Saw a bullish thesis on Edwards Lifesciences (EW) based on recent options flow. The stock is trading around $81.50. Institutions are setting up a risk reversal trade for March 2026. They are buying $92.50 calls and funding the trade by selling $82.50 puts. This creates a low-cost upside position, but they are on the hook to buy stock at $82.50 if it drops. The timing lines up with a few catalysts in early 2026 including the JPM Healthcare Conference, earnings, and expected FDA approval for the SAPIEN M3 system. The TMTT unit is growing 57% year-over-year and there is a $500M share buyback in place.