Name: Shockwave Medical Inc. (NASDAQ:SWAV) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Shockwave Medical Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash and cash equivalents	328,422)	156,586)	89,209)	50,423)	139,045)
Short-term investments	662,132)	147,907)	111,772)	151,931)	56,304)
Accounts receivable, net	114,552)	71,366)	37,435)	11,689)	7,377)
Inventory	107,587)	75,112)	42,978)	29,859)	12,074)
Prepaid expenses and other current assets	12,567)	8,292)	4,508)	2,398)	1,897)
Current assets	1,225,260)	459,263)	285,902)	246,300)	216,697)
Operating lease right-of-use assets	29,707)	32,365)	27,496)	7,568)	8,825)
Property and equipment, net	68,923)	48,152)	24,361)	16,362)	4,910)
Equity method investment	1,643)	3,512)	5,987)	—)	—)
Intangible assets, net	92,857)	—)	—)	—)	—)
Goodwill	39,568)	—)	—)	—)	—)
Deferred tax assets	99,169)	97,568)	—)	—)	—)
Other assets	9,436)	5,229)	1,936)	1,812)	1,506)
Noncurrent assets	341,303)	186,826)	59,780)	25,742)	15,241)
Total assets	1,566,563)	646,089)	345,682)	272,042)	231,938)

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).

Total assets have experienced significant expansion, growing from $231.9 million in 2019 to $1.57 billion by the end of 2023. This growth is primarily characterized by a massive accumulation of liquid assets and a strategic increase in noncurrent assets, indicating both strong capital preservation and operational scaling.

Liquidity and Cash Management: A substantial increase in liquidity is observed. Cash and cash equivalents, which fluctuated between 2019 and 2020, grew to $328.4 million by 2023. More notably, short-term investments surged from $56.3 million in 2019 to $662.1 million in 2023. Combined, these liquid assets constitute the majority of the total asset base, reflecting a highly liquid financial position.
Working Capital Trends: Operational assets show a consistent upward trend. Net accounts receivable increased from $7.4 million in 2019 to $114.6 million in 2023, while inventory grew from $12.1 million to $107.6 million. These trends indicate a significant scaling of commercial activity and production capacity over the five-year period.
Noncurrent Asset Evolution: Noncurrent assets rose from $15.2 million in 2019 to $341.3 million in 2023. Property and equipment, net, grew steadily from $4.9 million to $68.9 million. A notable shift occurred in 2023 with the introduction of intangible assets ($92.9 million) and goodwill ($39.6 million), which points toward a significant acquisition or strategic purchase of intellectual property during that fiscal year.
Tax and Other Asset Positioning: Deferred tax assets emerged as a significant line item in 2022, totaling $97.6 million and remaining stable at $99.2 million in 2023. This suggests a shift in tax positioning or the recognition of future tax benefits during the 2022 period.

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