{
  "run": {
    "id": "cmnr13l5503nop658s276mbyu",
    "region": "US",
    "assetId": "cmnr13l2303n9p658cum0ayqb",
    "ticker": "EW",
    "snapshotId": "cmnr13l4n03nip658nzsyzok5",
    "promptTemplateId": "cmnqt07si0005lm3jzpxuu1ux",
    "createdAt": "2026-04-09T05:20:37.575Z",
    "promptTemplate": {
      "id": "cmnqt07si0005lm3jzpxuu1ux",
      "name": "Oficial 08.apr.2026",
      "version": 1
    },
    "snapshot": {
      "id": "cmnr13l4n03nip658nzsyzok5",
      "assetId": "cmnr13l2303n9p658cum0ayqb",
      "asOf": "2026-04-08T20:00:02.000Z",
      "snapshot": {
        "asOf": "2026-04-08T20:00:02.000Z",
        "quote": {
          "asOf": "2026-04-08T20:00:02.000Z",
          "open": null,
          "price": 81.71,
          "dayLow": 81.36,
          "volume": 3927893,
          "dayHigh": 82.75,
          "currency": "USD",
          "prevClose": 80.84,
          "week52Low": 65.94,
          "week52High": 87.89
        },
        "fundamentals": {
          "pe": 46.3315217391304,
          "beta": 0.847445057935436,
          "epsTTM": 1.84,
          "fcfTTM": 1312700000,
          "growth": {
            "epsYoy": -0.7363896848137537,
            "revenueYoy": 0.1154701718907988
          },
          "sector": "Orthopedic, Prosthetic & Surgical Appliances & Supplies",
          "margins": {
            "net": 0.17692333047663,
            "gross": 0.7801107521919705,
            "operating": 0.2083525611444393
          },
          "website": "http://edwards.com",
          "industry": "Medical technology",
          "pegRatio": -0.629171248519709,
          "ebitdaTTM": 1700100000,
          "forwardPe": 28.8006756756757,
          "marketCap": 45899189298,
          "totalCash": 2938000000,
          "totalDebt": 598300000,
          "debtEquity": 0.057876102770469,
          "quickRatio": 2.005127639631692,
          "revenueTTM": 6067600000,
          "companyName": "Edwards Lifesciences Corp",
          "priceToBook": 4.82260872929887,
          "currentRatio": 3.715553840216133,
          "dividendYield": null,
          "returnOnAssets": 0.07837368221242298,
          "returnOnEquity": 0.103844219161121,
          "analystOpinions": null,
          "businessSummary": "Edwards Lifesciences Corporation is an American medical technology company headquartered in Irvine, California, specializing in artificial heart valves and hemodynamic monitoring. It developed the Sapien transcatheter aortic heart valve made of cow tissue within a balloon-expandable, cobalt-chromium frame, deployed via catheter. The company has manufacturing facilities at the Irvine headquarters, as well as in Draper, Utah; Costa Rica; the Dominican Republic; Puerto Rico; and Singapore; and is building a new facility completed in 2021 in Limerick, Ireland.",
          "enterpriseValue": 47514500000,
          "analystTargetLow": null,
          "analystTargetHigh": null,
          "analystTargetMean": null,
          "fullTimeEmployees": 15800,
          "sharesOutstanding": 580800000,
          "enterpriseToEbitda": 27.94806187871302,
          "analystTargetMedian": null,
          "enterpriseToRevenue": 7.830855692530819,
          "operatingCashflowTTM": 1595200000,
          "analystRecommendationKey": null
        }
      },
      "createdAt": "2026-04-09T05:20:37.559Z"
    },
    "results": [
      {
        "id": "cmnr13l5803nqp6586rfaazzp",
        "runId": "cmnr13l5503nop658s276mbyu",
        "modelId": "anthropic",
        "status": "SUCCESS",
        "rawOutput": "{\"model\":\"ai-equity-research-v1\",\"as_of\":\"2026-04-08T20:00:02.000Z\",\"ticker\":\"EW\",\"currency\":\"USD\",\"current_price\":81.71,\"target_price_6m\":84.5,\"target_price_12m\":86.0,\"recommendation\":\"HOLD\",\"confidence\":0.52,\"thesis_bullets\":[\"Post-divestiture pure-play structural heart focus sharpens growth narrative\",\"TAVR market leadership provides durable competitive moat\",\"TMTT pipeline commercialization remains a key swing factor\",\"Trailing EPS declined 73% YoY complicating near-term earnings visibility\",\"Valuation at 46x trailing P/E demands flawless execution\"],\"key_drivers\":[{\"driver\":\"TAVR volume growth in lower-risk and younger patient cohorts\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"TMTT (mitral/tricuspid) pipeline commercial ramp\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"International