The Santa Clara, Calif.-based calcified coronary lesions treatment developer posted losses of -$18.1 million, or -56¢ per share, on sales of $10.3 million for the three months ended June 30, 2020, for a -70.8% bottom-line slide on sales growth of 2.7%.
Shockwave’s adjusted EPS of -56¢ came in 6¢ ahead of Wall Street projections, while the company’s revenue performance topped estimates by 6%.
“The progress we made during this past quarter, despite the hurdles and challenges of COVID-19, reflects the commitment and strength of our team and the uniqueness of our proprietary IVL technology,” Shockwave president & CEO Doug Godshall said in a news release. “The continued interest and demand for IVL has really demonstrated how highly valued Shockwave’s technology continues to be as a safe, effective, efficient option for our customers who treat severely calcified cardiovascular disease.
“All of us at Shockwave have a great deal of gratitude and respect for our partners on the provider side of the system for their dedication to patients, particularly under such challenging conditions. We are honored to have been given an opportunity to work with so many extraordinary healthcare professionals.”
Shockwave withdrew its 2020 financial guidance in April and it remains withdrawn due to uncertainties surrounding the COVID-19 pandemic.
SWAV shares were up 1% at $52.73 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.3%.