Shockwave Medical Archives - Medical Design Sourcing

After Intuitive, Shockwave and Avail, Daniel Hawkins is now CEO at AI-powered MRI software startup Vista.ai

Former Avail Medsystems CEO Daniel Hawkins is now president and CEO of Vista.ai. [Photo courtesy of Avail Medsystems]Avail Medsystems founder and former CEO Daniel Hawkins has a new job as president and CEO of MRI software startup Vista.ai.

Palo Alto, California-based Vista.ai (founded and incorporated as HeartVista) makes AI-guided software for automating magnetic resonance imaging (MRI) exams.

Vista.ai was founded by Chief Medical Officer Bob Hu, Chief Architect and Head of Research Juan Santos and Chief Technology Officer William Overall. Its advisory board includes Stanford University doctors and professors and the radiology chair at the University of Wisconsin–Madison.

The company won FDA 510(k) clearances for its HeartVista Workstation with RTHawk application software for the acquisition of real-time and accelerated images from GE Healthcare whole-body MRI systems in 2014, 2017 and 2017. In 2019, the FDA cleared the company’s AI-assisted One Cli…

Shockwave Medical looks to a digital health company for its next CFO

Renee Gaeta, the incoming CFO of Shockwave Medical [Image courtesy of Gaeta’s LinkedIn page]Shockwave Medical (NASDAQ: SWAV) + is tapping the CFO of smart stethoscope maker Eko Health as its next CFO.

Renee Gaeta will succeed Dan Puckett, effective Feb. 5. Pucket, who has served as Shockwave Medical’s CFO since 2016, had previously announced his decision to retire.

“Renee is a highly skilled and accomplished executive with a proven track record in the medical device and healthcare industries,” Shockwave Medical CEO Doug Godshall said in a news release. “I am thrilled to welcome Renee to Shockwave and look forward to partnering with her through our next phase of growth and profitability. I would also like to thank Dan Puckett for his exemplary leadership and outsized contribution to the success of Shockwave. Though Dan will be missed, fortunately he will continue to work with us in a consulting capacity.”

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The biggest stories from the 2024 J.P. Morgan Healthcare Conference

Medtronic’s Geoff Martha, Dexcom’s Kevin Sayer and J&J’s Joaquin Duato spoke at this year’s J.P. Morgan Healthcare Conference.

Some of the biggest names in medtech came together this week at the J.P. Morgan Healthcare Conference. They shared updates on financial progress, operational changes and new products, among other things.

Medtronic shared details on plans to restore earnings power, while Abbott highlighted the success of its FreeStyle Libre system. Shockwave Medical outlined its plans for growth, while Dexom

Here are some of the biggest stories to come out of this year’s edition of the J.P. Morgan Healthcare Conference.

Medtronic focuses on earnings power while shifting operational setup

Medtronic Chair and CEO Geoff Martha’s presentation centered on profits for the medtech giant.

“Our top priority is restoring our earnings power — full stop,” he said. “We continue to be this mission-driven company th…

Shockwave Medical plans for growth with 2-3 product launches each year

The Shockwave C2+ catheter. [Image courtesy of Shockwave Medical]It was a busy 2023 for Shockwave Medical (Nasdaq:SWAV), with product launches, funding rounds and M&A at the heart of it.

The company, which develops intravascular lithotripsy (IVL) technology, first made waves last year with its acquisition of Neovasc. Neovasc develops the Reducer system for addressing refractory angina.

Shockwave remained in the middle of M&A talk, but on the other side of it as the year wore on. First, rumors swirled of Boston Scientific’s interest in acquiring the company. Weeks later, reports of interest from Johnson & Johnson and Medtronic came out as well.

While no deals came to fruition, the heightened interest in the company’s IVL technology remains. Shockwave carried on by raising $650 million in a private offering, then launching the Shockwave C2+ coronary IVL catheter following the receipt of FDA approval.

In a presentation at the J.P…

Shockwave picks former Abbott Vascular exec Dr. Nick West as next chief medical officer

Dr. Nick West.

Shockwave Medical (Nasdaq: SWAV) + announced today that it appointed Dr. Nick West as its new associate chief medical officer.