TAVR penetration expansion\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Net cash balance sheet ($2.3B net cash) supports R&D and buybacks\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"78% gross margins provide operating leverage runway\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Trailing EPS decline (-73.6% YoY) clouds earnings momentum\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Competitive pressure from Medtronic and Abbott in TAVR\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Premium valuation (46x P/E) leaves limited margin of safety\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Regulatory approval timelines for next-gen devices\",\"impact\":\"MED\",\"direction\":\"NEG\"}],\"risks\":[\"TAVR growth decelerates faster than expected as market matures\",\"TMTT clinical or regulatory setbacks delay revenue contribution\",\"Competitive TAVR entrants compress pricing and share\",\"Macro healthcare spending pressures slow hospital procedure volumes\",\"Currency headwinds given growing international revenue mix\"],\"assumptions\":{\"revenue_cagr_3y\":0.09,\"ebit_margin_target\":0.25,\"wacc\":0.09,\"terminal_multiple\":27},\"scenarios\":{\"bear\":{\"target_price\":68.0,\"prob\":0.2,\"notes\":\"TAVR growth stalls, TMTT delays, multiple compresses to ~22x forward earnings.\"},\"base\":{\"target_price\":86.0,\"prob\":0.55,\"notes\":\"Mid-single-digit TAVR growth, early TMTT traction, ~29x forward P/E sustained.\"},\"bull\":{\"target_price\":100.0,\"prob\":0.25,\"notes\":\"TMTT commercialization accelerates, TAVR re-rates higher, margin expansion to 26%+.\"}},\"method_notes\":\"Blended forward P/E and DCF approach anchored on forward EPS ~$2.84 (implied by forward P/E of 28.8x). Revenue CAGR of 9% assumes mid-single TAVR growth plus TMTT ramp. EBIT margin target of 25% reflects post-divestiture operating leverage. 12M base target of $86 implies ~5.3% upside, warranting HOLD given elevated trailing P/E, sharp EPS decline, and uncertain TMTT timeline. Probability-weighted expected value across scenarios (~$86.4) is consistent with base. Not investment advice.\"}",
        "parsedJson": {
          "as_of": "2026-04-08T20:00:02.000Z",
          "model": "ai-equity-research-v1",
          "risks": [
            "TAVR growth decelerates faster than expected as market matures",
            "TMTT clinical or regulatory setbacks delay revenue contribution",
            "Competitive TAVR entrants compress pricing and share",
            "Macro healthcare spending pressures slow hospital procedure volumes",
            "Currency headwinds given growing international revenue mix"
          ],
          "ticker": "EW",
          "currency": "USD",
          "scenarios": {
            "base": {
              "prob": 0.55,
              "notes": "Mid-single-digit TAVR growth, early TMTT traction, ~29x forward P/E sustained.",
              "target_price": 86
            },
            "bear": {
              "prob": 0.2,
              "notes": "TAVR growth stalls, TMTT delays, multiple compresses to ~22x forward earnings.",
              "target_price": 68
            },
            "bull": {
              "prob": 0.25,
              "notes": "TMTT commercialization accelerates, TAVR re-rates higher, margin expansion to 26%+.",
              "target_price": 100
            }
          },
          "confidence": 0.52,
          "assumptions": {
            "wacc": 0.09,
            "revenue_cagr_3y": 0.09,
            "terminal_multiple": 27,
            "ebit_margin_target": 0.25
          },
          "key_drivers": [
            {
              "driver": "TAVR volume growth in lower-risk and younger patient cohorts",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "TMTT (mitral/tricuspid) pipeline commercial ramp",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "International TAVR penetration expansion",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Net cash balance sheet ($2.3B net cash) supports R&D and buybacks",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "78% gross margins provide operating leverage runway",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Trailing EPS decline (-73.6% YoY) clouds earnings momentum",
              "impact": "HIGH",
              "direction": "NEG"
            },
            {
