Edwards Lifesciences (EW) is expected to benefit from the Centers for Medicare & Medicaid Services' Proposed Decision Memo for a National Coverage Determination on transcatheter aortic valve replacement, or TAVR, RBC Capital Markets said.

The proposal is expected to drive near-term TAVR growth by confirming single-operator procedures and removing coverage with evidence development for symptomatic patients, the brokerage said in a Monday note.

The changes are set to improve scheduling, support new site formation, and reduce administrative burden, according to the research note.

RBC said its checks indicate the proposal is likely to be adopted and estimated about a 5% increase in TAVR procedures over time from the coverage determination. Further guidelines from the American College of Cardiology and the American Heart Association could also serve as catalysts for the procedure, the firm noted.

RBC reiterated its outperform rating and $100 price target on Edwards Lifesciences.

Shares of the company were up 3.4% in Tuesday trading.

Price: 89.27, Change: +2.99, Percent Change: +3.47