Stock Analysis on Net
Stock Analysis on Net

Shockwave Medical Inc. (NASDAQ:SWAV)

This company has been moved to the archive! The financial data has not been updated since May 6, 2024.

Analysis of Operating Leases

Microsoft Excel

An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases

Shockwave Medical Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 1,566,563 646,089 345,682 272,042 231,938
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 — — — — —
Total assets (adjusted) 1,566,563 646,089 345,682 272,042 231,938
Adjustment to Total Debt
Total debt (as reported) 731,863 24,198 17,130 16,619 13,819
Add: Operating lease liability (before adoption of FASB Topic 842)2 — — — — —
Add: Operating lease liability, current portion 3,641 1,278 1,738 873 774
Add: Operating lease liability, noncurrent portion 35,103 34,928 28,321 7,488 8,125
Total debt (adjusted) 770,607 60,404 47,189 24,980 22,718

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, 2 Equal to total present value of future operating lease payments.

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

Adjusted Financial Ratios for Operating Leases (Summary)

Shockwave Medical Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Total Asset Turnover1
Reported total asset turnover 0.47 0.76 0.69 0.25 0.19
Adjusted total asset turnover 0.47 0.76 0.69 0.25 0.19
Debt to Equity2
Reported debt to equity 1.09 0.05 0.07 0.07 0.07
Adjusted debt to equity 1.15 0.12 0.20 0.11 0.12
Return on Assets3 (ROA)
Reported ROA 9.40% 33.43% -2.64% -24.15% -22.04%
Adjusted ROA 9.40% 33.43% -2.64% -24.15% -22.04%

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 See details »

2 See details »

3 See details »

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 debt to equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Shockwave Medical Inc. adjusted debt to equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as 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 not reaching 2021 level.

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
As 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 for Operating Leases
Selected Financial Data (US$ in thousands)
Revenue 730,230 489,733 237,146 67,789 42,927
Adjusted total assets 1,566,563 646,089 345,682 272,042 231,938
Activity Ratio
Adjusted total asset turnover2 0.47 0.76 0.69 0.25 0.19

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).

2023 Calculations

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

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 730,230 ÷ 1,566,563 = 0.47

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 Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As 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 for Operating Leases
Selected Financial Data (US$ in thousands)
Adjusted total debt 770,607 60,404 47,189 24,980 22,718
Stockholders’ equity 668,677 511,316 241,830 225,654 192,653
Solvency Ratio
Adjusted debt to equity2 1.15 0.12 0.20 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).

2023 Calculations

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

2 Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity
= 770,607 ÷ 668,677 = 1.15

Solvency ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Shockwave Medical Inc. adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly 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
As 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 for Operating Leases
Selected Financial Data (US$ in thousands)
Net income (loss) 147,278 215,996 (9,136) (65,699) (51,109)
Adjusted total assets 1,566,563 646,089 345,682 272,042 231,938
Profitability Ratio
Adjusted ROA2 9.40% 33.43% -2.64% -24.15% -22.04%

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).

2023 Calculations

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

2 Adjusted ROA = 100 × Net income (loss) ÷ Adjusted total assets
= 100 × 147,278 ÷ 1,566,563 = 9.40%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as 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 not reaching 2021 level.