Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
Shockwave Medical Inc., consolidated statement of comprehensive income
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).
The financial performance from 2019 through 2023 demonstrates a significant transition from substantial operational losses to consistent profitability. A clear trend of recovery is observed, peaking in 2022 before stabilizing at a lower but positive level in 2023.
- Net Income Trajectory
- A period of volatility and loss is evident between 2019 and 2021, with losses deepening in 2020 to 65,699 thousand US dollars. A sharp recovery occurred in 2021, reducing the loss to 9,136 thousand US dollars, followed by a pivot to profitability in 2022 with a net income of 215,996 thousand US dollars. While net income decreased to 147,278 thousand US dollars in 2023, the company maintained a strong positive earnings position compared to the 2019-2021 period.
- Other Comprehensive Income (OCI) Components
- The impact of other comprehensive income remains marginal relative to net income. Unrealized gains and losses on available-for-sale securities fluctuated, showing a downward trend through 2022, reaching a low of -659 thousand US dollars. However, 2023 saw a reversal with an unrealized gain of 1,165 thousand US dollars. Adjustments for realized gains and losses were minimal, contributing negligible amounts to the overall comprehensive income.
- Comprehensive Income Analysis
- Comprehensive income closely tracks net income due to the relatively small scale of OCI. The trend mirrors the net income trajectory: substantial losses in 2019 and 2020, a near-breakeven state in 2021, and a surge to 215,331 thousand US dollars in 2022. The 2023 comprehensive income of 148,438 thousand US dollars reflects the combined effect of a decrease in net income and a positive swing in other comprehensive income.
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