Low-profile heart valve and delivery system

A prosthetic valve, comprising:

• a radially collapsible and expandable frame;
• and
• a leaflet structure comprising a plurality of leaflets, a plurality of reinforcement elements, and a plurality of leaflet-supporting members;
• wherein the frame is coupled to the leaflet structure such that the leaflets are positioned at least substantially outside of the frame, and wherein a portion of each of the leaflets is positioned in a respective gap formed between a respective reinforcement element and a respective leaflet-supporting member.

A method of implanting a replacement heart valve, comprising:

• mounting the replacement heart valve onto a delivery system in a delivery configuration, the replacement heart valve comprising a stent portion, a valve portion, and a flexible sleeve coupled to the stent portion, wherein the stent portion comprises an outer surface and an inner surface defining a lumen, wherein the valve portion comprises a plurality of leaflets, and wherein in the delivery configuration at least a portion of the leaflets are positioned outside of the lumen defined by the stent portion;
• advancing the replacement heart valve to an implant position adjacent a heart valve annulus;
• transitioning the replacement valve from the delivery configuration to an operating configuration, wherein in the operating configuration at least a portion of the leaflets are positioned within the lumen defined by the stent portion;
• and
• radially expanding the replacement heart valve to cause the stent portion to engage the heart valve annulus, thereby anchoring the replacement heart valve in position within the heart valve annulus.