Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Shockwave Medical Inc., profitability 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Gross Profit Margin
- The gross profit margin shows a consistent and marked upward trend from 2019 to early 2024. Starting at 60.03% in the first recorded quarter of 2020, it steadily increased to reach approximately 87% by March 31, 2024. This indicates significant improvements in production efficiency or pricing power, contributing to higher profitability at the gross level over the period.
- Operating Profit Margin
- The operating profit margin experienced a severe loss initially, with values below -100% in early 2020. However, it showed continuous improvement, transitioning from deeply negative margins through 2019 and 2020 to positive territory by early 2022. From March 31, 2022 onward, the margin maintained a positive range, peaking at around 26.67% in mid-2023 before slightly declining to about 20.52% in the first quarter of 2024. This trend reflects substantial progress in operational efficiency and cost management over the analyzed period.
- Net Profit Margin
- The net profit margin closely mirrors the pattern of the operating profit margin, beginning with significant losses exceeding -100% in 2019 and early 2020. Improvements are evident through 2021, with the margin turning positive by March 31, 2022. The margin reached a high of 44.1% in March 2023 before declining moderately to around 20.75% by the first quarter of 2024. This behavior indicates enhanced overall profitability after accounting for all expenses, taxes, and other non-operating factors.
- Return on Equity (ROE)
- ROE values were negative throughout 2019 and 2020, reflecting unprofitable equity utilization. The ratio deteriorated sharply in late 2019 and early 2020 but began trending upwards in late 2020. By March 31, 2022, ROE turned positive, reaching a peak of about 42.24% in March 2023. Subsequently, it decreased to approximately 21.75% by March 31, 2024. The upward trend demonstrates improved effectiveness in generating profit from shareholders’ equity, followed by some moderation in returns more recently.
- Return on Assets (ROA)
- The ROA followed a similar trajectory as ROE, remaining negative through 2019 and the majority of 2020. It gradually improved from late 2020 onward, turning positive by early 2022. The ratio peaked near 33.43% at the end of 2022 but exhibited a decline to just under 10% by the first quarter of 2024. This indicates better asset utilization to generate earnings over time, with recent decreases possibly signaling changes in asset base or profitability dynamics.
Return on Sales
Return on Investment
Gross Profit Margin
Shockwave Medical Inc., gross profit margin 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Gross profit | 190,598) | 177,663) | 161,507) | 155,672) | 140,000) | 126,524) | 113,456) | 104,016) | 80,741) | 71,520) | 54,206) | 45,974) | 24,008) | 16,245) | 14,313) | 6,694) | 9,546) | 8,760) | 6,932) | 5,879) | 4,197) | |||||||
| 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) | 14,313) | 11,333) | 10,012) | 7,269) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | 86.99% | 86.94% | 86.95% | 86.87% | 86.87% | 86.73% | 86.01% | 85.36% | 84.46% | 82.53% | 79.94% | 77.27% | 72.50% | 69.03% | 66.20% | 62.45% | 61.19% | 60.03% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 50.27% | 50.28% | 49.97% | 50.23% | 50.66% | 51.54% | 52.60% | 53.54% | 52.44% | 52.21% | 52.01% | 50.69% | 51.25% | 50.49% | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 14.55% | 14.94% | 15.34% | 15.69% | 16.16% | 16.62% | 16.94% | 17.12% | 17.35% | 17.48% | 17.35% | 17.43% | 17.99% | 18.01% | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 16.92% | 16.79% | 16.86% | 16.89% | 16.90% | 16.79% | 16.85% | 16.79% | 16.89% | 17.09% | 17.30% | 17.57% | 19.38% | 19.71% | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 66.43% | 66.39% | 66.61% | 66.74% | 66.86% | 67.44% | 67.77% | 68.16% | 68.84% | 69.32% | 69.12% | 68.69% | 66.48% | 65.65% | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 65.68% | 65.67% | 66.43% | 67.21% | 67.61% | 67.98% | 67.89% | 67.39% | 66.53% | 65.19% | 63.85% | 64.57% | 65.76% | 67.41% | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 23.18% | 23.64% | 24.16% | 24.08% | 24.20% | 24.09% | 23.74% | 23.51% | 23.31% | 23.60% | 23.75% | 23.80% | 25.79% | 25.62% | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2024 Calculation
Gross profit margin = 100
× (Gross profitQ1 2024
+ Gross profitQ4 2023
+ Gross profitQ3 2023
+ Gross profitQ2 2023)
÷ (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
= 100 × (190,598 + 177,663 + 161,507 + 155,672)
÷ (218,805 + 202,979 + 186,020 + 180,165)
= 86.99%
2 Click competitor name to see calculations.
- Revenue Trend
- Revenue displayed a generally strong upward trajectory over the observed period, starting at US$ 7.3 million in March 2019 and increasing significantly to US$ 218.8 million by March 2024. Despite some fluctuations, particularly a dip in the middle of 2020, the overall growth rate is pronounced and consistent, highlighting robust sales growth throughout the years.
