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SHOCKWAVE MEDICAL INC Shockwave Medical Reports First Quarter 2021 Financial Results May 10 , 2021 SANTA CLARA , Calif . , May 10 , 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 March 31 , 2021 . Recent Highlights • Recognized revenue of $ 31.9 million for the first quarter of 2021 , representing an increase of 110 % from the same period in 2020 • Received Pre - Market Approval for use of IVL in severely calcified coronary artery disease from the U.S. Food and Drug Administration , and subsequently launched our Shockwave C² device in the U.S. • Announced formation of a joint venture with Genesis MedTech Group , an established entity whose management team has a solid track record of commercializing medical devices in mainland China • Submitted Shonin application to PMDA for commercial approval of IVL for coronary use in Japan • CMS proposed new technology add on codes , or NTAP , for inpatient coronary procedures where IVL is used " This quarter has been a highly productive one for Shockwave and I could not be more impressed by the achievements of our team and the support of our customers , " said Doug Godshall , President and Chief Executive Officer of Shockwave Medical . " With the recent FDA approval of our Shockwave C² device , followed by the proposed NTAP payment by CMS only eight weeks after approval , we are well positioned to continue to expand our reach in helping to treat patients with severely calcified arterial disease . " First Quarter 2021 Financial Results Revenue for the first quarter ended March 31 , 2021 was $ 31.9 million , a 110 % increase from $ 15.2 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 and increased adoption of Shockwave products . Gross profit for the first quarter of 2021 was $ 24.0 million compared to $ 9.5 million for the first quarter of 2020. Gross margin for the first quarter of 2021 was 75 % , as compared to 63 % in the first quarter of 2020. Contributors to gross margin expansion included the launch of Shockwave C² in the US , which has a higher selling price , and continued improvements in manufacturing productivity and process efficiencies . Total operating expenses for the first quarter of 2021 were $ 41.5 million , a 45 % increase from $ 28.5 million in the first 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 loss for the first quarter of 2021 was $ 23.6 million , compared to a net loss of $ 18.8 million in the same period of 2020. Net loss per share for the period was $ 0.68 . Cash , cash equivalents and short - term investments totaled $ 177.4 million as of March 31 , 2021 . 2021 Financial Guidance Shockwave Medical projects revenue for the full year 2021 to range from $ 195 million to $ 205 million , which would represent 188 % to 202 % growth over the company's prior year revenue . Conference Call Shockwave Medical will host a conference call at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time on Monday , May 10 , 2021 to discuss its first 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 : 5446898. 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