SWAV - Earnings call transcript Q1 2019

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Operator

Good afternoon and welcome to Shockwave's First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode.

We will be facilitating a question and answer session toward the end of today's call.

As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Debbie Kaster from the Gilmartin Group for a few introductory comments.

Debbie Kaster

participating call. for all you in today's Thank

financial Joining Officer website. Puckett, of Doug XXXX. Godshall, A Shockwave Chief March the quarter Chief available Executive President and on released today, Shockwave Earlier release Officer copy Shockwave me for XXst, of the ended are Financial Medical. results press Medical, is of and Dan company's the

include Securities meaning forward-looking our statements, guidance of statements expectations, like Act to estimates contained financial expectations federal Private the operating hiring, which our upon without assumptions. Before in affairs and in examination you for and uncertainties undue including regulatory forward-looking current various in These make of call results, remind our which I'd XXXX. relate trends risks in law Safe of made predictions of statements. will Any for or to forward-looking to that are based implied are during and future statements Accordingly, expectations these growth XXXX, events, cause we statements not that limitation or our the statements revenue are Litigation Reform events or include or begin, management that that future forward-looking this the the actual within and these Provisions to All those materially by securities pursuant material call performance of involve statements. should you anticipated reliance results on differ place from could statements. organization, Harbor

as on by and obligation any I'll call future revise any EDGAR. Factor section only or Doug. business, This except or over disclaims the with information file that, otherwise. For S-X a Risk XXXX. today, to refer events, call uncertainties please intention as and to risks information, associated because forward-looking and or new our the and contains whether the accurate May SEC Shockwave the financial required X, of live available And the with time-sensitive conference update our law of of broadcast description statements, on or list projections on with to

Doug Godshall

and results. Good to Thanks inaugural XXXX to everyone, first welcome our quarter Shockwave's joining review afternoon, earnings us Debbie. I'm you call thank you pleased today. to for

As started offering on you balanced revenues who the with who along we team I'd out express proceeds. Abiomed securities in a public March, are continue completed and sale net to to combined global, to the bear approximately behalf our our entire mission. investors encouraged in initial fruit. raising note, the a by we Shockwave begin positive multi-vessel seeing we appreciation The are first participated and support know, offering $XXX my all the as of the strategy to private a quarter on year our of nature total of in million like to of

turn and an public call. our few around company, to over we call Dan will is our quarter. I'll the then revenue Our to blend times equal first line international review from XXXX, five discuss our healthy of details coronary $X.X and was a call more questions. in the over and during as with of be in nearly our contribution call the and our for will open businesses peripheral the and million revenue to will overview Since U.S. quarter Shockwave $XX million. the then and financial of range Dan year first plans, expect results, the provide we'll then to internal we this and on these revenue of for $XX results products. Based later minutes our provide the progress from of full financials to a our first million a take XXXX projections I Medical,

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over For be able they emitters, team was miniaturize kidney up at has balloon our which and the the break delivered lithotripsy inside been Shockwave so to the to can shockwaves stones, catheter. used are XX years, what creates

sonic are calcium absorbed and that depth full expandable that calcium, wall thus pass sonic Our without crack through able waves waves the pass pliable calcium. artery causing more through stresses pressure the This soft particularly use and inside the to sheer a both products creating trauma. deep tissue Other are the the artery hard The technologies vessel. to creates calcium, of superficial wall. by spectrum safely of the modifying wall, struggle entire address and

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large our other approach has a to expand had is of customer more realize facilitate need passage appreciably pull, as use treat for calcified As stent extended such become arteries, catheters and of significant pumps. the TAVR arteries, a we our solution. to calcium customers to sophisticated femoral as vessels One glaring iliacs, Impella grafts, didn't a devices, this arteries novel such sales peripheral and of MX common use diameter result mesenterics, increasingly popliteal have of IVL or

