Shockwave Medical Shares Gain As Q4 Earnings Surpass Wall Street Expectations

Shockwave Medical Inc SWAV reported Q4 FY22 revenue of $144 million, an increase of 71% year-over-year, beating the consensus of $142.60 million, primarily driven by an increase in the purchase volume of C2 catheters in the U.S. and increased adoption of products internationally.
The gross margin was 88% compared to 85% a year ago due to product mix and continued improvement in manufacturing productivity and process efficiencies.
The company posted an EPS of $3.71 compared to the consensus of $1.00 and $0.34 a year ago.
Related: Shockwave Medical Seeks To Bolster Its Cardiovascular Disease Portfolio With Neovasc Acquisition.
Operating expenses were $84.1 million, up 46%, primarily driven by sales force expansion in the U.S. and higher headcount to support the growth of the business.
Outlook: Shockwave Medical continues to expect FY23 revenue of $660 million to $680 million (vs. consensus of $658.58 million).
Price Action: SWAV shares are up 5.77% at $202.28 on the last check Friday.