Should I buy Shockwave Medical stock in 2025? NZ Market Insights

What is Shockwave Medical?

How much is the Shockwave Medical stock?

The price of Shockwave Medical stock is rising this week. Following its acquisition by Johnson & Johnson, Shockwave Medical shares have been settled at USD 335.00, marking a 24-hour change of +4.7% and a weekly gain of approximately +4.7%.

The stock does not offer a dividend yield, and its beta is 0.88, indicating modest volatility. With trading now closed post-acquisition, the recent strong performance highlights the strategic value recognized by investors.

Our full analysis on the Shockwave Medical stock

Having thoroughly reviewed Shockwave Medical’s most recent financial results and a comprehensive snapshot of its three-year share performance, we leveraged our proprietary suite of analytics to synthesise data spanning financial metrics, technical signals, market trends, and competitive dynamics. These insights, enriched by multiple data sources, converge to create a holistic view of the company’s position at the intersection of medtech innovation and strategic growth. So, why might Shockwave Medical have once again represented a strategic entry point into the global cardiovascular device sector in 2025?

Recent Performance and Market Context

Shockwave Medical (formerly listed on NASDAQ under SWAV) distinguished itself as one of the medtech sector’s purest growth stories prior to its acquisition. In the year leading up to its $335.00 per share takeout by Johnson & Johnson in May 2024, SWAV shares soared from a 52-week low of $157.00 to the acquisition price—a near-doubling in market value.

This rapid appreciation was built atop several highly favourable developments:

• Revenue momentum: Q1 2024 sales leapt by 36% year-on-year to $218.8M, with recurring evidence of robust adoption for its unique intravascular lithotripsy (IVL) platform.
• Consistent outperformance: Earnings per share in the same period reached $1.44, handily beating consensus by 46.9%.
• Premium valuation at exit: Johnson & Johnson’s $13.1B acquisition represented a 4.7% premium to the preceding closing price, underlining strategic value seen by leading industry incumbents.

The sector backdrop remains compelling, with global cardiovascular disease rates rising, driving demand for innovative, minimally invasive interventions. The medical device ecosystem, particularly in the US, continues to benefit from both structural demographic tailwinds and growing global adoption.

Technical Analysis

Even before the completed acquisition forced trading to halt, Shockwave’s technical set-up had been demonstrably bullish:

• Momentum & Moving Averages: The stock steadily advanced above both its 50- and 200-day moving averages through 2023 and into 2024, signifying sustained institutional accumulation.
• Relative Strength Index (RSI): RSI remained in healthy uptrend territory (often above 60), generally indicative of strong upward momentum but without the excesses of short-term overheating.
• Support & Structure: Key support levels consistently rose—from $160 up through $250, ultimately converging with the buyout offer. Price action was punctuated by breakout moves on robust volume following earnings beats, representing classic bullish confirmation.

These technical signals suggested both short- and medium-term traders were strongly favouring upside, and for medium-term portfolios, the trend reinforced a positive stance right into the merger.

Fundamental Analysis

Shockwave’s underlying fundamentals were nothing short of remarkable:

Revenue & Profitability

• Q1 2024 revenues up 36% YoY; trailing-12-month sales reached nearly $788M.
• Operating leverage was evident: gross margins held steady at an enviable 87%, with EBITDA margins around 31%, showcasing high quality of earnings.
• Full-year 2023 revenue was up over 49% versus 2022, demonstrating a rare combination of rapid growth and profitability.

Valuation

• At acquisition, SWAV's estimated P/E on annualised Q1 2024 earnings was approximately 23x—a justifiable multiple given 25–27% guided growth and the company’s undisputed technological edge.
• On a price-to-sales basis (P/S), the final valuation was robust—but entirely in line with high-growth leaders in the cardiovascular space, especially given Shockwave’s IP and structural market advantages.

Strategic Moat

• Technological leadership for IVL, the only commercialised platform for both coronary and peripheral artery disease, set Shockwave apart from conventional angioplasty/device competitors.
• Significant IP portfolio and high barriers to entry.
• Expanding global presence, with the US and international markets both showing accelerating adoption and strong sales execution.

