Shockwave Medical Inc's (NASDAQ:SWAV) fourth-quarter FY21 sales were up 271% Y/Y to $84.2 million, beating the consensus of $75.43 million.
- The revenue growth was primarily driven by the launch of the coronary product, Shockwave C2, sales force expansion in the U.S., and increased penetration in both U.S. & international markets.
- Gross margin improved to 85% from 72% due to product mix and continued improvement in manufacturing productivity & process efficiencies.
- Cash, cash equivalents, and short-term investments totaled $201 million.
- Related: Penumbra Weighs Combination With Shockwave Medical: Bloomberg.
- Centers for Medicare & Medicaid Services reassigned the payment for peripheral IVL procedures performed above the knee arteries in the hospital outpatient setting, thereby increasing the payments hospitals receive for these procedures.
- The Company posted EPS of $0.34, a turnaround from EPS loss of $(0.46), surpassing the analyst consensus estimate of $0.08.
- Guidance: Shockwave Medical expects FY22 sales of $405 million - $425 million, up 71% -79%, higher than the consensus of $386.73 million.
- Price Action: SWAV shares closed 8.60% higher at $155.15 during after-hours trading on Thursday.
