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ShockWave Medical (NASDAQ:SWAV) inventory scaled a file excessive on Tuesday, after the cardiovascular medical machine firm reported Q2 gross sales that greater than doubled Y/Y and raised its FY 2022 income steering.
Shares of the corporate earlier gained as a lot as 20.5% to a life-high of $267.30. They had been final buying and selling 18% larger as of 1352 ET.
Santa Clara, Calif.-based SWAV develops and commercializes intravascular lithotripsy (IVL) know-how, which makes use of high-energy shock waves to interrupt up arduous calcium deposits within the cardiovascular system.
Elevated adoption of SWAV’s merchandise and better demand for procedures utilizing the corporate’s know-how led to Q2 income rising 116% Y/Y to $120.75M, which additionally beat estimates by $22.85M.
“Our prospects proceed to witness the numerous advantages of utilizing IVL to deal with their sufferers, which assist mitigate the headwinds of the distinction of provide and staffing challenges which have been topical throughout our interval this quarter,” SWAV CEO Doug Godshall stated on the earnings convention name.
When it comes to backside line, SWAV reported a revenue for Q2, with GAAP EPS coming in at $0.68, in comparison with -$0.01 final 12 months.
The sturdy quarterly outcomes additionally led ShockWave (SWAV) to boost its FY 2022 income steering to $465M to $475M from a earlier forecast of $435M to $455M. The consensus income estimate is $472.85M.
As much as Monday’s shut, SWAV inventory +24.4% YTD.