SWAV – MARKETSnap

SWAV

ShockWave Medical, Inc.

$334.75

-0.08

(-0.02%)

Exchange:	NASDAQ
Market Cap:	12.568B
Shares Outstanding:	37.544M

Overview

Earnings

Financials

Valuation

Chart

ShockWave Medical, Inc., a medical device company, engages in developing and commercializing intravascular lithotripsy technology for the treatment of calcified plaque in patients with peripheral vascular, coronary vascular, and heart valve diseases worldwide. The company offers M5 catheters for treating above-the-knee peripheral artery disease (PAD); C2 catheters for treating coronary artery disease; and S4 catheters for treating below-the-knee PAD. It serves interventional cardiologists, vascular surgeons, and interventional radiologists through sales representatives and sales managers, and distributors. The company was incorporated in 2009 and is headquartered in Santa Clara, California.

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Revenue Segmentation

EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

Fiscal Year	2017	2018	2019	2020	2021	2022	2023
Revenue	1,719	12,263	42,927	67,789	237,146	489,733	730,230
Cost Of Revenue	2,836	7,250	17,159	20,991	41,438	64,996	95,388
Gross Profit	-1,117	5,013	25,768	46,798	195,708	424,737	634,842
Research And Development Expenses	17,963	22,698	32,853	36,926	50,544	81,679	145,647
General And Administrative Expenses	5,422	5,979	14,134	23,863	34,747	56,929	95,265
Selling And Marketing Expenses	6,363	17,536	30,620	51,672	111,288	161,995	234,837
Selling General And Administrative Expenses	11,785	23,515	44,754	75,535	146,035	218,924	323,202
Other Expenses	366	589	2,345	1,256	-582	1,055	23,962
Operating Expenses	29,748	46,213	77,607	112,461	196,579	300,603	468,849
Cost And Expenses	32,584	53,463	94,766	133,452	238,017	365,599	564,237
Interest Income	0	0	944	1,212	1,096	1,886	0
Interest Expense	58	401	944	1,212	1,096	1,886	6,195
Depreciation And Amortization	468	700	2,345	1,256	-6,868	-1,420	10,358
EBITDA	-30,031	-39,911	-49,494	-64,407	-7,739	122,714	176,351
Operating Income	-30,865	-41,200	-51,839	-65,663	-871	124,134	165,993
Total Other Income Expenses Net	334	537	792	44	-7,964	-3,306	8,288
income Before Tax	-30,589	-41,064	-51,047	-65,619	-8,835	120,828	174,281
Income Tax Expense	26	38	62	80	301	-95,168	27,003
Net Income	-30,615	-41,102	-51,109	-65,699	-9,136	215,996	147,278
Eps	-1.570	-1.530	-2.140	-1.990	-0.260	6.020	4.010
Eps Diluted	-1.570	-1.530	-2.140	-1.990	-0.260	5.700	3.850
Weighted Average Shares Outstanding	19,528.258	26,906.762	23,904.828	33,088.095	35,098.130	35,900.738	36,706.060
Weighted Average Shares Outstanding Diluted	19,528.258	26,906.762	23,904.828	33,088.095	35,098.130	37,881.590	38,206.269
Currency	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

Fiscal Year	2017	2018	2019	2020	2021	2022	2023
Cash And Cash Equivalents	51,923	39,643	139,045	50,423	89,209	156,586	328,422
Short Term Investments	1,806	0	56,304	151,931	111,772	147,907	662,132
Cash And Short Term Investments	53,729	39,643	195,349	202,354	200,981	304,493	990,554
Net Receivables	639	2,850	7,377	11,689	37,435	71,366	114,552
Inventory	2,523	5,131	12,074	29,859	42,978	75,112	107,587
Other Current Assets	968	1,112	1,897	2,398	4,508	8,292	12,567
Total Current Assets	57,859	48,736	216,697	246,300	285,902	459,263	1,225,260
Property Plant Equipment Net	1,372	2,619	13,735	23,930	51,857	80,517	98,630
Goodwill	0	0	0	0	0	0	39,568
Intangible Assets	0	0	0	0	0	0	92,857
Goodwill And Intangible Assets	0	0	0	0	0	0	132,425
Long Term Investments	0	0	1,450	1,450	5,987	3,512	3,047
Tax Assets	0	0	0	0	0	97,568	99,169
Other Non Current Assets	73	2,066	56	362	1,936	5,229	8,032
Total Non Current Assets	1,445	4,685	15,241	25,742	59,780	186,826	341,303
Other Assets	0	0	0	0	0	0	0
Total Assets	59,304	53,421	231,938	272,042	345,682	646,089	1,566,563
Account Payables	1,148	1,487	2,790	1,466	3,520	6,721	8,868
Short Term Debt	0	1,667	7,441	4,173	7,238	1,278	3,641
Tax Payables	0	0	0	0	1,232	4,036	12,320
Deferred Revenue	0	0	0	0	0	0	0
Other Current Liabilities	3,393	6,217	13,777	19,942	40,870	55,375	91,696
Total Current Liabilities	4,541	9,371	24,008	25,581	51,628	63,374	104,205
Long Term Debt	0	13,383	15,277	20,807	39,951	59,126	731,863
Deferred Revenue Non Current	0	0	0	0	12,273	12,273	12,273
Deferred Tax Liabilities Non Current	0	0	0	0	-23,903	-12,273	3,609
Other Non Current Liabilities	138,055	136	0	0	23,903	12,273	45,935.999
Total Non Current Liabilities	138,055	13,519	15,277	20,807	52,224	71,399	793,680.999
Other Liabilities	0	0	0	0	0	0	1
Capital Lease Obligations	0	0	8,899	8,361	30,059	36,206	35,103
Total Liabilities	142,596	22,890	39,285	46,388	103,852	134,773	897,886
Preferred Stock	0	0	231,938	0	0	0	0
Common Stock	2	21	31	35	35	36	37
Retained Earnings	-85,763	-126,865	-177,974	-243,673	-252,809	-36,813	110,465
Accumulated Other Comprehensive Income Loss	-1	0	35	9	-202	-867	293
Other Total Stockholders Equity	2,470	157,375	138,623	469,283	494,806	548,960	557,882
Total Stockholders Equity	-83,292	30,531	192,653	225,654	241,830	511,316	668,677
Total Equity	-83,292	30,531	192,653	225,654	241,830	511,316	668,677
Total Liabilities And Stockholders Equity	59,304	53,421	231,938	272,042	345,682	646,089	1,566,563
Minority Interest	0	0	0	0	0	0	0
Total Liabilities And Total Equity	59,304	53,421	231,938	272,042	345,682	646,089	1,566,563
Total Investments	1,806	0	56,304	151,931	117,759	151,419	665,179
Total Debt	0	15,050	22,718	24,980	47,189	60,404	770,607
Net Debt	-51,923	-24,593	-116,327	-25,443	-42,020	-96,182	442,185
Currency	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

