Shockwave Medical reports Q2 2023 financial results

Shockwave Medical, Inc., a pioneer in the development and commercialization of transformational technologies for the treatment of cardiovascular disease, today reported financial results for the three months ended June 30, 2023.

Recent highlights

• Recognized revenue of $180.2 million for the second quarter of 2023, representing an increase of 49% from the same period in 2022
• As part of the Fiscal Year 2024 Medicare Hospital Inpatient Prospective Payment System (IPPS) final rule, the Centers for Medicare & Medicaid Services (CMS) created three new coronary IVL-specific MS-DRGs, which will become effective October 1, 2023. These new codes are associated with higher payments than the MS-DRG payments for other Percutaneous Coronary Intervention (PCI) procedures
• Announced the full commercial availability of the Shockwave C²⁺ Coronary Intravascular Lithotripsy (IVL) Catheter to treat severely calcified coronary artery disease in select international markets
• Initiated enrollment in EMPOWER CAD, the first prospective, all-female study of percutaneous coronary intervention, seeking to confirm the benefits of coronary IVL in female patients with calcified lesions, a patient population that historically has experienced less favorable clinical outcomes with traditional therapies compared with male patients
• Closed the acquisition of Neovasc and commenced the integration into Shockwave

“Our teams throughout the Shockwave organization continue to execute at the highest level, enabling us to offer an expanding range of products to meet the needs of our customers across the globe,” said Doug Godshall, President and Chief Executive Officer of Shockwave Medical. “The consistent growth across our business is a testament to the need for our novel products and we look forward to continuing to provide innovative solutions to improve outcomes for patients suffering from cardiovascular diseases.”

Second quarter 2023 financial results
Revenue for the second quarter ended June 30, 2023, was $180.2 million, a 49% increase from $120.7 million in the same period of 2022. The growth was primarily driven by an increase in the purchase volume of our catheters in both the United States and internationally.

Gross profit for the second quarter of 2023 was $155.7 million compared to $104.0 million for the second quarter of 2022. Gross margin percentage was 86% for the three months ended June 30, 2023, which was unchanged from the gross margin percentage for the three months ended June 30, 2022.

Total operating expenses for the second quarter of 2023 were $123.3 million, a 66% increase from $74.4 million in the second quarter of 2022. The increase was primarily driven by sales force expansion, higher headcount to support the growth of the business, and acquisition-related expenses associated with the acquisition of Neovasc.

Net income for the second quarter of 2023 was $28.9 million, compared to net income of $25.6 million in the same period of 2022. Basic and diluted net income per share for the period was $0.79 and $0.76, respectively.

Cash, cash equivalents and short-term investments totaled $258.6 million as of June 30, 2023.

2023 financial guidance
Shockwave Medical projects revenue for the full year 2023 to range from $725 million to $730 million, which represents 48% to 49% growth over the Company’s prior year revenue. This compares to previous revenue guidance for the full year of 2023 of $700 million to $720 million.
MB Bureau