- Gross Profit Trend
- Gross profit followed a similar growth pattern to revenue, rising from US$ 4.2 million in March 2019 to US$ 190.6 million in March 2024. The gross profit values show occasional dips that align with periods of lower revenue, notably mid-2020, but the general momentum reflects improved scalability and profitability as the company increased its sales volume substantially.
- Gross Profit Margin Analysis
- The gross profit margin exhibited a notable upward trend over the years, beginning around 60% in early 2020 and reaching close to 87% by 2024. This substantial improvement indicates enhanced operational efficiency or pricing power, as the company managed to retain a larger proportion of revenue as gross profit. The margin improved steadily without significant reversals, suggesting sustained cost management or value enhancement.
- Inter-period Observations
- The data around mid-2020 show a period of decreased revenues and gross profits, possibly indicative of external challenges or operational setbacks. However, the company appears to have recovered strongly afterward, with both revenue and gross profit surging in subsequent quarters, reinforcing the positive overall growth trend.
- Summary
- Overall, the financial data reveals a company experiencing rapid and sustainable growth in revenues accompanied by increasing gross profits and improving profit margins. The strengthening gross profit margin underscores enhanced efficiency or cost control, contributing to more profitable operations. This combination of expanding top-line figures and rising profitability metrics points toward a favorable financial condition and positive operational leverage over the reported time frame.
Operating Profit Margin
Shockwave Medical Inc., operating profit margin 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Income (loss) from operations | 42,407) | 43,282) | 43,623) | 32,374) | 39,814) | 42,423) | 36,763) | 29,576) | 15,372) | 13,983) | 2,813) | (180) | (17,487) | (15,866) | (12,807) | (18,011) | (18,979) | (15,362) | (13,065) | (11,253) | (12,159) | |||||||
| 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) | 14,313) | 11,333) | 10,012) | 7,269) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | 20.52% | 21.79% | 23.57% | 24.55% | 26.67% | 25.35% | 22.26% | 16.98% | 10.70% | -0.37% | -17.49% | -35.61% | -75.95% | -96.86% | -109.72% | -127.95% | -115.35% | -120.76% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 15.76% | 16.15% | 15.02% | 15.23% | 16.77% | 19.16% | 20.95% | 22.42% | 20.73% | 19.56% | 20.04% | 18.46% | 17.97% | 15.48% | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 3.49% | 3.85% | 4.04% | 1.88% | 2.33% | 2.41% | 2.02% | 4.35% | 4.39% | 4.54% | 4.75% | 4.93% | 5.19% | 5.19% | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 4.64% | 4.47% | 4.58% | 4.96% | 4.99% | 4.94% | 5.01% | 5.07% | 5.10% | 5.15% | 4.91% | 3.68% | 4.83% | 4.97% | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 25.26% | 24.80% | 24.66% | 24.34% | 24.21% | 25.35% | 27.05% | 28.48% | 30.69% | 31.89% | 32.55% | 31.27% | 26.01% | 24.09% | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 17.83% | 17.56% | 18.17% | 19.02% | 19.37% | 18.15% | 17.89% | 16.68% | 14.78% | 14.89% | 11.44% | 12.77% | 14.25% | 16.57% | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 8.58% | 8.80% | 8.86% | 8.83% | 8.87% | 8.83% | 8.65% | 8.32% | 8.19% | 8.40% | 7.91% | 7.73% | 9.24% | 8.76% | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2024 Calculation
Operating profit margin = 100
× (Income (loss) from operationsQ1 2024
+ Income (loss) from operationsQ4 2023
+ Income (loss) from operationsQ3 2023
+ Income (loss) from operationsQ2 2023)
÷ (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
= 100 × (42,407 + 43,282 + 43,623 + 32,374)
÷ (218,805 + 202,979 + 186,020 + 180,165)
= 20.52%
2 Click competitor name to see calculations.
- Income (loss) from operations
- The operational income exhibits a highly volatile pattern over the analyzed periods. Initially, there were consistent and significant losses from March 2019 through March 2021, with the largest losses occurring in late 2019 and early 2020. However, starting mid-2021, a marked improvement is visible, with the company moving from operating losses into positive operational income. This upward trend continues steadily through 2022 and into 2023 and 2024, reaching a peak in the fourth quarter of 2022. Throughout 2023 and early 2024, operational income remains strong but displays some fluctuation, with a slight decline in the second quarter of 2023 before rebounding again.