              "driver": "Competitive pressure from Medtronic and Abbott in TAVR",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Premium valuation (46x P/E) leaves limited margin of safety",
              "impact": "HIGH",
              "direction": "NEG"
            },
            {
              "driver": "Regulatory approval timelines for next-gen devices",
              "impact": "MED",
              "direction": "NEG"
            }
          ],
          "method_notes": "Blended forward P/E and DCF approach anchored on forward EPS ~$2.84 (implied by forward P/E of 28.8x). Revenue CAGR of 9% assumes mid-single TAVR growth plus TMTT ramp. EBIT margin target of 25% reflects post-divestiture operating leverage. 12M base target of $86 implies ~5.3% upside, warranting HOLD given elevated trailing P/E, sharp EPS decline, and uncertain TMTT timeline. Probability-weighted expected value across scenarios (~$86.4) is consistent with base. Not investment advice.",
          "current_price": 81.71,
          "recommendation": "HOLD",
          "thesis_bullets": [
            "Post-divestiture pure-play structural heart focus sharpens growth narrative",
            "TAVR market leadership provides durable competitive moat",
            "TMTT pipeline commercialization remains a key swing factor",
            "Trailing EPS declined 73% YoY complicating near-term earnings visibility",
            "Valuation at 46x trailing P/E demands flawless execution"
          ],
          "target_price_6m": 84.5,
          "target_price_12m": 86
        },
        "errorsJson": {
          "attempts": [],
          "providerMeta": {
            "provider": "anthropic",
            "webSearch": {
              "enabled": false,
              "maxToolCalls": 2,
              "disabledReason": null
            },
            "pauseTurns": 0,
            "stopReason": "end_turn"
          },
          "sanityIssues": []
        },
        "latencyMs": 39448,
        "createdAt": "2026-04-09T05:20:37.575Z",
        "usage": {
          "inputTokens": 3647,
          "outputTokens": 1890,
          "costUsd": 0.065485
        }
      },
      {
        "id": "cmnr13l5803ntp658rtmpjc09",
        "runId": "cmnr13l5503nop658s276mbyu",
        "modelId": "deepseek.reasoner",
        "status": "SUCCESS",
        "rawOutput": "{\n  \"model\": \"AI Equity Research Model\",\n  \"as_of\": \"2026-04-08T20:00:02.000Z\",\n  \"ticker\": \"EW\",\n  \"currency\": \"USD\",\n  \"current_price\": 81.71,\n  \"target_price_6m\": 83.00,\n  \"target_price_12m\": 85.00,\n  \"recommendation\": \"HOLD\",\n  \"confidence\": 0.6,\n  \"thesis_bullets\": [\n    \"Leader in transcatheter heart valve market.\",\n    \"Revenue growth driven by demographics and innovation.\",\n    \"High margins but EPS volatility concerns.\",\n    \"Valuation full relative to near-term earnings.\",\n    \"Balanced risk-reward with regulatory pressures.\"\n  ],\n  \"key_drivers\": [\n    {\"driver\": \"TAVR procedure adoption\", \"impact\": \"HIGH\", \"direction\": \"POS\"},\n    {\"driver\": \"New product pipeline\", \"impact\": \"MED\", \"direction\": \"POS\"},\n    {\"driver\": \"Regulatory approvals\", \"impact\": \"HIGH\", \"direction\": \"NEG\"},\n    {\"driver\": \"Competitive intensity\", \"impact\": \"MED\", \"direction\": \"NEG\"},\n    {\"driver\": \"Healthcare reimbursement changes\", \"impact\": \"MED\", \"direction\": \"NEG\"},\n    {\"driver\": \"International expansion\", \"impact\": \"LOW\", \"direction\": \"POS\"},\n    {\"driver\": \"Operational efficiency\", \"impact\": \"MED\", \"direction\": \"POS\"},\n    {\"driver\": \"Economic impact on surgeries\", \"impact\": \"LOW\", \"direction\": \"NEG\"}\n  ],\n  \"risks\": [\n    \"Regulatory approval delays\",\n    \"Increased competition\",\n    \"Slower TAVR market growth\",\n    \"Currency fluctuations\"\n  ],\n  \"assumptions\": {\n    \"revenue_cagr_3y\": 0.10,\n    \"ebit_margin_target\": 0.21,\n    \"wacc\": 0.09,\n    \"terminal_multiple\": 25\n  },\n  \"scenarios\": {\n    \"bear\": {\"target_price\": 75.00, \"prob\": 0.2, \"notes\": \"Lower growth and multiple contraction.\"},\n    \"base\": {\"target_price\": 85.00, \"prob\": 0.6, \"notes\": \"Moderate growth and stable multiples.\"},\n    \"bull\": {\"target_price\": 95.00, \"prob\": 0.2, \"notes\": \"Strong growth and multiple expansion.\"}\n  },\n  \"method_notes\": \"DCF valuation with growth and margin assumptions. HOLD due to balanced upside/downside. Not investment advice.\"\n}",
