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Shockwave Medical (SWAV) Launches New IVL Catheter in U.S.

Shockwave Medical, Inc. SWAV recently announced the full U.S. commercial availability of the Shockwave L6 Peripheral Intravascular Lithotripsy (IVL) Catheter. This follows the receipt of the FDA’s clearance for the same.

The Shockwave L6 will likely enhance the company’s peripheral IVL portfolio, extending the size offerings of the Shockwave M5+ and Shockwave S4 catheters. This is expected to provide physicians with a choice of catheters optimized for the challenges of infrapopliteal, femoropopliteal and iliac arterial territories.

The latest commercial availability is expected to aid Shockwave Medical in significantly expanding its footprint in the Peripheral Artery Disease (PAD) treatment space and solidifying its position nationwide.

Significance of the Launch

The Shockwave L6 catheter has been designed to modify calcification in otherwise difficult-to-treat lesions in large peripheral vessels, including the iliac and the common femoral arteries. Calcification in these arteries is common and associated with decreased procedural success and increased complications with standard endovascular techniques. The Shockwave L6 IVL catheter’s compact emitter configuration, in conjunction with four new device sizes, will likely enable the effective delivery of sonic pressure waves in larger vessels.

Per an expert familiar with the Shockwave L6 catheter, the product allows physicians to optimize IVL therapy in large peripheral vessels, which represent approximately more than 20% of peripheral interventions performed in the United States every year. The catheter may also be beneficial when IVL is used to facilitate transfemoral access for large bore procedures (like transcatheter aortic valve replacements) to minimize the risks of rupture and dissection.

Per Shockwave Medical’s management, the successful limited release and the positive feedback received from customers have led the company to look forward to offering the Shockwave L6 as an additional IVL option for the most complex and high-risk large vessel cases.

Industry Prospects

Per a report by Allied Market Research, the global PAD market was estimated to be $3,524.77 million in 2019 and is anticipated to reach $5,715.12 million by 2027 at a CAGR of 8.5%. Factors like rapid growth in the elderly population and subsequent increase in the prevalence of PAD cases, and a rising number of people suffering from diabetes and high blood pressure are likely to drive the market.

Given the market potential, the latest commercial availability is expected to provide a significant boost to Shockwave Medical’s business across the United States.

Notable Developments

Last month, Shockwave Medical announced its fourth-quarter 2022 results, where it registered a solid uptick in its top line. During the quarter, the company received the FDA’s approval for the Shockwave C2+ Coronary IVL Catheter in the United States and was also granted increased reimbursement for the Shockwave C2 Coronary IVL Catheter by the German INEK institute.

In January, the company announced that coronary IVL was included in a treatment guidance document published by the Society of Cardiovascular Angiography and Intervention as a potential therapeutic option in all U.S. catheterization labs, including facilities without on-site surgical backup.

In the same month, it announced its entry into a definitive agreement to acquire Neovasc Inc.

Price Performance

Shares of the company have gained 20.8% in the past year against the industry’s 14.4% fall and the S&P 500's 11.5% decline.

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Zacks Rank & Key Picks

Currently, Shockwave Medical carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space are Hologic, Inc. HOLX, Henry Schein, Inc. HSIC and Avanos Medical, Inc. AVNS.

Hologic, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 15.2%. HOLX’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 30.6%.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Hologic has gained 8.2% against the industry’s 14.4% decline in the past year.

Henry Schein, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 8.1%. HSIC’s earnings surpassed estimates in three of the trailing four quarters and matched the same in the other, the average beat being 2.9%.

Henry Schein has lost 10.2% compared with the industry’s 8.5% decline over the past year.

Avanos, carrying a Zacks Rank #2 at present, has an estimated growth rate of 1.8% for 2023. AVNS’ earnings surpassed estimates in all the trailing four quarters, the average beat being 11%.

Avanos has lost 13.4% compared with the industry’s 14.4% decline over the past year.

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ShockWave Medical, Inc. (SWAV) : Free Stock Analysis Report

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