{"id":10420,"date":"2019-05-08T20:03:00","date_gmt":"2019-05-09T01:03:00","guid":{"rendered":"https:\/\/shockwavemedical.com\/news\/shockwave-medical-reports-first-quarter-2019-financial-results\/"},"modified":"2019-05-08T20:03:00","modified_gmt":"2019-05-09T01:03:00","slug":"shockwave-medical-reports-first-quarter-2019-financial-results","status":"publish","type":"news","link":"https:\/\/shockwavemedical.com\/en-eu\/news\/shockwave-medical-reports-first-quarter-2019-financial-results\/","title":{"rendered":"Shockwave Medical Reports First Quarter 2019 Financial Results"},"content":{"rendered":"\n<section id=\"block_fe8fbeaa0a0c29d2ef6b7cefcc65b72c\" class=\"block block--wysiwyg wysiwyg_styles u-bgColorNone container\">\n\t<div class=\"u-wysiwyg u-animation\">\n\t\t<p align=\"left\">SANTA CLARA, Calif., May 08, 2019 (GLOBE NEWSWIRE) \u2014 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, 2019.<\/p>\n<p><strong>Recent Highlights<\/strong><\/p>\n<ul type=\"disc\">\n<li>Recognized revenue of $7.3 million for the first quarter of 2019, representing a 450% increase over the first quarter of 2018<\/li>\n<li>Commenced enrollment of our U.S. IDE study, DISRUPT CAD III, and completed enrollment of the DISRUPT CAD II European post-market registry \u2013 both studies of coronary IVL<\/li>\n<li>Appointed industry veterans Ray Larkin and Laura Francis to Shockwave\u2019s Board of Directors<\/li>\n<li>Completed an initial public offering and a private sale of securities to Abiomed in March 2019, with combined net proceeds of $110.1 million<\/li>\n<\/ul>\n<p>\u201cWe are encouraged by the balanced nature of our U.S. and International results this quarter as our global, multi-vessel strategy begins to unfold,\u201d said Doug Godshall, President and Chief Executive Officer. \u201cOur first quarter accomplishments begin to demonstrate the unique solution IVL provides for our customers and our team\u2019s ability to manage both growth and execution throughout the organization, which we believe will be critical to our success as we move forward.\u201d<\/p>\n<p>\u201cIn addition, we are pleased with the successful completion of our IPO and grateful to those investors who have supported us,\u201d continued Mr. Godshall.\u00a0 \u201cWe now have the capital required to expand our capabilities and pipeline so we can build upon our initial progress.\u201d<\/p>\n<p><strong>First Quarter 2019 Financial Results<br \/>\n<\/strong>Revenue for the first quarter of 2019 was $7.3 million, an increase of $5.9 million or 450%, compared to the first quarter of 2018. The growth was primarily driven by the increased sales of our M<sup>5<\/sup>\u00a0IVL catheter across multiple vessel beds in the U.S. and the growth of our international business.<\/p>\n<p>Gross profit for the first quarter of 2019 was $4.2 million compared to $528 thousand for the first quarter of 2018. The gross margin percentage for the first quarter of 2019 increased to 58% compared to 40% in the first quarter of 2018, driven primarily by increased efficiencies and higher production volume, which improved the absorption of fixed costs.<\/p>\n<p>Operating expenses were $16.4 million for the first quarter of 2019 compared to $10.3 million in the corresponding prior year period, an increase of 58%, primarily driven by commercial expansion and increased spend on clinical programs.<\/p>\n<p>Net loss was $12.8 million in the first quarter of 2019, as compared to $9.6 million in the corresponding period of the prior year. Net loss per share was $1.37 in the first quarter of 2019, as compared to $5.63 in the corresponding period of the prior year.<\/p>\n<p>Cash and cash equivalents were $138.1 million as of March 31, 2019. This includes the proceeds from our IPO of $100.1 million, net of underwriting fees and other expenses, and the concurrent private placement proceeds of $10.0 million.<\/p>\n<p><strong>2019 Financial Guidance<br \/>\n<\/strong>Shockwave Medical projects revenue for the full year 2019 to range from $33 million to $36 million, which represents 169% to 194% growth over the company\u2019s prior year.<\/p>\n<p><strong>Conference Call<br \/>\n<\/strong>Shockwave Medical will host a conference call at 2:00 p.m. Pacific Time \/ 5:00 p.m. Eastern Time on Wednesday, May 8, 2019 to discuss its first quarter 2019 financial results. The call may be accessed through an operator by calling (866) 964-4484 for domestic callers and (630) 652-5940 for international callers using conference ID number 4835336. A live and archived webcast of the event will be available for two weeks at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=QN5Jx9IRvB07v53bQxrOn44Rj7dWSGLS_2bHhB6a68uUjli0BS7c2EJIaMi4rr1ExYUz7kvI4utKkvtI2AtAcb5VrkpRHyDgyVtMO2bL_80di01T5PNHnZ1yccC88pSQ\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">https:\/\/ir.shockwavemedical.com\/<\/a>.<\/p>\n<p><strong>About Shockwave Medical, Inc.<\/strong><br \/>\nShockwave Medical is focused on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated by establishing a new standard of care with Intravascular Lithotripsy (IVL) technology. The company\u2019s differentiated and proprietary IVL approach to calcium modification uses sonic pressure waves to safely and effectively fracture problematic calcium throughout the cardiovascular system in a wide and growing number of applications. For more information, visit\u00a0<a href=\"https:\/\/www.shockwavemedical.com\/\">www.shockwavemedical.com<\/a>.