Shockwave Medical Reports Narrower Than Expected Q2 Loss; Guides Above Consensus

Shockwave Medical Inc's SWAV second-quarter FY21 sales were up 4-fold to $55.9 million beating the Wall Street consensus of $45.17 million.
The growth was primarily driven by the launch of the coronary product, Shockwave C2, in the U.S. in February and the increased adoption of Shockwave products.
Gross margin improved to 82% from 65% due to the launch of Shockwave C2 and continued improvements in manufacturing productivity and process efficiencies.
Cash, cash equivalents, and short-term investments totaled $174.7 million.
The company posted a Q1 EPS loss of ($0.01), much narrower than the loss of $(0.56) a year ago and surpassing the analyst consensus estimate of ($0.41) loss.
Guidance: Shockwave Medical raised FY21 sales outlook of $218 million - 223 million (consensus of $200.64 million), higher than previous guidance of $195 million - $205 million.
Price Action: SWAV shares are up 4.21% at $190.55 during the market session on the last check Monday.