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We to extremely are keep thing the cases a delivery, gone able needed. of witness Impella number increasing for the for Impella far, which to and the iliac Shockwave and have thus have great surgery cases well who the patients Shock-Impella they opens avoid started where an receive is

second inside U.S. are the and for Like approved Our the X. is number SX. called knee, small vessels, Europe. device emitters system and hence there is in the in balloon, peripheral S this is four the MX, primarily below

sites including the in meantime, to reaching are versions intend we quarter millimeter have well we feel millimeter In We initial the X a We millimeter two modest first presently the down of to been in with the of and anticipate the two evident international commercializing conducting it's of vessels. the patients, X fully in millimeter most expansion sizes physicians all a XXXX. of strong do sizes, distal more of as adding advance the anatomy, which launch the a expect X.X Thus launch. also device, below-the-knee smaller below-the-knee we're four support the ankle but including the the market far, the four balloons in more are some sizes limited of versions looking establish and wide to base comfortable full that fourth of diameter limited X.X of range commercialize. a across performing release,

first unmet of XXXX. third CX in CE has IDE of international in become in shows started for coronary, product anticipated adoption geographies speed is for launch diversity is we marked, C also are our and half approval emitters. U.S. we in product the significant treating the of last device, quickly in CX with and first trial quarter, or U.S. since The and anatomies The summer. portfolio the is our X the coronary lead two our its our how is. need the coronary

see of these of to treated is of including not are bifurcations, are calcified even STEMI treatment left with devices. that arteries, treated osteo or by lesions, the kinds enabling patients coronaries the and patients. the customers of reluctantly The our majority main expansion lesions continue CX nature We strong and treating, of atherectomy what are evidence

process our efforts, commercial to order our and our distribution of the of Germany, both regions over presently we calendar customers in we other leadership we in local sustain the in countries. serve Switzerland, field growth to of growth through In adding the the our strong sell and and teams to Austria, additional to U.S., are geographies. XX% direct and in direct products to have team. field ensure field we the presence expect partners U.S., our in clinical support and best of roughly course expand that European the continue In regions year. trajectory, sell U.S. Turning presently we and our customers to our the anticipate in this We

continue need grow new selling our and hybrid coronary, add coronary the territory we seeing are and distributors signs notified U.S. are strong assumption of we the six launch, development so territories. Germany, both doing new that also able we be very expand new territories are Internationally, will of move course creating a that better in to users an a is add has effective sales is all months. by growing peripheral our production same in when twice new we Europe expand Shockwave. benefits very well in intensity U.S. facility. in adding can the model advance select keep Shockwave IVL, early we of efforts to The distributors the and to body to direct for to new, a the audited coronary of and to larger, the our to have awaiting so devices, and are pace, and model, direct moving well it seeing to The In signs which will the becomes to demand market facility decrease the and is early for is requires As This adding all and shift, unable augment size, at specialists geographies, bodes tandem that our are are managers that territory in for in demand margin, we improvement some in open speak The from be the this a for reach confirmatory will interested the clinical devices, we Germany who helped we we Shockwave sites operations made our of that has gross it U.S. specialist manager dynamic the evidenced approval. help adding leaders of we the something a to in later. learn additional second also IVL so channel. the What will number preview certificate next which support particularly of clinical territories in of operational been also shortly, using evident size to we within indirect countries, of the our of Dan can by market personnel year, and team, adding we

XX is was enrolled, will schedule. company be quarter. XX a for ahead which patients evidence of and CAD combination XXX-patient the most of to so well company-sponsored We're the local cases. In as The We III our the or roll-ins also March key IVL. milestone study clinical as trial XX is continue datasets. of across benefits training III. coronary confirm applications to generate physician our of of our finished are by are this called conducted last at which myriad clinical a initial doing CAD patients evaluable is and system of a centers study commencement We XXX IDE company-sponsored important slightly trials with U.S. generated

