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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: Liabilities and Stockholders’ Equity

Shockwave Medical Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable 0.57 1.04 1.02 0.54 1.20
Debt, current portion 0.00 0.00 1.59 1.21 2.87
Employee compensation 3.17 5.09 7.45 4.00 3.51
Asset purchases 0.50 0.71 1.19 0.93 0.00
Professional services 0.40 0.63 0.76 0.49 0.35
Research and development costs 0.52 0.62 1.33 1.12 1.33
Excise, sales, income and other taxes 0.79 0.62 0.36 0.00 0.00
Sales and marketing 0.22 0.31 0.00 0.00 0.00
Other 0.26 0.59 0.74 0.79 0.75
Accrued liabilities 5.85% 8.57% 11.82% 7.33% 5.94%
Operating lease liability, current portion 0.23 0.20 0.50 0.32 0.33
Current liabilities 6.65% 9.81% 14.94% 9.40% 10.35%
Operating lease liability, noncurrent portion 2.24 5.41 8.19 2.75 3.50
Convertible debt, noncurrent portion 46.72 0.00 0.00 0.00 0.00
Debt, noncurrent portion 0.00 3.75 3.36 4.90 3.08
Related party contract liability, noncurrent portion 0.78 1.90 3.55 0.00 0.00
Deferred tax liabilities 0.23 0.00 0.00 0.00 0.00
Long-term income tax liability 0.10 0.00 0.00 0.00 0.00
Other liabilities 0.59 0.00 0.00 0.00 0.00
Noncurrent liabilities 50.66% 11.05% 15.11% 7.65% 6.59%
Total liabilities 57.32% 20.86% 30.04% 17.05% 16.94%
Preferred stock, $0.001 par value per share; no shares issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.001 par value per share 0.00 0.01 0.01 0.01 0.01
Additional paid-in capital 35.61 84.97 143.14 172.50 159.77
Accumulated other comprehensive income (loss) 0.02 -0.13 -0.06 0.00 0.02
Retained earnings (accumulated deficit) 7.05 -5.70 -73.13 -89.57 -76.73
Stockholders’ equity 42.68% 79.14% 69.96% 82.95% 83.06%
Total liabilities and stockholders’ equity 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 balance sheet structure has undergone a fundamental shift between 2019 and 2023, characterized by a transition from a heavily equity-funded model to one with significant debt leverage. Total liabilities as a percentage of total liabilities and stockholders’ equity rose from 16.94% in 2019 to 57.32% in 2023, while stockholders’ equity declined from 83.06% to 42.68% over the same period.

Noncurrent Liabilities and Debt Structure
A substantial increase is observed in noncurrent liabilities, which grew from 6.59% in 2019 to 50.66% in 2023. This expansion is primarily driven by the introduction of convertible debt, which represented 46.72% of the total balance sheet in 2023. Conversely, traditional noncurrent debt declined from 3.08% in 2019 to be entirely absent as a distinct line item in 2023, suggesting a refinancing strategy favoring convertible instruments.
Current Liability Trends
Current liabilities exhibited volatility, peaking at 14.94% in 2021 before declining to 6.65% by 2023. Accrued liabilities were a primary driver of this trend, reaching 11.82% in 2021 and subsequently reducing to 5.85% in 2023. Other short-term obligations, such as accounts payable and employee compensation, have remained relatively low and stable, with employee compensation decreasing from a peak of 7.45% in 2021 to 3.17% in 2023.
Equity and Retained Earnings Evolution
The most significant change in the equity section is the reversal of the accumulated deficit. Retained earnings moved from a deep deficit of -89.57% in 2020 to a positive position of 7.05% by December 31, 2023, indicating a transition to profitability. Simultaneously, the relative weight of additional paid-in capital decreased sharply from 159.77% in 2019 to 35.61% in 2023, reflecting the diluted impact of increasing total liabilities on the common-size proportions.
Operational Obligations
Operational costs captured on the balance sheet, including research and development costs and professional services, have shown a general downward trend in their relative weight. Research and development costs decreased from 1.33% in 2019 to 0.52% in 2023, while professional services declined from 0.76% in 2021 to 0.40% in 2023.

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