2018 Investor Conference. December 5, 2018 Irvine, CA

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1 2018 Investor Conference December 5, 2018 Irvine, CA

2 2018 Investor Conference David K. Erickson Vice President, Investor Relations

3 Cautionary Statement Presentations and comments made today by the management of Edwards Lifesciences Corporation will include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of These forward-looking statements can sometimes be identified by the use of words such as may, will, should, anticipate, believe, plan, project, estimate, expect, intend, guidance, outlook, optimistic, aspire, confident or other forms of these words or similar expressions. These may include, but are not limited to, the company s financial goals or expectations for 2018, 2019 and beyond (including sales, gross profit, earnings per share and its key components, free cash flow, SG&A, R&D, net interest expense, tax rate, operating margin, diluted shares outstanding, and other financial expectations, such as several of these measures expressed as percentages); expectations for our products (including, headwinds and tailwinds, the timing and results of clinical trials, regulatory approvals, and reimbursement coverage); industry growth projections, the ability to extend leadership positions; forecasted trends in patient treatment and demographics; strategies for the company s new and existing products; and the impact of foreign exchange, and special items on the company s results. Forward-looking statements are based on estimates and assumptions made by management of the company and are believed to be reasonable, though they are inherently uncertain and difficult to predict. Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement. If the Company does update or correct one or more of these statements, investors and others should not conclude that the company will make additional updates or corrections. Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Factors that could cause actual results or experience to differ materially from that expressed or implied by the forward looking statements are detailed in the company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31,

4 Use of Non-GAAP Financial Measures Unless otherwise indicated, all figures are GAAP financial measures Underlying growth rates are non-gaap items and exclude foreign exchange fluctuations, sales return reserves associated with THVT product upgrades, the positive impact of 2017 THVT stocking sales in Germany, the negative impact of de-stocking, the conversion to a consignment inventory system for surgical heart valves ("SHV"), and other special items. Adjusted earnings per share is a non-gaap item computed on a diluted basis and excludes intellectual property litigation income and expenses, amortization of intellectual property, fair value adjustments to contingent consideration liabilities arising from acquisitions, realignment expenses, the positive impact of 2017 THVT stocking sales in Germany, and the negative impact of de-stocking, and other special items. Other non-gaap guidance may exclude special items on a similar basis. A reconciliation of non-gaap historical financial measures to the most comparable GAAP measure is available at The Company is not able to provide a reconciliation of future projections that exclude special items to expected reported results due to the unknown effect, timing and potential significance of special charges or gains, and management s inability to forecast charges associated with future transactions and initiatives 4

5 Clinician Disclosures Dr. Randolph P. Martin and Dr. Jeffrey J. Popma are paid to consult for Edwards Lifesciences The opinions expressed by these clinicians are their own and do not necessarily reflect the views of Edwards Lifesciences 5

6 Opening Remarks Michael A. Mussallem Chairman and CEO

7 Globally, cardiovascular diseases are the #1 cause of death and they are projected to remain so. World Health Organization Global Health Estimates 2016: Deaths by Cause, Age, Sex, by Country and by Region, Geneva, World Health Organization;

8 59 countries, including China, are predicted to have a life expectancy of at least 80 years in The Lancet Forecasting life expectancy, years of life lost, and all-cause and cause-specific mortality for 250 causes of death: reference and alternative scenarios for for 195 countries and territories. The Lancet, Vol 392, November 10,

9 Imagine a world where the growing population of structural heart patients live longer and enjoy a better quality of life with cost-effective, catheter-based therapies. 9

10 Our Credo At Edwards Lifesciences, we are dedicated to providing innovative solutions for people fighting cardiovascular disease Through our actions, we will become trusted partners with customers, colleagues, and patients creating a community unified in its mission to improve the quality of life around the world. Our results will benefit customers, patients, employees and shareholders. We will celebrate our successes, thrive on discovery, and continually expand our boundaries. We will act boldly, decisively, and with determination on behalf of people fighting cardiovascular disease. Helping Patients is Our Life s Work, and 10

11 Our Aspirations Transforming patient lives with breakthrough medical technologies Edwards is a global leader dedicated to Excelling as a trusted partner through distinguished quality and integrity Fostering an inclusive culture where all employees grow and thrive Passionate engagement that strengthens our communities Delivering exceptional shareholder value 11

12 Celebrating 60 Years of Discovery Our journey began with Miles Lowell Edwards, a true pioneer with an entrepreneurial spirit and a big dream of helping patients. Edwards established a trusted partnership between R&D and physicians, laying a foundation for numerous innovative, life-saving medical technologies Edwards Laboratories American Hospital Supply Baxter International Edwards Lifesciences

13 Edwards Patient-Focused Innovation Strategy Singular focus on large unmet needs of structural heart and critically ill patients Focus Pioneer breakthrough technologies with superior evidence Innovation Lead groundbreaking standards of care through trusted relationships Leadership Create meaningful value by transforming patient care 13

14 Focus Creates Meaningful Solutions for Patients Drives deeper understanding of the disease and its burden Focus Enables unmatched expertise and agility Allows disciplined prioritization and committed investment 14

15 Continuous Innovation Transforms Patient Care Dedicated innovation teams Innovation Attract passionate talent to advance fundamentally new approaches Committed to demonstrate value through superior evidence 15

16 Pioneering Leadership is a Competitive Advantage Trusted partnerships with leading clinicians to change the practice of medicine Leadership Pioneer improved regulatory and payment pathways Invest early in trailblazing ideas and therapies 16

