Shockwave Medical HOME / ABOUT / PRESS RELEASES Press Releases Shockwave Medical Reports Third Quarter 2021 Financial Results SANTA CLARA, Calif., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Shockwave Medical, Inc. (Nasdaq: SWAV), a pioneer in the development and commercialization of Intravascular Lithotripsy (IVL) to treat complex calcified cardiovascular disease, today reported financial results for the three months ended September 30, 2021. Recent Highlights Recognized revenue of $65.2 million for the third quarter of 2021, representing an increase of 233% from the same period in 2020 DISRUPT PAD III observational study results of peripheral IVL featured as a late breaking presentation at the VIVA21 conference First one-year results, a new gender analysis and an OCT analysis from the Disrupt CAD coronary IVL clinical program presented in several sessions at the 32nd Transcatheter Cardiovascular Therapeutics (TCT) annual scientific symposium Centers for Medicare & Medicaid Services (CMS) increased payment for above the knee peripheral IVL procedures as part of the calendar year 2022 Medicare Hospital Outpatient Prospective Payment System (OPPS) final rule “I have been encouraged to see the consistent clinical acceptance and penetration of IVL, as shown by our solid results in the third quarter, which were once again led by the broadening adoption of coronary IVL in the U.S.,” said Doug Godshall, President and Chief Executive Officer of Shockwave Medical. “In addition, the ongoing generation of clinical data to support the use of IVL across indications, lesion types and demographics speaks volumes about the incredible consistency and reliability of IVL in treating these most complex calcified patients.” Third Quarter 2021 Financial Results Revenue for the third quarter ended September 30, 2021 was $65.2 million, a 233% increase from $19.6 million in the same period of 2020. The growth was primarily driven by the launch of the coronary product, Shockwave C2, in the U.S. in February, continued recovery from the pandemic impact and increased adoption of Shockwave products. Gross profit for the third quarter of 2021 was $54.2 million compared to $14.3 million for the third quarter of 2020. Gross margin for the third quarter of 2021 was 83%, as compared to 73% in the third quarter of 2020. Increase in gross margin was driven by product mix along with continued improvement in manufacturing productivity and process efficiencies. Total operating expenses for the third quarter of 2021 were $51.4 million, a 90% increase from $27.1 million in the third quarter of 2020. The increase was primarily driven by salesforce expansion in the U.S. and higher headcount to support the growth of the business. Net income for the third quarter of 2021 was $1.9 million, compared to a net loss of $12.9 million in the same period of 2020. Basic net income per share for the period was $0.06. Diluted net income per share for the period was $0.05. Cash, cash equivalents and short-term investments totaled $183 million as of September 30, 2021. 2021 Financial Guidance Shockwave Medical projects revenue for the full year 2021 to range from $227 million to $228 million, which represents 235% to 236% growth over the company’s prior year revenue. This compares to previous revenue guidance of $218 million to $223 million. Conference Call Shockwave Medical will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Monday, November 8, 2021 to discuss its third quarter 2021 financial results. The call may be accessed through an operator by dialing (866) 795-9106 for domestic callers or (470) 495-9173 for international callers, using conference ID: 9166273. A live and archived webcast of the event will be available at https://ir.shockwavemedical.com/. About Shockwave Medical, Inc. Shockwave Medical is focused on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated. Shockwave Medical aims to establish a new standard of care for the interventional treatment of atherosclerotic cardiovascular disease through differentiated and proprietary local delivery of sonic pressure waves for the treatment of calcified plaque, which Shockwave Medical refers to as Intravascular Lithotripsy (IVL). IVL is a minimally invasive, easy-to-use and safe way to significantly improve patient outcomes. To view an animation of the IVL procedure and for more information, visit www.shockwavemedical.com. Forward-Looking Statements This press release contains statements relating to our expectations, projections, beliefs, and prospects, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” and similar expressions, and the negative of these terms. You are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are only predictions based on our current expectations, estimates, and assumptions, valid only as of the date they are made, and subject to risks and uncertainties, some of which we are not currently aware. