ShockWave Medical, Inc. SWAV is well-poised for growth, backed by its research and development (R&D) efforts, and a focus on clinical studies.Shares of this presently Zacks Rank #2 (Buy) player have gained 34.4% against the industry’s decline of 29.2% so far this year. The S&P 500 Index has fallen 18.3% in the same time frame.With a market capitalization of $9.03 billion, this medical device company is committed to developing and commercializing products created to change the way calcified cardiovascular disease is treated. ShockWave Medical’s earnings yield of 1.15% compares favorably with the industry’s (8.48%). Earnings beat estimates in each of the trailing four quarters, the average being 146.10%.Image Source: Zacks Investment ResearchWhat’s Driving Its Performance?ShockWave Medical invests in R&D efforts to accelerate its IVL Technology, thus broadening and enhancing its existing product offerings. In the third quarter of 2022, SWAV incurred R&D expenses of $20.2 million, up 46.9% from the prior-year quarter’s figure.For 2022, Shockwave Medical expects revenues in the range of $483-$488 million (up from the previously guided band of $465-$475 million), implying growth of 104-106% from the prior-year period’s level.SWAV believes in its ability to rapidly develop innovative products owing to the dynamic product innovation process. The versatility and leveraging ability of its core technology and management philosophy are tailwinds that continue to improve the R&D process. Shockwave Medical recruited and retained engineers and scientists with substantial expertise to develop medical devices. SWAV’s pipeline of products in various stages of development is anticipated to provide additional commercial opportunities.Since its inception, ShockWave Medical has committed to generating clinical data to show the safety and effectiveness of its IVL Technology. These initial studies consistently highlighted low rates of complications irrespective of the type of vessel being examined. Apart from getting regulatory approvals or clearances, data from SWAV’s clinical studies strengthen its ability to drive the adoption of Intravascular Lithotripsy (IVL) Technology throughout multiple therapies in the existing and new market segments.ShockWave Medical’s past studies guided optimal IVL procedure technique and enriched the design of its IVL System and products in development. Management is optimistic about the continued clinical acceptance and penetration of IVL, as demonstrated by its strong results in the quarter under review as well as a higher outlook for revenues in 2022.This apart, SWAV has ongoing clinical programs for several products and indications. On being successful, these will enable it to expand the commercialization of its products into new geographies and indications.Shockwave Medical received regulatory approval for the Shockwave C2 Coronary IVL Catheter in Japan earlier in 2022. Besides, SWAV announced the introduction and global availability of the Shockwave M5+ peripheral IVL catheter post the receipt of the CE mark and the FDA clearance.What’s the Downside?Limited commercialization expertise and approved or cleared products pose a challenge to Shockwave Medical in evaluating its current business and determining its future financial performance and growth.ShockWave Medical, Inc. Price ShockWave Medical, Inc. price | ShockWave Medical, Inc. QuoteEstimate TrendFor 2022, the Zacks Consensus Estimate for revenues is pegged at $488 million, indicating an improvement of 105.8% from the year-ago reported figure. The same for adjusted earnings per share stands at $2.88, suggesting growth of almost 1208% from the prior-year reported figure.Other Key PicksSome other top-ranked stocks in the broader medical space are AMN Healthcare Services AMN, McKesson MCK and Lantheus LNTH, all currently carrying a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Estimates for AMN Healthcare Services have improved from earnings of $11.26 to $11.43 for 2022 and $8.30 to $8.39 for 2023 in the past 60 days. The AMN stock has declined 1.2% so far this year.AMN Healthcare Services delivered an earnings surprise of 10.96%, on average, in the last four quarters.McKesson’s earnings per share estimates have increased from $24.42 to $24.76 for fiscal 2023 and $26.04 to $26.34 for fiscal 2024 in the past 60 days. MCK has gained 48.4% so far this year.McKesson delivered an earnings surprise of 4.79%, on average, in the last four quarters.Estimates for Lantheus’ earningsper share have increased from $3.57 to $3.82 for 2022 and $4.01 to $4.21 for 2023 in the past 60 days. LNTH has gained 98.7% so far this year.Lantheus has an earnings yield of 6.6% against a negative yield for the industry. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report McKesson Corporation (MCK): Free Stock Analysis Report AMN Healthcare Services Inc (AMN): Free Stock Analysis Report Lantheus Holdings, Inc. (LNTH): Free Stock Analysis Report ShockWave Medical, Inc. (SWAV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research