Shockwave Medical, Inc.
shockwavemedical.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2024 10-Q, filed May 6, 2024. Its latest SEC filing is a SC 13G/A from Jul 10, 2024.
10-Q for Q1 FY2024, filed May 6, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Sells catheter-based devices that use sound waves to treat calcium buildup in arteries, plus an implant for hard-to-treat angina, to hospitals treating cardiovascular disease.
10-K for FY2023, filed Feb 26, 2024We are a medical device company focused on developing and commercializing novel technologies that transform the care of patients with…View ↗
Our differentiated range of IVL catheters enables delivery of IVL therapy to diseased vasculature throughout the body for calcium…View ↗
Sales and MarketingView ↗
How Did They Make Money?
Hospitals and distributors buy IVL catheters and the Reducer, with sales tied to shipping terms. For consigned catheters, hospitals are charged a set fee when a catheter is used in a procedure.
10-K for FY2023, filed Feb 26, 2024The Company records product revenue primarily from the sale of its IVL catheters and Reducer. The Company sells its products to hospitals…View ↗
Product revenue is recognized when a customer obtains control of promised goods, in an amount that reflects the consideration which the…View ↗
For products sold through direct sales and distributors internationally, control is transferred based on the contractual or standard…View ↗
In the United States, our IVL generators and connector cables may be sold, rented or loaned to hospital customers, while our disposable IVL…View ↗
$730.2M
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10-K for FY2023, filed Feb 27, 2024
$730.2M ↗
Who Were Their Customers?
Hospitals buy through Shockwave's direct sales teams in its direct markets; in selected international markets, distributors buy and sell the products.
10-K for FY2023, filed Feb 26, 2024We market our products to hospitals whose interventional cardiologists, vascular surgeons and interventional radiologists treat patients…View ↗
Our sales representatives and sales managers generally have substantial and applicable medical device experience, specifically in the…View ↗
In addition to our direct sales organizations, we sell to distributors in certain geographies outside the United States where we have…View ↗
The Company records product revenue primarily from the sale of its IVL catheters and Reducer. The Company sells its products to hospitals…View ↗
Did Revenues Turn Into Profits?
Yes. It kept 20 cents of every revenue dollar as net income in FY2023 and turned 23 cents into free cash flow.
10-K for FY2023, filed Feb 27, 2024
$159.1MView ↗
10-K for FY2023, filed Feb 27, 2024
$147.3MView ↗
10-K for FY2023, filed Feb 27, 2024
$165.5MView ↗
How Were They Changing?
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May 31, 2024
Johnson & Johnson completed its acquisition of Shockwave
Shockwave became Johnson & Johnson's wholly owned subsidiary, and Nasdaq trading was halted.
Sources
8-K, filed May 31, 2024
As previously disclosed, on April 4, 2024, the Company entered into that certain Agreement and Plan of Merger, dated as of April 4, 2024…View ↗
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Apr 5, 2024
Agreed to be acquired by Johnson & Johnson
The agreement provided for a merger in which Shockwave would become a wholly owned subsidiary.
Sources
8-K, filed Apr 5, 2024
On April 4, 2024, Shockwave Medical, Inc., a Delaware corporation (the “Company”) entered into an Agreement and Plan of Merger (the “Merger…View ↗
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Mar 1, 2024
Changed its independent auditor
PricewaterhouseCoopers replaced Ernst & Young as the independent auditor.
Sources
8-K, filed Mar 1, 2024
On February 27, 2024, the Audit Committee (the “Audit Committee”) of the Board of Directors of Shockwave Medical, Inc. (the “Company”)…View ↗
Grew. Revenue grew 17.0x in 4 years, from $42.9M in FY2019 to $730.2M in FY2023, about 103% a year.
Adds a refractory-angina device
The older report centered on IVL catheters for calcified cardiovascular disease; the latest also describes the Reducer, a catheter-based implant for refractory angina, acquired through Neovasc.
10-K for FY2020, filed Feb 26, 2021 10-K for FY2023, filed Feb 26, 2024We are a medical device company focused on developing and commercializing products intended to transform the way calcified cardiovascular…View ↗
Who Did They Compete With?
Competes with Boston Scientific, Medtronic, Philips, and Abbott
10-K for FY2023, filed Feb 26, 2024The medical device industry is intensely competitive, subject to rapid change and significantly affected by new product introductions and…View ↗
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