Leerink Partners analyst, Danielle Antalffy, reiterated her Outperform rating on shares of Edwards Lifesciences (NYSE: EW) after the company reported better than-expected sales (9th consecutive quarter of sales outperformance) -- with 2Q16 adjusted sales of $759.3M (+22.1% y/y, +22.9% ex. FX), ~$35M ahead of consensus. She also raised her price target to $130.00 (from $125.00).

The analyst stated: "With THV now over 55% of total EW sales and projected to grow at a midteens sales CAGR over the 2015-2021 timeframe, THV is key to the long-term EW growth story. And with the expected Intermediate Risk approval moved up yet again to sometime in 3Q16, the near- to medium-term growth outlook improves even further, with potential for incremental upside from rapid adoption in this much-larger indication representing the size of at least high risk + inoperable combined. To us, better-than-expected growth for now 9 quarters in a row despite ramping competition both in the U.S. and Europe signifies that: (1) The TAVR market is clearly growing seemingly sustainably faster than expected, which we now expect to exceed $5.3B by 2021 (+22% over the 2015-2021 timeframe); and (2) EW's Sapien 3 is best-in-class, particularly now with data demonstrating overwhelming superiority vs. surgery in intermediate risk patients."

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Shares of Edwards Lifesciences closed at $108.35 yesterday.