        "parsedJson": {
          "as_of": "2026-04-08T20:00:02.000Z",
          "model": "AI Equity Research Model",
          "risks": [
            "Regulatory approval delays",
            "Increased competition",
            "Slower TAVR market growth",
            "Currency fluctuations"
          ],
          "ticker": "EW",
          "currency": "USD",
          "scenarios": {
            "base": {
              "prob": 0.6,
              "notes": "Moderate growth and stable multiples.",
              "target_price": 85
            },
            "bear": {
              "prob": 0.2,
              "notes": "Lower growth and multiple contraction.",
              "target_price": 75
            },
            "bull": {
              "prob": 0.2,
              "notes": "Strong growth and multiple expansion.",
              "target_price": 95
            }
          },
          "confidence": 0.6,
          "assumptions": {
            "wacc": 0.09,
            "revenue_cagr_3y": 0.1,
            "terminal_multiple": 25,
            "ebit_margin_target": 0.21
          },
          "key_drivers": [
            {
              "driver": "TAVR procedure adoption",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "New product pipeline",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Regulatory approvals",
              "impact": "HIGH",
              "direction": "NEG"
            },
            {
              "driver": "Competitive intensity",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Healthcare reimbursement changes",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "International expansion",
              "impact": "LOW",
              "direction": "POS"
            },
            {
              "driver": "Operational efficiency",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Economic impact on surgeries",
              "impact": "LOW",
              "direction": "NEG"
            }
          ],
          "method_notes": "DCF valuation with growth and margin assumptions. HOLD due to balanced upside/downside. Not investment advice.",
          "current_price": 81.71,
          "recommendation": "HOLD",
          "thesis_bullets": [
            "Leader in transcatheter heart valve market.",
            "Revenue growth driven by demographics and innovation.",
            "High margins but EPS volatility concerns.",
            "Valuation full relative to near-term earnings.",
            "Balanced risk-reward with regulatory pressures."
          ],
          "target_price_6m": 83,
          "target_price_12m": 85
        },
        "errorsJson": {
          "attempts": [],
          "providerMeta": {
            "endpoint": "https://api.deepseek.com/v1/chat/completions",
            "provider": "deepseek",
            "webSearch": {
              "enabled": false,
              "supported": false
            },
            "responseFormat": "json_object"
          },
          "sanityIssues": []
        },
        "latencyMs": 404,
        "createdAt": "2026-04-09T05:20:37.575Z",
        "usage": {
          "inputTokens": 2142,
          "outputTokens": 3616,
          "costUsd": 0.002118
        }
      },
      {
        "id": "cmnr13l5803nrp65855pzlw3g",
        "runId": "cmnr13l5503nop658s276mbyu",
        "modelId": "gemini.3-pro",
        "status": "SUCCESS",
        "rawOutput": "{\n  \"model\": \"AI Equity Analyst v1.0\",\n  \"as_of\": \"2026-04-08T20:00:02.000Z\",\n  \"ticker\": \"EW\",\n  \"currency\": \"USD\",\n  \"current_price\": 81.71,\n  \"target_price_6m\": 86.00,\n  \"target_price_12m\": 90.00,\n  \"recommendation\": \"BUY\",\n  \"confidence\": 0.65,\n  \"thesis_bullets\": [\n    \"TAVR market leadership provides a strong, high-margin recurring revenue base.\",\n    \"TMTT portfolio expansion offers the next leg of double-digit growth.\",\n    \"Pristine balance sheet with net cash enables strategic M&A.\",\n    \"Valuation is demanding at 28x forward P/E, limiting multiple expansion upside.\",\n    \"Near-term EPS volatility masks underlying double-digit top-line momentum.