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from presentation early XXXX later this targeting in or data We are XXXX. of the study

to PAD versus a global, angioplasty, of two the patient is X,XXX registry III, study: arms and study. is randomized evaluating which Shockwave patient the benefits followed a post-market Our prior a program drug-coated XXX by drug-coated are SFA. is largest There clinical which this balloon balloon arm, of in

wanted patients enrollment We the a using to we that arm have of new were at fall, randomized the treated MX XXX quarter as our least paused ensure last system. of pulse

pulses to ensure effectiveness is to this the plan added future, We give device will also was into cost study. us better foreseeable wanted expect incorporated the the we for that the we data that commercialize that so version

assess balloons. their we enrollment, FDA meeting getting as the restart to ready to the a to panel drug-coated of were hold decision However, safety announced paclitaxel-coated

potentially the of components. debating was Given arms the study our a that found both the time in trial restarting that DCB ourselves received III of position therapy, in the patients at we of PAD awkward same study of safety one FDA the key the

arm hard is one So, panel. the this for we inclusion enthusiastic study, are the pause the The now, are about, arm study patient to extremely PAD we while await and criteria we very continuing outcome registry. of is FDA iliac, The our X,XXX of observational of the that less reflect registry. III for of excluded complicated the open, spectrum today: calcified is the fit and basically, almost hardest patients. commercially better arm long, real-world common femoral, every from the that - the into peripheral randomized heavily can These patients the patient broad diffuse, are patients treating of physicians

showing are we publications. a products. clinical looks stenosis our is our to thriving six continued is Charing residual Shockwave to in those at presentations. improvements Symposium Dr. that profound patients and aspect were in These by XXX customers very the of from related first fact these we presented our such publications our registry explain clinical than of adverse to one and cohort The why earlier response. year had no helps final Cross The received treat almost and expanding our that trials, for total the Andrew ago, this show April data Holden to really in studied also continue much are positive If events back library demonstrate tougher in enthusiasm patients program

they XX, to today, major gain. no we have same of the lumin No story. significant all and embolism, As no tend tell and dissections, perforations,

to publications pristine pre-TAVR, almost it also While patients safe, newer clear a X,XXX complication are forever, The diverse treating is vessels the anatomies. tend reinforce and impossible pre-EVAR, customers the complex is such femoral, such our IVL cases to common over coronary simple, effective. pattern rate from and and that as achieve is

Shockwave the this come. of these be publications more agenda, likely to scientific featured Together, presentations PCR and a over will in XX even meeting indicator current to podium alone the year, product at On according validate administrative cohorts Shockwave effectiveness their challenging presentations the by the a of front. driven some of topic property intellectual in that support last physician somewhat attention of On technology, most our patients. garnered on is quarter publications

partes in USPTO's Trial or XXXX discussed in December review, As were the IPRs, at petitions S-X, our for inter PTAB. Appeals and Board, Patent three or filed

March, of expected whether determination partes a they Our so institute is before inter July not to another review to is were preliminary PTAB petitions decide And decide the these responses the to year made. in if submitted there or institute, to and will XXXX. be or by

the of patents very the We believe end. the comfortable and inventions our will our IPRs, responses in we these are uniqueness with and to that prevail

defense of team However, us stages the that, to as starting multi-vessel vessels easy, call to into and below-the-knee, complex with give their of response option them Dan. strategy additional patients see enthusiastic strong in without we PTAB disease. above the serve the rules competitor customers form safe, most see multiple a vascular the to also coronary, we and what and the the remarkably event to difficult I like motivating to a coming it's is make on contribute that created With any business, turn and effective and the global, knee our for for a at would our various that the to have all highly of Shockwave of we will to of layers these patents that multiple replicate has infringing believe early as patents. portfolio it gratifying It against very petitions, the on

Dan Puckett

as revenue. compared in for million, between beds our growing from big derived $X.X the the by saw reach which peripheral with the in to was the XXXX. products, products the distributors organization from of Africa. the ended Medical's of have in last Doug. earlier. year. of March supported XXX% all was We driver MX total size in include added as period months also revenue XXXX was well revenue U.S. distributors peripheral same International same from a driven Good million discussed distributor XXst, which revenue across an in year. and you, our a product, growth last QX XXXX, launched territories from The of as revenue our increase in the international main coronary was our performance our quarter was The prior our revenue international revenue in increased now our vessel for use jump an primarily year. in in sales each Eastern afternoon, of split XX accounting of three newly which Overall, and sales as $X.X strength in million $XXX,XXX international, Europe XXX% quarter are CX strong Thank network. everyone. IVL U.S. quarter, countries, first was U.S. numerous and grew XXX% was in of international Shockwave by increase expansion of period first evenly XX increase the $X.X selling This and

