Shockwave Medical Reports Second Quarter 2022 Financial Results
Shockwave Medical (SWAV) reported a remarkable 116% revenue growth for Q2 2022, totaling $120.7 million, up from $55.9 million in Q2 2021. The increase is fueled by the successful launch of its coronary product, Shockwave C2, and a recovery from pandemic effects. Gross profit also surged to $104 million, reflecting an 86% gross margin. The company projects full-year revenue guidance between $465 million and $475 million, marking a growth of up to 100% year-over-year. Net income for the quarter reached $25.6 million, compared to a loss in the prior year.
- Q2 2022 revenue increased by 116% to $120.7 million.
- Gross profit reached $104 million with an 86% gross margin.
- Net income of $25.6 million, a significant turnaround from a loss in Q2 2021.
- Full-year revenue guidance raised to $465 million - $475 million, indicating 96% to 100% growth.
- Operating expenses rose 61% to $74.4 million due to sales force expansion.
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 of116% 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
Gross profit for the second quarter of 2022 was
Total operating expenses for the second quarter of 2022 were
Net income for the second quarter of 2022 was
Cash, cash equivalents and short-term investments totaled
2022 Financial Guidance
Shockwave Medical projects revenue for the full year 2022 to range from
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 | |||||||||||||
FAQ
What are Shockwave Medical's Q2 2022 revenue figures?
How did Shockwave Medical's net income change in Q2 2022?
What is Shockwave Medical's revenue guidance for 2022?
What factors contributed to Shockwave Medical's revenue growth?