\"\n  ],\n  \"key_drivers\": [\n    {\n      \"driver\": \"TAVR Global Procedure Volumes\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"TMTT (Mitral/Tricuspid) Adoption\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Hospital Staffing Constraints\",\n      \"impact\": \"MED\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"Competition from Medtronic/Abbott\",\n      \"impact\": \"MED\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"International Market Penetration\",\n      \"impact\": \"MED\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"R&D Pipeline Execution\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"POS\"\n    }\n  ],\n  \"risks\": [\n    \"Slowing growth in the core US TAVR market due to saturation.\",\n    \"Intensifying competition in structural heart therapies.\",\n    \"Regulatory delays or clinical trial failures for new devices.\",\n    \"Foreign exchange headwinds impacting international revenue.\"\n  ],\n  \"assumptions\": {\n    \"revenue_cagr_3y\": 0.105,\n    \"ebit_margin_target\": 0.25,\n    \"wacc\": 0.075,\n    \"terminal_multiple\": 25.0\n  },\n  \"scenarios\": {\n    \"bear\": {\n      \"target_price\": 65.00,\n      \"prob\": 0.2,\n      \"notes\": \"TAVR growth slows to mid-single digits and TMTT adoption lags expectations.\"\n    },\n    \"base\": {\n      \"target_price\": 90.00,\n      \"prob\": 0.6,\n      \"notes\": \"Steady TAVR growth and successful TMTT ramp drive double-digit earnings expansion.\"\n    },\n    \"bull\": {\n      \"target_price\": 110.00,\n      \"prob\": 0.2,\n      \"notes\": \"Accelerated TMTT adoption and pipeline breakthroughs lead to multiple expansion.\"\n    }\n  },\n  \"method_notes\": \"Valuation based on a 10-year DCF and EV/EBITDA multiples. Probability-weighted scenarios yield an expected return of ~8.9%, supporting a BUY rating. Not investment advice.\"\n}",
        "parsedJson": {
          "as_of": "2026-04-08T20:00:02.000Z",
          "model": "AI Equity Analyst v1.0",
          "risks": [
            "Slowing growth in the core US TAVR market due to saturation.",
            "Intensifying competition in structural heart therapies.",
            "Regulatory delays or clinical trial failures for new devices.",
            "Foreign exchange headwinds impacting international revenue."
          ],
          "ticker": "EW",
          "currency": "USD",
          "scenarios": {
            "base": {
              "prob": 0.6,
              "notes": "Steady TAVR growth and successful TMTT ramp drive double-digit earnings expansion.",
              "target_price": 90
            },
            "bear": {
              "prob": 0.2,
              "notes": "TAVR growth slows to mid-single digits and TMTT adoption lags expectations.",
              "target_price": 65
            },
            "bull": {
              "prob": 0.2,
              "notes": "Accelerated TMTT adoption and pipeline breakthroughs lead to multiple expansion.",
              "target_price": 110
            }
          },
          "confidence": 0.65,
          "assumptions": {
            "wacc": 0.075,
            "revenue_cagr_3y": 0.105,
            "terminal_multiple": 25,
            "ebit_margin_target": 0.25
          },
          "key_drivers": [
            {
              "driver": "TAVR Global Procedure Volumes",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "TMTT (Mitral/Tricuspid) Adoption",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "Hospital Staffing Constraints",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Competition from Medtronic/Abbott",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "International Market Penetration",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "R&D Pipeline Execution",
              "impact": "HIGH",
              "direction": "POS"
            }
          ],
          "method_notes": "Valuation based on a 10-year DCF and EV/EBITDA multiples. Probability-weighted scenarios yield an expected return of ~8.9%, supporting a BUY rating. Not investment advice.",
          "current_price": 81.71,
          "recommendation": "BUY",
          "thesis_bullets": [
            "TAVR market leadership provides a strong, high-margin recurring revenue base.",
            "TMTT portfolio expansion offers the next leg of double-digit growth.",
            "Pristine balance sheet with net cash enables strategic M&A.",
            "Valuation is demanding at 28x forward P/E, limiting multiple expansion upside.",
            "Near-term EPS volatility masks underlying double-digit top-line momentum."
