Shares of ShockWave Medical (SWAV 0.76%) are trading higher on Tuesday after the company released preliminary revenue results for the first quarter. ShockWave Medical also gave an update on the rollout of its C2 System, which was approved by the U.S. Food and Drug Administration (FDA) in February. ShockWave Medical's stock was up by 15.5% as of 12:50 p.m. EDT, after rising by as much as 18.7% earlier today.
ShockWave Medical is best known for its intravascular lithotripsy (IVL) technology to treat atherosclerotic cardiovascular disease (the buildup of plaque in the arteries). Lithotripsy is a medical procedure that uses shockwaves to break up stones in the kidney. Last month, the company's C2 Coronary Intravascular Lithotripsy Catheter earned approval from health industry regulators in the U.S. This device helps open up calcified arteries to allow for stent implantation.
Today, ShockWave Medical announced that the launch of this device in the U.S. market is going as planned. For instance, the company said that more than 120 customers in the U.S. have purchased an average of six units of the C2 System launch kit, among other milestones. ShockWave Medical also provided top-line estimates for the first quarter. The company expects revenue between $31 million and $32 million, which would represent an increase between 104% to 111% compared to the prior-year quarter. Meanwhile, analysts expect the company's revenue to come in at $24.9 million for the quarter.
ShockWave Medical could see even brighter days ahead. The company is barely scratching the surface of its addressable market, which it estimates to be worth more than $6 billion. With solid opportunities ahead, ShockWave Medical is a healthcare stock worth serious consideration.