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SHOCKWAVE MEDICAL INC Shockwave Medical Reports Third Quarter 2021 Financial Results November 8 , 2021 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