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Shockwave Medical, Inc. (Nasdaq: SWAV) is redefining the treatment landscape for advanced cardiovascular diseases by pioneering the use of sonic pressure waves to target calcified plaque within arteries. The company’s flagship technology, Intravascular Lithotripsy (IVL), is inspired by the principles of kidney stone treatments developed over the past three decades. IVL technology safely fragments hard arterial calcium without harming the surrounding soft tissue, allowing for effective balloon dilatation and restoring blood flow.
Shockwave Medical’s portfolio includes the Lithoplasty® family of catheters, which deliver localized lithotripsy to disrupt calcified plaques in cardiovascular arteries. This innovative approach has demonstrated safety and consistent procedural success in clinical studies, such as those involving 95 patients with moderate to severely calcified lesions, with low procedural complications.
The technology is designed for ease of use, requiring only the push of a button, and seamlessly integrates with existing cardiovascular treatment protocols. Shockwave’s devices are garnering significant adoption, driven by their effectiveness in improving patient outcomes and simplicity of operation.
In recent developments, Shockwave Medical has achieved a significant milestone with the introduction of a new CPT® add-on code (+92972) for coronary IVL, effective January 1, 2024. This code recognizes the additional work associated with performing coronary IVL and ensures appropriate remuneration for physicians. This advancement is expected to further boost the adoption and financial viability of IVL procedures.
Financially, Shockwave Medical has reported robust growth. For the third quarter of 2023, the company generated $186.0 million in revenue, a 42% increase from the same period in 2022. The company’s gross profit for the quarter was $161.5 million, maintaining a high gross margin of 87%. With ongoing investments in sales force expansion and headcount, the company is well-positioned to support its growth trajectory.
On the strategic front, Shockwave Medical has recently acquired the Neovasc Reducer, a revolutionary device aimed at alleviating refractory angina by redistributing blood flow within the heart. The Reducer is currently under clinical investigation in the United States and has received CE Mark approval in Europe.
Looking ahead, Shockwave Medical expects to continue its growth momentum, projecting full-year 2023 revenue to range between $725 million and $730 million, representing a 48% to 49% increase over the prior year. The company’s strong financial health is underscored by its cash reserves, totaling $917.3 million as of September 30, 2023.
With a continuous pipeline of innovative products, strategic acquisitions, and a robust financial foundation, Shockwave Medical is poised to lead the transformation in the treatment of cardiovascular diseases. For more information, visit www.shockwavemedical.com.
Shockwave Medical (NASDAQ: SWAV) announced its participation in the Piper Sandler 33rd Annual Virtual Healthcare Conference, taking place from November 29 to December 2, 2021. The company's management will host a live fireside chat on December 1, 2021, at 1:30 p.m. Eastern Time. Interested individuals can access the live and archived webcast via the company's website. Shockwave Medical specializes in Intravascular Lithotripsy (IVL) to treat complex calcified cardiovascular disease, aiming to transform care standards in this field.
Shockwave Medical reported a robust Q3 2021 with revenue reaching $65.2 million, a significant rise of 233% compared to $19.6 million in Q3 2020. This growth is attributed to the launch of their Shockwave C2 product and increased adoption of their technologies. The gross profit also improved to $54.2 million, yielding a gross margin of 83%. Operating expenses rose to $51.4 million, primarily due to salesforce expansion. The company forecasts full-year revenue to be between $227 million and $228 million, signaling continued growth.
Shockwave Medical (NASDAQ: SWAV) presented new findings at the TCT annual symposium, confirming the efficacy of coronary Intravascular Lithotripsy (IVL) in treating calcified cardiovascular diseases. The one-year outcomes from the Disrupt CAD III study showed low rates of major adverse cardiovascular events (13.8%) and target lesion failure (11.9%). Analysis revealed consistent stent performance across different calcium morphologies and similar safety outcomes between men and women. The data supports IVL's role as a transformative treatment option in cardiovascular interventions.
Shockwave Medical (SWAV) announced that the Centers for Medicare & Medicaid Services (CMS) has increased payment rates for above the knee (ATK) peripheral intravascular lithotripsy (IVL) procedures. Effective January 1, 2022, these changes will enhance reimbursement for three specific HCPCS codes used for various IVL procedures in lower extremity arteries. This adjustment aims to improve patient access to IVL technology and acknowledges the resources required to perform these procedures.
Shockwave Medical (NASDAQ: SWAV) announced positive interim results from the Disrupt PAD III Observational Study, validating the effectiveness of Intravascular Lithotripsy (IVL) in treating complex calcified lesions. Analyzing data from 752 patients, the study revealed that IVL safely modifies superficial and deep calcium, achieving a final residual stenosis of 24%. Notably, complications are minimal, with only 0.9% and 0.1% of patients experiencing final dissections and perforations, respectively. The study enhances the evidence base for treating patients with severe calcification, completing enrollment in June 2021 with 1,373 patients.
Shockwave Medical, Inc. (Nasdaq: SWAV) will report its third quarter financial results on November 8, 2021, after market close. A conference call is scheduled for 2:00 p.m. PT / 5:00 p.m. ET, which investors can access by calling (866) 795-9106 domestically or (470) 495-9173 internationally, using conference ID: 9166273. Shockwave Medical focuses on innovative treatment for calcified cardiovascular disease through its Intravascular Lithotripsy (IVL) technology, aiming to improve patient outcomes.
Shockwave Medical (NASDAQ: SWAV) will participate in two virtual investor conferences. The 2021 Virtual Wells Fargo Healthcare Conference features a fireside chat on September 9, 2021, at 9:20 a.m. Eastern Time. Additionally, the Morgan Stanley 19th Annual Global Healthcare Conference follows with a fireside chat on September 13, 2021, at 2:45 p.m. Eastern Time. Interested parties can access live and archived webcasts via the company’s website.
Shockwave is dedicated to revolutionizing calcified cardiovascular disease treatment through its innovative Intravascular Lithotripsy (IVL) technology.
Shockwave Medical (SWAV) reported significant financial growth for Q2 2021, with revenue reaching $55.9 million, a 444% increase from $10.3 million in Q2 2020. This growth was driven by the launch of the Shockwave C2 device and increased adoption of its products. Gross profit surged to $46 million with a gross margin of 82%. Despite a net loss of $0.4 million, an improvement from $18.1 million in the previous year, the company projects a full-year revenue guidance of $218 million to $223 million, reflecting a growth forecast of 222% to 229%.
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