Press Releases

Shockwave Medical Reports First Quarter 2022 Financial Results

SANTA CLARA, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Shockwave Medical, Inc. (Nasdaq: SWAV), a pioneer in the development and commercialization of Intravascular Lithotripsy (IVL) to treat complex calcified cardiovascular disease, today reported financial results for the three months ended March 31, 2022.

Recent Highlights

  • Recognized revenue of $93.6 million for the first quarter of 2022, representing an increase of 194% from the same period in 2021
  • Received regulatory approval for the Shockwave C2 Coronary IVL Catheter in Japan
  • Announced the global commercial availability and launch of the Shockwave M5+ peripheral IVL catheter after receiving both CE Mark and U.S. Food and Drug Administration (FDA) clearance

“Our growth this quarter was driven by strong execution from our teams across the globe, despite the myriad geopolitical, health and economic challenges that continue to face us all.” said Doug Godshall, President and Chief Executive Officer of Shockwave Medical. “The exceptional progress that the Shockwave team has made this quarter continues to demonstrate what an important solution IVL has become for patients who suffer from calcified arterial disease. We look forward to continuing to partner with our customers to help them enhance outcomes for their patients.”   

First Quarter 2022 Financial Results

Revenue for the first quarter ended March 31, 2022 was $93.6 million, a 194% increase from $31.9 million in the same period of 2021. The growth was primarily driven by the launch of the coronary product, Shockwave C2, in the U.S. in February 2021, continued recovery from the pandemic impact and increased adoption of Shockwave products.

Gross profit for the first quarter of 2022 was $80.7 million compared to $24.0 million for the first quarter of 2021. Gross margin for the first quarter of 2022 was 86%, as compared to 75% in the first quarter of 2021. The increase in gross margin was primarily driven by product mix along with continued improvement in manufacturing productivity and process efficiencies.

Total operating expenses for the first quarter of 2022 were $65.4 million, a 58% increase from $41.5 million in the first quarter of 2021. The increase was primarily driven by sales force expansion in the U.S. and higher headcount to support the growth of the business.

Net income for the first quarter of 2022 was $14.5 million, compared to a net loss of $23.6 million in the same period of 2021. Basic and diluted net income per share for the period was $0.41 and $0.39, respectively.  

Cash, cash equivalents and short-term investments totaled $201.1 million as of March 31, 2022.

2022 Financial Guidance
Shockwave Medical projects revenue for the full year 2022 to range from $435 million to $455 million, which represents 83% to 92% growth over the Company’s prior year revenue. This compares to previous revenue guidance of $405 million to $425 million.

Conference Call

Shockwave Medical will host a conference call at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time on Monday, May 9, 2022, to discuss its first quarter 2022 financial results. The call may be accessed through an operator by dialing (866) 795-9106 for domestic callers or (470) 495-9173 for international callers, using conference ID: 7258221. A live and archived webcast of the event will be available at https://ir.shockwavemedical.com/.

About Shockwave Medical, Inc. 

Shockwave Medical is focused on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated. Shockwave Medical aims to establish a new standard of care for the interventional treatment of atherosclerotic cardiovascular disease through differentiated and proprietary local delivery of sonic pressure waves for the treatment of calcified plaque, which Shockwave Medical refers to as Intravascular Lithotripsy (IVL). IVL is a minimally invasive, easy-to-use and safe way to significantly improve patient outcomes. To view an animation of the IVL procedure and for more information, visit www.shockwavemedical.com.

Forward-Looking Statements

This press release contains statements relating to our expectations, projections, beliefs, and prospects, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” and similar expressions, and the negative of these terms. You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are only predictions based on our current expectations, estimates, and assumptions, valid only as of the date they are made, and subject to risks and uncertainties, some of which we are not currently aware.

Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: the impact of the COVID-19 pandemic on our operations, financial results, and liquidity and capital resources, including the impact on our sales, expenses, supply chain, manufacturing, research and development activities, clinical trials, and employees; our ability to develop, manufacture, obtain and maintain regulatory approvals for, market and sell, our products; our expected future growth, including the size and growth potential of the markets for our products; our ability to obtain coverage and reimbursement for procedures performed using our products; our ability to scale our organizational culture; the impact of the development, regulatory approval, efficacy and commercialization of competing products; the loss of key scientific or management personnel; our ability to develop and maintain our corporate infrastructure, including our internal controls; our financial performance and capital requirements; and our ability to obtain and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others. These factors, as well as others, are discussed in our filings with the Securities and Exchange Commission (SEC), including in Part I, Item IA - Risk Factors in our most recent Annual Report on Form 10-K filed with the SEC, and in our other periodic and other reports filed with the SEC. Except to the extent required by law, we do not undertake to update any of these forward-looking statements after the date hereof to conform these statements to actual results or revised expectations.

Media Contact:
Scott Shadiow
+1.317.432.9210
sshadiow@shockwavemedical.com

Investor Contact:
Debbie Kaster
dkaster@shockwavemedical.com

SHOCKWAVE MEDICAL, INC.
Balance Sheet Data
(in thousands)
         
    March 31,
2022
(Unaudited)
  December 31,
2021
         
ASSETS        
CURRENT ASSETS:        
Cash and cash equivalents   $ 66,252     $ 89,209  
Short-term investments     134,875       111,772  
Accounts receivable, net     47,842       37,435  
Inventory     53,369       42,978  
Prepaid expenses and other current assets     7,572       4,508  
Total current assets     309,910       285,902  
Operating lease right-of-use assets     26,729       27,496  
Property and equipment, net     27,886       24,361  
Equity method investment     5,940       5,987  
Other assets     2,055       1,936  
TOTAL ASSETS   $ 372,520     $ 345,682  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
CURRENT LIABILITIES:        
Accounts payable   $ 8,467     $ 3,520  
Term notes, current portion     8,250       5,500  
Accrued liabilities     33,019       40,870  
Lease liability, current portion     1,294       1,738  
Total current liabilities     51,030       51,628  
Lease liability, noncurrent     32,361       28,321  
Term notes, noncurrent portion     9,033       11,630  
Related party contract liability, noncurrent portion     12,273       12,273  
TOTAL LIABILITIES     104,697       103,852  
STOCKHOLDERS’ EQUITY:        
Preferred stock            
Common stock     36       35  
Additional paid-in capital     507,092       494,806  
Accumulated other comprehensive loss     (1,017 )     (202 )
Accumulated deficit     (238,288 )     (252,809 )
TOTAL STOCKHOLDERS’ EQUITY     267,823       241,830  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 372,520     $ 345,682  

SHOCKWAVE MEDICAL, INC. 
Statement of Operations Data
(Unaudited)
(in thousands, except share and per share data)
         
    Three Months Ended
March 31,
      2022       2021  
Revenue:        
Product revenue   $ 93,631     $ 31,900  
Cost of revenue:        
Cost of product revenue     12,890       7,892  
Gross profit     80,741       24,008  
Operating expenses:        
Research and development     17,019       10,277  
Sales and marketing     35,961       23,992  
General and administrative     12,389       7,226  
Total operating expenses     65,369       41,495  
Income (Loss) from operations     15,372       (17,487 )
Share in net loss of equity method investment     (47 )     (5,523 )
Interest expense     (297 )     (312 )
Other expense, net     (310 )     (235 )
Net income (loss) before taxes     14,718       (23,557 )
Income tax provision     197       44  
Net income (loss)   $ 14,521     $ (23,601 )
Net income (loss) per share, basic   $ 0.41     $ (0.68 )
Net income (loss) per share, diluted   $ 0.39     $ (0.68 )
Shares used in computing net income (loss) per share, basic     35,587,337       34,797,400  
Shares used in computing net income (loss) per share, diluted     37,623,477       34,797,400  


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Source: Shockwave Medical, Inc.

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