- Revenue
- Revenue shows a clear and consistent growth trajectory across the periods. Beginning with a moderate revenue base in early 2019, the company experiences a notable increase particularly from 2020 onward. Growth accelerates significantly in 2021, with quarterly revenues nearly doubling compared to earlier years. This expansion continues aggressively through 2022 and early 2024, with quarterly revenue more than tripling compared to the 2019 levels. The increasing revenue trend is steady, suggesting sustained demand or successful market expansion.
- Operating profit margin
- The operating profit margin shows a dramatic turnaround over the period under review. Initially, the margin was deeply negative, reflecting substantial losses relative to revenue. From 2019 through early 2021, the margin remains negative but improves progressively, moving from around -120% to near break-even by late 2021. Starting in 2022, the company records positive operating profit margins, increasing steadily to peak above 26% in late 2022. Margins remain robust throughout 2023 and early 2024, although a gradual downward trend in margin percentage is observed toward the end of the period. Despite this slight decline, the margins indicate a substantial operational improvement and enhanced profitability compared to earlier periods.
- Overall trends and insights
- There is a clear transition from operational losses to profitability, driven by sustained revenue growth and improving operational efficiency. The company appears to have shifted from a developmental or investment phase into a maturity or growth profitability phase around mid-2021. While revenue growth remains strong, the leveling off and slight decline in operating profit margin in late 2023 and early 2024 may suggest emerging cost pressures or investments that could impact profitability ratios going forward. Continuous monitoring of margin trends alongside revenue growth is advisable to maintain financial health.
Net Profit Margin
Shockwave Medical Inc., net profit margin 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net income (loss) | 55,346) | 44,305) | 34,986) | 28,862) | 39,125) | 140,911) | 35,003) | 25,561) | 14,521) | 12,942) | 1,948) | (425) | (23,601) | (15,874) | (12,932) | (18,118) | (18,775) | (14,745) | (12,957) | (10,608) | (12,799) | |||||||
| 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) | 14,313) | 11,333) | 10,012) | 7,269) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | 20.75% | 20.17% | 36.33% | 39.56% | 43.18% | 44.10% | 20.48% | 15.11% | 9.70% | -3.85% | -21.60% | -40.60% | -83.47% | -96.92% | -108.73% | -126.34% | -112.25% | -119.06% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 13.96% | 14.27% | 12.92% | 12.83% | 13.98% | 15.88% | 17.52% | 18.78% | 17.35% | 16.42% | 17.12% | 15.85% | 15.33% | 12.99% | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 2.04% | 2.34% | 2.48% | 0.86% | 1.20% | 1.29% | 1.00% | 2.66% | 2.68% | 2.72% | 2.67% | 2.60% | 2.74% | 2.68% | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 3.66% | 3.52% | 3.63% | 3.89% | 3.89% | 3.87% | 4.09% | 4.13% | 4.37% | 4.46% | 4.17% | 3.32% | 3.82% | 3.78% | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 27.16% | 25.24% | 22.14% | 21.38% | 20.40% | 21.25% | 22.52% | 24.05% | 27.84% | 29.85% | 30.78% | 31.43% | 25.78% | 24.33% | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 11.47% | 12.03% | 13.20% | 14.03% | 16.75% | 15.90% | 15.46% | 14.79% | 12.29% | 11.97% | 10.36% | 12.69% | 15.80% | 16.56% | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 4.09% | 6.09% | 6.09% | 6.11% | 6.21% | 6.25% | 6.21% | 5.99% | 5.91% | 6.06% | 5.56% | 5.37% | 6.46% | 6.03% | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2024 Calculation
Net profit margin = 100
× (Net income (loss)Q1 2024
+ Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023)
÷ (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
= 100 × (55,346 + 44,305 + 34,986 + 28,862)
÷ (218,805 + 202,979 + 186,020 + 180,165)
= 20.75%
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibited a consistent growth trend over the analyzed periods. Starting from $7.3 million in the first quarter of 2019, revenue increased steadily each quarter, reaching $218.8 million by the first quarter of 2024. Notably, the growth pace accelerated from 2021 onwards, with revenue surpassing $100 million in early 2021 and nearly doubling by early 2024.
