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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
Quarterly Data

Shockwave Medical Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents 17.14 20.96 33.79 17.98 35.87 24.24 26.86 23.95 17.78 25.81 30.50 30.49 21.19 18.54 76.70 75.97 55.77 59.95 28.61 28.56 87.64
Short-term investments 45.48 42.27 28.44 14.89 17.35 22.89 25.83 29.96 36.21 32.33 30.69 32.74 44.75 55.85 0.00 4.56 21.42 24.28 54.13 56.68 0.00
Accounts receivable, net 7.57 7.31 6.70 12.28 10.76 11.05 13.50 14.33 12.84 10.83 10.02 9.03 7.29 4.30 3.82 2.22 3.54 3.18 4.03 3.57 2.50
Inventory 6.77 6.87 6.59 11.71 10.63 11.63 14.50 14.39 14.33 12.43 12.96 13.08 12.46 10.98 10.29 8.15 7.21 5.21 6.69 5.65 4.45
Prepaid expenses and other current assets 0.64 0.80 1.03 1.16 0.82 1.28 2.39 1.74 2.03 1.30 1.46 1.37 0.94 0.88 1.08 1.08 1.58 0.82 1.59 1.33 1.59
Current assets 77.59% 78.21% 76.57% 58.02% 75.43% 71.08% 83.07% 84.38% 83.19% 82.71% 85.63% 86.71% 86.64% 90.54% 91.88% 91.98% 89.52% 93.43% 95.06% 95.79% 96.18%
Operating lease right-of-use assets 2.12 1.90 2.06 3.96 4.04 5.01 6.96 6.24 7.18 7.95 3.94 2.47 2.68 2.78 2.79 2.83 3.85 3.80 1.56 1.63 1.68
Property and equipment, net 4.79 4.40 4.21 7.60 6.90 7.45 8.25 7.73 7.49 7.05 7.72 7.77 7.52 6.01 4.73 4.62 5.93 2.12 2.98 2.21 1.78
Equity method investment 0.14 0.10 0.12 0.32 0.34 0.54 0.96 1.07 1.59 1.73 2.14 2.44 2.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Intangible assets, net 5.59 5.93 6.36 12.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 2.41 2.53 2.70 5.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred tax assets 6.81 6.33 7.42 12.04 12.50 15.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other assets 0.55 0.60 0.56 0.97 0.78 0.81 0.76 0.57 0.55 0.56 0.56 0.61 0.66 0.67 0.59 0.56 0.70 0.65 0.40 0.37 0.36
Noncurrent assets 22.41% 21.79% 23.43% 41.98% 24.57% 28.92% 16.93% 15.62% 16.81% 17.29% 14.37% 13.29% 13.36% 9.46% 8.12% 8.02% 10.48% 6.57% 4.94% 4.21% 3.82%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The asset composition of the balance sheet exhibits a structural shift from an almost exclusively liquid position to a more diversified asset base. In the early periods, current assets dominated the total asset mix, exceeding 95% of total assets, whereas by the first quarter of 2024, this proportion decreased to 77.59%. This transition indicates a migration of capital from highly liquid holdings toward operational infrastructure and long-term investments.

Liquidity and Cash Management
A significant reallocation between cash and short-term investments is observed. Cash and cash equivalents, which initially comprised 87.64% of total assets in March 2019, declined to 17.14% by March 2024. Conversely, short-term investments grew from an unspecified amount to 45.48% of total assets. While the combined liquid position remains substantial, the strategy has shifted toward yield-generating short-term instruments rather than pure cash holdings.
Working Capital Dynamics
Accounts receivable and inventory both show a period of expansion followed by a recent contraction. Accounts receivable peaked at 14.33% in June 2022 before moderating to 7.57% in March 2024. Inventory followed a similar trajectory, peaking at 14.39% in June 2022 and decreasing to 6.77% by March 2024. These fluctuations suggest a period of rapid operational scaling or supply chain accumulation mid-term, followed by improved efficiency in asset turnover or a shift in inventory management strategy.
Non-Current Asset Growth
Non-current assets increased from 3.82% of total assets in March 2019 to 22.41% in March 2024. This growth is attributed to several factors: property and equipment, net, grew steadily from 1.78% to 4.79%; and the emergence of intangible assets and goodwill starting in mid-2023, which accounted for 5.59% and 2.41% of total assets respectively by March 2024. The introduction of these items suggests acquisition activity or a strategic shift toward capitalized intangible value.
Tax and Other Assets
Deferred tax assets showed significant volatility, appearing as a substantial component of the balance sheet in late 2022 at 15.10% before declining to 6.81% by March 2024. This represents a temporary but significant increase in the proportion of non-current assets during the 2022-2023 period.

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