Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Shockwave Medical Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a general upward trend from March 31, 2020, to March 31, 2024. Starting at 3.89, the ratio shows fluctuation in the initial periods but then increases significantly, peaking around 11.28 in June 30, 2022. After this peak, it experiences a slight decline and stabilizes around 10.0 by the end of the observed period. This suggests that the company has been increasingly efficient in generating revenue from its fixed assets over time, although some volatility is noted in the latest quarters.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When including operating lease and right-of-use assets, the net fixed asset turnover starts considerably lower than the standard fixed asset turnover, at 2.36 in March 31, 2020. The ratio increases steadily reaching a high of 7.4 in December 31, 2023, followed by a slight decrease to 6.94 in March 31, 2024. This trajectory reflects improved utilization of overall fixed assets, including leased assets, indicating enhanced operational efficiency with respect to these assets.
- Total Asset Turnover
- The total asset turnover shows a marked improvement from 0.23 in March 31, 2020, rising to a peak of 0.9 in September 30, 2022. This represents growing efficiency in using the company’s total asset base to generate sales. However, a notable decline follows, dropping to around 0.46-0.48 in the final two reported quarters. This decline may suggest either an increase in asset base without proportional revenue growth or a temporary slowdown in operational efficiency for the periods ending December 31, 2023, and March 31, 2024.
- Equity Turnover
- The equity turnover ratio follows an overall upward trend, moving from 0.29 in March 31, 2020, to a peak above 1.2 in September 30, 2022. This indicates that over these periods, the company increasingly generated revenue relative to shareholders' equity. After this peak, the ratio moderates but remains above 1.0, with values around 1.05 as of March 31, 2024. This suggests consistent utilization of equity in supporting revenue generation despite some moderation in the latest quarters.
Net Fixed Asset Turnover
Shockwave Medical Inc., net fixed asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| 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) | ||||||
| Property and equipment, net | 78,693) | 68,923) | 62,017) | 59,803) | 54,057) | 48,152) | 39,265) | 32,253) | 27,886) | 24,361) | 23,085) | 21,467) | 20,233) | 16,362) | 13,282) | 13,287) | 13,084) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Net fixed asset turnover1 | 10.01 | 10.59 | 10.82 | 10.31 | 10.31 | 10.17 | 10.95 | 11.28 | 10.72 | 9.73 | 7.61 | 6.06 | 4.18 | 4.14 | 4.47 | 3.85 | 3.89 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 3.99 | 3.95 | 4.18 | 4.26 | 4.47 | 4.76 | 5.18 | 5.17 | 5.00 | 4.81 | 4.79 | 4.56 | 4.23 | — | — | — | — | ||||||
| Elevance Health Inc. | 38.32 | 39.05 | 39.41 | 36.19 | 36.14 | 36.07 | 36.22 | 36.17 | 35.81 | 34.94 | 34.54 | 34.17 | 34.94 | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 1.93 | 2.01 | 2.23 | 2.35 | 2.49 | 2.62 | 2.73 | 2.83 | 3.00 | 3.04 | 3.16 | 3.13 | 2.86 | — | — | — | — | ||||||
| Medtronic PLC | 5.57 | 5.61 | 5.66 | 5.82 | 5.88 | 5.85 | 6.05 | 6.13 | 6.12 | 5.77 | 5.56 | 5.64 | 5.72 | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 35.98 | 32.10 | 32.18 | 31.60 | 31.35 | 31.81 | 33.07 | 32.33 | 32.16 | 31.81 | 31.77 | 30.94 | 30.76 | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2024 Calculation
Net fixed asset turnover
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ Property and equipment, net
= (218,805 + 202,979 + 186,020 + 180,165)
÷ 78,693 = 10.01
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibited a generally strong upward trajectory over the observed period, increasing from $15,197 thousand at the end of Q1 2020 to $218,805 thousand by Q1 2024. Despite a slight dip in Q2 2020 to $10,286 thousand, subsequent quarters showed robust growth. Notably, revenue more than doubled between Q1 2021 ($31,900 thousand) and Q1 2022 ($93,631 thousand), reflecting accelerating sales momentum. This trend remained consistent through 2023 and into Q1 2024, demonstrating sustained demand expansion.
- Property and Equipment, Net
- The net value of property and equipment steadily increased from $13,084 thousand in Q1 2020 to $78,693 thousand in Q1 2024. This gradual increment suggests ongoing capital investments and asset acquisitions aimed at supporting business growth. The rise was particularly pronounced after Q1 2021, indicating an accelerated investment phase possibly linked to scaling operations or capacity expansion.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio fluctuated significantly but displayed an overall upward trend through the period. Starting at 3.89 in Q1 2020, the ratio saw periods of variability but surged notably from Q2 2021 onwards, peaking at 11.28 in Q2 2022. This indicates increasing efficiency in generating revenue from fixed assets during this time. Although a slight decline occurred afterward, the ratio stabilized above 10, signaling maintained high productivity of fixed assets relative to revenue generation.
