I thought the Edwards annual AU$3B R&D spend you mention sounded...

I thought the Edwards annual AU$3B R&D spend you mention sounded high for a company with sales of US$5.3B last year, so I had a look.
The June quarter spend on R&D is the highest they have had on record at US$270m with the total for the last 4 quarters being just under US$1B.
On the current exchange rate that is AU$1.6B for the last 12 months.

Still, when they spend US$1B on R&D in the last 12 months it puts into perspective the value of DurAVR as it is far superior to the Edwards offering.
And the value created for AVR shareholders when you consider what we have spent to get to this stage of development is amazing.

Edwards are also a leading supplier of surgical valves, our current results will put that business segment under pressure when DurAVR comes to market.