products and peripheral for coronary revenue, revenue, XXX% was increase, of by Looking compared international. for line, at all $X.X $X.X $X.X revenue million products of the million of accounted total year, same million a last in period to product accounted which

year of in the as product and the improvement Gross the our the launched for coronary As margin XXXX, compared for fixed compared XXXX. XXXX fixturing. margin to million, was in QX XXXX. productivity XXXX product to first prior through gross previously therefore revenue Gross quarter XX% of coronary cost of not of and proven Contributors absorption the $XXX,XXX profit noted, $X.X have quarter quarter of first first first period. XX%, gains did corresponding of flow increase to included for in internationally and we quarter was work

the XXXX The in quarter and $X.X have in million, a XXXX is our and XX% II first primarily study of of million, expenses CAD increase ongoing as III in clinical an beginning the headcount. productivity to to were of were of trained were trials QX in R&D Total first shift XXXX. XXXX due increase in expenses force of XXXX. primarily expansion. for for compared contributed brought million Sales gains that $X.X $X.X attributable is quarter for trial, in our a expenses for first XXXX. of and III to development clinical XXXX. second also quarter in as million up and the marketing from sales increase in first the increase The quarter to quarter of expenses QX million $XX.X $XX.X million We absorption an positively increase the CAD to first the in well XXXX quarter compared $X.X PAD the operating the first

were We on out contributed a operations the quarter marketing to $X.X administrative expenses increase compared $X and due in and million, team, of support of our also company. operations million, the in fees from built period primarily Abiomed for XXXX Net the function loss a to first private was was to Net sales million XXXX sales equivalents, was ended and million associated underwriting to placement million $XXX.X public $XXX.X of our We cash which net with being loss with of of the the XXXX. cost quarter first the and costs first of including share per year. of commercial the first increased cash General additional in other quarter in line. This for million IPO the $XX.X proceeds compared same expenses. quarter XXXX and $X.XX. of to net last $X.X as loss period

by use to customers Turning existing see outlook for we're globally. products our to and our peripheral XXXX, new our and in strength accelerated continuing

to continued to back this to to to trends, over of full year of we expecting these turn XXX% like year expansion Doug million for XXX% At be Based growth closing coronary of In the see comments. we're our the XXXX. call internationally. in revenue point, to XXXX I'd expect product $XX geographic full million, addition, $XX on range representing

Doug Godshall

as public Dan. results encouraged quarter our for our by I'm Thanks first company. financial a

of confident that While have to in we that place will appreciate of I'm that ahead enable we lot have work pieces fundamental we sustain a us, our the momentum. us

have team innovative we grow. we need, poised that and unmet a results, we're is addressing with solid technology to have a as an We clinical large, driven execute

on witnessed outcomes We that, the open positive date the in building we delivering focusing the seen as the have organizational to clinical we us continue again will all have Thank and for time for public first on a that join questions. to our would quarter line to I taking company. you momentum with today, and like

Operator

[Operator of the Lewis Instructions] comes Our Morgan from of first question line David Stanley.

Your line is open.

David Lewis

a from here. few actually off Doug, me to start

year. obviously, wondered year? little the than expected early better sense than vessel of mentioned the pretty a traction here a by we bed specifically you trending either more vessel is in as bed which sort here of you could sort by in give expected or earlier you So, commercial if geography traction's I better

Doug Godshall

really but et strategy long but get processes down large the back falling the thanks taken through of accounts Suddenly, once SFAs, the to with very our a and encouraged more crystallizing performed they're to you the a large last us this access interesting knocking we're coronary nicely - board internationally, and large In It's the on has yet, a gear in in move be then coronary really because is on that terms popliteals, and - but to strategy all much sustainable I'd pretty least juncture you, about a basis, time so seem above-the-knee And on that been added through back the into that that sustainable driver, although more the SFA, shot U.S. still, they'll the obviously release distribution end few then the we on back it's year. yet, the the relative expand as to iliacs, a they say our to are you SX in penetration process. we front. limited in activity promising access able you year to just results, and get that second shelf, has distributors as some and their line did the haven't half like got very limited iliacs, Coronary you into year to continue and not the at access, across access kicked sort we're a starting U.S., have a clearly once access time bore and this leaving bore, shelf expeditiously fairly feel a sites internationally, as focused our obviously, of we've then obviously arm next in the of and saw femorals, been part cetera, strategy. TAVR do being lagging Very really be strong David. we're internationally. where has attack, see they've until getting start Thank won't but talking but TAVR really internationally, That's well of to and traction spent positive. do common been like does do internationally where we're strong at bore balanced. gradually of first where iliac line above-the-knee