- Net Income (Loss) Patterns
- Net income showed considerable volatility initially, with substantial losses recorded through 2019 and much of 2020. Losses peaked at approximately -$18.8 million in Q1 2020. However, a marked inflection occurred starting in mid-2021, transitioning from losses to positive net income. By Q1 2022, net income became consistently positive, showing a strong upward trajectory, culminating in $55.3 million by Q1 2024. This shift indicates improved profitability and operational efficiency.
- Net Profit Margin Development
- Profit margins mirrored the net income trend, remaining deeply negative in the early periods, with margins worse than -100% around 2019 and early 2020. Margins improved gradually, moving toward breakeven by late 2021. From Q1 2022 forward, margins turned positive and increased significantly, reaching a high of 44.1% in early 2023. Although profit margins experienced some fluctuations thereafter, they have remained well above 20%, indicating strong profitability relative to revenue.
- Overall Insights
- The data reveals a trajectory from initial operating losses and negative profitability to a mature phase characterized by robust revenue growth and sustained profitability. The company's performance improvements are highlighted by significant revenue expansion, a net income turnaround from losses to robust gains, and a corresponding improvement in net profit margins. This suggests strategic, operational, or market factors positively impacted the financial outcomes, reflecting enhanced business scalability and cost management over the period analyzed.
Return on Equity (ROE)
Shockwave Medical Inc., ROE calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net income (loss) | 55,346) | 44,305) | 34,986) | 28,862) | 39,125) | 140,911) | 35,003) | 25,561) | 14,521) | 12,942) | 1,948) | (425) | (23,601) | (15,874) | (12,932) | (18,118) | (18,775) | (14,745) | (12,957) | (10,608) | (12,799) | |||||||
| 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) | 192,653) | 108,250) | 119,413) | 129,186) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | 21.75% | 22.03% | 40.56% | 39.54% | 42.16% | 42.24% | 24.73% | 18.02% | 10.82% | -3.78% | -17.23% | -25.36% | -34.53% | -29.11% | -27.24% | -26.32% | -32.11% | -26.53% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 14.51% | 14.83% | 13.77% | 13.88% | 15.68% | 18.90% | 22.11% | 23.44% | 21.82% | 19.75% | 21.04% | 18.86% | 17.06% | 13.71% | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 9.90% | 10.91% | 11.57% | 4.02% | 5.57% | 5.84% | 4.46% | 10.86% | 10.83% | 10.54% | 10.20% | 9.83% | 10.44% | 10.35% | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 15.38% | 15.23% | 15.82% | 16.78% | 16.62% | 16.59% | 17.26% | 17.04% | 17.36% | 16.93% | 15.44% | 12.10% | 13.92% | 13.77% | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 14.24% | 13.51% | 12.10% | 12.00% | 11.70% | 11.98% | 11.97% | 11.93% | 13.58% | 14.32% | 14.80% | 14.97% | 11.56% | 10.90% | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 7.07% | 7.30% | 7.90% | 8.33% | 9.88% | 9.59% | 9.35% | 9.05% | 7.54% | 7.01% | 5.70% | 7.05% | 8.77% | 9.44% | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 17.72% | 25.22% | 25.67% | 25.63% | 25.46% | 25.87% | 26.03% | 25.07% | 23.98% | 24.09% | 21.95% | 21.03% | 25.42% | 23.52% | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2024 Calculation
ROE = 100
× (Net income (loss)Q1 2024
+ Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023)
÷ Stockholders’ equity
= 100 × (55,346 + 44,305 + 34,986 + 28,862)
÷ 751,757 = 21.75%
2 Click competitor name to see calculations.
The net income results demonstrate considerable volatility throughout the observed periods. Initially, the company faced a series of net losses from March 2019 through December 2020, with the lowest point recorded in March 2021 at a loss of 23,601 thousand US dollars. Starting from June 2021, net income transitioned into positive territory, showing incremental growth that culminated in a significant peak in December 2022 with a net income of 140,911 thousand US dollars. Since this peak, net income has fluctuated but remains substantially positive, indicating improved profitability over the long term.
Stockholders' equity indicates a general upward trend over the entire period under review. The equity declined initially from 129,186 thousand US dollars in March 2019 to 108,250 thousand in September 2019, after which a steady and notable increase is observed. By March 2024, stockholders' equity reached 751,757 thousand US dollars, suggesting a strengthening equity base and potentially increased retained earnings or capital infusions. This growth supports the company's improving net income performance and signals enhanced financial stability.
The return on equity (ROE) presents a clear trajectory of performance improvement. Early data from late 2019 through mid-2021 show negative ROE values, indicative of net losses relative to equity and poor profitability during that interval. From September 2021 onwards, ROE turns positive and exhibits a steady upward trend, peaking at over 42% in December 2022. After that peak, ROE slightly decreases but remains well above 20%, reflecting strong profitability relative to shareholders' equity in recent quarters.
