ShockWave Medical, Inc(NASDAQ:SWAV) 
ShockWave Medical, Inc., a medical device company, engages in developing and commercializing intravascular lithotripsy technology to treat calcified plaque in patients with peripheral vascular, coronary vascular, and heart valve diseases worldwide. The company offers M5 catheters for treating above-...
Website: http://www.shockwavemedical.com
Founded: 2009
Full Time Employees: 284
Founder: Daniel Hawkins
Co-Founder: Todd Brinton
CEO: Doug Godshall
Sector: Healthcare
Industry: Medical Devices
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At a glance:
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Quarterly
Annual
| Unit: USD | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue: | ||||||||||||||||||||
product revenue | 202,979,000 | 186,020,000 | 180,165,000 | 161,066,000 | 144,026,000 | 131,330,000 | 120,746,000 | 93,631,000 | 84,183,000 | 65,155,000 | 55,908,000 | 31,900,000 | 22,716,000 | 19,590,000 | 10,286,000 | 15,197,000 | 14,312,000 | 11,333,000 | 10,012,000 | 7,269,000 |
yoy | 40.93% | 41.64% | 49.21% | 72.02% | 71.09% | 101.57% | 115.97% | 193.51% | 270.59% | 232.59% | 443.53% | 109.91% | 58.72% | 72.86% | 2.74% | 109.07% | ||||
qoq | 9.12% | 3.25% | 11.86% | 11.83% | 9.67% | 8.77% | 28.96% | 11.22% | 29.20% | 16.54% | 75.26% | 40.43% | 15.96% | 90.45% | -32.32% | 6.18% | 26.29% | 13.19% | 37.74% | |
cost of revenue: | ||||||||||||||||||||
cost of product revenue | 25,316,000 | 24,513,000 | 24,493,000 | 21,066,000 | 17,502,000 | 17,874,000 | 16,730,000 | 12,890,000 | 12,663,000 | 10,949,000 | 9,934,000 | 7,892,000 | 6,471,000 | 5,277,000 | 3,592,000 | 5,651,000 | 5,553,000 | 4,401,000 | 4,133,000 | 3,072,000 |
gross profit | 177,663,000 | 161,507,000 | 155,672,000 | 140,000,000 | 126,524,000 | 113,456,000 | 104,016,000 | 80,741,000 | 71,520,000 | 54,206,000 | 45,974,000 | 24,008,000 | 16,245,000 | 14,313,000 | 6,694,000 | 9,546,000 | ||||
yoy | 40.42% | 42.35% | 49.66% | 73.39% | 76.91% | 109.31% | 126.25% | 236.31% | 340.26% | 278.72% | 586.79% | 151.50% | ||||||||
qoq | 10.00% | 3.75% | 11.19% | 10.65% | 11.52% | 9.08% | 28.83% | 12.89% | 31.94% | 17.91% | 91.49% | 47.79% | 13.50% | 113.82% | -29.88% | |||||
gross margin % | 87.53% | 86.82% | 86.41% | 86.92% | 87.85% | 86.39% | 86.14% | 86.23% | 84.96% | 83.20% | 82.23% | 75.26% | 71.51% | 73.06% | 65.08% | 62.82% | 0% | 0% | 0% | 0% |
operating expenses: | ||||||||||||||||||||
research and development | 42,321,000 | 39,526,000 | 36,829,000 | 26,971,000 | 23,723,000 | 20,177,000 | 20,760,000 | 17,019,000 | 14,717,000 | 13,735,000 | 11,815,000 | 10,277,000 | 9,044,000 | 7,891,000 | 8,101,000 | 11,890,000 | 10,075,000 | 8,368,000 | 6,926,000 | 7,484,000 |
sales and marketing | 67,181,000 | 56,907,000 | 56,738,000 | 54,011,000 | 43,437,000 | 42,082,000 | 40,515,000 | 35,961,000 | 33,190,000 | 28,393,000 | 25,713,000 | 23,992,000 | 16,436,000 | 13,619,000 | 11,206,000 | 10,411,000 | 9,597,000 | 8,192,000 | 6,961,000 | 5,871,000 |
