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.

Shockwave Medical Inc., consolidated income statement (quarterly data)

US$ in thousands

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	218,805)	202,979)	186,020)	180,165)	161,066)	144,026)	131,330)	120,746)	93,631)	84,183)	65,155)	55,908)	31,900)	22,716)	19,590)	10,286)	15,197)	14,313)	11,333)	10,012)	7,269)
Revenue	218,805)	202,979)	186,020)	180,165)	161,066)	144,026)	131,330)	120,746)	93,631)	84,183)	65,155)	55,908)	31,900)	22,716)	19,590)	10,286)	15,197)	14,313)	11,333)	10,012)	7,269)
Cost of product revenue	(28,207)	(25,316)	(24,513)	(24,493)	(21,066)	(17,502)	(17,874)	(16,730)	(12,890)	(12,663)	(10,949)	(9,934)	(7,892)	(6,471)	(5,277)	(3,592)	(5,651)	(5,553)	(4,401)	(4,133)	(3,072)
Cost of revenue	(28,207)	(25,316)	(24,513)	(24,493)	(21,066)	(17,502)	(17,874)	(16,730)	(12,890)	(12,663)	(10,949)	(9,934)	(7,892)	(6,471)	(5,277)	(3,592)	(5,651)	(5,553)	(4,401)	(4,133)	(3,072)
Gross profit	190,598)	177,663)	161,507)	155,672)	140,000)	126,524)	113,456)	104,016)	80,741)	71,520)	54,206)	45,974)	24,008)	16,245)	14,313)	6,694)	9,546)	8,760)	6,932)	5,879)	4,197)
Research and development	(44,466)	(42,321)	(39,526)	(36,829)	(26,971)	(23,723)	(20,177)	(20,760)	(17,019)	(14,717)	(13,735)	(11,815)	(10,277)	(9,044)	(7,891)	(8,101)	(11,890)	(10,075)	(8,368)	(6,926)	(7,484)
Sales and marketing	(74,492)	(67,181)	(56,907)	(56,738)	(54,011)	(43,437)	(42,082)	(40,515)	(35,961)	(33,190)	(28,393)	(25,713)	(23,992)	(16,436)	(13,619)	(11,206)	(10,411)	(9,596)	(8,192)	(6,961)	(5,871)
General and administrative	(29,233)	(24,879)	(21,451)	(29,731)	(19,204)	(16,941)	(14,434)	(13,165)	(12,389)	(9,630)	(9,265)	(8,626)	(7,226)	(6,631)	(5,610)	(5,398)	(6,224)	(4,451)	(3,437)	(3,245)	(3,001)
Operating expenses	(148,191)	(134,381)	(117,884)	(123,298)	(100,186)	(84,101)	(76,693)	(74,440)	(65,369)	(57,537)	(51,393)	(46,154)	(41,495)	(32,111)	(27,120)	(24,705)	(28,525)	(24,122)	(19,997)	(17,132)	(16,356)
Income (loss) from operations	42,407)	43,282)	43,623)	32,374)	39,814)	42,423)	36,763)	29,576)	15,372)	13,983)	2,813)	(180)	(17,487)	(15,866)	(12,807)	(18,011)	(18,979)	(15,362)	(13,065)	(11,253)	(12,159)
Income (loss) from equity method investment	713)	(167)	(733)	(146)	(823)	(1,061)	97)	(1,464)	(47)	(421)	(342)	—)	(5,523)	—)	—)	—)	—)	—)	—)	—)	—)
Interest income	12,318)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Interest expense	(2,943)	(2,950)	(2,509)	(810)	(636)	(969)	(316)	(304)	(297)	(301)	(165)	(318)	(312)	(315)	(314)	(306)	(277)	(198)	(251)	(250)	(245)
Change in fair value of warrant liability	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(609)
Other income (expense), net	(2,496)	15,295)	4,699)	1,586)	2,382)	4,261)	(1,423)	(1,473)	(310)	(213)	(280)	146)	(235)	314)	218)	220)	504)	826)	385)	913)	221)
Net income (loss) before taxes	49,999)	55,460)	45,080)	33,004)	40,737)	44,654)	35,121)	26,335)	14,718)	13,048)	2,026)	(352)	(23,557)	(15,867)	(12,903)	(18,097)	(18,752)	(14,734)	(12,931)	(10,590)	(12,792)
Income tax (provision) benefit	5,347)	(11,155)	(10,094)	(4,142)	(1,612)	96,257)	(118)	(774)	(197)	(106)	(78)	(73)	(44)	(7)	(29)	(21)	(23)	(11)	(26)	(18)	(7)
Net income (loss)	55,346)	44,305)	34,986)	28,862)	39,125)	140,911)	35,003)	25,561)	14,521)	12,942)	1,948)	(425)	(23,601)	(15,874)	(12,932)	(18,118)	(18,775)	(14,745)	(12,957)	(10,608)	(12,799)

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.

Overall operating expenses increased substantially, reaching nearly $148.2 million in March 2024, reflecting the company's expanding scale and investments across various functions.

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.

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Shockwave Medical Inc. (NASDAQ:SWAV)

Income StatementQuarterly Data

Income Statement
Quarterly Data