Stock Analysis on Net
Stock Analysis on Net

Shockwave Medical Inc. (NASDAQ:SWAV)

This company has been moved to the archive! The financial data has not been updated since May 6, 2024.

Common-Size Balance Sheet: Assets 

Shockwave Medical Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 20.96 24.24 25.81 18.54 59.95
Short-term investments 42.27 22.89 32.33 55.85 24.28
Accounts receivable, net 7.31 11.05 10.83 4.30 3.18
Inventory 6.87 11.63 12.43 10.98 5.21
Prepaid expenses and other current assets 0.80 1.28 1.30 0.88 0.82
Current assets 78.21% 71.08% 82.71% 90.54% 93.43%
Operating lease right-of-use assets 1.90 5.01 7.95 2.78 3.80
Property and equipment, net 4.40 7.45 7.05 6.01 2.12
Equity method investment 0.10 0.54 1.73 0.00 0.00
Intangible assets, net 5.93 0.00 0.00 0.00 0.00
Goodwill 2.53 0.00 0.00 0.00 0.00
Deferred tax assets 6.33 15.10 0.00 0.00 0.00
Other assets 0.60 0.81 0.56 0.67 0.65
Noncurrent assets 21.79% 28.92% 17.29% 9.46% 6.57%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Cash and Cash Equivalents
The proportion of cash and cash equivalents relative to total assets exhibits a declining trend from 59.95% in 2019 to 20.96% in 2023. Following a sharp decrease in 2020 to 18.54%, it shows some variability but remains significantly lower than the initial value, indicating reduced liquidity or allocation of cash to other uses.
Short-term Investments
Short-term investments as a percentage of total assets demonstrate notable fluctuations. It increases sharply from 24.28% in 2019 to a peak of 55.85% in 2020, then decreases to 22.89% in 2022 before rising again to 42.27% in 2023. This indicates active management of short-term assets with shifting preferences between liquid cash and investments.
Accounts Receivable, Net
Accounts receivable as a percentage of total assets increase substantially from 3.18% in 2019 to 11.05% in 2022, before declining to 7.31% in 2023. This suggests an increase in credit sales or collection times through 2022, with some improvement or tighter controls in the most recent period.
Inventory
Inventory relative to total assets rises from 5.21% in 2019 to a peak of 12.43% in 2021, followed by a decrease to 6.87% in 2023. This pattern may reflect increased production or stockpiling up to 2021, with a subsequent drawdown or improved inventory management thereafter.
Prepaid Expenses and Other Current Assets
The share of prepaid expenses and other current assets remains relatively stable, fluctuating mildly around 0.8% to 1.3%, indicating consistent usage of these asset categories without significant volatility.
Current Assets
Overall, current assets as a percentage of total assets decline steadily from 93.43% in 2019 to 78.21% in 2023, reflecting a gradual shift towards noncurrent assets or changes in asset allocation priorities over the period.
Operating Lease Right-of-Use Assets
This asset category shows variability with an initial value of 3.8% in 2019, a decrease in 2020, a peak at 7.95% in 2021, then a consistent decline to 1.9% by 2023. This may indicate changes in lease agreements or asset capitalization policies.
Property and Equipment, Net
The proportion of property and equipment increases from 2.12% in 2019 to a high of 7.45% in 2022, followed by a decline to 4.4% in 2023. This suggests investment in fixed assets peaked before a reduction in the relative book value or possible disposals.
Equity Method Investment
Equity method investments appear starting in 2021 at 1.73%, then decrease steadily to 0.1% in 2023, indicating either divestitures or a decrease in the carrying amount of these investments.
Intangible Assets, Net
Intangible assets are reported starting in 2022 at 5.93% and represent a new category in the asset base, suggesting acquisition or recognition of intangible resources.
Goodwill
Goodwill is first recorded in 2023 at 2.53% of total assets, indicating an acquisition or business combination during that year.
Deferred Tax Assets
Deferred tax assets emerge in 2022 at 15.1%, decreasing to 6.33% in 2023. This sizable recognition followed by reduction implies changes in tax positions or valuation adjustments during the period.
Other Assets
Other assets as a percentage of total assets remain relatively stable, fluctuating slightly around 0.6% to 0.81%, indicating minor impact on overall asset structure.
Noncurrent Assets
The share of noncurrent assets increases significantly from 6.57% in 2019 to 28.92% in 2022, before decreasing to 21.79% in 2023. This trend reflects a strategic shift in asset composition, potentially due to increased capitalization of intangibles, property, and deferred tax assets.
Total Assets
Total assets remain consistently measured as 100% at each date, serving as the baseline for all relative measures presented.