Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a> entered into a definitive agreement to acquire <a href="https://www.smartkarma.com/entities/shockwave-medical-inc" target="_blank" data-smartkarma-citation="entities:28730:1" rel="noopener">Shockwave Medical Inc (SWAV US)</a> for $335/share in cash or an enterprise value of $13.1B.</li>
<li>Offer price represents 4.7% premium over yesterday’s closing price or around 19% premium over the undisturbed price. The deal is expected to close by mid-2024.</li>
<li>With no product overlap and competition concern, the deal is expected to get regulatory approval. With reasonable deal valuation, shareholders approval is also expected.</li>
</ul>



Johnson &amp; Johnson (JNJ US) entered into a definitive agreement to acquire Shockwave Medical Inc (SWAV US) for $335/share in cash or an enterprise value of $13.1B.
Offer price represents 4.7% premium over yesterday’s closing price or around 19% premium over the undisturbed price. The deal is expected to close by mid-2024.
With no product overlap and competition concern, the deal is expected to get regulatory approval. With reasonable deal valuation, shareholders approval is also expected.


Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shockwave-medical-inc" target="_blank" data-smartkarma-citation="entities:28730:1" rel="noopener">Shockwave Medical Inc (SWAV US)</a> reported better-than-expected Q1 results, due to continued geography expansion and strong demand of its IVL catheters for the treatment of coronary and peripheral artery diseases.</li>
<li>Shockwave projects 2023 revenue of $700–720M, which represents 43–47% YoY growth. This compares to previous 2023 revenue guidance of $660–680M.</li>
<li>According to a new media report, the acquisition talks between <a href="https://www.smartkarma.com/entities/boston-scientific-corp" target="_blank" data-smartkarma-citation="entities:11115:1" rel="noopener">Boston Scientific (BSX US)</a> and Shockwave have hit a snag as both the parties could not agree on a price.</li>
</ul>



Shockwave Medical Inc (SWAV US) reported better-than-expected Q1 results, due to continued geography expansion and strong demand of its IVL catheters for the treatment of coronary and peripheral artery diseases.
Shockwave projects 2023 revenue of $700–720M, which represents 43–47% YoY growth. This compares to previous 2023 revenue guidance of $660–680M.
According to a new media report, the acquisition talks between Boston Scientific (BSX US) and Shockwave have hit a snag as both the parties could not agree on a price.


Shockwave Medical Inc (SWAV US): Beat-And-Raise 1Q23 Results; BSX Deal Reportedly Hit Roadblock

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Recently a note on <a href="https://www.smartkarma.com/entities/shockwave-medical-inc" target="_blank" data-smartkarma-citation="entities:28730:1" rel="noopener">Shockwave Medical Inc (SWAV US)</a> was published on SK. Being a potential game changer, we analyzed technical publications to see how well the company is positioned</li>
<li>Currently, Shockwave Medical is likely the only player in the intravascular lithotripsy market. As the intravascular device deals with calcified lesions, its primary competition is from the atherectomy market </li>
<li>Despite being a recent company with a new technology it ranks third in innovating in the area of - removing/modifying obstructions, calculi and pre-procedure preparation for intravascular intervention.</li>
</ul>


Recently a note on Shockwave Medical Inc (SWAV US) was published on SK. Being a potential game changer, we analyzed technical publications to see how well the company is positioned
Currently, Shockwave Medical is likely the only player in the intravascular lithotripsy market. As the intravascular device deals with calcified lesions, its primary competition is from the atherectomy market 
Despite being a recent company with a new technology it ranks third in innovating in the area of - removing/modifying obstructions, calculi and pre-procedure preparation for intravascular intervention.


Datamining Tech Publications to Assess Shockwave's Paradigm Shift Solution In Vascular Interventions

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On 3 June 2022, the S&amp;P DJI Global Index team announced changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P SmallCap 600 indices (and a number of other smaller indices).</li>
<li>
<a href="https://www.smartkarma.com/entities/vici-properties-inc" target="_blank" data-smartkarma-citation="entities:28786:1" rel="noopener"></a>VICI Properties (VICI) will replace Cerner (CERN) in S&amp;P500 at close of 7 June. Keurig DrPepper and ON Semiconductor will replace UnderArmour and IPG Photonics at close 17 June.</li>
<li>This set of rebalances is particularly interesting in terms of non-offsetting flows, unlike many rebals which are just a game of musical shares between the three top indices.</li>
</ul>


On 3 June 2022, the S&amp;P DJI Global Index team announced changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P SmallCap 600 indices (and a number of other smaller indices).

VICI Properties (VICI) will replace Cerner (CERN) in S&amp;P500 at close of 7 June. Keurig DrPepper and ON Semiconductor will replace UnderArmour and IPG Photonics at close 17 June.
This set of rebalances is particularly interesting in terms of non-offsetting flows, unlike many rebals which are just a game of musical shares between the three top indices.


S&P500, S&PMid400, and S&PSmall600 Index Changes for June 2022 - More Interesting Than Usual

<ul>
<li>
<a href="https://www.smartkarma.com/entities/axonics-inc" target="_blank" data-smartkarma-citation="entities:36996:1" rel="noopener">Axonics (AXNX US)</a> believes that the U.S. sacral neuromodulation market is now worth of ~$800M, which is poised to double over the next five years to $1.6B.</li>
<li>The company has been reporting superior revenue growth since 2020. Axonics raised 2023 revenue guidance to $358M, up 32% YoY. The company has become adjusted EBITDA positive in 2022.</li>
<li>With superior product portfolio in terms of patient satisfaction, longer product life, and smaller size, Axonics is the stronger player in the U.S. duopoly sacral neuromodulation market.</li>
</ul>



Axonics (AXNX US) believes that the U.S. sacral neuromodulation market is now worth of ~$800M, which is poised to double over the next five years to $1.6B.
The company has been reporting superior revenue growth since 2020. Axonics raised 2023 revenue guidance to $358M, up 32% YoY. The company has become adjusted EBITDA positive in 2022.
With superior product portfolio in terms of patient satisfaction, longer product life, and smaller size, Axonics is the stronger player in the U.S. duopoly sacral neuromodulation market.


Axonics (AXNX US): Large Underserved Market And Superior Portfolio Ensure Multi-Year Growth

United States

Shockwave Medical, Inc. manufactures medical devices. The Company offers intravascular devices and balloon dilatation catheters for patients with calcified cardiovascular disease. Shockwave Medical serves customers worldwide.

Shockwave Medical Inc (SWAV US)