          ],
          "target_price_6m": 86,
          "target_price_12m": 90
        },
        "errorsJson": {
          "attempts": [
            {
              "error": "sanity_error: buy_scenario_return_too_low: BUY requires >= 6% return from probability-weighted scenarios.",
              "attempt": 0,
              "rawOutputTruncated": "{\n  \"model\": \"AI Equity Analyst v1.0\",\n  \"as_of\": \"2026-04-08T20:00:02.000Z\",\n  \"ticker\": \"EW\",\n  \"currency\": \"USD\",\n  \"current_price\": 81.71,\n  \"target_price_6m\": 85.00,\n  \"target_price_12m\": 88.00,\n  \"recommendation\": \"BUY\",\n  \"confidence\": 0.65,\n  \"thesis_bullets\": [\n    \"TAVR market leadership provides a strong, high-margin recurring revenue base.\",\n    \"TMTT portfolio expansion offers the next leg of double-digit growth.\",\n    \"Pristine balance sheet with $2.3B net cash enables strategic M&A.\",\n    \"Valuation is demanding at 28x forward P/E, limiting multiple expansion upside.\",\n    \"Near-term EPS volatility masks underlying double-digit top-line momentum.\"\n  ],\n  \"key_drivers\": [\n    {\n      \"driver\": \"TAVR Global Procedure Volumes\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"TMTT (Mitral/Tricuspid) Adoption\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Hospital Staffing Constraints\",\n      \"impact\": \"MED\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"Competition from Medtronic/Abbott\",\n      \"impact\": \"MED\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"International Market Penetration\"…"
            }
          ],
          "providerMeta": {
            "model": "gemini-3-pro-preview",
            "provider": "gemini",
            "webSearch": {
              "used": false,
              "allowed": false,
              "enabled": false,
              "requested": false,
              "disabledReason": null
            }
          },
          "sanityIssues": []
        },
        "latencyMs": 20585,
        "createdAt": "2026-04-09T05:20:37.575Z",
        "usage": {
          "inputTokens": 3228,
          "outputTokens": 825,
          "costUsd": 0.016356
        }
      },
      {
        "id": "cmnr13l5803npp658wo8i10tz",
        "runId": "cmnr13l5503nop658s276mbyu",
        "modelId": "openai.gpt-5.4",
        "status": "SUCCESS",
        "rawOutput": "{\"model\":\"gpt-5\",\"as_of\":\"2026-04-08T20:00:02.000Z\",\"ticker\":\"EW\",\"currency\":\"USD\",\"current_price\":81.71,\"target_price_6m\":84.8,\"target_price_12m\":86.2,\"recommendation\":\"HOLD\",\"confidence\":0.63,\"thesis_bullets\":[\"TAVR leadership supports durable procedure-driven revenue growth.\",\"Strong cash generation and net cash balance add resilience.\",\"TMTT and new indications provide meaningful medium-term optionality.\",\"Current valuation already discounts much of the growth runway.\",\"Execution, reimbursement, and trial timing keep risk-reward balanced.\"],\"key_drivers\":[{\"driver\":\"TAVR procedure growth\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"SAPIEN franchise share\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"TMTT adoption ramp\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"International expansion\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"FCF and net cash\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Premium valuation multiple\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Reimbursement pressure\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Clinical and regulatory timing\",\"impact\":\"MED\",\"direction\":\"NEG\"}],\"risks\":[\"Competitive share loss in structural heart.\",\"TMTT trials or launch trajectory disappoints.\",\"Procedure volumes soften from hospital constraints.\",\"Pricing or reimbursement pressure compresses margins.\",\"Regulatory, quality, or litigation setbacks.\"],\"assumptions\":{\"revenue_cagr_3y\":0.09,\"ebit_margin_target\":0.24,\"wacc\":0.085,\"terminal_multiple\":24},\"scenarios\":{\"bear\":{\"target_price\":69,\"prob\":0.25,\"notes\":\"Procedure growth slows and valuation de-rates on weaker pipeline confidence.\"},\"base\":{\"target_price\":86,\"prob\":0.5,\"notes\":\"Core valve growth remains solid, with modest margin expansion and steady multiple.\"},\"bull\":{\"target_price\":100,\"prob\":0.25,\"notes\":\"TMTT adoption accelerates and new indications support stronger growth and sentiment.\"}},\"method_notes\":\"Targets use a blended DCF and EV/EBIT framework anchored to snapshot fundamentals and stated assumptions; no sell-side targets used. Snapshot quote fields were kept authoritative. not investment advice\"}",
        "parsedJson": {
          "as_of": "2026-04-08T20:00:02.000Z",
          "model": "gpt-5",
          "risks": [
            "Competitive share loss in structural heart.",
            "TMTT trials or launch trajectory disappoints.",
            "Procedure volumes soften from hospital constraints.",
            "Pricing or reimbursement pressure compresses margins.",
            "Regulatory, quality, or litigation setbacks."
