Balance Sheet: Liabilities and Stockholders’ Equity
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2019
- Operating Profit Margin since 2019
- Price to Earnings (P/E) since 2019
- Price to Book Value (P/BV) since 2019
- Analysis of Debt
- Aggregate Accruals
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Shockwave Medical Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in thousands
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).
- Liabilities Overview
- There is a marked increase in total liabilities over the period, rising from $39.3 million in 2019 to $897.9 million in 2023. This substantial growth is primarily driven by a significant escalation in noncurrent liabilities, which surged from $15.3 million in 2019 to $793.7 million in 2023. Current liabilities also increased, almost quadrupling from $24.0 million in 2019 to $104.2 million in 2023.
- Current Liabilities Details
- Accounts payable exhibited fluctuations with a decrease in 2020 followed by continuous growth to $8.9 million in 2023. Accrued liabilities showed a strong upward trend, increasing over fivefold to nearly $91.7 million by 2023. Current operating lease liabilities varied over time but ended higher in 2023 at $3.6 million compared to $0.8 million in 2019. Debt in its current portion declined by 2022 and was not reported thereafter.
- Noncurrent Liabilities Details
- Noncurrent debt showed variability, rising until 2022 but falling off by 2023 with no reported values. Notably, convertible debt surged dramatically to $731.9 million in 2023, becoming the dominant component of noncurrent liabilities. Related party contract liabilities remained stable at approximately $12.3 million from 2021 onward. Other noncurrent liabilities appeared for the first time in 2023 with an amount of $9.3 million.
- Equity and Capital Structure
- Common stock showed marginal increase from $31,000 to $37,000 over the period. Additional paid-in capital consistently rose, from $370.6 million in 2019 to $557.9 million in 2023, reflecting capital injections or stock issuance. Retained earnings moved from negative $178.0 million in 2019 to a positive $110.5 million by 2023, indicating a recovery in accumulated profitability or equity retention. Accumulated other comprehensive income fluctuated but turned positive in 2023 to $0.3 million. Overall stockholders' equity more than tripled, reaching $668.7 million in 2023.
- Income and Expense Trends
- Employee compensation expenses increased markedly, rising from $8.1 million in 2019 to $49.7 million in 2023, signifying expansion in workforce or compensation levels. Professional services costs also rose steadily, nearly eightfold, to $6.3 million by 2023. Research and development outlays showed variability but doubled from $3.1 million in 2019 to $8.1 million in 2023. Sales and marketing expenses appeared in the data from 2022 onward, increasing from $2.0 million to $3.5 million in 2023. Taxes (excise, sales, income, and other) increased drastically from $1.2 million in 2021 to $12.3 million in 2023, suggesting increased revenue or taxable events.
- Asset Investment
- Asset purchases were recorded starting in 2020 and showed a clear upward trend, reaching $7.8 million in 2023, indicative of investment in fixed or capital assets over the period.
- Financial Position Summary
- Total assets and liabilities plus equity grew considerably from 2019 ($232.0 million) to 2023 ($1.57 billion), indicating substantial organizational growth or financing events. The rise in liabilities, especially convertible debt, suggests increased leverage or complex financing arrangements to support growth initiatives. Improved retained earnings and increased equity reflect strengthening financial health despite rising liabilities. The growth in operational expenses, including employee costs and professional services, aligns with expansion activities.