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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
Quarterly Data

Shockwave Medical Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 0.60 0.57 0.47 1.64 1.41 1.04 0.73 1.26 2.27 1.02 1.21 0.95 1.39 0.54 0.70 0.89 0.97 1.20 1.80 1.51 2.52
Debt, current portion 0.00 0.00 0.00 0.00 10.21 0.00 0.00 2.64 2.21 1.59 0.92 1.49 1.84 1.21 0.59 0.00 0.00 2.87 4.84 3.41 2.12
Accrued liabilities 4.80 5.85 4.73 8.36 6.34 8.57 10.40 11.33 8.86 11.82 11.04 10.25 8.89 7.33 5.94 5.00 7.17 5.94 6.89 5.03 4.09
Operating lease liability, current portion 0.22 0.23 0.11 0.20 0.17 0.20 0.26 0.64 0.35 0.50 0.29 0.33 0.33 0.32 0.30 0.28 0.36 0.33 0.54 0.55 0.56
Current liabilities 5.62% 6.65% 5.31% 10.20% 18.13% 9.81% 11.40% 15.87% 13.70% 14.94% 13.47% 13.02% 12.45% 9.40% 7.53% 6.17% 8.50% 10.35% 14.06% 10.49% 9.28%
Operating lease liability, noncurrent portion 2.45 2.24 2.20 4.22 4.35 5.41 8.10 6.51 8.69 8.19 3.99 2.50 2.68 2.75 2.74 2.75 3.66 3.50 1.12 1.18 1.22
Convertible debt, noncurrent portion 44.58 46.72 49.59 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
Debt, noncurrent portion 0.00 0.00 0.00 3.08 3.09 3.75 3.12 1.54 2.42 3.36 4.76 4.64 4.40 4.90 5.27 5.67 7.31 3.08 6.31 6.99 7.50
Related party contract liability, noncurrent portion 0.75 0.78 0.83 1.56 1.57 1.90 2.58 2.94 3.29 3.55 4.10 4.44 4.56 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred tax liabilities 0.22 0.23 0.65 1.32 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
Long-term income tax liability 0.18 0.10 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 0.00 0.00 0.00 0.00
Other liabilities 0.47 0.59 0.63 1.18 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
Noncurrent liabilities 48.65% 50.66% 53.90% 11.37% 9.01% 11.05% 13.80% 11.00% 14.41% 15.11% 12.86% 11.59% 11.64% 7.65% 8.01% 8.42% 10.96% 6.59% 7.43% 8.17% 8.72%
Total liabilities 54.27% 57.32% 59.21% 21.57% 27.14% 20.86% 25.19% 26.87% 28.11% 30.04% 26.32% 24.61% 24.09% 17.05% 15.54% 14.59% 19.46% 16.94% 21.49% 18.66% 18.00%
Preferred stock 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 0.00
Common stock 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02
Additional paid-in capital 35.65 35.61 36.31 74.51 72.61 84.97 112.49 124.44 136.12 143.14 162.55 172.24 175.22 172.50 165.62 160.16 169.61 159.77 196.82 183.63 170.64
Accumulated other comprehensive income (loss) -0.01 0.02 -0.01 -0.05 -0.05 -0.13 -0.34 -0.32 -0.27 -0.06 0.00 0.00 0.01 0.00 0.00 0.01 0.05 0.02 0.04 0.05 0.00
Retained earnings (accumulated deficit) 10.09 7.05 4.49 3.96 0.30 -5.70 -37.35 -51.00 -63.97 -73.13 -88.88 -96.87 -99.33 -89.57 -81.17 -74.77 -89.13 -76.73 -118.38 -102.36 -88.65
Stockholders’ equity 45.73% 42.68% 40.79% 78.43% 72.86% 79.14% 74.81% 73.13% 71.89% 69.96% 73.68% 75.39% 75.91% 82.95% 84.46% 85.41% 80.54% 83.06% 78.51% 81.34% 82.00%
Total liabilities and stockholders’ equity 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 capital structure of the organization underwent a significant transformation between March 2019 and March 2024, transitioning from a predominantly equity-funded model to one with a substantially higher reliance on long-term debt. For the majority of the period, stockholders' equity remained the primary source of financing, typically ranging between 70% and 85% of total liabilities and stockholders' equity. However, a sharp pivot occurred in the third quarter of 2023, where equity dropped to approximately 40.79% and total liabilities surged to 59.21%.

Debt and Liability Trends
A critical shift in the liability profile is observed in September 2023 with the introduction of noncurrent convertible debt, which immediately accounted for 49.59% of the total balance sheet. This issuance drove noncurrent liabilities from 11.37% in June 2023 to a peak of 53.90% in September 2023. While total liabilities have slightly moderated since that peak, they remain significantly higher than historical levels, ending at 54.27% by March 31, 2024.
Current Liability Dynamics
Current liabilities exhibited fluctuations over the five-year period, peaking at 18.13% in March 2023 before declining to 5.62% by March 2024. This downward trend in the relative weight of current obligations is primarily attributed to the massive increase in long-term debt, which mathematically diluted the proportion of short-term liabilities. Accrued liabilities, once a significant component of current liabilities, peaked at 11.82% in December 2021 and have since trended downward to 4.80%.
Equity and Retained Earnings Evolution
A notable operational milestone is evident in the retained earnings trend. The company began the period with a substantial accumulated deficit, reaching as low as -118.38% in September 2019. A consistent trend of deficit reduction is observable, culminating in a transition to positive retained earnings in March 2023 (0.30%). By March 31, 2024, retained earnings grew to 10.09% of total liabilities and stockholders' equity, signaling a shift toward cumulative profitability.
Additional Paid-in Capital (APIC) Contraction
The relative weight of additional paid-in capital experienced a steady and dramatic decline. Starting at 170.64% in March 2019, APIC decreased to 35.65% by March 2024. This suggests that as the company scaled and shifted its financing strategy toward debt and organic earnings, the relative impact of initial equity contributions on the total balance sheet diminished.

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