Shockwave Medical's (SWAV 0.08%) latest earnings release wasn't exactly a shocker, given the growing popularity of its products. Still, it put a real zip in the company's shares. They rose as high as 10% on Monday before settling down to a 3.8% gain on the day.
For its Q2, Shockwave -- a healthcare company that makes sonic-wave devices that break up calcium deposits in the body -- earned revenue of just under $56 million, a more than fivefold increase from Q2 2020. The company's net loss narrowed considerably, landing at roughly $425,000 ($0.01 per share) against the year-ago deficit of $18.1 million.
According to data compiled by Zack's, the collective analyst estimate for the latter metric was far deeper, at $0.41. Shockwave's revenue topped those prognosticators' average projection by nearly 30%.
Shockwave attributed this success to the rapid take-up of its core technology, which is known technically as intravascular lithotripsy (IVL). It quoted CEO Doug Godshall as saying, "The growing clinical acceptance of IVL continues to validate the importance of IVL for our customers and their patients and for the treatment of calcified arterial disease."
Shockwave believes this momentum will keep building, and obviously investors agreed on Monday. The company upped its full-year revenue guidance considerably; it's now estimating it will book $218 million to $223 million for the year, up from the previous projection of $195 million to $205 million. The former range would represent year-over-year growth of at least 222% if realized.