Stock Analysis on Net
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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.

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Shockwave Medical Inc., consolidated cash flow statement

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss)
Depreciation and amortization
Loss from equity method investment
Stock-based compensation
Non-cash lease expense
Amortization of premium and discount on available-for-sale securities
Loss on write down of fixed assets
Loss on extinguishment of debt
Deferred income taxes
Change in fair value of warrant liability
Amortization of debt issuance costs
Foreign currency remeasurement
Accounts receivable
Inventory
Prepaid expenses and other current assets
Other assets
Accounts payable
Accrued and other current liabilities
Lease liabilities
Long-term income tax liability
Changes in operating assets and liabilities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities
Purchase of available-for-sale securities
Proceeds from maturities of available-for-sale securities
Purchase of property and equipment
Business combination, net of cash acquired
Net cash (used in) provided by investing activities
Proceeds from issuance of common stock upon initial public offering, net of issuance costs paid
Proceeds from issuance of common stock in private placement
Proceeds from issuance of common stock in public offering, net of issuance costs paid
Payments of taxes withheld on net settled vesting of restricted stock units
Proceeds from debt financing
Proceeds from convertible debt, net
Purchase of capped calls related to convertible debt
Payment of assumed warrant liability
Payment of deferred offering costs
Proceeds from stock option exercises
Proceeds from issuance of common stock under employee stock purchase plan
Proceeds from warrant exercises
Principal payment of debt
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period
Cash, cash equivalents and restricted cash equivalents at end of period

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).

Profitability and Income
The net income (loss) of the company shows significant volatility over the analyzed period. There were substantial losses in 2019 (-$51.1 million), 2020 (-$65.7 million), and 2021 (-$9.1 million). However, a marked turnaround is observed in 2022 with a net income of $216.0 million, followed by a considerable profit of $147.3 million in 2023. This shift indicates a successful transition to profitability starting in 2022.
Non-Cash Expenses and Adjustments
Depreciation and amortization increased steadily from $1.3 million in 2019 to $10.4 million in 2023, reflecting growing investment in assets. Stock-based compensation expenses rose sharply from $3.6 million in 2019 to $73.2 million in 2023, suggesting increased granting of equity incentives. Non-cash lease expenses also rose over the years, indicating growing lease obligations. Loss from equity method investment peaked at $6.3 million in 2021 and then declined.
Asset and Liability Changes
Accounts receivable and inventory consistently increased in absolute negative changes, indicating growing working capital needs or slower collections and accumulation of inventory. Accounts payable showed small fluctuations, ending with a negligible change in 2023. Accrued liabilities witnessed a rise to $32.9 million in 2023, possibly reflecting increased operational accruals. Lease liabilities shifted to a positive change in 2023, contrasting prior years’ decreases.
Cash Flow Trends
Operating cash flows recovered strongly from negative values of -$48.1 million in 2019 and -$71.2 million in 2020 to positive $15.0 million in 2021, $117.7 million in 2022, and $196.1 million in 2023. This recovery aligns with improved profitability. Investing cash flows were negative in 2019, 2020, 2022, and 2023, with a significant outflow of -$625.7 million in 2023 related largely to a $94.4 million business combination and heavy investing activities, including securities purchases. Financing cash flows fluctuated substantially, with inflows driven by stock issuances early on, significant debt proceeds in recent years, and the issuance of convertible debt in 2023 amounting to $730.5 million.
Capital Raising and Debt
Proceeds from common stock issuances were strong in earlier years but ceased after 2020. In 2023, the company raised significant capital via convertible debt issuance totaling over $730 million, which profoundly increased financing cash inflows. Concurrently, principal debt repayments increased, reaching $105 million in 2023, showing active management of debt maturity. Related derivative and warrant payments associated with convertible debt also impacted financing activities.
Liquidity Position
Cash and equivalents grew steadily, from $14.0 million at the end of 2019 to $329.8 million at the end of 2023. This reflects improved cash generation and capital-raising efforts, markedly strengthening liquidity. The net increase in cash was particularly strong in 2023 with a $171.5 million rise.
Other Observations
Deferred income tax liabilities fluctuated, with a notable $97.3 million reduction in 2022 followed by a positive reversal in 2023. The company’s non-cash lease expenses and amortization of debt issuance and securities-related items highlight ongoing financing and lease arrangements complexities. Negative changes in prepaid expenses and other assets likely reflect operational adjustments affecting working capital.