On February 15, 2024, ShockWave Medical Inc (SWAV, Financial) released its 8-K filing, announcing its financial results for the fourth quarter and full year ended December 31, 2023. The company, a medical device leader in the treatment of cardiovascular disease, reported a remarkable year-over-year revenue increase for both the quarter and the full year, highlighting the growing adoption of its products.
Financial Performance and Market Expansion
ShockWave Medical Inc's revenue for the fourth quarter was $203.0 million, a 41% increase from the same period in 2022. The full year revenue reached $730.2 million, marking a 49% rise. This growth was primarily attributed to the increased adoption of ShockWave products in the United States and internationally. The company also initiated the full U.S. commercial launch of the Shockwave C2+ Coronary Intravascular Lithotripsy (IVL) catheter and secured new physician and hospital reimbursement for coronary IVL in the United States.
Gross profit for the fourth quarter was $177.7 million, with a gross margin of 88%, consistent with the previous year. For the full year, the gross profit was $634.8 million, with a gross margin of 87%. Operating expenses for the fourth quarter increased by 60% to $134.4 million, mainly due to increased headcount and expenses related to the Neovasc acquisition.
Net Income and Earnings Per Share
ShockWave Medical Inc reported a net income of $44.3 million in the fourth quarter, with a basic net income per share of $1.20 and a diluted net income per share of $1.16. For the full year, net income was $147.3 million, with a basic EPS of $4.01 and a diluted EPS of $3.85. It's important to note that the net income for the corresponding prior year period included a significant tax benefit, which contributed to a higher net income figure in 2022.
Adjusted EBITDA and Financial Outlook
The company's adjusted EBITDA for the fourth quarter was $68.2 million, a 20% increase from the previous year. For the full year, adjusted EBITDA rose by 40% to $242.7 million. ShockWave Medical provided financial guidance for 2024, projecting revenue to range from $910 million to $930 million, which would represent a 25% to 27% growth over the full year 2023 revenue.
ShockWave Medical's balance sheet remains robust, with cash, cash equivalents, and short-term investments totaling $990.6 million as of December 31, 2023. This strong liquidity position supports the company's growth initiatives and potential future investments.
Overall, ShockWave Medical Inc's financial results reflect a company that is successfully expanding its market presence and solidifying its position in the medical devices industry. The consistent gross margin and significant revenue growth underscore the effectiveness of the company's strategy and the clinical need for its innovative products.
For more detailed information, investors and analysts are encouraged to review the full financial statements and conference call remarks available on the company's website.
Explore the complete 8-K earnings release (here) from ShockWave Medical Inc for further details.