Shockwave Medical Inc has upped its full-year 2023 guidance after its revenue beat across all of its product segments during its first quarter.
The medical product company saw its revenue increase by 72% year-over-year to reach $161.1 million, ahead of consensus estimates of $147.3 million.
The beat came across all product segments – with the company seeing strong contributions from US Coronary, US Peripheral, and international markets, Canaccord noted.
Earnings per share were also well ahead of estimates at $1.03 instead of the $0.72 Canaccord estimate.
As a result, Shockwave said it now expects to see full-year 2023 revenue in the range of $700 million to $720 million instead of $660 million to $680 million.
That move has led analysts at Canaccord to increase its price target to $307 from $252 and reiterate its Buy rating.
The $40 million lift to the range reflects confidence in the strength that Shockwave is seeing across its business, according to analysts at Canaccord.
“The company is benefiting from the ongoing L6 launch in the US (which is expanding use cases), along with a full conversion of the M5+ (which helped increase ASPs), both benefiting the peripheral business,” analysts wrote.
“For coronary, the company is currently launching its next generation catheter, C2+, internationally at EuroPCR in Paris, and plans to launch the next-generation catheter in the US in early fourth quarter 2023.
“Also potentially benefiting the business in 2024 is the proposed inpatient reimbursement rules for next year, which establishes IVL as its own DRG,” the analysts noted.
International growth from Japan, Germany, and China will also play an important role to growth this year, Canaccord added, with improved reimbursement in Germany, ongoing C2 launch in Japan and re-opening in China all contributing to the increased growth projections.