          ],
          "ticker": "EW",
          "currency": "USD",
          "scenarios": {
            "base": {
              "prob": 0.5,
              "notes": "Core valve growth remains solid, with modest margin expansion and steady multiple.",
              "target_price": 86
            },
            "bear": {
              "prob": 0.25,
              "notes": "Procedure growth slows and valuation de-rates on weaker pipeline confidence.",
              "target_price": 69
            },
            "bull": {
              "prob": 0.25,
              "notes": "TMTT adoption accelerates and new indications support stronger growth and sentiment.",
              "target_price": 100
            }
          },
          "confidence": 0.63,
          "assumptions": {
            "wacc": 0.085,
            "revenue_cagr_3y": 0.09,
            "terminal_multiple": 24,
            "ebit_margin_target": 0.24
          },
          "key_drivers": [
            {
              "driver": "TAVR procedure growth",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "SAPIEN franchise share",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "TMTT adoption ramp",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "International expansion",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "FCF and net cash",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Premium valuation multiple",
              "impact": "HIGH",
              "direction": "NEG"
            },
            {
              "driver": "Reimbursement pressure",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Clinical and regulatory timing",
              "impact": "MED",
              "direction": "NEG"
            }
          ],
          "method_notes": "Targets use a blended DCF and EV/EBIT framework anchored to snapshot fundamentals and stated assumptions; no sell-side targets used. Snapshot quote fields were kept authoritative. not investment advice",
          "current_price": 81.71,
          "recommendation": "HOLD",
          "thesis_bullets": [
            "TAVR leadership supports durable procedure-driven revenue growth.",
            "Strong cash generation and net cash balance add resilience.",
            "TMTT and new indications provide meaningful medium-term optionality.",
            "Current valuation already discounts much of the growth runway.",
            "Execution, reimbursement, and trial timing keep risk-reward balanced."
          ],
          "target_price_6m": 84.8,
          "target_price_12m": 86.2
        },
        "errorsJson": {
          "attempts": [],
          "providerMeta": {
            "provider": "openai",
            "webSearch": {
              "used": false,
              "enabled": false,
              "sources": [],
              "maxToolCalls": 2
            },
            "responseId": "resp_023bc9854278123e0069d758d533a881959426a628dafd9d1d",
            "reasoningEffort": "medium",
            "structuredOutputs": {
              "used": true,
              "requested": true,
              "disabledReason": null
            }
          },
          "sanityIssues": []
        },
        "latencyMs": 31167,
        "createdAt": "2026-04-09T05:20:37.575Z",
        "usage": {
          "inputTokens": 2415,
          "outputTokens": 1529,
          "costUsd": 0.025632
        }
      },
      {
        "id": "cmnr13l5803nsp658mg8viaqs",
        "runId": "cmnr13l5503nop658s276mbyu",
        "modelId": "xai.grok-4.20-reasoning",
        "status": "SUCCESS",
        "rawOutput": "{\n  \"model\": \"AI Equity Research Model\",\n  \"as_of\": \"2026-04-08T20:00:02.000Z\",\n  \"ticker\": \"EW\",\n  \"currency\": \"USD\",\n  \"current_price\": 81.71,\n  \"target_price_6m\": 87.5,\n  \"target_price_12m\": 94,\n  \"recommendation\": \"BUY\",\n  \"confidence\": 0.62,\n  \"thesis_bullets\": [\n    \"Leader in TAVR with strong innovation pipeline.\",\n    \"Demographic trends support sustained procedure growth.\",\n    \"High margins and cash flow fund R&D effectively.\",\n    \"Competition and valuation temper short-term returns.\",\n    \"Long-term structural heart dominance drives upside.