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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 Income Statement
Quarterly Data

Shockwave Medical Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: 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
Product revenue 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
Revenue 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%
Cost of product revenue -12.89 -12.47 -13.18 -13.59 -13.08 -12.15 -13.61 -13.86 -13.77 -15.04 -16.80 -17.77 -24.74 -28.49 -26.94 -34.92 -37.18 -38.80 -38.83 -41.28 -42.26
Cost of revenue -12.89% -12.47% -13.18% -13.59% -13.08% -12.15% -13.61% -13.86% -13.77% -15.04% -16.80% -17.77% -24.74% -28.49% -26.94% -34.92% -37.18% -38.80% -38.83% -41.28% -42.26%
Gross profit 87.11% 87.53% 86.82% 86.41% 86.92% 87.85% 86.39% 86.14% 86.23% 84.96% 83.20% 82.23% 75.26% 71.51% 73.06% 65.08% 62.82% 61.20% 61.17% 58.72% 57.74%
Research and development -20.32 -20.85 -21.25 -20.44 -16.75 -16.47 -15.36 -17.19 -18.18 -17.48 -21.08 -21.13 -32.22 -39.81 -40.28 -78.76 -78.24 -70.39 -73.84 -69.18 -102.96
Sales and marketing -34.04 -33.10 -30.59 -31.49 -33.53 -30.16 -32.04 -33.55 -38.41 -39.43 -43.58 -45.99 -75.21 -72.35 -69.52 -108.94 -68.51 -67.04 -72.28 -69.53 -80.77
General and administrative -13.36 -12.26 -11.53 -16.50 -11.92 -11.76 -10.99 -10.90 -13.23 -11.44 -14.22 -15.43 -22.65 -29.19 -28.64 -52.48 -40.96 -31.10 -30.33 -32.41 -41.28
Operating expenses -67.73% -66.20% -63.37% -68.44% -62.20% -58.39% -58.40% -61.65% -69.82% -68.35% -78.88% -82.55% -130.08% -141.36% -138.44% -240.18% -187.70% -168.53% -176.45% -171.11% -225.01%
Income (loss) from operations 19.38% 21.32% 23.45% 17.97% 24.72% 29.46% 27.99% 24.49% 16.42% 16.61% 4.32% -0.32% -54.82% -69.85% -65.38% -175.10% -124.89% -107.33% -115.28% -112.40% -167.27%
Income (loss) from equity method investment 0.33 -0.08 -0.39 -0.08 -0.51 -0.74 0.07 -1.21 -0.05 -0.50 -0.52 0.00 -17.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest income 5.63 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 0.00 0.00 0.00
Interest expense -1.35 -1.45 -1.35 -0.45 -0.39 -0.67 -0.24 -0.25 -0.32 -0.36 -0.25 -0.57 -0.98 -1.39 -1.60 -2.97 -1.82 -1.38 -2.21 -2.50 -3.37
Change in fair value of warrant liability 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 0.00 0.00 0.00 -8.38
Other income (expense), net -1.14 7.54 2.53 0.88 1.48 2.96 -1.08 -1.22 -0.33 -0.25 -0.43 0.26 -0.74 1.38 1.11 2.14 3.32 5.77 3.40 9.12 3.04
Net income (loss) before taxes 22.85% 27.32% 24.23% 18.32% 25.29% 31.00% 26.74% 21.81% 15.72% 15.50% 3.11% -0.63% -73.85% -69.85% -65.87% -175.94% -123.39% -102.94% -114.10% -105.77% -175.98%
Income tax (provision) benefit 2.44 -5.50 -5.43 -2.30 -1.00 66.83 -0.09 -0.64 -0.21 -0.13 -0.12 -0.13 -0.14 -0.03 -0.15 -0.20 -0.15 -0.08 -0.23 -0.18 -0.10
Net income (loss) 25.29% 21.83% 18.81% 16.02% 24.29% 97.84% 26.65% 21.17% 15.51% 15.37% 2.99% -0.76% -73.98% -69.88% -66.01% -176.14% -123.54% -103.02% -114.33% -105.95% -176.08%

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).

A comprehensive analysis of the common-size income statement reveals a significant transition from a high-growth, loss-making phase to a period of sustainable profitability. The most prominent trend is the dramatic expansion of margins and the realization of substantial operating leverage between 2019 and 2024.

Gross Profit Margin Expansion
Gross profit margins exhibit a consistent and strong upward trajectory, rising from 57.74% in March 2019 to 87.11% by March 2024. This improvement is directly linked to a sharp decline in the cost of revenue, which dropped from 42.26% to 12.89% over the analyzed period. This trend suggests significant economies of scale, improved manufacturing efficiencies, or increased pricing power.
Operating Expense Optimization
Operating expenses as a percentage of revenue decreased substantially from 225.01% in early 2019 to 67.73% in early 2024. Research and development costs, which initially exceeded total revenue at 102.96%, stabilized at approximately 20.32% by March 2024. Sales and marketing expenses showed more volatility but generally trended downward from 80.77% to 34.04%. General and administrative expenses also declined from 41.28% to 13.36%, indicating an increase in administrative efficiency as the company scaled.
Operating Income Turnaround
The company experienced a critical inflection point in profitability during the second and third quarters of 2021. Operating income shifted from deep losses—peaking at -175.10% in June 2020—to positive territory, reaching 4.32% in September 2021. Following this turnaround, operating margins remained positive, peaking at 29.46% in December 2022 before stabilizing in the 19% to 24% range throughout 2023 and early 2024.
Net Income and Bottom-Line Performance
Net income mirrored the operating trend, moving from losses exceeding 176% of revenue to consistent profitability starting in late 2021. A notable anomaly occurred in December 2022, where net income spiked to 97.84% of revenue; this was driven by a substantial one-time income tax benefit of 66.83%. Excluding this outlier, the net income margin has settled into a stable range between 16% and 25% from mid-2023 through March 2024.

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