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Headline:    

ShockWave Medical Inc (SWAV) Q3 2021 Earnings Call Transcrip

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22 Minutes, 28 Seconds

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Your article has been created in English language

Main Topic keyword:    

Shockwave

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Shockwave

Topics of your individual article:    

President ✓ questions ✓ Executive ✓ Doug ✓ Godshall ✓ quarter ✓ Officer ✓ business ✓ peripheral ✓ coronary ✓ Analyst ✓ million ✓ question ✓ call ✓ Chief

Summary:    

The fall is always a busy time for conferences and while live attendance has been down substantially across all specialties as the meetings work through their new hybrid model, these events still provide an excellent opportunity to highlight new clinical data. So some incremental benefit from a backlog of treatments that were waiting, but Ive yet -- weve yet to see a real -- like all of a sudden, you double or have seen a surge because theres also the, oh, yes, hospitals have resource constraints for how much they can treat, which is also exacerbated by the staffing shortage. And the pull-through and low sort of service burden, relatively speaking, of coronary is a testament to the really unique clinical value that the product is delivering to the hospital more than it was getting them to buy the -- that initial small inventory slug.

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All forward-looking statements including without limitation statements relating to our sales and operating trends business and hiring prospects financial and revenue expectations and future product development and approvals are based upon our current estimates and various assumptions. 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Actual results could differ materially from those projected in these statements. All forward-looking statements, including, without limitation, statements relating to our sales and operating trends, business and hiring prospects, financial and revenue expectations, and future product development and approvals are based upon our current estimates and various assumptions. Accordingly, you should not place undue reliance on these statements. On today's call, Doug Godshall, President and Chief Executive Officer, will provide an update on the company. He will then turn the call over to Debbie, who will turn it over. The company reported $65. 2 million in revenue for the third quarter of 2021, representing an increase of 233% from the same period in 2020. Isaac Zacharias, Chief Commercial Officer of Facebook, said the company is "cautiously optimistic" that some of the "procedural dynamics" it saw in the third quarter won't be materially disruptive to its overall business in fourth quarter. "We're still cautiously optimistic that these factors will not be disruptive," he added. As with prior quarters, the initial order quantity remains steady, averaging five units per new account. In the quarter, we averaged 1. 3 new coronary accounts per territory per month. We expect to return to quarter-on-quarter growth for the peripheral business as the team continues to drive new adoption and deeper penetration into existing accounts. During the third quarter, 51% of our accounts purchased both coronary and peripheral products. Seventeen percent purchased only coronary, and 32% only peripheral. As the business grows, we will continue to add new territories at a measured pace while expecting our sales revenue per territory to increase. During the third quarter, there was a modest revenue impact from the distributor-to-direct transitions. Dan will provide details on that later in the call. Doug Godshall, President and CEO, said, "I appreciate the efforts from our growing and increasing the global team in. . . third quarter as they continue to help customers improve patient care". The presence of a stent can make future interventions more challenging. So reduced stent use, often described as leave nothing behind, is a key objective for doctors treating a majority of peripheral lesions. There are currently very few large prospective trials studying the durability of intervention in patients with moderate and severe calcium below the knee. We anticipate beginning enrollment later this quarter. This great news came earlier than we expected. It's a huge win for our customers. But the bottom line here is that nothing significant changed here versus our expectations, and we are encouraged by what seems to be continued progress. While we have had many updates over the last year for C2 showing progress in coding and payment for the hospitals, both inpatient and outpatient, the addition of this Category 3 code is the first time. We continue to have no back orders for 2021 and do not anticipate any for 2022 despite our significant growth rates. We've also been very focused on ensuring that we don't suffer some of the supply chain challenges that are becoming so pervasive. Throughout the quarter, we have been putting the finishing touches on our upgraded manufacturing facility. Dan Puckett, Chief Financial Officer, has provided an update on the company's financial results for the third quarter of 2021. The company reported a 233% increase in revenue to $2 million from $19 million in the same period last year. International revenue was $12 million, representing a 47% increase from $8. 5 million. The growth in international revenue over the prior year reflects the impact from pandemic recovery. US-based power generation equipment maker General Electric's (GE) third-quarter revenue rose 44% year-on-year (YoY) to $12. 3 million from $7 million in the same period a year ago. The company reported a net profit of $5. 1 million for the third quarter, compared to a loss of $8. 