Shockwave Medical Inc., adjustment to net income (loss)

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) (as reported)	147,278)	215,996)	(9,136)	(65,699)	(51,109)
Add: Unrealized gain (loss) on available-for-sale securities, net of tax	1,165)	(659)	(211)	(5)	35)
Less: Adjustment for net (gain) loss realized and included in other income, net	(5)	(6)	—)	(21)	—)
Net income (loss) (adjusted)	148,438)	215,331)	(9,347)	(65,725)	(51,074)

Download chart

Shockwave Medical Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	20.17%	44.10%	-3.85%	-96.92%	-119.06%
Adjusted net profit margin	20.33%	43.97%	-3.94%	-96.96%	-118.98%
Return on Equity (ROE)
Reported ROE	22.03%	42.24%	-3.78%	-29.11%	-26.53%
Adjusted ROE	22.20%	42.11%	-3.87%	-29.13%	-26.51%
Return on Assets (ROA)
Reported ROA	9.40%	33.43%	-2.64%	-24.15%	-22.04%
Adjusted ROA	9.48%	33.33%	-2.70%	-24.16%	-22.02%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Shockwave Medical Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Shockwave Medical Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Shockwave Medical Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Download chart

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss)	147,278)	215,996)	(9,136)	(65,699)	(51,109)
Revenue	730,230)	489,733)	237,146)	67,789)	42,927)
Profitability Ratio
Net profit margin¹	20.17%	44.10%	-3.85%	-96.92%	-119.06%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)	148,438)	215,331)	(9,347)	(65,725)	(51,074)
Revenue	730,230)	489,733)	237,146)	67,789)	42,927)
Profitability Ratio
Adjusted net profit margin²	20.33%	43.97%	-3.94%	-96.96%	-118.98%

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) ÷ Revenue
= 100 × 147,278 ÷ 730,230 = 20.17%

² Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenue
= 100 × 148,438 ÷ 730,230 = 20.33%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Shockwave Medical Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss)	147,278)	215,996)	(9,136)	(65,699)	(51,109)
Stockholders’ equity	668,677)	511,316)	241,830)	225,654)	192,653)
Profitability Ratio
ROE¹	22.03%	42.24%	-3.78%	-29.11%	-26.53%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)	148,438)	215,331)	(9,347)	(65,725)	(51,074)
Stockholders’ equity	668,677)	511,316)	241,830)	225,654)	192,653)
Profitability Ratio
Adjusted ROE²	22.20%	42.11%	-3.87%	-29.13%	-26.51%

2023 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 147,278 ÷ 668,677 = 22.03%

² Adjusted ROE = 100 × Adjusted net income (loss) ÷ Stockholders’ equity
= 100 × 148,438 ÷ 668,677 = 22.20%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Shockwave Medical Inc. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss)	147,278)	215,996)	(9,136)	(65,699)	(51,109)
Total assets	1,566,563)	646,089)	345,682)	272,042)	231,938)
Profitability Ratio
ROA¹	9.40%	33.43%	-2.64%	-24.15%	-22.04%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)	148,438)	215,331)	(9,347)	(65,725)	(51,074)
Total assets	1,566,563)	646,089)	345,682)	272,042)	231,938)
Profitability Ratio
Adjusted ROA²	9.48%	33.33%	-2.70%	-24.16%	-22.02%

2023 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 147,278 ÷ 1,566,563 = 9.40%

² Adjusted ROA = 100 × Adjusted net income (loss) ÷ Total assets
= 100 × 148,438 ÷ 1,566,563 = 9.48%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Shockwave Medical Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Shockwave Medical Inc. (NASDAQ:SWAV)

Analysis of Investments