$66.32 price target - Evolution Capital initiation of coverage, page-57

Dave, I think you may be being conservative here.....

"About 60% of Edwards income is valve replacement."

I've heard Wayne say and other sources too that TAVR represents 80%+ of Edwards revenue... And an even larger % of their profits (ie. the remaining % of their revenues is at a far lower NPAT%.

This why I keep saying over and over and over again, Edwards is under the greatest pressure of the TAVR companies to acquire us.

If they don't, what does their future hold? Well, one very plausible scenario is year after year of decreasing sales and decreasing profits and ultimately, minnow status, representing nothing but a side note, an irrelevancy in the world of TAVR.

The world's greatest experts are in effect saying this now, saying that DurAVR will take "massive" market share and that it is a "valve for all patients."

Edwards should be very very concerned about this potential future which will not happen overnight although which has a very good chance of happening over the next decade, two decades.

A death by a thousand cuts.

It should be NUMBER ONE priority at Edwards NOT to let this happen and they need to become comfortable with the idea of paying us a lot of money to ensure that it doesn't.