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Shockwave Medical Reports Narrower Than Expected Q2 Loss; Guides Above Consensus

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Shockwave Medical Reports Narrower Than Expected Q2 Loss; Guides Above Consensus
  • Shockwave Medical Inc's (NASDAQ: SWAVsecond-quarter FY21 sales were up 4-fold to $55.9 million beating the Wall Street consensus of $45.17 million.
  • The growth was primarily driven by the launch of the coronary product, Shockwave C2, in the U.S. in February and the increased adoption of Shockwave products.
  • Gross margin improved to 82% from 65% due to the launch of Shockwave C2 and continued improvements in manufacturing productivity and process efficiencies.
  • Cash, cash equivalents, and short-term investments totaled $174.7 million.
  • The company posted a Q1 EPS loss of ($0.01), much narrower than the loss of $(0.56) a year ago and surpassing the analyst consensus estimate of ($0.41) loss.
  • Guidance: Shockwave Medical raised FY21 sales outlook of $218 million - 223 million (consensus of $200.64 million), higher than previous guidance of $195 million - $205 million.
  • Price Action: SWAV shares are up 4.21% at $190.55 during the market session on the last check Monday.
 

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