general and administrative | 24,879,000 | 21,451,000 | 29,731,000 | 19,204,000 | 16,941,000 | 14,434,000 | 13,165,000 | 12,389,000 | 9,630,000 | 9,265,000 | 8,626,000 | 7,226,000 | 6,631,000 | 5,610,000 | 5,398,000 | 6,224,000 | 4,450,000 | 3,437,000 | 3,245,000 | 3,001,000 |
total operating expenses | 134,381,000 | 117,884,000 | 123,298,000 | 100,186,000 | 84,101,000 | 76,693,000 | 74,440,000 | 65,369,000 | 57,537,000 | 51,393,000 | 46,154,000 | 41,495,000 | 32,111,000 | 27,120,000 | 24,705,000 | 28,525,000 | 29,675,000 | 24,398,000 | 21,265,000 | 19,428,000 |
income from operations | 43,282,000 | 43,623,000 | 32,374,000 | 39,814,000 | 42,423,000 | 36,763,000 | 29,576,000 | 15,372,000 | 13,983,000 | 2,813,000 | -180,000 | -17,487,000 | -15,866,000 | -12,807,000 | -18,011,000 | -18,979,000 | -15,363,000 | -13,065,000 | -11,253,000 | -12,159,000 |
yoy | 2.02% | 18.66% | 9.46% | 159.00% | 203.39% | 1206.90% | -16531.11% | -187.91% | -188.13% | -121.96% | -99.00% | -7.86% | 3.27% | -1.97% | 60.06% | 56.09% | ||||
qoq | -0.78% | 34.75% | -18.69% | -6.15% | 15.40% | 24.30% | 92.40% | 9.93% | 397.08% | -1662.78% | -98.97% | 10.22% | 23.89% | -28.89% | -5.10% | 23.54% | 17.59% | 16.10% | -7.45% | |
operating margin % | 21.32% | 23.45% | 17.97% | 24.72% | 29.46% | 27.99% | 24.49% | 16.42% | 16.61% | 4.32% | -0.32% | -54.82% | -69.85% | -65.38% | -175.10% | -124.89% | -107.34% | -115.28% | -112.40% | -167.27% |
income from equity method investment | -167,000 | -733,000 | -146,000 | -823,000 | -1,061,000 | 97,000 | -1,464,000 | |||||||||||||
interest expense | -2,950,000 | -2,509,000 | -810,000 | -636,000 | -969,000 | -316,000 | -304,000 | -297,000 | -301,000 | -165,000 | -318,000 | -312,000 | -315,000 | -314,000 | -306,000 | -277,000 | -198,000 | -251,000 | -250,000 | -245,000 |
other income | 15,295,000 | 4,699,000 | 1,586,000 | 2,382,000 | 4,261,000 | -1,423,000 | -1,473,000 | -310,000 | -213,000 | -280,000 | 146,000 | -235,000 | 314,000 | 218,000 | 220,000 | 504,000 | 827,000 | 385,000 | 913,000 | 221,000 |
net income before taxes | 55,460,000 | 45,080,000 | 33,004,000 | 40,737,000 | 44,654,000 | 35,121,000 | 26,335,000 | 14,718,000 | 13,048,000 | 2,026,000 | -352,000 | -23,557,000 | -15,867,000 | -12,903,000 | -18,097,000 | -18,752,000 | -14,734,000 | -12,931,000 | -10,590,000 | -12,792,000 |
income tax provision | 3,962,000 | 10,094,000 | 4,142,000 | 1,612,000 | 272,250 | 118,000 | 774,000 | 197,000 | 106,000 | 78,000 | 73,000 | 44,000 | 7,000 | 29,000 | 21,000 | 23,000 | 11,000 | 26,000 | 18,000 | 7,000 |
net income | 44,305,000 | 34,986,000 | 28,862,000 | 39,125,000 | 140,911,000 | 35,003,000 | 25,561,000 | 14,521,000 | 12,942,000 | 1,948,000 | -425,000 | -23,601,000 | -15,874,000 | -12,932,000 | -18,118,000 | -18,775,000 | -14,745,000 | -12,957,000 | -10,608,000 | -12,799,000 |
yoy | -68.56% | -0.05% | 12.91% | 169.44% | 988.79% | 1696.87% | -6114.35% | -161.53% | -181.53% | -115.06% | -97.65% | 25.70% | 7.66% | -0.19% | 70.80% | 46.69% | ||||
qoq | 26.64% | 21.22% | -26.23% | -72.23% | 302.57% | 36.94% | 76.03% | 12.20% | 564.37% | -558.35% | -98.20% | 48.68% | 22.75% | -28.62% | -3.50% | 27.33% | 13.80% | 22.14% | -17.12% | |