Overall, the financial data reveal a company that has transitioned from a loss-making position with negative returns on equity to achieving consistently positive net income and substantial improvements in shareholder equity. The combination of rising net income and increasing stockholders’ equity, alongside growing and sustained positive ROE values, suggests enhanced operational effectiveness and financial health over the examined timeframe.
Return on Assets (ROA)
Shockwave Medical Inc., ROA 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net income (loss) | 55,346) | 44,305) | 34,986) | 28,862) | 39,125) | 140,911) | 35,003) | 25,561) | 14,521) | 12,942) | 1,948) | (425) | (23,601) | (15,874) | (12,932) | (18,118) | (18,775) | (14,745) | (12,957) | (10,608) | (12,799) | |||||||
| 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) | 231,938) | 137,889) | 146,807) | 157,539) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | 9.95% | 9.40% | 16.55% | 31.01% | 30.72% | 33.43% | 18.50% | 13.18% | 7.78% | -2.64% | -12.69% | -19.12% | -26.21% | -24.15% | -23.01% | -22.48% | -25.86% | -22.04% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 7.77% | 7.82% | 7.16% | 7.04% | 7.87% | 9.31% | 10.84% | 11.53% | 10.44% | 9.40% | 9.82% | 8.70% | 7.86% | 6.20% | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 2.93% | 3.34% | 3.42% | 1.17% | 1.66% | 1.82% | 1.36% | 3.55% | 3.43% | 3.39% | 3.23% | 3.12% | 3.22% | 3.11% | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 5.58% | 5.50% | 5.50% | 5.87% | 5.69% | 5.86% | 6.03% | 6.05% | 6.21% | 6.26% | 5.63% | 4.40% | 4.93% | 5.28% | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 12.56% | 11.64% | 10.31% | 10.25% | 10.05% | 10.19% | 10.39% | 10.47% | 12.02% | 12.58% | 13.06% | 13.20% | 10.17% | 9.50% | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 3.99% | 4.13% | 4.32% | 4.63% | 5.79% | 5.54% | 5.35% | 5.13% | 4.23% | 3.87% | 2.97% | 3.69% | 4.70% | 5.28% | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 5.40% | 8.18% | 7.69% | 7.53% | 7.30% | 8.19% | 7.99% | 7.93% | 7.89% | 8.15% | 7.24% | 6.90% | 8.23% | 7.81% | — | — | — | — | — | — | — | |||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q1 2024 Calculation
ROA = 100
× (Net income (loss)Q1 2024
+ Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023)
÷ Total assets
= 100 × (55,346 + 44,305 + 34,986 + 28,862)
÷ 1,643,747 = 9.95%
2 Click competitor name to see calculations.
- Net Income (Loss)
- Net income exhibited a predominantly negative trend from early 2019 through the end of 2020, with losses reaching their peak in the first quarter of 2021. Starting mid-2021, a significant turnaround is observed, with net income becoming positive and continuing to increase sharply. The most substantial growth occurred in the first quarter of 2023 when net income surged to 140,911 thousand US dollars, followed by fluctuations but generally remaining positive and increasing into the first quarter of 2024.
- Total Assets
- Total assets showed a steady upward trend throughout the entire period. Initial values in 2019 were around 150,000 thousand US dollars and consistently grew each quarter, with some accelerated growth noticeable from late 2021 onwards. By the first quarter of 2024, total assets exceeded 1.6 million thousand US dollars, indicating substantial asset accumulation and likely expansion activities or investments during this timeframe.
- Return on Assets (ROA)
- ROA values were negative in the earlier periods, reflecting the net losses and possibly inefficient use of assets during those times. From late 2019 through early 2021, ROA remained significantly negative, reaching a low point of around -26%. However, beginning mid-2021, ROA improved dramatically, turning positive and showing an upward trajectory. The peak ROA was observed in early 2023 at approximately 33.43%, indicating better asset utilization and enhanced profitability. Though ROA slightly decreased afterwards, it remained positive and above 9% through the first quarter of 2024.
- Summary of Trends
- The data reveals a transition from consistent losses and negative returns on assets in the initial periods towards profitability and improved efficiency starting mid-2021. Total assets expanded significantly throughout the period, especially after 2021, supporting the growth in net income and ROA. The company's financial performance demonstrates recovery and strong growth momentum in recent years, likely driven by effective management of resources and possible strategic initiatives enhancing asset productivity and income generation.