Shares of ShockWave Medical (SWAV -1.22%) were soaring 17.9% higher at 11:54 a.m. ET on Tuesday. The big jump came after the company announced its second-quarter results following the market close on Monday.
ShockWave reported Q2 revenue of $120.7 million, up 116% year over year. It posted earnings of $25.6 million, or $0.68 per diluted share. This reflected significant improvement from the net loss of $0.4 million in the prior-year period. Both top- and bottom-line Q2 results handily beat consensus estimates.
In addition, ShockWave raised its full-year revenue guidance. The company now expects 2022 revenue will be between $465 million and $475 million, a 98% year-over-year increase at the midpoint of the range. ShockWave previously forecast full-year revenue of $435 million to $455 million.
ShockWave was already making investors happy so far in 2022, with the healthcare stock jumping 25% year to date even before today's gain. This kind of performance during a period of economic uncertainty underscores just how much ShockWave's business is booming.
Much of the company's growth is due to the launch of its Shockwave C2 product in the U.S. last year. The product uses intravascular lithotripsy (IVL) to break up calcium deposits in patients with coronary problems.
China looks to be ShockWave's next big opportunity. The company received regulatory approval in China in May for its Shockwave IVL System with the Shockwave C2 Coronary IVL Catheters and the Shockwave M5 and S4 Peripheral IVL.