Shockwave Medical (NSDQ:SWAV) this week posted third-quarter results that beat the overall consensus on Wall Street.
The Santa Clara, California-based company has proprietary cardiovascular disease treatment tech involving local delivery of sonic pressure. It reported profits of $35 million, or 92¢ per share, on sales of $131.3 million for the three months ended Sept. 30. The results represented a bottom-line gain of 1,696.9% on sales growth of 101.57% compared with Q3 2021.
Earnings per share were 25¢ ahead of The Street, where analysts were looking for sales of $123.79 million.
“Our third quarter achievements were encouraging across the entire Shockwave organization. Sales of all products, both in the U.S. and international markets, outperformed expectations, and operationally our accomplishments continue to be the backbone of our success,” President and CEO Doug Godshall said in a news release. “These results were particularly impressive in light of the many ongoing macro issues we have all seen across the globe. Despite these challenges, our team and our customers have been able to adapt and remain focused on using our IVL technology to treat patients suffering from calcified vascular disease.”
Shockwave Medical raised its guidance and now anticipates revenue for the full year to be in the range of $483 million to $488 million to represent 104% to 106% growth year-over-year. The company’s previous guidance was $465 million to $475 million.
Shares of SWAV were down 12.39% to $243.05 apiece in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.