West’s appointment marks the start of an eventual transition. He reports to the current CMO, Dr. Keith Dawkins, with intentions to succeed Dawkins in mid-2024.

“Dr. West brings to Shockwave a wealth of expertise in the interventional cardiology space,” said Dawkins. “Having known Nick for many years, I am confident that his expertise will be highly influential in further developing intravascular lithotripsy (IVL) as the standard of care for calcium modification, and will also be a valued asset in the evaluation and development of novel transformational technologies to augment our portfolio in the years to come.”

West joins Shockwave having previously served as CMO and divisional VP of global medical affairs at Abbott Vascular for four years. Before Abbott, West serve…

Shockwave Medical increases offering price to $650M

The C2+ coronary intravascular lithotripsy (IVL) catheter [Screen shot from Shockwave Medical animation video]One day after proposing a private offering worth proceeds of $500 million, Shockwave Medical (Nasdaq: SWAV) + announced a price increase for that offering.

The Santa Clara, California-based calcified cardiovascular disease treatment developer announced its private offering yesterday, Aug. 10. That announcement covered convertible senior notes due in 2028. It featured an additional option to purchase, within 13 days of first issuance, up to an additional $75 million in notes.

Shockwave today updated the details of its offering to include a 1% interest rate per year. The 13-day option now extends to up to an additional $100 million. According to a news release, the company expects the offering to close on Aug. 15.

The notes — senior, unsecured obligations of Shockwave Medical — are payable semi-annually in ar…

Shockwave Medical announces $500M private offering

The C2+ coronary intravascular lithotripsy (IVL) catheter [Screen shot from Shockwave Medical animation video]Shockwave Medical (Nasdaq:SWAV) announced today that it intends to offer $500 million in convertible senior notes due in 2028.

Santa Clara, California-based Shockwave plans to offer these notes to qualified institutional buyers. The offering also includes an option to purchase, within 13 days of first issuance, up to an additional $75 million in notes.

The company intends to use a portion of proceeds to pay the cost of capped call transactions related to the offering. If an initial purchaser exercises the option to purchase additional notes, Shockwave intends to use a portion of those proceeds for capped call transactions.

For the remainder, Shockwave intends to use the proceeds for general corporate purposes. That may include sales and marketing, medical affairs, educational efforts, R&D, clinical studies and working capital. It could also go t…

Shockwave Medical launches new coronary IVL catheter

Shockwave Medical (Nasdaq:SWAV) today announced full commercial availability for its C2+ coronary intravascular lithotripsy (IVL) catheter.

The company designed its C2+ coronary IVL catheter to treat severely calcified coronary artery disease. Santa Clara, California-based Shockwave, which has been subject to recent acquisition speculation, launched the catheter in select international markets.

Shockwave C2+ is commercially available for the treatment of de novo coronary artery disease in Europe and select other geographies.

Last month, Bloomberg reported that Boston Scientific had eyes on acquiring Shockwave. Last week, a Streetinsider.com report revealed reported interest from Medtronic and Johnson & Johnson as well. Both Medtronic and Shockwave declined to comment on the speculation.

The company said in a news release that its C2+ provides 50% more pulses per catheter than the previous C2 version. Its design enables the treatment of longer …

Medtronic and Johnson & Johnson reportedly consider Shockwave acquisition

The Shockwave Intravascular Lithotripsy (IVL) System uses pressure waves to break up calcification restricting blood flow. [Image from Shockwave Medical]Medtronic (NYSE:MDT) and Johnson & Johnson (NYSE:JNJ) are interested in acquiring Shockwave Medical (Nasdaq:SWAV), according to a StreetInsider.com report citing an unnamed source.

The financial news website did not say how the source knows the information or why they are not being identified by name.

“We don’t comment on rumors or speculation,” Medtronic spokesperson Erika Winkels said today.

Johnson & Johnson and Shockwave have not yet responded to requests for comment, but we’ll update this post if they do.

Bloomberg last month said that Boston Scientific (NYSE:BSX) was also eying Shockwave. The Bloomberg report cited “people with knowledge of the matter” — who asked not to be named due to the privacy of the talks.

There’s no doubt Shockwave is hot.…

Shockwave Medical stock ticks up on massive Q4 earnings beat

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 strategica…

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…

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 …