17 Our Strategy has Yielded Consistent Growth and Global Leadership in all Product Categories 10+ years of underlying double-digit sales growth 10 year underlying sales CAGR E Edwards Sales ($ in billions) $3.5 - $3.9 Europe 12% $1.2 $1.3 $1.4 $1.7 $1.9 $2.0 $2.3 $2.5 $3.0 $3.4 U.S. 15% Japan 9% E ROW 13% 17

18 Innovating in Structural Heart Disease is Demanding, but an Ideal Focus for Edwards Heavy and Growing Disease Burden Breakthroughs are Therapies Achievable Triple Win Potential Deadly Consequences Prevalent Globally Expensive to Ignore Favorable Landmark Studies Positive Prospects in Mitral and Tricuspid are Emerging Improved Outcomes Enhanced Quality of Life Cost Effectiveness Edwards is uniquely and singularly committed over the long-term 18

19 2018, 2019 and Beyond

20 2018 Delivering Results to Drive Value Double-digit growth continues Important progress on clinical innovations Significant improvements in our operations TAVR therapy growing mid-teens globally Critical Care exceeding expectations Gained early patient experience in multiple breakthrough therapies Multiple EFS trials in progress Increased global supply chain capacity and redundancy Strengthened global team Total underlying sales growth at 10% YTD Q3 Estimated adjusted EPS growth >20% 20

21 Macro Environment Growing and aging population Value focused Structural heart growth Innovation requires commitment Digital technology Growing and aging population increasing utilization globally Increasing pressure to demonstrate value in healthcare Systems prioritizing their structural heart programs Innovation climate receptive in U.S., more challenging in Europe, and emerging in Asia Increased use of digital technology to improve operations and patient care 21

22 2019 Expected to be a Year of Continued Growth and Investment in Our Future Increased growth in the treatment of AS through Transcatheter Aortic Valve Replacement Momentum in breakthrough Transcatheter Mitral and Tricuspid Therapies (TMTT) Innovation in our core leadership franchises of Surgical Structural Heart and Critical Care Focused investments: - Clinical trials - Disease Awareness - EU TMTT field team - Capacity and talent Underlying sales growth of 9-12% R&D 17-18% of sales to drive value creation Adjusted EPS of $ $

23 Leader in ~$3.5B Global Transcatheter Aortic Valve Replacement Market Primary global growth drivers: indication expansion, therapy awareness, and technology advances We believe the diagnosis and treatment rates of Aortic Stenosis remain low Expect the Global TAVR opportunity ~$7B by 2024 We continue to invest in groundbreaking trials beyond severe symptomatic Aortic Stenosis patients We expect the global TAVR opportunity to grow at a double digit CAGR through 2024 SAPIEN 3 Ultra is not for commercial sale in the U.S. or Germany currently 23

24 We Will Lead and Transform Treatment for Patients with Mitral and Tricuspid Diseases Mitral and Tricuspid Diseases are complex, varied and prevalent; patients are in significant need of safe and effective therapies Multiple therapy options are needed; our portfolio strategy positions Edwards for leadership Expect the Global Mitral & Tricuspid Transcatheter opportunity to reach $1B+ by 2021 and ~$3B by 2024 Commitment to innovate across therapies, build practicechanging evidence, and drive therapy adoption Expect strong cadence of transformational therapies; 3 commercially available in Europe in 2019 PASCAL and EVOQUE not available for commercial sale 24

25 Continued Innovation and Dependable Growth in Core Businesses Surgical Structural Heart Critical Care Extending its leadership with new innovation and strategic global expansion, as well as being partner of choice for cardiac surgeons Building future growth with HemoSphere, artificial intelligence solutions and expanding Enhanced Recovery adoption with Acumen technologies Extend leadership in ~$1.8B global surgical opportunity The leader in the ~$800M global hemodynamic monitoring industry* *Includes pulmonary artery catheters and pressure monitoring products, excludes capital 25

26 An Exciting Year Ahead Pursuing Large Unmet Needs 2019 Expected Progress Platform Launches Clinical Trials* Early Feasibility Studies *Includes CE, Pivotal, and Registries 26

27 Conference Agenda Transcatheter Aortic Valve Replacement The Role of AI in Advancing the Detection and Diagnosis of Heart Disease Surgical Structural Heart The Clinical Challenges of Transcatheter Treatment of Mitral Valve Pathologies Transcatheter Mitral and Tricuspid Therapies Critical Care Financial Outlook Closing Remarks Larry L. Wood Guest Speaker: Randy P. Martin, MD Daveen Chopra Guest Speaker: Jeff J. Popma, MD Bernard J. Zovighian Katie M. Szyman Scott B. Ullem Michael A. Mussallem 27

28 Edwards Leadership Team Michael A. Mussallem Chairman & CEO Donald E. Bobo, Jr. Strategy & Corporate Development Daveen Chopra Surgical Structural Heart Dirksen J. Lehman Public Affairs Jean-Luc Lemercier EMEA, Canada and Latin America Christine Z. McCauley Human Resources John P. McGrath Quality, Regulatory, Clinical Joseph Nuzzolese Global Supply Chain Katie M. Szyman Critical Care Scott B. Ullem Chief Financial Officer Huimin Wang, M.D. Japan, Asia and Pacific Aimee S. Weisner General Counsel Larry L. Wood Transcatheter Aortic Valve Replacement Bernard J. Zovighian Transcatheter Mitral & Tricuspid Therapies 28

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