8 million last year. Its gross profit rose to $54 million, up from $39. 5 million. Total operating expenses for the third quarter of 2021 were $51. 4 million, a 90% increase from $27. 1 million in the same period last year. Sales and marketing expenses were $28. Net income for the third quarter of 2021 was $1. 9 million, compared to a net loss of $12. 9 million in the same period last year. The increase was primarily driven by higher headcount to support the growth of the business, the company said. General and administrative expenses were $9. 3 million during the quarter, up from $5. 6 million a year ago. On the call to discuss the company's third-quarter results, Doug Godshall, President and CEO, said, "I'm so proud of our team and so impressed by our customers and investigators for their ability to persevere and to maintain such high standards for patient care throughout this tumultuous time". He added that they ended the quarter with $183 million in cash, cash equivalents and short-term investments. Wells Fargo & Company (NYSE:WFC) Q3 2018 Earnings Conference Call November 1, 2018 5:00 pm ET Executives Larry Biegelsen - Wells FARGO Securities, Inc., and David Steckel - Bank of America Merrill Lynch Operator Good afternoon, everyone. Thank you for joining us for our third-quarter 2018 earnings conference call. Doug Godshall, President and CEO of Dr Reddy's Laboratories, took questions from analysts during a conference call after the company reported its first-quarter results. Larry Biegelsen, Wells Fargo Securities, asked, "Where do you think atherectomy penetration is today"? Doug said it looks like it is about 20%. "I have one follow-up," he added. Atherectomy numbers have a little bit higher than that for at least hospital-based penetration. Depending on the vessel bed, some vessels are like 70% calcified, others are 40% calcifying, but the periphery is certainly a substantially longer set of vessels and also substantially more calciified set. . . than the coronaries are. The government said it hasn't sorted out how much of a positive impact the improved in-hospital payments are for the outpatient procedures. Doug Godshall, President and CEO of Japan's SoftBank Group, said that the company expects to be approved for its initial public offering in the first half of the year. "We've indicated is we expect to. . . somewhere in there before end of June," he added. The IPO is expected to raise up to $10 billion. Wells Fargo CEO Larry Biegelsen said that the company has not revised its 2022 guidance. "There's nothing to revise, and we'll be giving 2022. . . guidance when we turn the calendar and are giving our Q4 earnings call," he added. He further said, "We see Japan as a 2023 revenue story". Piper Sandler analyst Adam Maeder said that he expects the peripheral business to grow sequentially in Q4 relative to Q3. "Did I hear that correctly? And then just any thoughts around a potential backlog that may have accumulated in [Q3]"? he asked. "It sounds like there's something baked in for all of those items, but just would like to hear you kind of give us a little bit more color there," he added. Doug Godshall, President and CEO of American Medical Response, said the company's fourth-quarter revenue will be impacted by the coronavirus pandemic but less than the third quarter. "We feel like the fourth quarter will [be] impacted, but [we] feel. . . less than [the third] quarter was, so consistent with what our sort of projection had been back during our second quarter call," he added. Isaac Zacharias, Chief Commercial Officer of Medtronic, said, "It's hard to predict, as Doug said". He added that there was certainly an impact to electric procedures on peripheral in the third quarter. "As we looked at Q3, and you guys have heard commentary from other companies, you've talked to physicians," he further said. The physicians in Florida, which had the worst impact on procedures that they had seen in any phase of the pandemic there, said it was the "worst impact" on their procedures. They've seen a backlog now of coronary cases coming back in and some peripheral cases. It's encouraging that vaccine rates are going up, but it is "really hard to predict", they added. Doug Godshall, President and Chief Executive Officer of American Medical Response, said that the company has never seen an overcorrection on the upside of procedures because it needed to refill the funnel in the places where it was having the biggest procedure backlog. "We've yet to see a real. . . like all of a sudden, you double or have seen a surge," he added. Reliance Industries (RIL) on Tuesday reported a net profit of 11,713 crore for the quarter ended March 31, 2021, as compared to a loss of over ? 14,000 crore in the year-ago period. RIL's total revenue rose by 1. 3% to around . 7 lakh crore. The company also posted a profit after tax of about ? ? 1,300 crore, up from ? ? 1,100 crore a year ago. Adam Maeder, Piper Sandler's analyst, said that the company is "not going to go crazy" on opex, but it'll invest in the business. "We've got a lot of great and exciting programs coming forward. We have some clinical activity. . . we're also expecting revenue to clearly grow," he added. The company posted a first-quarter loss of $5. 1 million, compared to a profit of $17. 