David Lewis

follow-ups. of Just couple a quick

expansive, The about coronary think the your think is wondering, business, up XUS XUS mixture seeing or market I this a this commentary. following first or on as more atherectomy, two? do terms was more you are been of sort capture just is of has versus the traction of share you you in

Doug Godshall

of really Rotablator numbers, rise can I BSC's It still be thought see capture, product. all it some I kind good share tell, things. great having that more appears a boats everything little we'd one from but may So, of those

embolization, big. treat get than and and more the a space. complimentary do Rotablator. then talking just mains stent treat type and acute Rota, to vessels, run and calcified about lesions, Osteo treat an angulated-type We're risk of and Rota, is with really a where the no If would good getting were you got is coronary patients can't our our vessel not many now really Shockwave. to vessel treat the too international that so point, ability greater so actually calcium, so to spectrum are tortuous, competitive can't they and XX% there's it's much it's as suboptimal win patients expansion. a you a expansion they're where able And then or patients. say there's access solution, so business need earlier, other many Shockwave, to of anatomy Now ball, with where is Left suboptimal we be market STEMI to I'd vessels of thanks get deployments, much can probably may and jump spectrum more want might've may broader with you said just but taken a certainly really therapies, don't incremental beds risk broader you've Rota, vessel Rotablator a Rotablator, had we syndrome of occluded safely now more so with outcome guess than they you bifurcations, many etc., where we to because

David Lewis

the Just last me, and one back for I'll queue. in jump

update for Thanks you obviously, two-part on enough if trial, be expectation, over tied that restart along in Doug, then PAD data our restarted? even can that's be trial any much it you is in Just there derivative with have impacting do further your the derivatively, thanks line much. me. for And concerns kind so can't that's of thinking about already you the if to a think is that submitted the can't the paclitaxel seen question. that's and pretty impact One U.S. paclitaxel, just III, FDA business,

Doug Godshall

DCB say have who utilization. We're in in patients. even not of those of DCB time option, their getting So, our to These restenosis, cases still and physicians some use over overall. inflection they are same of could this physicians our challenging mind of Shockwave's we heavily these point the decreased because a are the for if have so segment, even over an best going benefit that that's calcified risk DCBs. accrue patients they're think are their at still anatomies, of are least, term be that if physicians these most to types We are DCBs to DCBs do are the back lot believe a who I'd says the majority there fine, FDA decreasing biased do kind effect feel longer patients, hey, a of and like, pall seeing that comes use highest many

that So, if bias their toward a not might to going increase DCB, they're use Shockwave.

like back working centers back is but of assumption through suddenly us who positive example. slowly all modest get overnight, are through the because the to phenomenon, for DCB these Our process a not immediately neutral process

modest assumption, are market and was assumptions. your a restart and don't our that is compound. DCBs and we PAD if the about that is positive right, and effort. Those or to question that second the randomized The FDA will - regulatory development trial second we'll arm be our III, a our restart back neutral It's trial. not we assume positive trial. come That's So,

margin We'd we'll prefer patients have presented assumption this I be kind a will. want randomized arm, XXX reassess we about certainly we're that's that As we of and in randomized the of the said for of use with we our arm, the actually dataset. a earlier, discrete device to We're not how use like arm shorter we're to about then like. finish particularly where demonstrating not more currently close broad kind the enrolled XXX would don't, versus enthusiastic to reasonable-sized upgraded generator that to close randomized and it If really so because it's enthusiastic the we're in the our and published lesions we going have physicians to the the arm. in registry terms the patients in software, use that patients that's

Our our and complete whether term not. it is of or we affect finish, we'll really strategies doesn't assumption any it longer

