Edwards Lifesciences
(NYSE: EW)
has initiated layoffs across the device developer’s global footprint after completing the $4.2 billion sale of its Critical Care business.
About 3% of the company’s workforce will be affected, Edwards CEO Bernard Zovighian said in an announcement viewed by MassDevice.
Affected employees were notified today, he said, and some may temporarily stay on to help with the Critical Care business transition, while others may find other jobs internally.
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“It is always difficult when team members leave our company,” Zovighian said. “We care deeply about our talented team and are committed to supporting employees through the transition. I am proud of our teams and our patients-first culture, and grateful for the contributions that have prepared us to be the leading structural heart innovator with a vision of improving the lives of millions of patients around the world.”
Around 4,500 Critical Care employees — or 20% of the Edwards workforce — are moving to BD.
“For that reason, we carefully assessed our global resources, and determined that it was necessary to do a one-time right-sizing of the organization,” Edwards said in a statement to MassDevice today that was similar (but not identical) to Zovighian’s announcement. “As a result, we have thoughtfully realigned our resources and capabilities which will impact about 3% of our remaining global workforce.”
That percentage translates to about 540 employees.
Edwards is the world’s 23rd-largest medical device company, according to Medical Design & Outsourcing‘s Medtech Big 100 ranking by revenue. The company reported revenue of $6 billion for fiscal 2023, ended Dec. 31, and 19,800 employees at that time.
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Edwards said yesterday that it completed the sale of its Critical Care business to Becton, Dickinson and Co., with the proceeds from the all-cash deal set to fund strategic initiatives including previously announced acquisitions and buying its own stock back from investors.
At the same time, Edwards also announced that its board of directors has authorized spending another $1.5 billion on those share repurchases.
“We are proud of the special company Edwards is today,” the company said in its statement to MassDevice. “We have strong confidence in our long-term strategy and ability to deliver sustainable growth, and we have the vision and capabilities to achieve our goal of helping many more structural heart patients in need.”
In July, Edwards reported lower-than-expected sales for the second quarter and reduced its full-year guidance for transcatheter aortic valve replacement (TAVR) procedures, which represent the majority of the company’s revenue. However, Edwards did report encouraging growth in transcatheter mitral and tricuspid therapies (TMTT).
Zovighian said at the time that TAVR volumes were hurt by the growth of structural heart therapies and their pressure on hospital workflows.
Edwards stock dropped more than 30% (from $86.95 per share to $59.70) after the company released those second-quarter results and has yet to recover. The stock was trading just below $70 today.
Zovighian and Edwards CFO Scott Ullem are scheduled to speak at the Wells Fargo Healthcare Conference tomorrow morning. (UPDATE: In his presentation, Zovighian warned earnings per share would be lower in fiscal 2025 than fiscal 2024.)
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This post was originally published on Sept. 4, 2024 and updated on Sept. 9, 2025.
