Analysis of Revenues
Revenues as Reported
Shockwave Medical Inc., income statement, revenues
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Total product revenue experienced exponential growth between 2019 and 2023, increasing from US$ 42.9 million to US$ 730.2 million. This trajectory was characterized by a significant acceleration beginning in 2021, during which annual revenue more than tripled compared to the preceding year.
- Coronary Revenue Trends
- The coronary segment evolved into the primary driver of financial growth. After modest gains between 2019 and 2020, revenues surged from US$ 24.6 million in 2020 to US$ 161.5 million in 2021, continuing an aggressive upward trend to reach US$ 528.8 million by 2023. This segment now constitutes the majority of total product revenue.
- Peripheral Revenue Trends
- The peripheral segment maintained a steady and consistent upward trajectory, increasing from US$ 26.3 million in 2019 to US$ 194.3 million in 2023. Although the absolute growth is significant, the relative contribution of the peripheral segment to the overall revenue mix declined as the coronary segment expanded at a faster rate.
- Product Diversification and Ancillary Income
- Diversification of the product portfolio is evident with the introduction of Reducer revenue in 2023, which contributed US$ 4.4 million. The "Other" revenue category remained a marginal component of total earnings, peaking at US$ 3.6 million in 2022 before decreasing to US$ 2.7 million in 2023.
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