Shockwave Medical (SWAV) Misses Q1 EPS by 23c, Revenues Beat

Shockwave Medical (NASDAQ: SWAV) reported Q1 EPS of ($0.68), $0.23 worse than the analyst estimate of ($0.45). Revenue for the quarter came in at $31.9 million versus the consensus estimate of $29.9 million.

Recent Highlights

• Recognized revenue of $31.9 million for the first quarter of 2021, representing an increase of 110% from the same period in 2020
• Received Pre-Market Approval for use of IVL in severely calcified coronary artery disease from the U.S. Food and Drug Administration, and subsequently launched our Shockwave C2 device in the U.S.
• Announced formation of a joint venture with Genesis MedTech Group, an established entity whose management team has a solid track record of commercializing medical devices in mainland China
• Submitted Shonin application to PMDA for commercial approval of IVL for coronary use in Japan
• CMS proposed new technology add on codes, or NTAP, for inpatient coronary procedures where IVL is used

“This quarter has been a highly productive one for Shockwave and I could not be more impressed by the achievements of our team and the support of our customers,” said Doug Godshall, President and Chief Executive Officer of Shockwave Medical. “With the recent FDA approval of our Shockwave C2 device, followed by the proposed NTAP payment by CMS only eight weeks after approval, we are well positioned to continue to expand our reach in helping to treat patients with severely calcified arterial disease.”

GUIDANCE:

Shockwave Medical sees FY2021 revenue of $195-205 million, versus the consensus of $158.99 million.

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

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