Shockwave Medical (SWAV) Misses Q1 EPS by 10c, Revenues Beat

May 12, 2020 4:20 PM EDT

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Shockwave Medical (NASDAQ: SWAV) reported Q1 EPS of ($0.59), $0.10 worse than the analyst estimate of ($0.49). Revenue for the quarter came in at $15.2 million versus the consensus estimate of $14.17 million.

Recent Highlights

  • Recognized revenue of $15.2 million for the first quarter of 2020, representing an increase of 109% over the first quarter of 2019
  • Completed enrollment in CAD III study of IVL for coronary use in the U.S.
  • Completed enrollment in CAD IV pivotal study of IVL for coronary use in Japan
  • Extended geographic reach and now commercial in 46 countries
  • Expanded US field team from 61 to 78 members

“We are very pleased with our first quarter results, particularly given the COVID-19 pandemic that is so profoundly impacting the world. Our results reflect the continued growth and penetration of our IVL products and the hard work and dedication of our teams across the globe as we work to continue to help our customers and patients in any way we can,” said Doug Godshall, President and Chief Executive Officer of Shockwave Medical. “The foundation of Shockwave remains strong and I want to thank each employee and business partner for the resiliency and dedication they have shown during this unprecedented time. Our hearts go out to those who have lost their lives to the COVID-19 pandemic and I want to express our gratitude to the healthcare workers – many of whom are friends and customers of Shockwave - who are on the front line fighting this pandemic.”

2020 Financial Guidance
Shockwave Medical withdrew its previously announced annual guidance for 2020 on April 6, 2020. The COVID-19 pandemic reduced IVL catheter sales toward the end of the first quarter of 2020 and is continuing to adversely impact sales in the second quarter of 2020. The pandemic could also significantly impact the financial health of our customers which could pressure hospital spending and impact pricing. As a result of these factors as well as the uncertain scope and duration of the COVID-19 pandemic, and uncertain timing of global recovery, we cannot, at this time, reliably estimate the future impact on IVL catheter sales, and in turn, our operations and financial results.

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

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