple catalysts in 2026 and is poised to deliver sales of $4.6 billion to $4.9 billion in 2026, driven by disease management through SAPIEN and expanded access for asymptomatic patients, the report said.

The TMTT business is expected to sustain momentum next year with sales projected at $740 million to $780 million, RBC said.

For 2026, RBC models EPS of $2.86 on $6.6 billion in revenue and a 78.5% gross margin.

RBC raised its price target on Edwards stock to $100 from $95 and maintained its outperform rating.

Edwards shares rose 2.3% in recent Friday trading.

Price: 87.75, Change: +1.97, Percent Change: +2.30