Shockwave Medical (Nasdaq:SWAV) shares rose this morning on fourth-quarter results that came in ahead of the consensus forecast.
Shares of SWAV ticked up 5.3% at $201.35 apeice after the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 10.6%.
The Santa Clara, California-based cardiovascular disease treatment developer posted profits of $140.9 million. That amounts to $3.71 per share on sales of $144.02 million for the three months ended Dec. 31, 2022.
Shockwave nearly increased its bottom line 10-fold on sales growth of 71.1%. The company’s earnings per share (EPS) came in $2.71 ahead of expectations on Wall Street. Its beat the Street on sales, too, topping estimates of $143.04 million.
“We had a busy and successful fourth quarter, achieving record results across geographies and product lines. The team outperformed both operationally and strategically as we continue to advance our technology and our platform,” said Doug Godshall, president and CEO of Shockwave Medical. “2022 was another record year filled with significant accomplishments for Shockwave. We remain focused on improving outcomes for the large population of patients with calcified cardiovascular disease with our IVL products.”
Godshall also pointed to excitement over the company’s recently announced $147 million acquisition of Neovasc. Neovasc develops the Reducer system for reducing angina symptoms in those with refractory angina. Shockwave believes the technology could help “strategically expand” its franchise and mission.
The company said it expects revenues for 2023 to range between $660 million to $680 million. That represents 35% to 39% growth over Shockwave’s full-year 2022 revenue.
