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

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

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)

The financial trajectory of the company is characterized by exponential revenue growth and a successful transition from operational losses to consistent profitability. Between March 2019 and March 2024, the company scaled its top-line performance from quarterly revenues of 7.27 million USD to 218.81 million USD, representing a significant expansion in market penetration and product adoption.

Revenue and Gross Margin Trends: Revenue growth has been sustained and accelerated, with a notable inflection point occurring between March 2021 and June 2021. Gross profit has scaled proportionally, increasing from 4.20 million USD in the first observed quarter to 190.60 million USD by March 2024. The cost of revenue has grown at a much slower rate than total revenue, resulting in an expanding gross margin that indicates high scalability and strong pricing power.
Operating Expense Analysis: Operating expenses have increased in absolute terms to support rapid growth, rising from 16.36 million USD in March 2019 to 148.19 million USD in March 2024. Sales and marketing expenses have emerged as the primary driver of spending, growing from 5.87 million USD to 74.49 million USD over the period. Research and development and general and administrative expenses have also seen steady increases, though they remain smaller in proportion to overall revenue compared to earlier periods.
Operational Profitability: The company achieved operational break-even in the second quarter of 2021. Since September 2021, income from operations has remained consistently positive, growing from 2.81 million USD to 42.41 million USD by March 2024. This trend demonstrates successful operational leverage, where the growth in gross profit has significantly outpaced the growth in operating expenses.
Net Income and Anomalies: Net income followed a similar path to operating income, shifting from consistent losses to steady gains. A significant outlier is observed in the quarter ending December 31, 2022, where net income spiked to 140.91 million USD, largely attributable to a substantial income tax benefit of 96.26 million USD. Excluding this anomaly, the underlying net income trend shows a stable upward trajectory, with the most recent quarter ending March 2024 reporting a net income of 55.35 million USD.
Other Financial Items: Interest income showed a sharp increase to 12.32 million USD in the final quarter of the analysis, suggesting a significant accumulation of cash or short-term investments. Interest expenses have remained relatively low and stable, with a slight increase in recent quarters, though they have not materially impacted overall profitability.

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Shockwave Medical Inc. (NASDAQ:SWAV)

Income StatementQuarterly Data

Income Statement
Quarterly Data