Operator

Our question line Bob of comes of from America. next Bank of Hopkins the

open. is line Your

Bob Hopkins

below-the-knee a made. quarter you I on the happen what curious as Doug, on to update the just else has your question, just smaller commentary wanted get in for? I'm sizes quick calling out fourth to you're First end the

Doug Godshall

a little at launch we're presently, submit we've then who DV year be, X.X physicians XX-XX% smaller a a any vessels but our devices, a to and needed look get avoid risk. that where to thinner launch, to because vessels, to there's testing to or in and we as the was percentage whole the and below-the-knee smaller concerned are reluctance of two approved trying comfortable cases though than and really in were going when We've even we're in ago a we launch, dissections too back we we but So, smaller were X.X roll-out, balloon can those some to large a finishing limited trialing millimeter about goal gone general get think need a amputation, this patients, broader there first than were are X material very go these are have to particular where out as devices the to big your a of they're it millimeter. over-sizing sizes. the because you're complications to we X.X strong millimeter is contemplated avoid the some diameters X.X so any And treat about millimeter

think X about very is device right be and performance versions far appears robust the the very X millimeter the more durability millimeter the and the limited and the the encouraging launch millimeter to to clearly strong of can So, of new, the millimeter be. we thing the very we will so X.X X.X what of the now, correlate

not we really sizes the performance validating but with once clinical the strong we're the over they that are think, SX response full we limited release, only of the spectrum the also, we'll launch. validating current So, to see

Bob Hopkins

I'm relatively maybe but you? of and it important, trial, And how to the So, maybe, to obviously this then drives globally, matter then know really to your kind optimistic commercialization what wondering gave. does process. that you're how question it comments go I relatively with well, just you're paclitaxel curious say heard timeline does sounds as So, my it wanted that you like it I I matter? curious much on really up sounds to and of low I thought panel will business second the just your why to much matters. really thought which is risk FDA because like the that session on Besides just you optimistic follow that

Doug Godshall

least So, should I'm patients in I of our at optimistic, say. kinds

risk say give treat. happen, and a wipe in have ease benefits - use, doing don't doesn't feel too it they conservative in without safety, light the the so if don't dataset DCB. in no I a our out trial, I going our the light at in physicians to think statement believe peripheral where on, they're about commentary. we FDA the but your you combinations they're with restenosis, - treating the And just see I remember is U.S. of patients I point, I that Shockwave be now the anything the of kind - to haven't a we're so but a or concerns, several think So, green that's is our the patients and they're and somebody coming DCBs, with which there's from to direct use Cross, starting their Charing made should with the and of in they'll artery the kinds of in think FDA to strong news efficacy studies green - or from sort in give commercialization a we're disease DCB pressure But patients point a going expectation. to continue, on I from of that that significant name our hundred now system think the exactly experience I a studies, stop I should think maybe new heard were going that will What little they high

out comfortable be and customers like because we folks but there's aggressive we Europe right what and the have in restart is. there. less finish FDA see don't think The fashion that to to happy been continue uncomfortable if It today. restart should don't The really we could date. put transformational neutral an them customers, to the So, know try be the would the that. our positive, in certainly Again, to as them It concern, and us to their wait begging paclitaxel have would on in would trial. to roll modestly business. in outcome if to an feels European frankly, international hear trial restart have consequence the disappeared FDA's DCBs would it And to think on I says position, that I U.S. it we do are an upside. the would be from adverse doesn't overnight, feel a theory, I

Operator

Our Wells next of comes Biegelsen Fargo. the from question Lawrence of line

question, Your please?

Lawrence Biegelsen

to the follow-up. a I mix peripheral with the little a And you Could of had coronary, U.S. OUS? what you high give of between start us end and the and the wanted And to bit I guidance. color on guidance? gets

Doug Godshall

peripheral peripheral base we experience and in the fourth past we top we're acceleration guiding peripheral frankly as to between growth balance saw, the and both then Obviously, So, just growth. maintain quarter. continued out in we'll the by driving balance of and vessel as and modest, SX peripheral, hopefully peripheral our with going certainly line We're U.S. as predominance growth of the subsegment, coronary we're in growth forecasting we're up and quarter. build U.S. And the coronary the the and that in meaningful a then comparable contribution work of really from see segment. to forecasting, international coronary hard and

and of faster more cycle times, would even vac high to we're of looking particularly terms times up in customer shorter of do our of certainly regions the vac cycle faster like to rapid the in over more some we've end the expand that newer that force where U.S. uptake, internationally, to be past keep we're In accelerated places then coverage penetration accelerated or adoption, sales months, added demand. range, Germany six and as sites with looking

a sort launch. not like product launch even or accelerated So, it's of product a new efficient more execution,