- Combined Insights
- The data illustrates a company experiencing robust revenue growth alongside increasing investment in property and equipment. The rising net fixed asset turnover ratio suggests that the company has effectively leveraged these capital investments to enhance revenue-generating efficiency. Despite some short-term fluctuations, the upward trends in both asset base and operational efficiency indicate an improving operational scale and capacity utilization over the analyzed quarters.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Shockwave Medical Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (218,805 + 202,979 + 186,020 + 180,165)
÷ 113,612 = 6.94
- Revenue Trends
- The revenue exhibits a consistent upward trajectory over the analyzed periods. Starting from approximately $15.2 million at the end of Q1 2020, revenue experienced some volatility in the initial quarters, including a dip to around $10.3 million in Q2 2020, followed by recovery and growth. From Q1 2021 onwards, revenue growth accelerated significantly, reaching over $218.8 million by Q1 2024. This represents more than a fourteenfold increase from the lowest quarter within the data range, highlighting strong sales momentum and possibly market expansion or product uptake.
- Property and Equipment, Net
- The net value of property and equipment, which includes operating lease right-of-use assets, shows a steady increase across the timeline. Beginning at about $21.6 million in Q1 2020, this metric rose gradually with occasional larger jumps, notably between Q3 and Q4 2021, where the figure increased substantially from approximately $34.9 million to $51.9 million. By Q1 2024, the asset base had grown to around $113.6 million. This continuous investment suggests capacity expansion, possibly to support growing operational needs aligned with revenue growth.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, which measures how efficiently the company uses its fixed assets to generate revenue, generally improved over the observed periods. Starting in the vicinity of 2.36 in Q1 2020, the ratio exhibited fluctuations but a clear positive trend overall. It reached a peak above 7.4 in Q4 2023 before slightly declining to 6.94 by Q1 2024. The upward trend indicates increasing operational efficiency, where revenue growth is outpacing increases in fixed asset investment. The slight dip in the most recent period may warrant monitoring but does not negate the broader improvement in asset utilization efficiency.
- Overall Analysis
- The data indicates robust business growth with a strong upward trend in revenue, supported by continuous investment in fixed assets. The improvement in net fixed asset turnover ratio suggests that these investments have been effectively leveraged to generate higher sales. The combination of expanding asset base and improving efficiency points to healthy operational scaling. The slight recent dip in asset turnover could reflect timing differences between asset addition and revenue realization or emerging operational challenges, hence it would be prudent to review future quarters for confirmation of this trend.
Total Asset Turnover
Shockwave Medical Inc., total asset turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| 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) | ||||||
| Total assets | 1,643,747) | 1,566,563) | 1,473,959) | 786,604) | 783,247) | 646,089) | 475,809) | 417,145) | 372,520) | 345,682) | 298,995) | 276,359) | 269,070) | 272,042) | 280,658) | 287,353) | 220,738) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Total asset turnover1 | 0.48 | 0.47 | 0.46 | 0.78 | 0.71 | 0.76 | 0.90 | 0.87 | 0.80 | 0.69 | 0.59 | 0.47 | 0.31 | 0.25 | 0.21 | 0.18 | 0.23 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 0.56 | 0.55 | 0.55 | 0.55 | 0.56 | 0.59 | 0.62 | 0.61 | 0.60 | 0.57 | 0.57 | 0.55 | 0.51 | — | — | — | — | ||||||
| Elevance Health Inc. | 1.52 | 1.56 | 1.52 | 1.51 | 1.46 | 1.51 | 1.48 | 1.47 | 1.42 | 1.41 | 1.35 | 1.33 | 1.29 | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 0.46 | 0.46 | 0.47 | 0.48 | 0.49 | 0.48 | 0.46 | 0.44 | 0.43 | 0.42 | 0.42 | 0.42 | 0.39 | — | — | — | — | ||||||
| Medtronic PLC | 0.35 | 0.34 | 0.33 | 0.33 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | 0.32 | 0.29 | 0.29 | 0.30 | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 1.32 | 1.34 | 1.26 | 1.23 | 1.18 | 1.31 | 1.29 | 1.32 | 1.33 | 1.34 | 1.30 | 1.29 | 1.27 | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2024 Calculation
Total asset turnover
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ Total assets
= (218,805 + 202,979 + 186,020 + 180,165)
÷ 1,643,747 = 0.48
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibited a general upward trajectory over the periods analyzed. Starting from approximately $15.2 million in the first quarter of 2020, revenue showed some volatility initially, declining to around $10.3 million in the second quarter of 2020, then increasing significantly by the end of that year. From early 2021 onward, revenue growth became more stable and pronounced, rising consistently each quarter. By the first quarter of 2024, revenue reached approximately $218.8 million, representing a substantial increase compared to the starting point.
- Total Assets Trends
- Total assets demonstrated a steady increase over the reported periods. Beginning at roughly $220.7 million in the first quarter of 2020, assets grew moderately through 2021 and accelerated substantially starting in 2022. Notably, there was a sharp increase between the fourth quarter of 2022 and the first quarter of 2024, culminating in total assets valued at approximately $1.64 billion. This indicates significant asset accumulation, possibly reflecting investments, acquisitions, or capital expenditures.
