Edwards Lifesciences makes heart valve replacement and repair devices, focusing heavily on transcatheter aortic valve replacement, a minimally invasive procedure that lets doctors replace a diseased heart valve without open-heart surgery. This technology has transformed treatment for aortic stenosis, a common heart valve condition in older patients, by offering a less invasive alternative to traditional open-heart valve replacement surgery. The company holds a leading position in this specific medical device category, competing primarily with Medtronic and a small number of other device makers in a market with significant regulatory barriers to entry given the safety-critical nature of heart valve implants. Edwards' revenue growth is tied to the expanding use of transcatheter valve procedures in patients who were previously considered too high-risk for surgery, along with the aging population that drives more heart valve disease overall.