net income margin % | 21.83% | 18.81% | 16.02% | 24.29% | 97.84% | 26.65% | 21.17% | 15.51% | 15.37% | 2.99% | -0.76% | -73.98% | -69.88% | -66.01% | -176.14% | -123.54% | -103.03% | -114.33% | -105.95% | -176.08% |
unrealized gain on available-for-sale securities | 180,750 | 242,000 | -24,000 | 505,000 | -320,000 | -815,000 | 7,000 | 68,000 | -22,000 | -18,000 | 75,000 | |||||||||
adjustment for net gain realized and included in other income | -5,000 | -21,000 | ||||||||||||||||||
total comprehensive income | 44,747,000 | 35,228,000 | 28,838,000 | 39,625,000 | 141,656,000 | 34,728,000 | 25,241,000 | 13,706,000 | -5,523,500 | 1,931,000 | ||||||||||
net income per share | -0.01 | -0.68 | -0.46 | -0.38 | -0.56 | -0.59 | -0.48 | -0.46 | -0.38 | -1.37 | ||||||||||
basic | 1.2 | 0.95 | 0.79 | 1.07 | 3.92 | 0.97 | 0.71 | 0.41 | -0.158 | 0.06 | ||||||||||
diluted | 1.15 | 0.92 | 0.76 | 1.03 | 3.71 | 0.92 | 0.68 | 0.39 | -0.158 | 0.05 | ||||||||||
shares used in computing net income per share | ||||||||||||||||||||
basic | 75,485 | 36,797,072 | 36,663,327 | 36,427,263 | 93,474 | 36,003,931 | 35,825,947 | 35,587,337 | 8,753,268 | 35,207,276 | ||||||||||
diluted | 21,970 | 38,196,780 | 38,226,153 | 37,979,448 | 68,483 | 37,948,049 | 37,690,094 | 37,623,477 | 8,753,268 | 37,567,176 | ||||||||||
unrealized loss on available-for-sale securities | -352,500 | -275,000 | ||||||||||||||||||
share in net income of equity method investment | -47,000 | -421,000 | -342,000 | -5,523,000 | ||||||||||||||||
other comprehensive income: | ||||||||||||||||||||
unrealized gain/(loss) on available-for-sale securities | -4,000 | -17,000 | -6,000 | -3,500 | -82,000 | |||||||||||||||
total other comprehensive income | -4,000 | -17,000 | -8,750 | -21,000 | ||||||||||||||||
total comprehensive loss | -431,000 | -23,594,000 | -15,865,000 | -12,953,000 | -18,200,000 | -18,707,000 | -14,767,000 | -12,975,000 | -10,533,000 | -12,799,000 | ||||||||||
net income per share | -0.01 | -0.68 | -0.46 | -0.38 | -0.56 | -0.59 | -0.48 | -0.46 | -0.38 | -1.37 | ||||||||||
shares used in computing net income per share, basic and diluted | 35,030,036 | 34,797,400 | 456,380 | 34,078,726 | 32,156,476 | 31,644,041 | 2,018,432 | 28,085,821 | 28,002,887 | 9,364,755 | ||||||||||
change in fair value of warrant liability | -609,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash and cash equivalents | 328,422,000 | 498,108,000 | 141,458,000 | 280,932,000 | 156,586,000 | 127,779,000 | 99,913,000 | 66,252,000 | 89,209,000 | 91,195,000 | 84,268,000 | 57,006,000 | 50,423,000 | 215,256,000 | 218,296,000 | 123,111,000 | 139,045,000 | 39,452,000 | 41,924,000 | 138,064,000 |
short-term investments | 662,132,000 | 419,225,000 | 117,131,000 | 135,929,000 | 147,907,000 | 122,888,000 | 124,993,000 | 134,875,000 | 111,772,000 | 91,759,000 | 90,478,000 | 120,422,000 | 151,931,000 | 13,109,000 | 47,278,000 | 56,304,000 | 74,646,000 | 83,213,000 | ||
