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 Income Statement 

Shockwave Medical Inc., common-size consolidated income statement

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Product revenue 100.00 100.00 100.00 100.00 100.00
Revenue 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of product revenue -13.06 -13.27 -17.47 -30.97 -39.97
Cost of revenue -13.06% -13.27% -17.47% -30.97% -39.97%
Gross profit 86.94% 86.73% 82.53% 69.03% 60.03%
Research and development -19.95 -16.68 -21.31 -54.47 -76.53
Sales and marketing -32.16 -33.08 -46.93 -76.22 -71.33
General and administrative -13.05 -11.62 -14.65 -35.20 -32.93
Operating expenses -65.15% -61.38% -82.89% -165.90% -180.79%
Income (loss) from operations 21.79% 25.35% -0.37% -96.86% -120.76%
Loss from equity method investment -0.26 -0.51 -2.65 0.00 0.00
Interest expense -0.95 -0.39 -0.46 -1.79 -2.20
Change in fair value of warrant liability 0.00 0.00 0.00 0.00 -1.42
Other income (expense), net 3.28 0.22 -0.25 1.85 5.46
Net income (loss) before taxes 23.87% 24.67% -3.73% -96.80% -118.92%
Income tax (provision) benefit -3.70 19.43 -0.13 -0.12 -0.14
Net income (loss) 20.17% 44.10% -3.85% -96.92% -119.06%

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).


Revenue and Cost of Revenue
Revenue consistently represents 100% across all periods. The cost of product revenue exhibits a significant decreasing trend from -39.97% in 2019 to -13.06% in 2023, indicating improved gross margin efficiency over time.
Gross Profit
Gross profit as a percentage of revenue shows a steady increase from 60.03% in 2019 to 86.94% in 2023, reflecting enhanced profitability in core operations and better control over production costs.
Operating Expenses
Research and development expenses decrease sharply from -76.53% in 2019 to -19.95% in 2023, with the most notable reductions occurring through 2021. Sales and marketing expenses follow a similar downward trajectory, falling from -71.33% to -32.16%. General and administrative expenses also decline from -32.93% in 2019 to -13.05% in 2023. Overall, operating expenses as a percentage of revenue dropped significantly from -180.79% in 2019 to -65.15% in 2023, demonstrating considerable expense management and operational scaling.
Operating Income
There is a marked improvement in income from operations, which transitions from a substantial loss of -120.76% of revenue in 2019 to a positive 21.79% in 2023. The turning point occurred between 2021 and 2022, where the company moves from near break-even to profitable operating results.
Equity Method Investment Losses
Losses from equity method investments decreased over time, from -2.65% of revenue in 2021 to -0.26% in 2023, indicating reduced impact from such investments on overall profitability.
Interest Expense and Other Income/Expense
Interest expense generally decreased from -2.2% in 2019 to -0.39% in 2022, but slightly increased to -0.95% in 2023. Other income and expenses have been volatile but show a positive net contribution in 2023 at 3.28% of revenue.
Net Income Before Taxes and Net Income
Net income before taxes improved dramatically from a loss of -118.92% of revenue in 2019 to a positive 23.87% in 2023. Net income follows this trend, moving from a substantial loss (-119.06% in 2019) to a positive 20.17% in 2023. The year 2022 marks the first period of positive net income, coinciding with reduced expenses and improved operational efficiency.
Income Tax Provision
The income tax provision remained negligible and slightly negative from 2019 to 2021 but became a significant benefit of 19.43% in 2022 before reverting to a small negative provision (-3.7%) in 2023, influencing net income volatility.