- Total Asset Turnover Trends
- Total asset turnover fluctuated within the range of 0.18 to 0.9 over the examined timeframe. The ratio began at 0.23 in the first quarter of 2020 and initially declined to a low of 0.18 in mid-2020. From that point, there was a notable improvement, peaking at 0.9 in the third quarter of 2022, which suggests more efficient asset utilization relative to revenue at that point. However, following this peak, the ratio decreased and stabilized somewhat lower, fluctuating near 0.46-0.48 in early 2024. This pattern may indicate increased asset base growth outpacing revenue growth or diminishing efficiency in asset utilization during the latest periods.
- Overall Insights
- The company has experienced robust revenue growth alongside substantial asset expansion over the analyzed quarters. The sharp increase in total assets, especially from 2022 onwards, likely reflects strategic investments or capital increases that may support future growth. The fluctuations in total asset turnover highlight periods of improving and then declining efficiency in translating asset investments into revenue. The recent decline in this ratio could warrant further examination to ensure that asset utilization remains optimal in the context of continuing revenue increases.
Equity Turnover
Shockwave Medical Inc., equity turnover calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| 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) | ||||||
| Stockholders’ equity | 751,757) | 668,677) | 601,245) | 616,912) | 570,687) | 511,316) | 355,930) | 305,068) | 267,823) | 241,830) | 220,291) | 208,347) | 204,254) | 225,654) | 237,047) | 245,423) | 177,772) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||
| Equity turnover1 | 1.05 | 1.09 | 1.12 | 1.00 | 0.98 | 0.96 | 1.21 | 1.19 | 1.12 | 0.98 | 0.80 | 0.62 | 0.41 | 0.30 | 0.25 | 0.21 | 0.29 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 1.04 | 1.04 | 1.07 | 1.08 | 1.12 | 1.19 | 1.26 | 1.25 | 1.26 | 1.20 | 1.23 | 1.19 | 1.11 | — | — | — | — | ||||||
| Elevance Health Inc. | 4.20 | 4.33 | 4.36 | 4.31 | 4.27 | 4.29 | 4.22 | 4.13 | 3.97 | 3.80 | 3.71 | 3.65 | 3.65 | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 0.52 | 0.54 | 0.55 | 0.56 | 0.57 | 0.56 | 0.53 | 0.50 | 0.49 | 0.48 | 0.48 | 0.48 | 0.45 | — | — | — | — | ||||||
| Medtronic PLC | 0.62 | 0.61 | 0.60 | 0.59 | 0.59 | 0.60 | 0.60 | 0.61 | 0.61 | 0.59 | 0.55 | 0.56 | 0.56 | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 4.33 | 4.14 | 4.22 | 4.19 | 4.10 | 4.14 | 4.19 | 4.18 | 4.06 | 3.98 | 3.95 | 3.92 | 3.94 | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2024 Calculation
Equity turnover
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ Stockholders’ equity
= (218,805 + 202,979 + 186,020 + 180,165)
÷ 751,757 = 1.05
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the observed periods, particularly in revenue, stockholders’ equity, and equity turnover ratio.
- Revenue
- Revenue has demonstrated a generally strong upward trajectory throughout the observed quarters, beginning at approximately $15.2 million and advancing to over $218.8 million by the last period. While there were some fluctuations early on, including a dip from March to June 2020, the overall pattern is one of robust growth, particularly evident from 2021 onward where quarterly revenues consistently increased, indicating expanding business operations or improving market conditions.
- Stockholders' Equity
- Stockholders' equity also shows a pronounced increase over time, starting near $178 million and growing to $752 million by the latest quarter. Initial periods up to early 2021 display some volatility, with equity decreasing in certain quarters; however, from 2021 onwards, the equity base exhibits steady appreciation. The substantial rise particularly from late 2021 through 2023 suggests retained earnings accumulation, capital infusions, or revaluation gains, reflecting strengthened financial stability and capacity for future investment.
- Equity Turnover Ratio
- This ratio, which measures the efficiency of using equity to generate revenue, initially fluctuated between 0.21 and 0.30 but then increased significantly through 2021 and 2022, reaching a peak slightly above 1.2. The ratio moderated somewhat in the last year but remained close to one, indicating that the company is generating revenue roughly equal to its equity base annually. The steady improvement in this ratio through the middle of the timeline points to enhanced operational efficiency or higher asset utilization, while the recent stabilization may reflect a balance between growth and capital expansion.
In summary, the data highlights strong growth in revenue accompanied by substantial increases in stockholders’ equity, suggesting enhanced capital strength supporting operational expansion. The equity turnover ratio's improvement reflects improved use of equity in generating sales, with recent values indicating a mature stage of efficiency. Together, these trends suggest positive financial development with effective capital management and scaling of business operations over the observed periods.