Stock Analysis on Net
Stock Analysis on Net

Shockwave Medical Inc. (NASDAQ:SWAV)

$22.49

This company has been moved to the archive! The financial data has not been updated since May 6, 2024.

Income Statement
Quarterly Data

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 (quarterly data)

US$ in thousands

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
Revenue
Cost of product revenue
Cost of revenue
Gross profit
Research and development
Sales and marketing
General and administrative
Operating expenses
Income (loss) from operations
Income (loss) from equity method investment
Interest income
Interest expense
Change in fair value of warrant liability
Other income (expense), net
Net income (loss) before taxes
Income tax (provision) benefit
Net income (loss)

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).

Revenue and Cost Trends
Product and total revenue demonstrated a consistent upward trend over the period analyzed, increasing from approximately $7.3 million in March 2019 to $218.8 million in March 2024. Notable quarters include significant jumps such as from $22.7 million in December 2020 to $31.9 million in March 2021, and a steady increase afterward. Cost of product revenue similarly increased, rising from around $3.1 million in March 2019 to $28.2 million by March 2024. Despite the rising cost of product revenue, gross profit improved substantially, moving from $4.2 million in March 2019 to nearly $190.6 million in March 2024.
Gross Profit
Gross profit grew steadily, reflecting successful scaling in revenues and relatively controlled costs of product revenue. It rose markedly in late 2020 and throughout 2021, achieving a peak of over $177 million in December 2023, and continuing to increase into early 2024. This positive momentum indicates improving operational efficiency and increased market acceptance or pricing power.
Operating Expenses
Operating expenses, comprising research and development (R&D), sales and marketing, and general and administrative (G&A) expenses, also increased over time but at different rates:
Research and Development
R&D expenses grew from roughly $7.5 million in Q1 2019 to $44.5 million in Q1 2024. There was a steady increase year-over-year, with marked acceleration starting around 2022, suggesting intensified investment in product innovation or development activities.
Sales and Marketing
Sales and marketing expenses exhibited a strong upward trend from $5.9 million in March 2019 to $74.5 million in March 2024. This consistent growth likely supported revenue expansion through increased market penetration efforts.
General and Administrative
G&A expenses rose from $3.0 million to $29.2 million in the same timeframe, showing higher volatility with some marked spikes, particularly in the mid-to-late 2022 period, possibly indicating scaling administrative infrastructure or one-time expenses.
Operating Income (Loss)
Operating results showed a significant turnaround over the analyzed years. Initially, income from operations was negative, with losses exceeding $12 million in early 2019 and peaking at nearly $19 million losses in Q1 2020. Starting in 2021, operating income improved dramatically, turning positive from June 2021 onward and rising to values above $42 million by early 2024. This positive trajectory demonstrates successful cost control relative to revenue growth and improved operating leverage.
Other Income and Expenses
Income (loss) from equity method investments was negative overall, with losses reported intermittently but diminishing in magnitude in later periods. Interest income appeared notably in Q1 2024 with a significant $12.3 million, positively impacting net income. Interest expenses remained relatively stable but increased moderately in the last two years, reaching about $2.9 million per quarter. Other income (expense), net, displayed high volatility with some large positive spikes, for instance $15.3 million in March 2024, contributing variably to overall profitability.
Net Income
Net income followed the improving trend in operating results with initial losses exceeding $12 million per quarter in 2019 and early 2020. A notable inflection point occurred in mid-2021, with net income turning positive and rising sharply, peaking at an exceptional $140.9 million in March 2023, largely due to an extraordinary tax benefit of $96.3 million in the prior quarter. Subsequent quarters maintained positive net income with some fluctuations, finishing at around $55.3 million in March 2024. The variability reflects impacts from tax provisions, other income components, and operational results.
Income Tax Provision
Income tax provisions varied widely, including a large tax benefit of $96.3 million in March 2023 that significantly boosted net income that period. Other quarters showed relatively modest tax expenses or benefits, indicating fluctuating effective tax rates possibly tied to changes in profitability and tax strategies.
Summary
Overall, the company demonstrated strong growth in revenue and gross profit over the five-year period, supported by substantial investments in R&D and sales and marketing. Operating losses in the early years turned into robust operating income by 2021, suggesting improved business scalability and operational efficiency. Although operating expenses increased, the company effectively converted those expenditures into revenue growth and profitability improvements. Fluctuations in other income, interest, and tax items influenced net income variability. Nevertheless, the financials show a positive trajectory toward sustained earnings, with significant growth across key financial metrics indicative of successful expansion and operational maturity.