Press Releases

Shockwave Medical Reports Second Quarter 2022 Financial Results

SANTA CLARA, Calif., Aug. 08, 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 June 30, 2022.

Recent Highlights

  • Recognized revenue of $120.7 million for the second quarter of 2022, representing an increase of 116% from the same period in 2021
  • Shared two-year data from the Disrupt PAD III trial, which found that Shockwave IVL maintains superiority to angioplasty in calcified peripheral disease and preserves future treatment options
  • Received regulatory approval in China to market and sell the Shockwave IVL System with the Shockwave C2 Coronary IVL Catheters and the Shockwave M5 and S4 Peripheral IVL

“Our results in the second quarter were encouraging once again and demonstrated the strength throughout the entire Shockwave organization. Our teams continue to deliver due to their ability to work effectively together and with our customers to overcome the obstacles that continue to be put in front of us,” said Doug Godshall, President and Chief Executive Officer of Shockwave Medical. “The progress of our business across categories and geographies demonstrates the global impact of IVL as a safe, effective technology to address calcified arterial disease and we look forward to continuing to improve outcomes for patients across the globe.”  

Second Quarter 2022 Financial Results

Revenue for the second quarter ended June 30, 2022, was $120.7 million, a 116% increase from $55.9 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 second quarter of 2022 was $104.0 million compared to $46.0 million for the second quarter of 2021. Gross margin for the second quarter of 2022 was 86%, as compared to 82% in the second 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 second quarter of 2022 were $74.4 million, a 61% increase from $46.2 million in the second 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 second quarter of 2022 was $25.6 million, compared to a net loss of $0.4 million in the same period of 2021. Basic and diluted net income per share for the second quarter of 2022 was $0.71 and $0.68, respectively.  

Cash, cash equivalents and short-term investments totaled $224.9 million as of June 30, 2022.

2022 Financial Guidance

Shockwave Medical projects revenue for the full year 2022 to range from $465 million to $475 million, which represents 96% to 100% growth over the Company’s prior year revenue. This compares to previous revenue guidance of $435 million to $455 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, August 8, 2022, to discuss its second quarter 2022 financial results. To access the earnings call via telephone, please register in advance using the link here. Upon registering, each participant will receive an email confirmation with dial-in numbers and a unique personal PIN that can be used to join the call. 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)
         
    June 30,
2022
  December 31,
2021
    (Unaudited)    
ASSETS        
CURRENT ASSETS:        
Cash and cash equivalents   $ 99,913     $ 89,209  
Short-term investments   124,993     111,772  
Accounts receivable, net   59,797     37,435  
Inventory   60,028     42,978  
Prepaid expenses and other current assets   7,275     4,508  
Total current assets   352,006     285,902  
Operating lease right-of-use assets   26,045     27,496  
Property and equipment, net   32,253     24,361  
Equity method investment   4,476     5,987  
Other assets   2,365     1,936  
TOTAL ASSETS   $ 417,145     $ 345,682  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
CURRENT LIABILITIES:        
Accounts payable   $ 5,266     $ 3,520  
Term notes, current portion   11,000     5,500  
Accrued liabilities   47,253     40,870  
Lease liability, current portion   2,688     1,738  
Total current liabilities   66,207     51,628  
Lease liability, noncurrent   27,157     28,321  
Term notes, noncurrent portion   6,440     11,630  
Related party contract liability, noncurrent portion   12,273     12,273  
TOTAL LIABILITIES   112,077     103,852  
STOCKHOLDERS’ EQUITY:        
Preferred stock        
Common stock   36     35  
Additional paid-in capital   519,096     494,806  
Accumulated other comprehensive loss   (1,337)     (202)  
Accumulated deficit   (212,727)     (252,809)  
TOTAL STOCKHOLDERS’ EQUITY   305,068     241,830  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 417,145     $ 345,682  

SHOCKWAVE MEDICAL, INC.
Statement of Operations Data
(Unaudited)
(in thousands, except share and per share data)
                 
    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2022   2021   2022   2021
Revenue:                
Product revenue   $ 120,746     $ 55,908     $ 214,377     $ 87,808  
Cost of revenue:                
Cost of product revenue   16,730     9,934     29,620     17,826  
Gross profit   104,016     45,974     184,757     69,982  
Operating expenses:                
Research and development   20,760     11,815     37,779     22,092  
Sales and marketing   40,515     25,713     76,476     49,705  
General and administrative   13,165     8,626     25,554     15,852  
Total operating expenses   74,440     46,154     139,809     87,649  
Income (Loss) from operations   29,576     (180)     44,948     (17,667)  
Loss from equity method investment   (1,464)         (1,511)     (5,523)  
Interest expense   (304)     (318)     (601)     (630)  
Other income (expense), net   (1,473)     146     (1,783)     (89)  
Net income (loss) before taxes   26,335     (352)     41,053     (23,909)  
Income tax provision   774     73     971     117  
Net income (loss)   $ 25,561     $ (425)     $ 40,082     $ (24,026)  
Net income (loss) per share, basic   $ 0.71     $ (0.01)     $ 1.12     $ (0.69)  
Net income (loss) per share, diluted   $ 0.68     $ (0.01)     $ 1.06     $ (0.69)  
Shares used in computing net income (loss) per share, basic   35,825,947     35,030,036     35,707,301     34,914,361  
Shares used in computing net income (loss) per share, diluted   37,690,094     35,030,036     37,690,320     34,914,361  

 


Primary Logo

Source: Shockwave Medical, Inc.

Share this page:

Ready to Make Waves with Shockwave IVL?

Looking for careers? Click here.

ico email Connect