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1. Company Snapshot

1.a. Company Description

ShockWave Medical, Inc., a medical device company, engages in developing and commercializing intravascular lithotripsy technology for the treatment of calcified plaque in patients with peripheral vascular, coronary vascular, and heart valve diseases worldwide.The company offers M5 catheters for treating above-the-knee peripheral artery disease (PAD); C2 catheters for treating coronary artery disease; and S4 catheters for treating below-the-knee PAD.It serves interventional cardiologists, vascular surgeons, and interventional radiologists through sales representatives and sales managers, and distributors.


The company was incorporated in 2009 and is headquartered in Santa Clara, California.

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1.b. Last Insights on SWAV

Shockwave Medical Inc. (SWAV) experienced a 17.0% performance over the past 3 months, driven by strong quarterly earnings, revenue growth, and a definitive agreement to be acquired by Johnson & Johnson. The company's innovative intravascular lithotripsy technology and expanding product portfolio have contributed to its growth.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Sarepta Therapeutics Set to Join S&P MidCap 400

May -29

Source: prnewswire.com

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Charles Schwab Investment Management Inc. Grows Position in Shockwave Medical, Inc. (NASDAQ:SWAV)

May -20

Source: https://www.defenseworld.net

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J&J's $13 billion bid for Shockwave turns to Wall Street for funding

May -13

Source: Market Watch

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SHOCKWAVE MEDICAL INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Shockwave Medical, Inc. - SWAV

May -09

Source: businesswire.com

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Shockwave Medical (SWAV) Q1 Earnings Beat, Revenues Rise Y/Y

May -07

Source: Zacks Investment Research

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Shockwave Medical (SWAV) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

May -07

Source: Zacks Investment Research

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Shockwave Medical (SWAV) Q1 Earnings and Revenues Top Estimates

May -06

Source: Zacks Investment Research

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Shockwave Medical Reports First Quarter 2024 Financial Results

May -06

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.91%)

6. Segments

Coronary

Expected Growth: 8.9%

Strong demand for Coronary IVL products, driven by increasing adoption in PCI procedures, favorable reimbursement trends, and expanding global presence. Additionally, ShockWave's innovative technology and clinical data supporting its safety and efficacy contribute to the 8.9% growth.

Peripheral

Expected Growth: 8.9%

ShockWave Medical's Peripheral segment growth of 8.9% is driven by increasing adoption of intravascular lithotripsy technology, expanding treatment of calcified lesions, and growing demand for minimally invasive procedures. Additionally, strategic partnerships, investments in clinical trials, and geographic expansion into new markets contribute to the segment's rapid growth.

Reducer

Expected Growth: 9.27%

ShockWave Medical's Reducer growth is driven by increasing adoption in peripheral artery disease treatment, expanding into new geographies, and growing demand for minimally invasive procedures. Additionally, the device's ability to improve patient outcomes and reduce healthcare costs contributes to its rapid growth, with a 9.27% growth rate.

Other

Expected Growth: 10.1%

ShockWave Medical's 10.1% growth driven by increasing adoption of Intravascular Lithotripsy (IVL) technology, expanding global presence, and growing demand for minimally invasive treatments. Strong sales pipeline, strategic partnerships, and investments in R&D further fuel growth.

7. Detailed Products

Intravascular Lithotripsy (IVL)

A minimally invasive treatment that uses sonic pressure waves to break up problematic calcium deposits in arteries, restoring blood flow and improving patient outcomes.

Coronary Intravascular Lithotripsy (C-IVL)

A novel treatment that uses sonic pressure waves to break up problematic calcium deposits in coronary arteries, improving blood flow and reducing the risk of heart attack.

Peripheral Intravascular Lithotripsy (P-IVL)

A minimally invasive treatment that uses sonic pressure waves to break up problematic calcium deposits in peripheral arteries, restoring blood flow and improving patient outcomes.

8. ShockWave Medical, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

ShockWave Medical, Inc. has a low threat of substitutes due to its innovative and patented technology in the medical device industry, making it difficult for substitutes to emerge.

Bargaining Power Of Customers

The bargaining power of customers is moderate, as hospitals and medical institutions have some negotiating power, but ShockWave Medical, Inc.'s products are specialized and have limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low, as ShockWave Medical, Inc. has a diversified supply chain and is not heavily dependent on a single supplier.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the medical device industry, including regulatory hurdles and significant research and development investments required.

Intensity Of Rivalry

The intensity of rivalry is moderate, as ShockWave Medical, Inc. operates in a competitive industry, but its innovative products and strong brand recognition help to differentiate it from competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 52.38%
Debt Cost 3.95%
Equity Weight 47.62%
Equity Cost 8.31%
WACC 6.02%
Leverage 109.99%

11. Quality Control: ShockWave Medical, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Zimmer Biomet

A-Score: 4.7/10

Value: 4.5

Growth: 3.9

Quality: 6.1

Yield: 1.0

Momentum: 4.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
ShockWave Medical

A-Score: 4.0/10

Value: 0.0

Growth: 9.8

Quality: 6.9

Yield: 0.0

Momentum: 5.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
Integer

A-Score: 3.5/10

Value: 5.1

Growth: 5.1

Quality: 4.3

Yield: 0.0

Momentum: 2.0

Volatility: 4.7

1-Year Total Return ->

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PROCEPT BioRobotics

A-Score: 3.4/10

Value: 6.4

Growth: 6.2

Quality: 4.2

Yield: 0.0

Momentum: 0.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Glaukos

A-Score: 3.0/10

Value: 6.4

Growth: 1.8

Quality: 5.3

Yield: 0.0

Momentum: 0.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Bruker

A-Score: 2.5/10

Value: 2.3

Growth: 5.2

Quality: 3.4

Yield: 0.0

Momentum: 0.5

Volatility: 3.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

334.75$

Current Price

334.75$

Potential

-0.00%

Expected Cash-Flows