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: the impact of the COVID-19 pandemic on our operations, financial results, and liquidity and capital resources, including the impact on our sales, expenses, supply chain, manufacturing, research and development activities, clinical trials, and employees; our ability to develop, manufacture, obtain and maintain regulatory approvals for, market and sell, our products; our expected future growth, including the size and growth potential of the markets for our products; our ability to obtain coverage and reimbursement for procedures performed using our products; our ability to scale our organizational culture; the impact of the development, regulatory approval, efficacy and commercialization of competing products; the loss of key scientific or management personnel; our ability to develop and maintain our corporate infrastructure, including our internal controls; our financial performance and capital requirements; and our ability to obtain and maintain intellectual property protection for our products, as well as our ability to operate our business without infringing the intellectual property rights of others. These factors, as well as others, are discussed in our filings with the Securities and Exchange Commission (SEC), including in Part I, Item IA - Risk Factors in our most recent Annual Report on Form 10-K filed with the SEC, and in our other periodic and other reports filed with the SEC. Except to the extent required by law, we do not undertake to update any of these forward-looking statements after the date hereof to conform these statements to actual results or revised expectations. Media Contact: Scott Shadiow +1.317.432.9210 sshadiow@shockwavemedical.com Investor Contact: Debbie Kaster dkaster@shockwavemedical.com SHOCKWAVE MEDICAL, INC. Balance Sheet Data (Unaudited) (in thousands) September 30, 2021 December 31, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 91,195 $ 50,423 Short-term investments 91,759 151,931 Accounts receivable, net 29,966 11,689 Inventory 38,744 29,859 Prepaid expenses and other current assets 4,364 2,398 Total current assets 256,028 246,300 Operating lease right-of-use assets 11,790 7,568 Property and equipment, net 23,085 16,362 Equity method investment 6,408 — Other assets 1,684 1,812 TOTAL ASSETS $ 298,995 $ 272,042 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 3,632 $ 1,466 Term notes, current portion 2,750 3,300 Accrued liabilities 33,017 19,942 Lease liability, current portion 867 873 Total current liabilities 40,266 25,581 Lease liability, noncurrent portion 11,939 7,488 Term notes, noncurrent portion 14,226 13,319 Related party contract liability, noncurrent portion 12,273 — TOTAL LIABILITIES 78,704 46,388 STOCKHOLDERS’ EQUITY: Preferred stock — — Common stock 35 35 Additional paid-in capital 486,014 469,283 Accumulated other comprehensive income (7 ) 9 Accumulated deficit (265,751 ) (243,673 ) TOTAL STOCKHOLDERS’ EQUITY 220,291 225,654 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 298,995 $ 272,042 SHOCKWAVE MEDICAL, INC. Statement of Operations Data (Unaudited) (in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue: Product revenue $ 65,155 $ 19,590 $ 152,963 $ 45,073 Cost of revenue: Cost of product revenue 10,949 5,277 28,775 14,520 Gross profit 54,206 14,313 124,188 30,553 Operating expenses: Research and development 13,735 7,891 35,827 27,882 Sales and marketing 28,393 13,619 78,098 35,236 General and administrative 9,265 5,610 25,117 17,232 Total operating expenses 51,393 27,120 139,042 80,350 Income (Loss) from operations 2,813 (12,807 ) (14,854 ) (49,797 ) Share in net loss of equity method investment (342 ) — (5,865 ) — Interest expense (165 ) (314 ) (795 ) (897 ) Other income (expense), net (280 ) 218 (369 ) 942 Net income (loss) before taxes 2,026 (12,903 ) (21,883 ) (49,752 ) Income tax provision 78 29 195 73 Net income (loss) $ 1,948 $ (12,932 ) $ (22,078 ) $ (49,825 ) Net income (loss) per share Basic $ 0.06 $ (0.38 ) $ (0.63 ) $ (1.53 ) Diluted $ 0.05 $ (0.38 ) $ (0.63 ) $ (1.53 ) Shares used in computing net income (loss) per share Basic 35,207,276 34,078,726 35,013,072 32,631,715 Diluted 37,567,176 34,078,726 35,013,072 32,631,715 Source: Shockwave Medical, Inc. 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