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ShockWave Medical (SWAV) Posts Solid Preliminary Q4 Revenues
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ShockWave Medical, Inc. (SWAV - Free Report) announced preliminary revenues for the fourth quarter and full-year 2022 on Jan 17. The preliminary results drove down the shares of the company by 6% till the last trading session.
The company is scheduled to release fourth-quarter results on Feb 16, before the opening bell.
Per the preliminary report, fourth-quarter 2022 revenues are estimated to be between $143 million and $144 million, reflecting an increase of 70-71% year over year. The Zacks Consensus Estimate of $142.2 million lies below the preliminary figure.
This compares to our projection of fourth-quarter revenues of $140.6 million, representing an uptick of 67%.
The company’s U.S. Coronary revenues are expected to be approximately $81 million to $82 million.
Full-Year Prelim Results
Per ShockWave Medical, its full-year total revenues are likely to be in the range of $489 million to $490 million, reflecting an increase of 106-107% over comparable 2021 reported figures. The Zacks Consensus Estimate of $486.6 billion lies below the preliminary figure.
This compares to our projection of full-year revenues of $486.3 million, representing an uptick of 105.1%.
The U.S. Coronary preliminary revenue is expected to be between $288 million and $289 million.
2023 Guidance
ShockWave Medical has initiated its revenue outlook for the full-year 2023.
The company anticipates its total revenue to be within $660 million-$680 million, representing an expected growth of approximately 35-39% over comparable 2022 reported figures.
A Brief Q4 Analysis
During its third-quarter 2022 earnings call in November, ShockWave Medical confirmed that it continued to witness strength across its entire franchise. This indicates sustained strong product adoption, which raises our optimism.
The company also confirmed during the same call that its U.S. coronary and peripheral sales more than doubled year over year. Internationally, ShockWave Medical’s progress was also impressive, with sales up 68% from the prior-year quarter. The company also expects to witness robust revenues in its U.S. Coronary business in the fourth quarter of 2022. These raise our optimism about ShockWave Medical’s performance in the to-be-reported quarter.
Management had confirmed during the third-quarter 2022 earnings call that positive feedback has been received for its C2+ coronary product following the commencement of a limited market release in Europe in late August. The company is also on track to move forward with the U.S. regulatory process. ShockWave Medical also received the FDA’s approval for its L6 peripheral catheter a bit ahead of schedule and is about to commence a limited release of that product. These developments look promising for the stock.
The company’s preliminary projection of robust improvement in revenues on the back of strength in its business lifts our confidence about the stock.
Price Performance
Shares of the company have lost 26.1% between Oct 1, 2022 and Dec 31, 2022 against the industry’s 14.1% rise and the S&P 500’s 6.2% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, ShockWave Medical carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Cardinal Health, Inc. (CAH - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
AMN Healthcare has lost 2.9% against the industry’s 4.9% rise between Oct 1, 2022 and Dec 31, 2022.
Cardinal Health, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.7%. CAH’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 3%.
Cardinal Health has gained 15.3% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.
Merit Medical, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 24.9% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.
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ShockWave Medical (SWAV) Posts Solid Preliminary Q4 Revenues
ShockWave Medical, Inc. (SWAV - Free Report) announced preliminary revenues for the fourth quarter and full-year 2022 on Jan 17. The preliminary results drove down the shares of the company by 6% till the last trading session.
The company is scheduled to release fourth-quarter results on Feb 16, before the opening bell.
Per the preliminary report, fourth-quarter 2022 revenues are estimated to be between $143 million and $144 million, reflecting an increase of 70-71% year over year. The Zacks Consensus Estimate of $142.2 million lies below the preliminary figure.
This compares to our projection of fourth-quarter revenues of $140.6 million, representing an uptick of 67%.
The company’s U.S. Coronary revenues are expected to be approximately $81 million to $82 million.
Full-Year Prelim Results
Per ShockWave Medical, its full-year total revenues are likely to be in the range of $489 million to $490 million, reflecting an increase of 106-107% over comparable 2021 reported figures. The Zacks Consensus Estimate of $486.6 billion lies below the preliminary figure.
This compares to our projection of full-year revenues of $486.3 million, representing an uptick of 105.1%.
The U.S. Coronary preliminary revenue is expected to be between $288 million and $289 million.
2023 Guidance
ShockWave Medical has initiated its revenue outlook for the full-year 2023.
The company anticipates its total revenue to be within $660 million-$680 million, representing an expected growth of approximately 35-39% over comparable 2022 reported figures.
A Brief Q4 Analysis
During its third-quarter 2022 earnings call in November, ShockWave Medical confirmed that it continued to witness strength across its entire franchise. This indicates sustained strong product adoption, which raises our optimism.
The company also confirmed during the same call that its U.S. coronary and peripheral sales more than doubled year over year. Internationally, ShockWave Medical’s progress was also impressive, with sales up 68% from the prior-year quarter. The company also expects to witness robust revenues in its U.S. Coronary business in the fourth quarter of 2022. These raise our optimism about ShockWave Medical’s performance in the to-be-reported quarter.
Management had confirmed during the third-quarter 2022 earnings call that positive feedback has been received for its C2+ coronary product following the commencement of a limited market release in Europe in late August. The company is also on track to move forward with the U.S. regulatory process. ShockWave Medical also received the FDA’s approval for its L6 peripheral catheter a bit ahead of schedule and is about to commence a limited release of that product. These developments look promising for the stock.
The company’s preliminary projection of robust improvement in revenues on the back of strength in its business lifts our confidence about the stock.
Price Performance
Shares of the company have lost 26.1% between Oct 1, 2022 and Dec 31, 2022 against the industry’s 14.1% rise and the S&P 500’s 6.2% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, ShockWave Medical carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Cardinal Health, Inc. (CAH - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcare has lost 2.9% against the industry’s 4.9% rise between Oct 1, 2022 and Dec 31, 2022.
Cardinal Health, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.7%. CAH’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 3%.
Cardinal Health has gained 15.3% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.
Merit Medical, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 24.9% compared with the industry’s 12.5% rise between Oct 1, 2022 and Dec 31, 2022.