Shockwave Medical (NSDQ:SWAV) shares ticked up today on second-quarter results that topped the consensus forecast.
The Santa Clara, Calif.-based company posted losses of -$425,000 on sales of $55.9 million for the three months ended June 30, 2021, for a 97.7% bottom-line gain thanks to the company’s revenues multiplying by more than five times year-over-year.
Earnings per share came in at -1¢, 40¢ ahead of Wall Street, where analysts were looking for sales of $45.2 million.
“Our second-quarter results reflect the continued hard work and perseverance of our teams across the globe in not only launching our Shockwave C2 device in the United States, but in achieving exceptional results across our entire product portfolio and operational infrastructure throughout the Shockwave organization. Our business showed substantial growth, despite the challenges related to the COVID-19 pandemic,” Shockwave president & CEO Doug Godshall said in a news release. “The growing clinical acceptance of IVL continues to validate the importance of IVL for our customers and their patients and for the treatment of calcified arterial disease.”
Shockwave Medical said it now expects to log revenues for the full year ranging between $218 million and $223 million, increasing from a previous projection of between $195 million and $205 million.
SWAV shares were up 1.2% at $184.99 per share in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was virtually unmoved.