Extracorporeal shock-wave therapy (ESWT) may stimulate healing of desmitis in multiple species. The objective of this study was to evaluate the ultrasonographic and histologic appearance of collagenase-induced suspensory ligament (SUL) desmitis in untreated ligaments and ligaments treated with ESWT in horses. Four mature horses had SUL desmitis induced in both forelimbs. Beginning 3 weeks after induction of the lesions, one ligament per horse was treated 3 times at 3-week intervals with ESWT. The percent lesion, echogenicity and fiber alignment scores of the SULs were evaluated at 3-week intervals for a total of 15 weeks. At the completion of the study, the horses were euthanized and the SULs collected, fixed and processed for histopathologic evaluation. Ultrasonography showed treated SULs had a smaller percent lesion at the maximal injury zone (p = 0.001), and the total percent lesion (p = 0.01), total fiber alignment score (p = 0.0167) and total echogenicity (p = 0.0023) were all smaller in the treated ligaments. The fiber alignment score and echogenicity were not statistically different at the maximal injury zone. The treated SULs had a more concentrated area of metachromasia associated with healing than the untreated ligaments, where metachromasia appeared more diffuse throughout the ligament. ESWT improved the rate of healing as assessed ultrasonographically.