ShockWave Medical Second-Quarter Earnings: EPS Miss, Revenue Beat, Guidance Raised

ShockWave Medical, Inc. SWAV shares are trading lower Tuesday following mixed second-quarter results.

What To Know: ShockWave reported quarterly earnings of 76 cents per share which missed the analyst consensus estimate of 0.87 cents. The company reported quarterly sales of $180.16 million which beat the analyst consensus estimate of $173.30 million, a 49.21% increase over sales of $120.75 million the same period last year.

Shockwave anticipates revenue for the full year 2023 between $725 million and $730 million versus the previous estimate of $716.1 million.

"Our teams throughout the Shockwave organization continue to execute at the highest level, enabling us to offer an expanding range of products to meet the needs of our customers across the globe," said Doug Godshall, President and CEO of Shockwave Medical.

"The consistent growth across our business is a testament to the need for our novel products and we look forward to continuing to provide innovative solutions to improve outcomes for patients suffering from cardiovascular diseases."

On Tuesday, two analysts changed their price targets on the stock.

Needham analyst Mike Matson maintained ShockWave Medical with a Buy and raised the price target from $325 to $330.

Wells Fargo analyst Larry Biegelsen maintained ShockWave Medical with a Equal-Weight and lowered the price target from $275 to $251.

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SWAV Price Action: Shares of SWAV were down 9.10% at $222.96 at the time of publication, according to Benzinga Pro.

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