accounts receivable | 114,552,000 | 98,819,000 | 96,562,000 | 84,309,000 | 71,366,000 | 64,224,000 | 59,797,000 | 47,842,000 | 37,435,000 | 29,966,000 | 24,955,000 | 19,613,000 | 11,689,000 | 10,711,000 | 6,365,000 | 7,811,000 | 7,377,000 | 5,551,000 | 5,242,000 | 3,939,000 |
inventory | 107,587,000 | 97,180,000 | 92,093,000 | 83,256,000 | 75,112,000 | 68,974,000 | 60,028,000 | 53,369,000 | 42,978,000 | 38,744,000 | 36,149,000 | 33,538,000 | 29,859,000 | 28,868,000 | 23,427,000 | 15,921,000 | 12,074,000 | 9,227,000 | 8,291,000 | 7,014,000 |
prepaid expenses and other current assets | 12,567,000 | 15,210,000 | 9,118,000 | 6,399,000 | 8,292,000 | 11,393,000 | 7,275,000 | 7,572,000 | 4,508,000 | 4,364,000 | 3,781,000 | 2,533,000 | 2,398,000 | 3,033,000 | 3,117,000 | 3,485,000 | 1,897,000 | 2,199,000 | 1,953,000 | 2,508,000 |
total current assets | 1,225,260,000 | 1,128,542,000 | 456,362,000 | 590,825,000 | 459,263,000 | 395,258,000 | 352,006,000 | 309,910,000 | 285,902,000 | 256,028,000 | 239,631,000 | 233,112,000 | 246,300,000 | 257,868,000 | 264,314,000 | 197,606,000 | 216,697,000 | 131,075,000 | 140,623,000 | 151,525,000 |
operating lease right-of-use assets | 29,707,000 | 30,360,000 | 31,117,000 | 31,623,000 | 32,365,000 | 33,107,000 | 26,045,000 | 26,729,000 | 27,496,000 | 11,790,000 | 6,825,000 | 7,211,000 | 7,568,000 | 7,841,000 | 8,130,000 | 8,495,000 | 8,825,000 | 2,155,000 | 2,398,000 | 2,645,000 |
property and equipment | 68,923,000 | 62,017,000 | 59,803,000 | 54,057,000 | 48,152,000 | 39,265,000 | 32,253,000 | 27,886,000 | 24,361,000 | 23,085,000 | 21,467,000 | 20,233,000 | 16,362,000 | 13,282,000 | 13,287,000 | 13,084,000 | 4,910,000 | 4,111,000 | 3,244,000 | 2,803,000 |
equity method investment | 1,643,000 | 1,810,000 | 2,543,000 | 2,689,000 | 3,512,000 | 4,573,000 | 4,476,000 | 5,940,000 | 5,987,000 | 6,408,000 | 6,750,000 | 6,750,000 | ||||||||
intangible assets | 92,857,000 | 93,775,000 | 94,692,000 | |||||||||||||||||
goodwill | 39,568,000 | 39,789,000 | 39,789,000 | |||||||||||||||||
deferred tax assets | 99,169,000 | 109,432,000 | 94,699,000 | 97,941,000 | 97,568,000 | |||||||||||||||
other assets | 9,436,000 | 8,234,000 | 7,599,000 | 6,112,000 | 5,229,000 | 3,606,000 | 2,365,000 | 2,055,000 | 1,936,000 | 1,684,000 | 1,686,000 | 1,764,000 | 1,812,000 | 1,667,000 | 1,622,000 | 1,553,000 | 1,506,000 | 548,000 | 542,000 | 566,000 |
total assets | 1,566,563,000 | 1,473,959,000 | 786,604,000 | 783,247,000 | 646,089,000 | 475,809,000 | 417,145,000 | 372,520,000 | 345,682,000 | 298,995,000 | 276,359,000 | 269,070,000 | 272,042,000 | 280,658,000 | 287,353,000 | 220,738,000 | 231,938,000 | 137,889,000 | 146,807,000 | 157,539,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
accounts payable | 8,868,000 | 6,870,000 | 12,869,000 | 11,050,000 | 6,721,000 | 3,469,000 | 5,266,000 | 8,467,000 | 3,520,000 | 3,632,000 | 2,633,000 | 3,728,000 | 1,466,000 | 1,972,000 | 2,562,000 | 2,150,000 | 2,790,000 | 2,486,000 | 2,216,000 | 3,967,000 |
accrued liabilities | 91,696,000 | 69,764,000 | 65,769,000 | 49,640,000 | 55,375,000 | 49,492,000 | 47,253,000 | 33,019,000 | 40,870,000 | 33,017,000 | 28,317,000 | 23,918,000 | 19,942,000 | 16,662,000 | 14,381,000 | 15,826,000 | 13,777,000 | 9,496,000 | 7,378,000 | 6,439,000 |
