Shockwave Medical (NSDQ:SWAV) posted first-quarter results that beat the revenue consensus on Wall Street but missed earnings estimates.
Shockwave Medical, though, also said it projects revenue for the full year to roughly triple to between $195–205 million — representing 188–202% growth over the prior year’s revenue.
The Santa Clara, Calif.-based company — which has proprietary cardiovascular disease treatment tech involving local delivery of sonic pressure — saw SWAV shares rise nearly 21% to 163.10 apiece by the late afternoon today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.
Shockwave Medical reported losses of -$23.6 million, or -68¢ per share, on sales of $31.9 million for the three months ended March 31, for a sales growth of 109.91% compared with Q1 2020, which reported losses of -$18.775 million and sales of $15.197 million.
Earnings per share were -68¢, 24¢ behind The Street, where analysts were looking for sales of $31.38 million.
“This quarter has been a highly productive one for Shockwave and I could not be more impressed by the achievements of our team and the support of our customers,” president and CEO Doug Godshall said in a news release. “With the recent FDA approval of our Shockwave C2 device, followed by the proposed NTAP payment by CMS only eight weeks after approval, we are well-positioned to continue to expand our reach in helping to treat patients with severely calcified arterial disease.”