Fiscal Year	2017	2018	2019	2020	2021	2022	2023
Net Income	-30,615	-41,102	-51,109	-65,699	-9,136	215,996	147,278
Depreciation And Amortization	468	700	2,281	3,346	5,536	4,856	10,358
Deferred Income Tax	70	83	133	487	7,386	-97,276	14,760
Stock Based Compensation	965	0	3,646	10,350	27,257	44,890	73,234
Change In Working Capital	-1,253	-2,649	-3,494	-20,314	-16,518	-57,931	-43,860
Accounts Receivables	-594	-2,211	-4,527	-4,312	-25,746	-33,313	-41,535
Inventory	-1,863	-2,608	-6,824	-17,056	-12,073	-29,711	-31,009
Accounts Payables	249	360	1,272	-1,392	1,870	1,945	112
Other Working Capital	955	1,810	6,585	2,446	19,431	3,148	28,572
Other Non Cash Items	18	206	436	646	511	7,197	-5,717
Net Cash Provided By Operating Activities	-30,347	-41,465	-48,107	-71,184	15,036	117,732	196,053
Investments In Property Plant And Equipment	-425	-1,981	-3,817	-11,520	-12,439	-25,126	-30,595
Acquisitions Net	0	0	55,726	95,953	-26,416	37,024	-94,411
Purchases Of Investments	-17,707	0	-119,476	-167,953	-117,245	-137,797	-747,471
Sales Maturities Of Investments	15,900	1,807	63,750	72,000	156,100	100,773	246,750
Other Investing Activites	0	0	-55,726	-95,953	26,416	-37,024	-500,721
Net Cash Used For Investing Activites	-2,232	-174	-59,543	-107,473	26,416	-62,150	-625,727
Debt Repayment	-1,557	0	-1,667	-2,154	0	-5,973	-592,840
Common Stock Issued	0	0	207,403	89,480	5,886	7,049	7,604
Common Stock Repurchased	0	0	0	-1,420	-8,337	-23	-43
Dividends Paid	0	0	0	0	0	0	0
Other Financing Activites	35,244	29,809	2,316	89,301	5,886	-23	-43
Net Cash Used Provided By Financing Activities	33,687	29,809	208,052	90,035	-2,451	12,999	600,401
Effect Of Forex Changes On Cash	0	0	0	0	0	-1,153	797
Net Change In Cash	1,108	-11,830	100,402	-88,622	39,001	67,428	171,836
Cash At End Of Period	51,923	40,093	140,495	51,873	90,874	158,302	328,422
Cash At Beginning Of Period	50,815	51,923	40,093	140,495	51,873	90,874	156,586
Operating Cash Flow	-30,347	-41,465	-48,107	-71,184	15,036	117,732	196,053
Capital Expenditure	-425	-1,981	-3,817	-11,520	-12,439	-25,126	-30,595
Free Cash Flow	-30,772	-43,446	-51,924	-82,704	2,597	92,606	165,458
Currency	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

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Revenue (TTM) :		P/S (TTM) :	15.95
Net Income (TTM) :		P/E (TTM) :	76.34
Enterprise Value (TTM) :	13.063B	EV/FCF (TTM) :	78.63
Dividend Yield (TTM) :	0	Payout Ratio (TTM) :	0
ROE (TTM) :	0.25	ROIC (TTM) :	0.09
SG&A/Revenue (TTM) :	0.13	R&D/Revenue (TTM) :	0.21
Net Debt (TTM) :		Debt/Equity (TTM)	1.03
P/B (TTM) :	16.6	Current Ratio (TTM) :	13.81

SWAV

Trading Metrics:

Open:	334.85	Previous Close:	334.83
Day Low:	334.75	Day High:	334.9
Year Low:	157	Year High:	334.9
Price Avg 50:	325.08	Price Avg 200:	240.56
Volume:	3.947M	Average Volume:	1.246M

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