We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Shockwave Medical (SWAV) Gains 3.2% Post Q4 Earnings Beat
Read MoreHide Full Article
Shares of Shockwave Medical, Inc. (SWAV - Free Report) rose 3.2% on Feb 18, following the company's fourth-quarter 2021 results.
The company reported fourth-quarter 2021 adjusted earnings per share (EPS) of 34 cents, which surpassed the Zacks Consensus Estimate of 7 cents by 385.7%. The company had reported a loss of 46 cents in the year-ago quarter.
GAAP EPS in the quarter was 37 cents, against the year-ago quarter’s loss of 46 cents.
For the full-year 2021, the company reported net loss per share of 26 cents, compared with the year-ago period’s loss of $1.99 per share.
Revenue Details
The company reported revenues of $84.2 billion, which shot up 271% from the prior-year quarter. The top line outpaced the Zacks Consensus Estimate by 11.9%.
Higher penetration in both U.S. and international markets, introduction of the coronary product — Shockwave C2 — in the United States in February, as well as sales force expansion in the country contributed to the improvement.
For 2021, the company reported revenues of $237.1 million, up 250% from the previous year.
Q4 Highlights
During the quarter the company enrolled the first patient in its Disrupt BTK II global post-market study, which is designed to assess the long-term benefit of peripheral IVL on the most difficult calcified below the knee lesions.
Shockwave Medical exited 2021 with 125 issued and 46 pending patents.
ShockWave Medical, Inc. Price, Consensus and EPS Surprise
Centers for Medicare & Medicaid Services (CMS) reassigned payment for peripheral Intravascular Lithotripsy (IVL) procedures performed on above the knee (ATK) arteries in the hospital outpatient setting. This, in turn, can aid in enhancing the payments that hospitals get for these procedures.
Margins
Gross profit in the reported quarter was $71.5 million, up 340.3% year over year. As a percentage of revenues, gross margin in the quarter was 84.9%, up 1340 basis points (bps).
Sales and marketing expenses amounted to $33.2 million, up 101.9% from the prior-year quarter. Research and development expenses totaled $14.7 million, up 62.7% on a year-over-year basis.
Operating income totaled $13.9 million, against the year-ago quarter’s operating loss of $15.9 million.
Financial Position
The company exited the fourth quarter with cash, cash equivalents and investments of $200.9 million, compared with $91.2 million in the previous quarter.
Total assets amounted to $345.7 million, compared with $298.9 million at the end of the third quarter.
2022 Revenue Outlook
For 2022, Shockwave Medical expects revenues to be $405-$425 million, reflecting growth of 71-79% over the prior year period.
Wrapping Up
Shockwave Medical ended the fourth quarter on a strong note, wherein both earnings and revenues beat the consensus mark. The company exhibited significant revenue growth in the fourth quarter. Expansion in gross margin is encouraging.
Management is optimistic about the continued clinical acceptance and penetration of IVL as demonstrated by its strong results in the quarter under review, courtesy of the increasing adoption of coronary IVL in the United States.
However, an increase in operating expenses remains a concern.
Zacks Rank
Currently, Shockwave Medical sports a Zacks Rank #1 (Strong Buy).
Earnings of Other MedTech Majors at a Glance
Some other top-ranked stocks in the broader medical space that have announced quarterly results are Baxter International Inc. (BAX - Free Report) , Molina Healthcare, Inc. (MOH - Free Report) and Bio-Rad Laboratories, Inc. (BIO - Free Report) .
Baxter, carrying a Zacks Rank #2 (Buy), reported fourth-quarter 2021 adjusted earnings of $1.04 per share, which beat the Zacks Consensus Estimate by 0.9%. Revenues of $3.51 billion outpaced the consensus mark by 4.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Baxter has an estimated long-term growth rate of 9.5%. BAX surpassed earnings estimates in each of the trailing four quarters, the average surprise being 10.2%.
Molina Healthcare reported fourth-quarter 2021 adjusted EPS of $2.88, which surpassed the Zacks Consensus Estimate by 2.1%. Fourth-quarter revenues of $7.41 billion outpaced the Zacks Consensus Estimate by 3.9%. It currently carries a Zacks Rank #2.
Molina Healthcare has an estimated long-term growth rate of 18.8%. MOH surpassed earnings estimates in three of the trailing four quarters and missed once, the average surprise being 5%.
Bio-Rad reported fourth-quarter 2021 adjusted EPS of $3.21, which surpassed the Zacks Consensus Estimate by 11.9%. Fourth-quarter revenues of $732.8 million outpaced the Zacks Consensus Estimate by 0.5%. It currently has a Zacks Rank #2.
Bio-Rad has an earnings yield of 2.3%, which compares favorably with the industry’s negative yield. BIO surpassed earnings estimates in each of the trailing four quarters, the average surprise being 66.9%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Shockwave Medical (SWAV) Gains 3.2% Post Q4 Earnings Beat
Shares of Shockwave Medical, Inc. (SWAV - Free Report) rose 3.2% on Feb 18, following the company's fourth-quarter 2021 results.
