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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).

The asset structure exhibits a transition from a highly liquid, cash-dominant position toward a more diversified balance sheet. While current assets represented the overwhelming majority of total assets in 2019, there was a general trend toward increasing the proportion of noncurrent assets through 2022, followed by a strategic shift in the composition of assets in 2023.

Liquidity and Cash Management
A high degree of liquidity is maintained throughout the period, although the composition of liquid assets shifted. Cash and cash equivalents decreased from a peak of 59.95% in 2019 to 20.96% by 2023. This was partially offset by fluctuations in short-term investments, which peaked at 55.85% in 2020 and ended at 42.27% in 2023. Combined, these two items consistently comprise the largest portion of the asset base, ensuring significant financial flexibility.
Working Capital Trends
Operating assets showed a period of expansion followed by a contraction. Accounts receivable, net, rose from 3.18% in 2019 to a peak of 11.05% in 2022 before declining to 7.31% in 2023. Similarly, inventory increased from 5.21% in 2019 to a high of 12.43% in 2021, subsequently falling to 6.87% by the end of 2023. This pattern suggests an initial scale-up in operations followed by an improvement in working capital efficiency or a change in inventory management strategy.
Noncurrent Asset Evolution
Noncurrent assets grew steadily from 6.57% in 2019 to a peak of 28.92% in 2022, before settling at 21.79% in 2023. This growth was driven initially by increases in property and equipment, which rose from 2.12% in 2019 to 7.45% in 2022. Additionally, deferred tax assets appeared in 2022 at 15.10% of total assets, though they decreased to 6.33% in 2023.
Strategic Asset Shifts
The 2023 asset composition indicates a significant strategic event, likely an acquisition, evidenced by the introduction of intangible assets (5.93%) and goodwill (2.53%), both of which were previously absent. This shift coincides with a reduction in the proportion of property and equipment and deferred tax assets, suggesting a reconfiguration of the long-term asset base.

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