Common-Size Income Statement
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2019
- Price to Operating Profit (P/OP) since 2019
- Price to Book Value (P/BV) since 2019
- Aggregate Accruals
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Shockwave Medical Inc., common-size consolidated income statement
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.