Name: Shockwave Medical Inc. (NASDAQ:SWAV) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Shockwave Medical Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Product revenue	730,230)	489,733)	237,146)	67,789)	42,927)
Revenue	730,230)	489,733)	237,146)	67,789)	42,927)
Cost of product revenue	(95,388)	(64,996)	(41,438)	(20,991)	(17,159)
Cost of revenue	(95,388)	(64,996)	(41,438)	(20,991)	(17,159)
Gross profit	634,842)	424,737)	195,708)	46,798)	25,768)
Research and development	(145,647)	(81,679)	(50,544)	(36,926)	(32,853)
Sales and marketing	(234,837)	(161,995)	(111,288)	(51,672)	(30,620)
General and administrative	(95,265)	(56,929)	(34,747)	(23,863)	(14,134)
Operating expenses	(475,749)	(300,603)	(196,579)	(112,461)	(77,607)
Income (loss) from operations	159,093)	124,134)	(871)	(65,663)	(51,839)
Loss from equity method investment	(1,869)	(2,475)	(6,286)	—)	—)
Interest expense	(6,905)	(1,886)	(1,096)	(1,212)	(944)
Change in fair value of warrant liability	—)	—)	—)	—)	(609)
Other income (expense), net	23,962)	1,055)	(582)	1,256)	2,345)
Net income (loss) before taxes	174,281)	120,828)	(8,835)	(65,619)	(51,047)
Income tax (provision) benefit	(27,003)	95,168)	(301)	(80)	(62)
Net income (loss)	147,278)	215,996)	(9,136)	(65,699)	(51,109)

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 financial trajectory from 2019 to 2023 is characterized by rapid revenue acceleration and a successful transition from significant operational losses to sustained profitability.

Revenue and Gross Margin Expansion: Revenue experienced exponential growth, rising from 42.9 million USD in 2019 to 730.2 million USD in 2023. This growth was accompanied by a substantial improvement in gross margin efficiency. The gross profit margin increased from approximately 60% in 2019 to nearly 87% by 2023, indicating that the cost of product revenue grew at a much slower pace than total sales.
Operating Expense Scaling: Total operating expenses grew from 77.6 million USD in 2019 to 475.7 million USD in 2023. The most significant increase occurred within sales and marketing, which rose from 30.6 million USD to 234.8 million USD over the period, reflecting an aggressive commercial expansion strategy. Research and development spending also increased steadily, from 32.9 million USD to 145.6 million USD, while general and administrative expenses grew from 14.1 million USD to 95.3 million USD.
Operational Profitability and Net Income: An operational inflection point occurred between 2021 and 2022. Income from operations moved from a loss of 871 thousand USD in 2021 to a profit of 124.1 million USD in 2022, further increasing to 159.1 million USD in 2023. Net income mirrored this trend, though 2022 results were disproportionately inflated by a tax benefit of 95.2 million USD. In 2023, despite a tax provision of 27.0 million USD and increased interest expenses, the company maintained a strong net income of 147.3 million USD.
Non-Operating Factors: Interest expenses remained relatively low until 2023, where they rose to 6.9 million USD. Other income showed significant volatility, peaking at 23.9 million USD in 2023. Losses from equity method investments were recorded from 2021 through 2023, though these figures remained small relative to total operating income.

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