The company reported fourth-quarter 2021 adjusted earnings per share (EPS) of 34 cents, which surpassed the Zacks Consensus Estimate of 7 cents by 385.7%. The company had reported a loss of 46 cents in the year-ago quarter.
GAAP EPS in the quarter was 37 cents, against the year-ago quarter’s loss of 46 cents.
For the full-year 2021, the company reported net loss per share of 26 cents, compared with the year-ago period’s loss of $1.99 per share.
Revenue Details
The company reported revenues of $84.2 billion, which shot up 271% from the prior-year quarter. The top line outpaced the Zacks Consensus Estimate by 11.9%.
Higher penetration in both U.S. and international markets, introduction of the coronary product — Shockwave C2 — in the United States in February, as well as sales force expansion in the country contributed to the improvement.
For 2021, the company reported revenues of $237.1 million, up 250% from the previous year.
Q4 Highlights
During the quarter the company enrolled the first patient in its Disrupt BTK II global post-market study, which is designed to assess the long-term benefit of peripheral IVL on the most difficult calcified below the knee lesions.
Shockwave Medical exited 2021 with 125 issued and 46 pending patents.
ShockWave Medical, Inc. Price, Consensus and EPS Surprise
ShockWave Medical, Inc. price-consensus-eps-surprise-chart | ShockWave Medical, Inc. Quote
Centers for Medicare & Medicaid Services (CMS) reassigned payment for peripheral Intravascular Lithotripsy (IVL) procedures performed on above the knee (ATK) arteries in the hospital outpatient setting. This, in turn, can aid in enhancing the payments that hospitals get for these procedures.
Margins
Gross profit in the reported quarter was $71.5 million, up 340.3% year over year. As a percentage of revenues, gross margin in the quarter was 84.9%, up 1340 basis points (bps).
Sales and marketing expenses amounted to $33.2 million, up 101.9% from the prior-year quarter. Research and development expenses totaled $14.7 million, up 62.7% on a year-over-year basis.
Operating income totaled $13.9 million, against the year-ago quarter’s operating loss of $15.9 million.
Financial Position
The company exited the fourth quarter with cash, cash equivalents and investments of $200.9 million, compared with $91.2 million in the previous quarter.
Total assets amounted to $345.7 million, compared with $298.9 million at the end of the third quarter.
2022 Revenue Outlook
For 2022, Shockwave Medical expects revenues to be $405-$425 million, reflecting growth of 71-79% over the prior year period.
Wrapping Up
Shockwave Medical ended the fourth quarter on a strong note, wherein both earnings and revenues beat the consensus mark. The company exhibited significant revenue growth in the fourth quarter. Expansion in gross margin is encouraging.
Management is optimistic about the continued clinical acceptance and penetration of IVL as demonstrated by its strong results in the quarter under review, courtesy of the increasing adoption of coronary IVL in the United States.
However, an increase in operating expenses remains a concern.
Zacks Rank
Currently, Shockwave Medical sports a Zacks Rank #1 (Strong Buy).
Earnings of Other MedTech Majors at a Glance
Some other top-ranked stocks in the broader medical space that have announced quarterly results are Baxter International Inc. (BAX - Free Report) , Molina Healthcare, Inc. (MOH - Free Report) and Bio-Rad Laboratories, Inc. (BIO - Free Report) .
Baxter, carrying a Zacks Rank #2 (Buy), reported fourth-quarter 2021 adjusted earnings of $1.04 per share, which beat the Zacks Consensus Estimate by 0.9%. Revenues of $3.51 billion outpaced the consensus mark by 4.6%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Baxter has an estimated long-term growth rate of 9.5%. BAX surpassed earnings estimates in each of the trailing four quarters, the average surprise being 10.2%.
Molina Healthcare reported fourth-quarter 2021 adjusted EPS of $2.88, which surpassed the Zacks Consensus Estimate by 2.1%. Fourth-quarter revenues of $7.41 billion outpaced the Zacks Consensus Estimate by 3.9%. It currently carries a Zacks Rank #2.
Molina Healthcare has an estimated long-term growth rate of 18.8%. MOH surpassed earnings estimates in three of the trailing four quarters and missed once, the average surprise being 5%.
Bio-Rad reported fourth-quarter 2021 adjusted EPS of $3.21, which surpassed the Zacks Consensus Estimate by 11.9%. Fourth-quarter revenues of $732.8 million outpaced the Zacks Consensus Estimate by 0.5%. It currently has a Zacks Rank #2.
Bio-Rad has an earnings yield of 2.3%, which compares favorably with the industry’s negative yield. BIO surpassed earnings estimates in each of the trailing four quarters, the average surprise being 66.9%.