Shares of Shockwave Medical experienced a significant boost on Friday as the company’s sales and profit exceeded expectations in the fourth quarter. Currently, the stock is up 13% to $266.31 in midday trading, marking its highest percentage increase since August 2022. Throughout the year, shares have seen a steady rise of approximately 40%.
Based in Santa Clara, Calif., Shockwave Medical witnessed a substantial revenue increase of 41% to reach $203 million, surpassing analysts’ forecast of $199.4 million. The company attributes this success to the growing adoption of its cardiovascular disease-focused products both domestically and internationally.
In the quarter ended December 31, the medical device manufacturer reported a profit of $44.3 million, or $1.16 per share, compared to $140.9 million, or $3.71 per share, in the same period the previous year. This profitability surpassed projections by analysts polled by FactSet, who anticipated earnings of 87 cents per share.
Looking ahead to 2024, Shockwave anticipates revenue ranging from $910 million to $930 million, reflecting a substantial growth rate of 25% to 27%. Prior to the company’s report, FactSet analysts projected full-year sales of $918.9 million.