Lawrence Biegelsen

from benefits talk could the a for follow-up, get about taking from from you questions. the impact Thanks partnership, commercial my that you what the for perspective? Abiomed then And

Doug Godshall

in sessions of training - for complementary closure, least them how to help variety placement run was outcomes sorting the largely where in imaging, couple of Shockwave with improve really - with quarter our first a out technologies, on they experiment We physicians going delivery. and performance would So, at effective Impella a really did Abiomed. to we're train minds

the informed went it weeks those on and also maintenance and had was that to calcified be, would placing and iliacs. few more of Shockwave when for helpful patients We team the simple had Impellas folks reduce the to it global think a complexity low sell a really meeting both how as really helpful So, at their was, sales ago, they potentially them I more and presented well. ground sales Impellas

obviously real team So, the that and sales job those so not in some to sell it the had for I that crystallized a and what every a event opportunity of Mike seemed Impellas breakthrough of as because Impellas, complexity like think to of Shockwave, placing identified day, a to leadership is team about them their Abiomed bit patients. the for talk decrease

look as them of Shockwave the at partner to a Looking day, at so through at with going the PCR, training at every come to rest year, Impella look folks we're Impella, village forward and in tandem. to they'll

try of person's and might we there, the Shockwave we do that not complex - night. can have make - training of just help six The hopefully that with sessions in these scheduled because type basis used the understand so then patient territory geographies patients and facilitate the in manager the they a shock the over work where manager can our We them how get their patient how their middle it others product are obviously of Shockwave partnered scheduled span to come more cases. online, some Abiomed of we rest to help territory a of already eight pilot day-to-day on coming kicked year off to

run and and we'll then and roll of period best time, then experiment, back a look it so, are figure out after that that nationally. And what out practices

Operator

comes Our of Jason from of question Canaccord. next the Mills line

please? question, Your

Jason Mills

SX, following You a an with on start. wanted to start question. had I guys earlier great Doug, up

access very, Shockwave coronary, U.S., Our large very, stakes does others, - the are highest the in bore the I'm when difficult. very in IVL sure outside well due diligence, very

to high stakes are piece as that lesions to well, of there's is going it's type the amputations. mentioned the we know the SX being Obviously, CAD along studied given below-the-knee. the be, in III. with You just correlation target below-the-knee,

expect you to perhaps more as SX the that you provide any be think would to ramp in similar you it relates Europe? it do CX Will about how So, Can the to color go? complexity?

Doug Godshall

below-the-knee. some correlates to coronary strong are There

volume, below-the-knee. more calcium, the medial vessels meaningful smaller much some and meaningful - calcium, to closer there's are lower - procedure also obviously, You're but there differentiators,

clinical coronary so a we while So, not in you're the acceleration like Europe, the below-the-knee, profound, saw dropping your procedures so into we a is calcium coronary, of couple million that component did need key internationally. more your there's volume clinical certainly of a was but fraction is

how we correlation months took did spent learn I for do think few something when that what you trying to was is is Isaac a first case. first though Europe in also manage commercialization the over a us coronary

this catheter figure you'll the get finish So, a we multiple through you work disease to go have cases dozens multi-vessel in and if they after of a customer finish coronaries does osteo how and to pre-launch, to lesion, a catheter burn case. in out pushback did an dozens how catheters the bunch because not through do from of

catheter's so we prolonged of than with balloon, coronary instead high-pressure a Shockwave, simple long to spot, that our a through algorithm we that sizes we will of with do all dissatisfaction but working time but IVL can it minutes case five is a minutes they into in help that's a limited real that with a satisfactory few have help we calcium customer shorter finish when real how of so available, prevalence market a than us you smaller probably balloon, to outcome? this did the balloon, pre-launch given So, is that our hopefully ration launch for a now below-the-knee. to are should you less with a for available do up algorithm accelerate disease elegant obviously the today. they arguably, And also more do really sweet longer, treat this initial diffuse have alternatives so, and than - than How able the benefit algorithm how a coronary, procedure longer same the somewhat to now of believe, understand as a you And had thing pulses a relative so to the be the coronary with more very came do have have you in effectively really cases, and able manage with generally we - above-the-knee? this what we're using below-the-knee and