<\/p>\n<p><strong>Forward-Looking Statements<br \/>\n<\/strong>This press release contains statements relating to Shockwave\u2019s expectations, projections, beliefs, and prospects (including statements regarding Shockwave\u2019s financial and business outlook), which are \u201cforward-looking statements\u201d within the meaning of the federal securities laws and by their nature are uncertain. Words such as \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cestimate,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201cplans,\u201d and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: failure to sustain or grow profitability; failure to effectively market existing products; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; the inability to attain coverage and adequate reimbursement for procedures using our products; permanent write-downs or write-offs of our inventory; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission (SEC), including our prospectus dated March 6, 2019. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.<\/p>\n<p><strong>Investor Contact:<br \/>\n<\/strong>Debbie Kaster, Gilmartin Group<br \/>\n<a href=\"mailto:investors@shockwavemedical.com\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">investors@shockwavemedical.com<\/a><\/p>\n\t<\/div>\n\t<\/section>\n\n\n<section id=\"block_f490f990e2cac67d7fb0adade0339711\" class=\"block block--wysiwyg wysiwyg_styles u-bgColorNone container\">\n\t<div class=\"u-wysiwyg u-animation\">\n\t\t<p style=\"text-align: center;\"><strong>SHOCKWAVE MEDICAL, INC.<br \/>\n<\/strong><strong>Balance Sheet Data<br \/>\n<\/strong><strong>(Unaudited)<br \/>\n<\/strong><strong>(In thousands)<\/strong><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-9717 size-large lazyload\" data-src=\"https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-balance-sheet-data-1024x730.png\" alt=\"\" width=\"1024\" height=\"730\" data-srcset=\"https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-balance-sheet-data-1024x730.png 1024w, https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-balance-sheet-data-300x214.png 300w, https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-balance-sheet-data-768x548.png 768w, https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-balance-sheet-data-1536x1096.png 1536w, https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-balance-sheet-data-2048x1461.png 2048w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/730;\" \/><\/p>\n<p>\u00a0<\/p>\n<p style=\"text-align: center;\"><strong>SHOCKWAVE MEDICAL, INC.<br \/>\n<\/strong><strong>Statement of Operations Data<br \/>\n<\/strong><strong>(Unaudited)<br \/>\n<\/strong><strong>(In thousands, except share and per share data)<\/strong><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-9721 size-large lazyload\" data-src=\"https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-statement-of-operations-1024x409.png\" alt=\"\" width=\"1024\" height=\"409\" data-srcset=\"https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-statement-of-operations-1024x409.png 1024w, https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-statement-of-operations-300x120.png 300w, https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-statement-of-operations-768x307.png 768w, https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-statement-of-operations-1536x614.png 1536w, https:\/\/shockwavemedical.com\/wp-content\/uploads\/2019\/05\/first-quarter-2019-statement-of-operations-2048x819.png 2048w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/409;\" \/><\/p>\n<p><a href=\"https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/73bfa841-0193-4ca4-bcdf-b5c63948f121\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" data-src=\"https:\/\/ml.globenewswire.com\/media\/73bfa841-0193-4ca4-bcdf-b5c63948f121\/small\/logo-1-png.png\" alt=\"Logo 1.png\" width=\"150\" height=\"34\" border=\"0\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" style=\"--smush-placeholder-width: 150px; --smush-placeholder-aspect-ratio: 150\/34;\" \/><\/a><\/p>\n<p>Source: Shockwave Medical, Inc.<\/p>\n\t<\/div>\n\t<\/section>","protected":false},"excerpt":{"rendered":"<p>Shockwave Medical, Inc. today reported financial results for the three months ended March 31, 2019.<\/p>\n","protected":false},"featured_media":9942,"template":"","format":[],"meta":{"_acf_changed":true,"content-type":""},"disease-state":[],"news-topic":[],"product-tag":[],"specialty":[],"technology":[],"class_list":["post-10420","news","type-news","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/news\/10420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/media\/9942"}],"wp:attachment":[{"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/media?parent=10420"}],"wp:term":[{"taxonomy":"disease-state","embeddable":true,"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/disease-state?post=10420"},{"taxonomy":"format","embeddable":true,"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/format?post=10420"},{"taxonomy":"news-topic","embeddable":true,"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/news-topic?post=10420"},{"taxonomy":"product-tag","embeddable":true,"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/product-tag?post=10420"},{"taxonomy":"specialty","embeddable":true,"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/specialty?post=10420"},{"taxonomy":"technology","embeddable":true,"href":"https:\/\/shockwavemedical.com\/en-eu\/wp-json\/wp\/v2\/technology?post=10420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}