Shockwave Medical to acquire Neovasc for up to $147M

Shockwave Medical (NSDQ:SWAV) today announced it signed an agreement to acquire all of the issued and outstanding common shares of Neovasc (NSDQ:NVCN).

Neovasc enrolled its first patient in a clinical trial studying the Neovasc Reducer in January 2022. The company designed the device to reduce angina symptoms in people with refractory angina. It was also reportedly developing the Tiara mitral valve repair device in 2020.

Under the terms of the acquisition agreement, Neovasc shareholders will receive $27.25 per common share in cash upfront on completion of the transaction. The deal will have an enterprise value of approximately $100 million plus deferred payments of up to approximately $47 million on the achievement of future regulatory milestones.

“Today’s announcement is good news for our stakeholders and the Reducer program,” Neovasc president and CEO Fred Colen said in a news release. “We have made tremendous strides building a…

Read more
  • 0

The biggest medtech stock gainers, losers in 2022

(From Ishant Mishra on Unsplash) In another roller coaster year for medtech, these are the companies that saw their stock rise and fall the most drastically.

The MassDevice MedTech 100 Index, which includes stocks of the world’s largest medical device companies, reflects the performance of many in the medtech space.

In a tough year for a lot of businesses, the Index wasn’t immune to struggles. Overall, it dropped 27.3% from this time last year. That compares to a 19.7% drop for the S&P 500 and an 8.9% dip for the Dow Jones Industrial Average.

Some businesses, though, powered through the supply chain- and inflation-related woes to see their stock rise from this time last year. Others weren’t so lucky. Here are some of the biggest gainers and losers — selected from the MedTech 100 Index — of 2022.

Biggest gainers BD — $245.27 to $254.97 — Up 4% 

While BD (NYSE:BDX) didn’t have the most significant growth, its stock remains in a …

Read more
  • 0

Shockwave Medical grows sales 101% in Q3, raises full-year guidance

Shockwave Medical (NSDQ:SWAV) this week posted third-quarter results that beat the overall consensus on Wall Street.

The Santa Clara, California-based cardiovascular catheter developer reported profits of $35 million, or 92¢ per share, on sales of $131.3 million for the three months ended Sept. 30, for 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 t…

Read more
  • 0

Shockwave Medical grows sales 193% in Q1

Shockwave Medical (NSDQ:SWAV) this week posted first-quarter results that beat the overall consensus on Wall Street.

The Santa Clara, California-based company reported profits of $14.5 million, or 39¢ per share, on sales of $93.6 million for the three months ended March 31, for a bottom-line gain from the year prior on sales growth of 193.5%.

Earnings per share were 25¢ ahead of The Street, where analysts were looking for sales of $84.2 million.

“Our growth this quarter was driven by strong execution from our teams across the globe, despite the myriad geopolitical, health and economic challenges that continue to face us all,” CEO and President Doug Godshall said in a news release. “The exceptional progress that the Shockwave team has made this quarter continues to demonstrate what an important solution IVL has become for patients who suffer from calcified arterial disease. We look forward to continuing to partner with our customers to help them enh…

Read more
  • 0

Shockwave Medical up on 270% sales growth in Q4

Shockwave Medical (NSDQ:SWAV) this week posted fourth-quarter results that beat the overall consensus on Wall Street.

The Santa Clara, California-based company reported profits of $12.9 million, or 34¢ per share, on sales of $84.2 million, for the three months ended Dec. 31, 2021, for a bottom-line gain of 181% on sales growth of 270.6% compared with Q4 2020.

Earnings per share were 34¢, 25¢ ahead of The Street, where analysts were looking for sales of $75.4 million.

“I continue to be humbled by the exceptional performance of the entire Shockwave team, despite the unpredictable and unprecedented challenges that are constantly being put in front of us,” president and CEO Doug Godshall said in a news release. “2021 was another stellar year with significant achievements across the board – from regulatory and sales to reimbursement, marketing, and operations. I want to thank our employees for their hard work and persistence in helping us achieve these …

Read more
  • 0

Shockwave Medical rises on Street-beating Q2, raised guidance

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 n…

Read more
  • 0

Shockwave Medical stock up nearly 21%

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— 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¢ be…

Read more
  • 0

This telemedicine system could get medtech sales reps back to ORs

[Image courtesy of Avail Medsystems]

Daniel Hawkins’ surprise isn’t a matter of what, but when.

The successful medtech executive and former Shockwave Medical CEO fully expected medical device makers would see Avail Medsystem’s telemedicine system as a more efficient way for sales reps to sit in on surgeries.

By Hawkins’ projections, Avail’s system would eliminate much of the time sales reps take traveling from operating room to operating room by allowing them to communicate with surgeons via camera and audio connections.

But Hawkins still didn’t expect demand for the system to come this quickly because no one could have predicted a pandemic.

“We would have been where we are today in three to four years,” Hawkins said in an interview with MassDevice. “What COVID-19 did was speed it all up … COVID put a white-hot spotlight on a problem that was already there.”

Avail’s solution is …

Read more
  • 0

Shockwave ticks up on Street-beating Q2

Shockwave Medical (NSDQ:SWAV) shares got a slight boost today on second-quarter results that topped the consensus forecast.

The Santa Clara, Calif.-based calcified coronary lesions treatment developer posted losses of -$18.1 million, or -56¢ per share, on sales of $10.3 million for the three months ended June 30, 2020, for a -70.8% bottom-line slide on sales growth of 2.7%.

Shockwave’s adjusted EPS of -56¢ came in 6¢ ahead of Wall Street projections, while the company’s revenue performance topped estimates by 6%.

“The progress we made during this past quarter, despite the hurdles and challenges of COVID-19, reflects the commitment and strength of our team and the uniqueness of our proprietary IVL technology,” Shockwave president & CEO Doug Godshall said in a news release. “The continued interest and demand for IVL has really demonstrated how highly valued Shockwave’s technology continues to be as a safe, effective, efficient option for ou…

Read more
  • 0