Shockwave Medical, the California-based healthcare company known for its intravascular lithotripsy (IVL) technology, has shared its financial results from the first quarter of 2023.
Overall, it was a hugely successful quarter, highlighting the company’s momentum as rumors continue to spread about a possible Boston Scientific acquisition.
Shockwave Medical reported a Q1 revenue of $161.1 million, up 72% from Q1 in 2022. Gross profit for the quarter was $140 million, up 73% compared 2022, and net income was $39.1 million, up 170% compared to 2022.
Looking ahead, the company now projects 2023 revenue to land in the $700-720 million range, up considerably from the $660-680 it had projected earlier in the year.
“Our global teams’ execution continues to be extraordinary, as demonstrated by our record results in all of our product and geographic areas,” Doug Godshall, president and CEO of Shockwave Medical, said in a prepared statement. “The consistent high growth we have experienced over the past few years has further reinforced our drive to continue rapidly growing our core IVL business and to also innovate and develop additional solutions for patients with unmet needs. We look forward to continued collaboration with our customers to develop new solutions and enhance outcomes for their patients with problematic calcium and we are excited to begin the mission to address patients suffering from refractory angina.”
Shockwave Medical also acquired Neovasc, a medical device company with headquarters in both Canada and the United States, and launched a new IVL catheter in the first three months of 2023.
Is a deal with Boston Scientific still on the table?
Multiple reports have suggested Boston Scientific is working to acquire Shockwave Medical, but both companies remain silent on any potential deal. The latest update, from an anonymous source close to the situation, was that the two sides have not been able to agree on a price.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.