Why Did Shockwave Medical Stock Gain 18% in August?
Shockwave Medical (NASDAQ: SWAV) stock rose 17.7% in August, according to data provided by S&P Global Market Intelligence, after a great quarterly earnings report. On Aug. 9, the healthcare stock announced 444% year-over-year revenue growth for the second quarter. Those $56 million in sales exceeded analyst estimates by nearly $11 million. The company also increased its full-year revenue guidance by approximately 10%.
Shockwave Medical makes innovative medical devices used in intravascular lithotripsy (IVL), which involves the use of sonic pressure waves to treat calcified cardiovascular disease. Cardiovascular calcification is very common in older Americans, and it can lead to serious health complications, including death.
Shockwave has driven exceptional growth by launching a new device and achieving several other milestones. The company secured new payment approvals from the Centers for Medicare & Medicaid Services for inpatient and outpatient procedures. Shockwave's devices were also reviewed favorably for both safety and efficacy in multiple medical journals last quarter.
Source Fool.com