lease liability, current portion | 3,641,000 | 1,569,000 | 1,582,000 | 1,308,000 | 1,278,000 | 1,260,000 | 2,688,000 | 1,294,000 | 1,738,000 | 867,000 | 920,000 | 898,000 | 873,000 | 841,000 | 798,000 | 787,000 | 774,000 | 742,000 | 806,000 | 877,000 |
total current liabilities | 104,205,000 | 78,203,000 | 80,220,000 | 141,998,000 | 63,374,000 | 54,221,000 | 66,207,000 | 51,030,000 | 51,628,000 | 40,266,000 | 35,995,000 | 33,494,000 | 25,581,000 | 21,125,000 | 17,741,000 | 18,763,000 | 24,008,000 | 19,391,000 | 15,400,000 | 14,616,000 |
lease liability, noncurrent portion | 35,103,000 | 32,358,000 | 33,205,000 | 34,058,000 | 34,928,000 | 38,532,000 | 27,157,000 | 32,361,000 | 28,321,000 | 11,939,000 | 6,911,000 | 7,213,000 | 7,488,000 | 7,685,000 | 7,903,000 | 8,077,000 | 8,125,000 | 1,543,000 | 1,732,000 | 1,916,000 |
convertible debt, noncurrent portion | 731,863,000 | 730,926,000 | ||||||||||||||||||
debt, noncurrent portion | 24,266,000 | 24,231,000 | 24,198,000 | |||||||||||||||||
related party contract liability, noncurrent portion | 12,273,000 | 12,273,000 | 12,273,000 | 12,273,000 | 12,273,000 | 12,273,000 | 12,273,000 | 12,273,000 | 12,273,000 | 12,273,000 | 12,273,000 | 12,273,000 | ||||||||
deferred tax liabilities | 3,609,000 | 9,647,000 | 10,421,000 | |||||||||||||||||
long-term income tax liability | 1,526,000 | |||||||||||||||||||
other liabilities | 9,307,000 | 9,307,000 | 9,307,000 | |||||||||||||||||
total liabilities | 897,886,000 | 872,714,000 | 169,692,000 | 212,560,000 | 134,773,000 | 119,879,000 | 112,077,000 | 104,697,000 | 103,852,000 | 78,704,000 | 68,012,000 | 64,816,000 | 46,388,000 | 43,611,000 | 41,930,000 | 42,966,000 | 39,285,000 | 29,639,000 | 27,394,000 | 28,353,000 |
commitments and contingencies | ||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||
preferred stock, 0.001 par value per share... | ||||||||||||||||||||
common stock, 0.001 par value per share... | 37,000 | 36,000 | ||||||||||||||||||
additional paid-in capital | 557,882,000 | 535,197,000 | 586,092,000 | 568,705,000 | 548,960,000 | 535,230,000 | 519,096,000 | 507,092,000 | 494,806,000 | 486,014,000 | 476,001,000 | 471,477,000 | 469,283,000 | 464,812,000 | 460,235,000 | 374,386,000 | 370,561,000 | 271,394,000 | 269,582,000 | 268,822,000 |
accumulated other comprehensive income | 293,000 | -202,000 | -7,000 | 10,000 | 16,000 | 9,000 | 21,000 | 103,000 | 35,000 | 57,000 | 75,000 | |||||||||
retained earnings | 110,465,000 | 66,160,000 | 31,174,000 | 2,312,000 | ||||||||||||||||
total stockholders’ equity | 668,677,000 | 601,245,000 | 616,912,000 | 570,687,000 | 511,316,000 | 355,930,000 | 305,068,000 | 267,823,000 | 241,830,000 | 220,291,000 | 208,347,000 | 204,254,000 | 225,654,000 | 237,047,000 | 245,423,000 | 177,772,000 | 192,653,000 | 108,250,000 | 119,413,000 | 129,186,000 |
total liabilities and stockholders’ equity | 1,566,563,000 | 1,473,959,000 | 786,604,000 | 783,247,000 | 646,089,000 | 475,809,000 | 417,145,000 | 372,520,000 | 345,682,000 | 298,995,000 | 276,359,000 | 269,070,000 | 272,042,000 | 280,658,000 | 287,353,000 | 220,738,000 | ||||