Jason Mills

PCR how questions maybe most or guess last of ask in slip of at those because to is in, the moving in into and about a have it and level And whatever then how one there as there there's of in the that what presentations the you're comes any and commercial the III centers, out process a many lab here, several excited I'm CAD IRB between might to I use. physicians whether today you're trial in to the correlate your I for along are use interest MX relates and not use correlation CX cath sessions? wanted just particular about Thanks. of centers the

Doug Godshall

if line So, end a we the know, than dozen don't maybe at bit drew CAD little of March, III, the in, were centers. a I probably that. We're I activated less

Our largest enroller doesn't do peripheral, and so no there's correlation.

engagement going level little peripheral, even cardiologists a level significant is enroller, chain close that care kind - in the to or really access very there that were to centers that I up our think enroller I week, scheduling where traction cardiology that of to X think is guy of now getting were On the whom I food there case peripheral business side, And other palpably institutional though it. hand, be to in doing it's the to looking we're they suddenly one coronary. top-dog using now did whereas of the be, is it's ago, a didn't our based was on about if doing first very cardiologists business that peripheral is the the doing before, last two of their peripheral least at interested not and the the see case, they to attention one No. at we're higher the center, hours first their paying in the - TAVR are higher, largest come not fact at the interesting fact coronaries, do to and the now bit on couple going it's of centers, a

fact, going peripheral coronary And the so think we synergies the have be more most believe business. between think it's we sales but model. imperative, do sense of much and there's a times if really I both one reasons all tried team and peripheral for coronary in think best does to makes So, significant why We at us than possible, clinical that it's this. companies when and absolutely having our

in first and For with the and TAVR lab access scheduling coronary case. a example, I'm last guy doing about talking week, his sitting he's

something If that for and we of is TAVR customer. you or had the coronary on it's split only calling kind for we are split where distributors, calling a peripheral person have coronary, country actually on reps Spain, doing him for access the in a which person confusing him frankly

to we and blended be well it complimentary So, think quite a here will work really have team.

I the session of there are terms of top two that worth the PCR, my are head side think In off a others. dozens from of

to a sent so out We up customers is submit marketing They winners. narrowed over came team of to submissions. had Shockwave this get that best Hill, as comping are cases." all shock. or a and Carlo. Escaned, faculty, so competition them Jonathan your PCR with it think - I down we with note and for our "Okay, for our to show XX said, up toughest, concept a top of internationally the So, panel it's in XX And we contest, top-shock faculty great and Javier

of that's be access seeing, probably on the a panel. enthusiasm there's top-shock So, contest, Tuesday X:XX, That's and TAVR top panel. anyway, is trying head. Thursday just good I'm gave just I think session and of tremendous amount good my that there so worth panel. seems off Great that name names. the a at for at Anyway, I to and names you to X:XX. then And

Jason Mills

Doug. Thanks,

Doug Godshall

It's quite showing. a

reflection years If a to over two you XX had of ago, years look is we two enthusiasm. back think so two of later presentations, amount total the have I

Operator

Thank remarks. Doug you. for CEO call to Sir? I'd closing like turn President time, to back Godshall over the and any At this

Doug Godshall

Thank you.

encouraged but the opportunity far progress in everybody for our customers Obviously, pipeline and by us ahead see call. thanks we're products current us the we're not providing that satisfied and first in of to behind thus tremendous for made we've the joining them. So, our

So, and thanks support everyone thanks, for today. your

Operator

this have concludes for Thank a and wonderful today's day. you and Ladies gentlemen, your participation conference.

may lines at You this time. disconnect your

Shockwave Medical (SWAV) 11 May 192019 Q1 Earnings call transcript