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SHOCKWAVE MEDICAL INC Shockwave Medical Reports Second Quarter 2021 Financial Results August 9 , 2021 SANTA CLARA , Calif . , Aug. 09 , 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 June 30 , 2021 . Recent Highlights ● Recognized revenue of $ 55.9 million for the second quarter of 2021 , representing an increase of 444 % from the same period in 2020 • Granted approval for a Transitional Pass - Through ( TPT ) payment for Shockwave C² Coronary IVL device , which became effective July 1 , 2021 for procedures in the outpatient setting • Featured in three publications in the Journal of the American College of Cardiology : Cardiovascular Interventions ( JACC CI ) , which supported the clinical safety and efficacy of Shockwave Intravascular Lithotripsy • Granted New Technology Add - On Payment ( NTAP ) for coronary IVL , which will become effective October 1 , 2021 for procedures in the inpatient setting " Our second quarter results reflect the continued hard work and perseverance of our teams across the globe in not only launching our Shockwave C² device in the United States , but in achieving exceptional results across our entire product portfolio and operational infrastructure throughout the Shockwave organization . Our business showed substantial growth , despite the challenges related to the COVID - 19 pandemic , " said Doug Godshall , President and Chief Executive Officer of Shockwave Medical . " The growing clinical acceptance of IVL continues to validate the importance of IVL for our customers and their patients and for the treatment of calcified arterial disease . " Second Quarter 2021 Financial Results Revenue for the second quarter of 2021 was $ 55.9 million , a 444 % increase from $ 10.3 million in the second quarter of 2020. The growth was primarily driven by the launch of the coronary product , Shockwave C² , in the United States in February , increased adoption of Shockwave products , and the continued recovery from the trough of the COVID - 19 pandemic impact in 2020 . Gross profit for the second quarter of 2021 was $ 46 million compared to $ 6.7 million for the second quarter of 2020. Gross margin for the second quarter of 2021 was 82 % , as compared to 65 % in the second quarter of 2020. Contributors to gross margin expansion included the launch of Shockwave C² in the United States and continued improvements in manufacturing productivity and process efficiencies . Total operating expenses for the second quarter of 2021 were $ 46.2 million , an 87 % increase from $ 24.7 million in the second quarter of 2020. The increase was primarily driven by salesforce expansion in the United States and higher headcount to support the growth of the business . Net loss for the second quarter of 2021 was $ 0.4 million , compared to a net loss of $ 18.1 million in the second quarter of 2020. Net loss per share for the period was $ 0.01 . Cash , cash equivalents and short - term investments totaled $ 174.7 million as of June 30 , 2021 . 2021 Financial Guidance Shockwave Medical projects revenue for the full year 2021 to range from $ 218 million to $ 223 million , which represents 222 % to 229 % growth over the company's prior year revenue . This compares to previous revenue guidance of $ 195 million to $ 205 million . Conference Call Shockwave Medical will host a conference call at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time on Monday , August 9 , 2021 to discuss its second 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 : 1687208. 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 .