Shockwave Medical (SWAV) Tops Q2 EPS by 6c, Revenues Beat
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Shockwave Medical (NASDAQ: SWAV) reported Q2 EPS of ($0.56), $0.06 better than the analyst estimate of ($0.62). Revenue for the quarter came in at $10.3 million versus the consensus estimate of $8.35 million.
- Recognized revenue of $10.3 million for the second quarter of 2020, representing a 3% increase over the second quarter of 2019
- Completed enrolment in the CAD III pivotal study of IVL for coronary use in the United States
- Completed enrolment in the CAD IV pivotal study of IVL for coronary use in Japan
- Received codes from the Centers for Medicare and Medicaid (CMS) for IVL procedures performed in peripheral arteries in both the hospital outpatient and inpatient settings
- Expanded the U.S. Field team from 78 to 85 members
- Completed an underwritten public offering raising $83.4 million in net proceeds
“The progress we made during this past quarter, despite the hurdles and challenges of COVID-19, reflects the commitment and strength of our team and the uniqueness of our proprietary IVL technology,” said Doug Godshall, President and Chief Executive Officer of Shockwave Medical. “The continued interest and demand for IVL has really demonstrated how highly valued Shockwave’s technology continues to be as a safe, effective, efficient option for our customers who treat severely calcified cardiovascular disease. All of us at Shockwave have a great deal of gratitude and respect for our partners on the provider side of the system for their dedication to patients, particularly under such challenging conditions. We are honored to have been given an opportunity to work with so many extraordinary healthcare professionals.”
2020 Financial Guidance
Shockwave Medical withdrew its previously announced annual guidance for 2020 on April 6, 2020 due to the COVID-19 pandemic. Due to uncertainties as to the continued scope and duration of the COVID-19 pandemic, Shockwave is unable to estimate the pandemic’s impact on operations and financial results and is not issuing 2020 financial guidance at this time.
For earnings history and earnings-related data on Shockwave Medical (SWAV) click here.
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