Volume and Liquidity

Throughout its publicly traded life, Shockwave Medical enjoyed significant liquidity:

• Trading volume: Remained consistently high leading into the J&J announcement, with volume spikes on earnings and corporate newsflow interpreted as signals of broad institutional interest and underlying market confidence.
• Public float: A well-sized float helped enable dynamic, fair valuation while limiting excessive volatility, as evidenced by the stock’s moderate beta (0.88), appealing to a range of investor styles.

Catalysts and Positive Outlook

The ultimate buyout by Johnson & Johnson was itself the grandest of all potential catalysts, but several underlying drivers remain instructive for NZ investors assessing similar opportunities:

• New Product Pipelines: Shockwave’s continued R&D in IVL and acquisition of ‘Reducer’ for refractory angina signal an embedded culture of innovation.
• Industry Recognition: The decision by J&J to make IVL its 13th ‘priority platform’ (targeting >$1B annual sales) demonstrates long-term conviction in therapeutic impact and market expansion.
• ESG Appeal: By enabling better patient outcomes with less invasive procedures, Shockwave’s platforms align strongly with both clinical and economic imperatives across health systems.

The broader backdrop for medical technology remains robust, with regulatory frameworks increasingly favouring high-innovation, less-invasive solutions. Population ageing and chronic disease prevalence underline the multi-decade growth potential for leaders in this field.

Investment Strategies

Short-term:

• The acquisition premium crystallised value for short-term shareholders, while earlier 2023 breakouts showcased the stock’s responsiveness to positive news—a profile many NZ investors seek in high-momentum tech/medtech plays.

Medium-term:

• For medium-term portfolios, Shockwave’s consistent execution, stable margins, and technological leadership validated conviction-based positions ahead of expected catalysts.
• Owning ahead of earnings, or on technical retests of support near $200–$250, historically delivered optimal risk-reward.

Long-term:

• The delivery of a strong strategic handoff to Johnson & Johnson cements Shockwave’s innovations within a $20B+ global division—creating new synergies over the next decade.
• Long-term investors benefitted from owning a pioneer as it scaled a first-mover advantage and ultimately attracted blue-chip acquirer interest.

Is it the Right Time to Buy Shockwave Medical?

Shockwave Medical’s journey offers a clear lesson: disciplined investors who focus on innovation, operating strength, and clear clinical need can capture transformational upside—especially when technology leaders are in the crosshairs of global strategics. The stock’s sustained growth, robust profitability, consistent technical outperformance, and ultimate acquisition highlight the compounding rewards available in high-conviction, high-growth medtech names.

While the shares are no longer publicly traded, the narrative continues for NZ investors: Shockwave’s story validates seeking out best-in-class disruptors, monitoring technical and fundamental signals, and positioning ahead of major sector catalysts. As the medtech sector enters its next bullish phase, opportunities of this calibre are likely to reappear—and should be watched with renewed, professional interest.

Shockwave Medical’s trajectory demonstrates that, for those attuned to powerful structural trends, early investment in breakthrough medtech can deliver returns well beyond the ordinary—encouraging all market participants to remain vigilant for the sector’s next innovation-driven success story.

How to buy Shockwave Medical stock in NZ?

Buying Shockwave Medical stock online is both straightforward and secure when you use a regulated broker in New Zealand. You generally have two main options: you can purchase the shares outright (“spot buying”), becoming a direct owner, or trade via contracts for difference (CFDs), which allows you to speculate on price movements. Each method has its own characteristics, risks, and fee structures, which we detail below. For a review of the most competitive brokers to access Shockwave Medical or similar shares, see our broker comparison further down the page.

Spot buying

A cash (“spot”) purchase means buying Shockwave Medical shares directly, so you become a shareholder and participate in any corporate actions (such as dividends, should they exist). With cash buying, New Zealand brokers typically charge a fixed commission per order—commonly around NZD 3 to NZD 15—plus possible currency conversion fees for USD stock purchases.

