Stock Analysis on Net
Stock Analysis on Net

Shockwave Medical Inc. (NASDAQ:SWAV)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Shockwave Medical Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.47 0.76 0.69 0.25 0.19
Adjusted 0.50 0.89 0.69 0.25 0.18
Liquidity Ratio
Current Ratio
Reported 11.76 7.25 5.54 9.63 9.03
Adjusted 11.78 7.26 5.54 9.64 9.03
Solvency Ratios
Debt to Equity
Reported 1.09 0.05 0.07 0.07 0.07
Adjusted 1.34 0.15 0.19 0.11 0.12
Debt to Capital
Reported 0.52 0.05 0.07 0.07 0.07
Adjusted 0.57 0.13 0.16 0.10 0.11
Financial Leverage
Reported 2.34 1.26 1.43 1.21 1.20
Adjusted 2.55 1.33 1.43 1.21 1.20
Profitability Ratios
Net Profit Margin
Reported 20.17% 44.10% -3.85% -96.92% -119.06%
Adjusted 22.54% 24.18% -3.95% -96.68% -118.70%
Return on Equity (ROE)
Reported 22.03% 42.24% -3.78% -29.11% -26.53%
Adjusted 28.61% 28.57% -3.87% -29.00% -26.42%
Return on Assets (ROA)
Reported 9.40% 33.43% -2.64% -24.15% -22.04%
Adjusted 11.20% 21.56% -2.71% -24.06% -21.95%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Shockwave Medical Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Shockwave Medical Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Shockwave Medical Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Shockwave Medical Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Shockwave Medical Inc. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Shockwave Medical Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Shockwave Medical Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Shockwave Medical Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Shockwave Medical Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Revenue 730,230 489,733 237,146 67,789 42,927
Total assets 1,566,563 646,089 345,682 272,042 231,938
Activity Ratio
Total asset turnover1 0.47 0.76 0.69 0.25 0.19
Adjusted
Selected Financial Data (US$ in thousands)
Revenue 730,230 489,733 237,146 67,789 42,927
Adjusted total assets2 1,469,573 549,231 346,032 272,422 232,132
Activity Ratio
Adjusted total asset turnover3 0.50 0.89 0.69 0.25 0.18

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).

1 2023 Calculation
Total asset turnover = Revenue ÷ Total assets
= 730,230 ÷ 1,566,563 = 0.47

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 730,230 ÷ 1,469,573 = 0.50

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Shockwave Medical Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Current assets 1,225,260 459,263 285,902 246,300 216,697
Current liabilities 104,205 63,374 51,628 25,581 24,008
Liquidity Ratio
Current ratio1 11.76 7.25 5.54 9.63 9.03
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 1,227,439 459,973 286,252 246,680 216,891
Current liabilities 104,205 63,374 51,628 25,581 24,008
Liquidity Ratio
Adjusted current ratio3 11.78 7.26 5.54 9.64 9.03

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).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 1,225,260 ÷ 104,205 = 11.76

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 1,227,439 ÷ 104,205 = 11.78

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Shockwave Medical Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt 731,863 24,198 17,130 16,619 13,819
Stockholders’ equity 668,677 511,316 241,830 225,654 192,653
Solvency Ratio
Debt to equity1 1.09 0.05 0.07 0.07 0.07
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 770,607 60,404 47,189 24,980 22,718
Adjusted stockholders’ equity3 575,296 414,458 242,180 226,034 192,847
Solvency Ratio
Adjusted debt to equity4 1.34 0.15 0.19 0.11 0.12

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).

1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 731,863 ÷ 668,677 = 1.09

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 770,607 ÷ 575,296 = 1.34

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Shockwave Medical Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt 731,863 24,198 17,130 16,619 13,819
Total capital 1,400,540 535,514 258,960 242,273 206,472
Solvency Ratio
Debt to capital1 0.52 0.05 0.07 0.07 0.07
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 770,607 60,404 47,189 24,980 22,718
Adjusted total capital3 1,345,903 474,862 289,369 251,014 215,565
Solvency Ratio
Adjusted debt to capital4 0.57 0.13 0.16 0.10 0.11

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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 731,863 ÷ 1,400,540 = 0.52

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 770,607 ÷ 1,345,903 = 0.57

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Shockwave Medical Inc. adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total assets 1,566,563 646,089 345,682 272,042 231,938
Stockholders’ equity 668,677 511,316 241,830 225,654 192,653
Solvency Ratio
Financial leverage1 2.34 1.26 1.43 1.21 1.20
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 1,469,573 549,231 346,032 272,422 232,132
Adjusted stockholders’ equity3 575,296 414,458 242,180 226,034 192,847
Solvency Ratio
Adjusted financial leverage4 2.55 1.33 1.43 1.21 1.20

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).

1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 1,566,563 ÷ 668,677 = 2.34

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 1,469,573 ÷ 575,296 = 2.55

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Shockwave Medical Inc. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income (loss) 147,278 215,996 (9,136) (65,699) (51,109)
Revenue 730,230 489,733 237,146 67,789 42,927
Profitability Ratio
Net profit margin1 20.17% 44.10% -3.85% -96.92% -119.06%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)2 164,615 118,415 (9,377) (65,539) (50,956)
Revenue 730,230 489,733 237,146 67,789 42,927
Profitability Ratio
Adjusted net profit margin3 22.54% 24.18% -3.95% -96.68% -118.70%

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).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) ÷ Revenue
= 100 × 147,278 ÷ 730,230 = 20.17%

2 Adjusted net income (loss). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenue
= 100 × 164,615 ÷ 730,230 = 22.54%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Shockwave Medical Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income (loss) 147,278 215,996 (9,136) (65,699) (51,109)
Stockholders’ equity 668,677 511,316 241,830 225,654 192,653
Profitability Ratio
ROE1 22.03% 42.24% -3.78% -29.11% -26.53%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)2 164,615 118,415 (9,377) (65,539) (50,956)
Adjusted stockholders’ equity3 575,296 414,458 242,180 226,034 192,847
Profitability Ratio
Adjusted ROE4 28.61% 28.57% -3.87% -29.00% -26.42%

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).

1 2023 Calculation
ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 147,278 ÷ 668,677 = 22.03%

2 Adjusted net income (loss). See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 164,615 ÷ 575,296 = 28.61%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Shockwave Medical Inc. adjusted ROE improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income (loss) 147,278 215,996 (9,136) (65,699) (51,109)
Total assets 1,566,563 646,089 345,682 272,042 231,938
Profitability Ratio
ROA1 9.40% 33.43% -2.64% -24.15% -22.04%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income (loss)2 164,615 118,415 (9,377) (65,539) (50,956)
Adjusted total assets3 1,469,573 549,231 346,032 272,422 232,132
Profitability Ratio
Adjusted ROA4 11.20% 21.56% -2.71% -24.06% -21.95%

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).

1 2023 Calculation
ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 147,278 ÷ 1,566,563 = 9.40%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 164,615 ÷ 1,469,573 = 11.20%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Shockwave Medical Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.