Steve Matt's avatar
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$SWAV Earnings: Results vs. What I Was Looking For
My brief update is in italics.

Here's what I'm looking for:

  • 250% revenue growth can't be expected for FY 2022 but Q1'21 was just $31.9MM. If management is going to hit their $415MM guidance for the year, Q1'22 should be revenue growth of at least 200% ($95.7MM).

Close enough. $93.6MM which is 193.5% growth. Additionally, management raised full year guidance at the midpoint by 7.2%. Now guiding for 88% YoY revenue growth.

  • GPM >80%. Keep that margin trending upward.

A record 86.2% gross profit margin, an increase of 1,100bps over Q1'21. Just outstanding.

  • Free cash flow positive.

Free cash flow of ($1.35MM) but that number was (21.35MM) in Q1'21 so that's a good improvement.

  • Just curious to see how the revenue by geography breaks down, Europe in particular, who accounted for just 16.3% of 2021 revenue.

Europe was up 47% YoY a a single quarter record of $12.01MM. Going forward, I'll be watching the Other countries category since that's where Japan falls (where ShockWave gained recent approval).

They're currently up 11.3% after-hours (after falling 15.6% during the day for no reason other than The Great Revaluation). The thesis for this company remains very, very on track. This company is high atop my list of current positions I want to add to. The below just warms my heart.

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