Example

Let’s assume the final acquisition price for Shockwave Medical was USD 335 per share, and you want to invest NZD 1,000 (around USD 605 at a recent exchange rate of 1 NZD ≈ 0.605 USD). After allowing for a NZD 5 commission, you could purchase approximately 1.8 Shockwave Medical shares (USD 605 ÷ USD 335 ≈ 1.8). If the share price had risen 10% to USD 368.50, your shares would now be worth NZD 1,100 (approx.), for a +NZD 100 gross gain (+10%) on your initial investment.

Trading via CFD

CFDs (Contracts for Difference) allow you to speculate on the price changes of Shockwave Medical, without directly owning the underlying shares. CFD trading is popular for its ability to use leverage—meaning you can control a larger position with a fraction of the capital. Typical costs include the “spread” (the broker’s margin between bid and ask prices) and overnight financing fees for leveraged positions.

Example

Suppose you open a CFD position in Shockwave Medical with NZD 1,000 as margin and 5x leverage. This gives you NZD 5,000 market exposure. If the share price rises by 8%, the value of your position increases by 8% × 5 = 40%. That’s a NZD 400 gain on your NZD 1,000 stake (excluding spreads and overnight fees).

Final advice

It’s essential to compare broker fees, platform quality, and trading conditions before committing your capital. Some platforms are more cost-effective for spot buying, while others specialise in leveraged derivatives like CFDs. Ultimately, your choice should match your investment goals—whether you seek long-term exposure as a shareholder, or flexible, short-term strategies with CFDs. For more detail on suitable brokers for New Zealand investors, see our comparison table further down this page.

Our 7 tips for buying Shockwave Medical stock

The latest news about Shockwave Medical

Johnson & Johnson has officially completed its acquisition of Shockwave Medical for $335 per share in cash. Effective 31 May 2024, Shockwave Medical ceased trading on the NASDAQ following the successful conclusion of Johnson & Johnson’s $13.1 billion acquisition. This buy-out represents a 4.7% premium over the previous closing price and underscores Johnson & Johnson’s ambition to strengthen its cardiac portfolio, positioning Shockwave’s innovative intravascular lithotripsy (IVL) technology as a new pillar in J&J MedTech’s global offering—a move expected to reinforce the group’s leadership in cardiovascular innovation.

Shockwave Medical delivered record Q1 2024 results, with revenue rising 36% year-over-year to $218.8 million. The company achieved an adjusted EBITDA of $68.5 million in the quarter, growing 19% over Q1 2023, and posted earnings per share of $1.44—an impressive 46.9% above consensus estimates. Gross margins remained robust at 87%, and full-year 2023 revenue climbed 49% to $730.2 million, reflecting the continued strong adoption of Shockwave’s technology across global markets, including institutions in Australasia with increasing access to advanced cardiovascular care.

Shockwave’s IVL platform remains the first and only commercial solution for calcified cardiovascular disease, facilitating clinical adoption in key regions. The IVL solution is unique in treating both coronary and peripheral artery disease, and this innovation has driven significant clinical uptake, including hospitals and cardiology networks in New Zealand where access to best-in-class devices directly impacts patient outcomes. Local regulatory alignment and the rising burden of cardiovascular disease in New Zealand continue to support demand for such breakthrough platforms, which now benefit from the integration into Johnson & Johnson’s international supply and support infrastructure.

The acquisition introduces significant benefits for New Zealand’s healthcare sector by broadening access to advanced cardiovascular technologies. As Shockwave Medical transitions to become J&J MedTech’s thirteenth strategic platform (with expected annual sales of over $1 billion), distribution and support capabilities for the IVL system are anticipated to expand throughout Asia-Pacific, including New Zealand. Regional clinicians and health providers are positioned to gain from enhanced product integration, broad training initiatives, and improved local availability—reinforcing the path for innovation adoption in cardiology practices nationwide.

The transaction provides immediate value to shareholders, including New Zealand investors, by converting shares to cash at a significant premium. All holders of Shockwave Medical shares, including those resident or investing from New Zealand, have received $335 per share in cash, with proceeds subject to respective capital gains taxes. This strategic deal eliminates public market uncertainties for the stock while affirming the long-term potential and global relevance of Shockwave’s technologies under the established leadership and distribution channels of Johnson & Johnson.

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P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.