\"\n  ],\n  \"key_drivers\": [\n    {\n      \"driver\": \"TAVR market penetration\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Product innovation pipeline\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Aging population demographics\",\n      \"impact\": \"HIGH\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Competitive landscape\",\n      \"impact\": \"MED\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"Regulatory approvals\",\n      \"impact\": \"MED\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Pricing pressures\",\n      \"impact\": \"MED\",\n      \"direction\": \"NEG\"\n    },\n    {\n      \"driver\": \"Margin expansion\",\n      \"impact\": \"MED\",\n      \"direction\": \"POS\"\n    },\n    {\n      \"driver\": \"Elective procedure volumes\",\n      \"impact\": \"LOW\",\n      \"direction\": \"NEG\"\n    }\n  ],\n  \"risks\": [\n    \"Intensifying competition in transcatheter valves\",\n    \"Delays in new product approvals\",\n    \"Potential pricing pressures from payers\",\n    \"Supply chain or manufacturing issues\",\n    \"Economic slowdown affecting procedure volumes\"\n  ],\n  \"assumptions\": {\n    \"revenue_cagr_3y\": 0.1,\n    \"ebit_margin_target\": 0.23,\n    \"wacc\": 0.085,\n    \"terminal_multiple\": 26\n  },\n  \"scenarios\": {\n    \"bear\": {\n      \"target_price\": 70,\n      \"prob\": 0.25,\n      \"notes\": \"Slower adoption and higher competition pressure.\"\n    },\n    \"base\": {\n      \"target_price\": 94,\n      \"prob\": 0.5,\n      \"notes\": \"Consistent execution on growth and margins.\"\n    },\n    \"bull\": {\n      \"target_price\": 115,\n      \"prob\": 0.25,\n      \"notes\": \"Accelerated innovation and market expansion.\"\n    }\n  },\n  \"method_notes\": \"DCF model anchored on 10% revenue CAGR, 23% EBIT margin, 8.5% WACC and 26x terminal multiple. 15% expected return supports BUY. Not investment advice.\"\n}",
        "parsedJson": {
          "as_of": "2026-04-08T20:00:02.000Z",
          "model": "AI Equity Research Model",
          "risks": [
            "Intensifying competition in transcatheter valves",
            "Delays in new product approvals",
            "Potential pricing pressures from payers",
            "Supply chain or manufacturing issues",
            "Economic slowdown affecting procedure volumes"
          ],
          "ticker": "EW",
          "currency": "USD",
          "scenarios": {
            "base": {
              "prob": 0.5,
              "notes": "Consistent execution on growth and margins.",
              "target_price": 94
            },
            "bear": {
              "prob": 0.25,
              "notes": "Slower adoption and higher competition pressure.",
              "target_price": 70
            },
            "bull": {
              "prob": 0.25,
              "notes": "Accelerated innovation and market expansion.",
              "target_price": 115
            }
          },
          "confidence": 0.62,
          "assumptions": {
            "wacc": 0.085,
            "revenue_cagr_3y": 0.1,
            "terminal_multiple": 26,
            "ebit_margin_target": 0.23
          },
          "key_drivers": [
            {
              "driver": "TAVR market penetration",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "Product innovation pipeline",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "Aging population demographics",
              "impact": "HIGH",
              "direction": "POS"
            },
            {
              "driver": "Competitive landscape",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Regulatory approvals",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Pricing pressures",
              "impact": "MED",
              "direction": "NEG"
            },
            {
              "driver": "Margin expansion",
              "impact": "MED",
              "direction": "POS"
            },
            {
              "driver": "Elective procedure volumes",
              "impact": "LOW",
              "direction": "NEG"
            }
          ],
          "method_notes": "DCF model anchored on 10% revenue CAGR, 23% EBIT margin, 8.5% WACC and 26x terminal multiple. 15% expected return supports BUY. Not investment advice.",
          "current_price": 81.71,
          "recommendation": "BUY",
          "thesis_bullets": [
            "Leader in TAVR with strong innovation pipeline.",
            "Demographic trends support sustained procedure growth.",
            "High margins and cash flow fund R&D effectively.",
            "Competition and valuation temper short-term returns.",
            "Long-term structural heart dominance drives upside."
          ],
          "target_price_6m": 87.5,
          "target_price_12m": 94
        },
        "errorsJson": {
          "attempts": [],
          "providerMeta": {
            "provider": "xai",
            "webSearch": {
              "used": false,
              "enabled": false,
              "sources": [],
              "maxToolCalls": 2
            },
            "responseId": "bbd6aca4-4666-9465-b343-1774f880f918",
            "usedFallbackChatCompletions": false
          },
          "sanityIssues": []
        },
        "latencyMs": 21723,
        "createdAt": "2026-04-09T05:20:37.575Z",
        "usage": {
          "inputTokens": 2747,
          "outputTokens": 3706,
          "costUsd": 0.063831
        }
      }
    ]
  }
}