Shockwave Medical (SWAV) Misses Q4 EPS by 4c, Revenues Beat

Shockwave Medical (NASDAQ: SWAV) reported Q4 EPS of ($0.46), $0.04 worse than the analyst estimate of ($0.42). Revenue for the quarter came in at $22.7 million versus the consensus estimate of $20.15 million.

Recent Highlights

• Recognized revenue of $22.7 million for the fourth quarter of 2020 and $67.8 million for the full year of 2020, representing increases of 59% and 58%, respectively, from the same periods in 2019
• Received FDA approval of IVL for severely calcified coronary artery disease
• Presented data for two large trials at late breaking sessions in the fourth quarter
• Granted four new codes by CMS that established specific payment for IVL procedures performed in an outpatient setting in arteries below the knee
• Granted eight codes by CMS for IVL performed in Ambulatory Surgery Centers
• Ended the year with over 100 issued patents

“The successes we achieved despite the myriad COVID challenges of 2020 are a testament to the team at Shockwave and to the clinical value of our proprietary IVL technology,” said Doug Godshall, President and Chief Executive Officer of Shockwave Medical. “With the recent FDA approval of our C2 device, we will now be able to address a significant unmet need for patients with severely calcified coronary arteries in the United States. I want to thank our employees and our investigators for their hard work and persistence as they have fought through the pandemic to put us in this fortunate position.”

Impact of COVID-19 Pandemic and 2021 Financial Guidance

The COVID-19 pandemic continues to create significant uncertainty globally, including in relation to (i) the scope and duration of the current global resurgence of COVID-19 cases, (ii) the impact of new mutations of the virus, (iii) the timing and efficacy of COVID-19 vaccines, and (iv) the timing and extent of a global recovery and economic normalization. Given this continued uncertainty, we cannot provide reasonable guidance as to Shockwave Medical’s future results of operations and financial performance. As such, Shockwave is not issuing 2021 financial guidance at this time.

For earnings history and earnings-related data on Shockwave Medical (SWAV) click here.

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