2 million a year ago. Canaccord Genuity analyst Bill Plovanic asked how the launch of coronary stents is playing out now that hospitals have to stock the product. "The reps don't need to be in every case. My question is, one, how is that playing OUT now. . . we're this deep into. . . launch," he said. Plovnic added that he expects the market for coronary to grow at a rate of about 10% a year. Doug Godshall, President and CEO of Boston Scientific, said that the company's approach of a "very skinny initial purchase at the site" was in part a way of ensuring that it had commitment in buying from hospitals when it was launching. "It wasn't just sort of doing a case on consignment or trunk stock," he added. Peripheral procedures will be a bit more labor-intensive for the foreseeable future, Medtronic's CEO said. "We continue to expand our sales force or our field force and expand the number of clinical specialists, a lot of it is about covering peripheral procedures, but also continuing to reinforce the coronary procedures," he added. During a recent conference call with analysts, Medtronic's Chief Commercial Officer Isaac Zacharias said that the company is encouraged by the "great synergies" it has with its peripheral-coronary combo with the same sales and clinical team. "So there is a tremendous amount of overlap among our cardiologists," he added. In an interview with Bloomberg, Oracle CEO Safra Catz said, "We're seeing an easier time of getting customers to own their inventory, reduce the amount of consignment, increase the number of owned inventory they have and reduce service burden on our reps". She added that Oracle's business on the peripheral continues "quarter on quarter". The amount that we do in terms of the sold product versus consigned or trunk stock is higher every quarter, and we're incentivizing our customers to do that, Maruti Suzuki CEO Atul Sabharwal said. He added that the company is "incentived" to sell more of its products to its customers. The company's net profit in the April-June quarter stood at 2,713 crore. Dan Puckett, Chief Financial Officer of Johnson & Johnson, said the company's third-quarter procedure volume was the lowest of the year. He added that the seasonality in Q3 was particularly pronounced. "I think from a focus standpoint, our team is doing a great job of maintaining their focus on all three product lines, the two below-the-knee and the coronary," he said. Canaccord Genuity analyst Bill Plovanic said that the company's model is working really well. "We schedule the launch and kind of put governors on the coronary launch in order for them to have time to maintain their focus on peripheral," he said. He added, "But we have a high confidence at this point that we'll be able to. . . get good growth out of both businesses in the future". The most aggressive adopters of the coronary device are the more complex patients, which require some sort of calcium modification, said Doug Godshall, President and CEO of Boston Scientific. "You want those folks to embrace the technology because then, others around them will see that it works for the busiest person in their practice and it's easier to expand," he added. The US Food and Drug Administration (FDA) has approved the first-ever drug-eluting stent (DES) for the treatment of blockages in the coronary arteries. The device is being used to treat blockages of the arteries that supply blood to the heart. It has been approved for use in patients with a history of coronary artery disease. We're doing cases in New Jersey in hospitals that don't have surgical backup. So those sites will almost always be sites that are not doing. "It's a blend, and because of the volume bias toward atherectomy users, our utilization will also probably be biased toward folks who use atHerectomy," he said. The average age in our trials tends to be about 73, according to a study published in the New England Journal of Medicine. The study also found that patients who received private pay for their care were more likely to die than those who got Medicare. Rob Fletcher, Vice President of Marketing and Market Access at Aetna, said, "It's a small minority of our cases. . . that are private". He added that private peripheral and coronary cases are a "small minority" of their cases. He further said that coverage for new technologies can be more of a concern for private payers. The number of cases or claims where we've had to help customers with denials has been extremely low compared to the procedural volume that we perform each quarter, the company's CEO said. "We have seen very low percentage of claims Denials from both our peripheral and our coronary business," he added. Doug Godshall, President and CEO of UnitedHealth Group, said that the company has hired a field reimbursement team to assist customers with claims denials or appeals as they emerge. "We feel confident in the ability where it has happened to help our customers through overturning those," he added. Doug Godshall, President and CEO of Medtronic, was asked during a conference call about the impact of the COVID-19 pandemic on the company's business. He said, "It is really hard for us to come through our numbers and draw a direct, these 30 accounts absolutely use more, or 50 accounts or 100 accounts. . . because you had a transitional pass-through that kicked in". Doug Godshall, President and Chief Executive Officer of M5+, spoke about the limited launch of the smartphone in the US. "It's been encouraging. And Isaac Zacharias, Chief Commercial Officer, is close to it, so I'll let him jump in again," he said. He added that the company has searched for evidence that customers tell it is better post-transitional pass-through. Medtronic has unveiled its new M5 balloon, which it claims will be the world's largest. The company said the new balloon will have a larger balloon size, up to eight millimeters on that product line, seven is the largest balloon today. "I think, you know, generally, this will, probably most would be cannibalistic," it added. Doug Godshall, President and Chief Executive Officer of Coca-Cola Enterprises, said that the company's first-quarter revenue was up by 5% year-on-year. He added that he expects the number of cases of coronavirus in the US to continue to rise. "We might get a little extra business out of it, but. . . I'd expect mostly it is just cannibalistic," he said.
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