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Health care · Medical Devices · NYSE

EWEdwards Lifesciences

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The 10-K against last year's

125 changes: 25 added, 33 removed, 65 reworded, 2 quiet changes

10-K Feb 25, 2026 vs Feb 28, 2025
Risk FactorsRedline ↓
21.0%
of the text changed · 7,642 words now
24.3%
of the text changed · 6,371 words now
Legal ProceedingsRedline ↓
55.0%
of the text changed · 1,274 words now
Accounting PoliciesRedline ↓
11.4%
of the text changed · 5,040 words now

10-K 0001099800-26-000009 (2026-02-25) vs 10-K 0001099800-25-000005 (2025-02-28)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 178 words changed in this paragraph; it is 48% similar to last year's version.
The regulatory approval process for new products and new indications for existing products requires extensive clinical trials and procedures, including early clinical feasibility and regulatory studies. Unfavorable or inconsistent clinical data from current or future clinical trials or procedures conducted by us, our competitors, or third parties, or perceptions regarding these clinical data, could adversely affect our ability to obtain necessary approvals and the market's view of our future prospects. Such clinical trials and procedures are inherently uncertain and there can be no assurance that these trials or procedures will be enrolled or completed in a timely or cost-effective manner or result in a commercially viable product or indication; failure to do so could have a material adverse effect on our prospects. Clinical trials or procedures may experience significant setbacks even after earlier trials have shown promising results. Further, preliminary results from clinical trials or procedures may be contradicted by subsequent analyses. In addition, results from our clinical trials or procedures may not be supported by actual long-term studies or clinical experience. If preliminary clinical results are later contradicted, or if initial results cannot be supported by actual long-term studies or clinical experience, our business could be adversely affected. Clinical trials or procedures may be delayed, suspended, or terminated by us, the FDA, or other regulatory authorities at any time if it is believed that the trial participants face unacceptable health risks or any other reasons, and any such delay, suspension, or termination could have a material adverse effect on our prospects or the market's view of our future prospects.

Source: Item 1A, 10-K 0001099800-26-000009 vs Item 1A, 10-K 0001099800-25-000005

Legal Proceedings 167 words changed in this paragraph; it is 32% similar to last year's version.
On March 22, 2024, Fortis Advisors, LLC, in its capacity as the designated representative of the former stockholders of Harpoon Medical, Inc. February 16, 2026, Valtech Shareholder Representative LLC (“VT Shareholders”) filed suit a complaint against the Company in the Delaware Court of Chancery of the State of Delaware, alleging breach of the Agreement contract and Plan of Merger, dated December 8, 2015, by and between Harpoon Medical, Inc. and Edwards (the “Agreement”). Fortis seeks acceleration and payment of all contingent seeking accelerated milestone payments set forth in the Agreement. merger agreement in which the Company acquired transcatheter structural heart repair technology from Valtech Cardio Ltd. The trial complaint alleges the Company failed to exercise commercially reasonable efforts in the development and commercialization of such technology causing certain milestone payments to not come due. This suit is scheduled for December 2025. the second suit brought by VT Shareholders. The first, filed in 2023, was dismissed by the Court of Chancery on procedural grounds in July of 2024. The Company is unable to cannot predict the ultimate outcome of this matter the litigation or estimate a range of possible exposure; therefore, no amounts have been accrued. the potential impact on its financial statements. The Company is vigorously defending itself in this litigation.

Source: Item 3, via Note 20 – COMMITMENTS AND CONTINGENCIES, 10-K 0001099800-26-000009 vs Item 3, via Note 20 – LEGAL PROCEEDINGS, 10-K 0001099800-25-000005

MD&A 165 words changed in this paragraph; it is 37% similar to last year's version.
Many countries are implementing some or all of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting Pillar Two (“Pillar Two”) rules ("Pillar Two") that impose a global minimum tax of 15%. Under Pillar Two, a company is required to determine a combined effective tax rate for all entities located in a jurisdiction. If the jurisdictional effective tax rate is less than 15%, a top-up tax will be due to bring the jurisdictional effective tax rate up to 15%. We are continuing to monitor the implementation of 15% on reported profits. Although Pillar Two by individual provides a framework for applying the minimum tax, countries may enact Pillar Two differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar Two. In addition, in January 2025, the United States issued an executive order announcing opposition to aspects of these rules. As countries continue to enact and refine the Pillar Two rules, we will evaluate the potential effects of Pillar Two on our effective tax rate. The In 2025, the Pillar Two provisions may have a material impact on our consolidated financial statements resulted in 2025 and future years, depending on future legislation, regulatory guidance, and business events. additional tax expense of approximately $19.1 million.

Source: Item 7, 10-K 0001099800-26-000009 vs Item 7, 10-K 0001099800-25-000005

Accounting Policies 124 words changed in this paragraph; it is 33% similar to last year's version.
In March 2023, November 2024, the FASB issued an amendment ASU 2024-03 on income statement presentation to require disclosure, in the notes to the accounting guidance on investments financial statements, of disaggregated information about certain costs and expenses, including purchases of inventory, employee compensation, and depreciation and amortization included in tax credit structures to allow entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. each relevant expense caption within continuing operations. The guidance was is effective for fiscal years beginning after December 15, 2023, including 2026, and interim periods within those fiscal years. beginning after December 15, 2027. The Company adopted this is currently evaluating the impact the guidance will have on January 1, 2024. The adoption of this guidance did not have a material impact on the Company's its consolidated financial statements.

Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001099800-26-000009 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001099800-25-000005

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of EW's Risk Factors and MD&A, 10-K 2026-02-25 against 10-K 2025-02-28. Each links to the text at sec.gov.

RemovedRisk Factors
Our extensive global operations and business activity as well as the fact that many of our manufacturing facilities and suppliers are outside of the United States expose us to certain financial, economic, political, and other risks, including those listed below.

Read it in 10-K 2025-02-28 at sec.gov ↗

RemovedRisk Factors
In addition, the United States Foreign Corrupt Practices Act, the United Kingdom Bribery Act, and similar laws in other jurisdictions contain prohibitions against bribery and other illegal payments, and make it an offense to fail to have procedures in place that prevent such payments. Penalties resulting from any violation of these laws could adversely affect us and our business.

Read it in 10-K 2025-02-28 at sec.gov ↗

RemovedRisk Factors
Additional risks related to government regulation are also described under "Health Care Legislation and Other Regulations" in the risk factor above titled "Because we operate globally, our business is subject to a variety of risks associated with international sales and operations."

Read it in 10-K 2025-02-28 at sec.gov ↗

RemovedMD&A
Becton, Dickinson and Company ("BD") in an all cash-transaction for $4.2 billion, subject to certain customary adjustments as set forth in the agreement. We completed the sale of Critical Care on September 3, 2024. We believe that the sale will enable us to pursue expanded opportunities for TAVR, TMTT, and Surgical patients, as well as new investments in interventional heart

Read it in 10-K 2025-02-28 at sec.gov ↗

Show the other 8
RemovedMD&A
•we announced results from the EARLY TAVR trial, the first randomized, controlled trial designed to study the best strategy for the treatment of asymptomatic severe aortic stenosis ("AS") patients and demonstrate the benefits of early intervention with TAVR;

Read it in 10-K 2025-02-28 at sec.gov ↗

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