News Release Details
Shockwave Medical Reports First Quarter 2019 Financial Results
Recent Highlights
- Recognized revenue of
$7.3 million for the first quarter of 2019, representing a 450% increase over the first quarter of 2018 - Commenced enrollment of our U.S. IDE study, DISRUPT CAD III, and completed enrollment of the DISRUPT CAD II European post-market registry – both studies of coronary IVL
- Appointed industry veterans
Ray Larkin andLaura Francis to Shockwave’s Board of Directors - Completed an initial public offering and a private sale of securities to
Abiomed inMarch 2019 , with combined net proceeds of$110.1 million
“We are encouraged by the balanced nature of our U.S. and International results this quarter as our global, multi-vessel strategy begins to unfold,” said
“In addition, we are pleased with the successful completion of our IPO and grateful to those investors who have supported us,” continued Mr. Godshall. “We now have the capital required to expand our capabilities and pipeline so we can build upon our initial progress.”
First Quarter 2019 Financial Results
Revenue for the first quarter of 2019 was
Gross profit for the first quarter of 2019 was
Operating expenses were
Net loss was
Cash and cash equivalents were
2019 Financial Guidance
Conference Call
About
Forward-Looking Statements
This press release contains statements relating to Shockwave’s expectations, projections, beliefs, and prospects (including statements regarding Shockwave’s financial and business outlook), which are “forward-looking statements” within the meaning of the federal securities laws and by their nature are uncertain. Words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plans,” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: failure to sustain or grow profitability; failure to effectively market existing products; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; the inability to attain coverage and adequate reimbursement for procedures using our products; permanent write-downs or write-offs of our inventory; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the
Investor Contact:
investors@shockwavemedical.com
Balance Sheet Data
(Unaudited)
(In thousands)
| March 31, 2019 |
December 31, 2018 |
|||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 138,064 | $ | 39,643 | ||||
| Accounts receivable, net | 3,939 | 2,850 | ||||||
| Inventory | 7,014 | 5,131 | ||||||
| Prepaid expenses and other current assets | 2,508 | 1,112 | ||||||
| Total current assets | 151,525 | 48,736 | ||||||
| Operating lease right-of-use assets | 2,645 | — | ||||||
| Property and equipment, net | 2,803 | 2,619 | ||||||
| Other assets | 566 | 2,066 | ||||||
| TOTAL ASSETS | $ | 157,539 | $ | 53,421 | ||||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |
||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 3,967 | $ | 1,487 | ||||
| Term notes, current portion | 3,333 | 1,667 | ||||||
| Accrued liabilities | 6,439 | 6,217 | ||||||
| Lease liability, current portion | 877 | — | ||||||
| Total current liabilities | 14,616 | 9,371 | ||||||
| Lease liability, noncurrent | 1,916 | — | ||||||
| Term notes, noncurrent portion | 11,821 | 13,383 | ||||||
| Convertible preferred stock warrant liability | — | 313 | ||||||
| Other liabilities | — | 136 | ||||||
| TOTAL LIABILITIES | 28,353 | 23,203 | ||||||
| Convertible preferred stock | — | 152,806 | ||||||
| STOCKHOLDERS’ EQUITY (DEFICIT): | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 28 | 2 | ||||||
| Additional paid-in capital | 268,822 | 4,275 | ||||||
| Accumulated other comprehensive loss | — | — | ||||||
| Accumulated deficit | (139,664 | ) | (126,865 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 129,186 | (122,588 | ) | |||||
| TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |
$ | 157,539 | $ | 53,421 | ||||
Statement of Operations Data
(Unaudited)
(In thousands, except share and per share data)
| Three Months Ended March 31, |
||||||||
| 2019 | 2018 | |||||||
| Revenue: | ||||||||
| Product revenue | $ | 7,269 | $ | 1,322 | ||||
| Operating expenses: | ||||||||
| Cost of product revenue | 3,072 | 794 | ||||||
| Research and development | 7,484 | 5,516 | ||||||
| Sales and marketing | 5,871 | 3,438 | ||||||
| General and administrative | 3,001 | 1,376 | ||||||
| Total operating expenses | 19,428 | 11,124 | ||||||
| Loss from operations | (12,159 | ) | (9,802 | ) | ||||
| Interest expense | (245 | ) | (18 | ) | ||||
| Change in fair value of warrant liability | (609 | ) | 41 | |||||
| Other income, net | 221 | 185 | ||||||
| Net loss before taxes | (12,792 | ) | (9,594 | ) | ||||
| Income tax provision | 7 | — | ||||||
| Net loss | $ | (12,799 | ) | $ | (9,594 | ) | ||
| Net loss per share, basic and diluted | $ | (1.37 | ) | $ | (5.63 | ) | ||
| Shares used in computing net loss per share, basic and diluted | 9,364,755 | 1,705,144 | ||||||
Source: Shockwave Medical, Inc.