preferred stock | ||||||||||||||||||||
common stock | 37,000 | 37,000 | 37,000 | 36,000 | 36,000 | 36,000 | 35,000 | 35,000 | 35,000 | 34,000 | 34,000 | 32,000 | 28,000 | 28,000 | 28,000 | |||||
accumulated other comprehensive loss | -149,000 | -391,000 | -367,000 | -867,000 | -1,612,000 | -1,337,000 | -1,017,000 | |||||||||||||
debt, current portion | 80,000,000 | |||||||||||||||||||
accumulated deficit | -36,813,000 | -177,724,000 | -212,727,000 | -238,288,000 | -252,809,000 | -265,751,000 | -267,699,000 | -267,274,000 | -243,673,000 | -227,799,000 | -214,867,000 | -196,749,000 | -177,974,000 | -163,229,000 | -150,272,000 | -139,664,000 | ||||
term notes, current portion | 11,000,000 | 8,250,000 | 5,500,000 | 2,750,000 | 4,125,000 | 4,950,000 | 3,300,000 | 1,650,000 | 6,667,000 | 6,667,000 | 5,000,000 | 3,333,000 | ||||||||
term notes, noncurrent portion | 14,853,000 | 6,440,000 | 9,033,000 | 11,630,000 | 14,226,000 | 12,833,000 | 11,836,000 | 13,319,000 | 14,801,000 | 16,286,000 | 16,126,000 | 7,152,000 | 8,705,000 | 10,262,000 | 11,821,000 | |||||
common stock, 0.001 par value... | 35,000 | 35,000 | 31,000 | |||||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | ||||||||||||||||||||
convertible preferred stock warrant liability | ||||||||||||||||||||
convertible preferred stock, 0.001 par value... | ||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 231,938,000 | 137,889,000 | 146,807,000 | 157,539,000 | ||||||||||||||||
convertible preferred stock |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||
net income | 44,305,000 | 34,986,000 | 28,862,000 | 39,125,000 | 140,911,000 | 35,003,000 | 25,561,000 | 14,521,000 | 12,942,000 | 1,948,000 | -425,000 | -23,601,000 | -15,874,000 | -12,932,000 | -18,118,000 | -18,775,000 | -14,745,000 | -12,957,000 | -10,608,000 | -12,799,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
depreciation and amortization | 3,075,000 | 3,009,000 | 2,566,000 | 1,708,000 | 1,538,000 | 1,258,000 | 1,107,000 | 953,000 | 894,000 | 1,088,000 | 876,000 | 721,000 | 502,000 | 484,000 | 451,000 | 426,000 | 483,000 | 338,000 | 261,000 | 255,000 |
income from equity method investment | 167,000 | 733,000 | 146,000 | 823,000 | 1,061,000 | -97,000 | ||||||||||||||
stock-based compensation | 21,811,000 | 18,410,000 | 17,046,000 | 15,967,000 | 12,643,000 | 11,732,000 | 11,005,000 | 9,510,000 | 8,208,000 | 7,387,000 | 6,523,000 | 5,139,000 | 3,242,000 | 2,846,000 | 2,391,000 | 1,871,000 | 1,310,000 | 1,106,000 | 818,000 | 412,000 |
non-cash lease expense | 767,000 | 832,000 | 813,000 | 748,000 | 742,000 | 763,000 | ||||||||||||||
amortization of premium and discount on available-for-sale securities | -8,179,000 | -2,434,000 | -625,000 | -718,000 | ||||||||||||||||
loss on write down of fixed assets | 131,000 | 114,000 | 15,000 | 11,000 | 90,000 | -23,000 | 2,000 | 69,000 | 19,000 | |||||||||||
loss on extinguishment of debt | ||||||||||||||||||||
deferred income taxes | 5,004,000 | 7,817,000 | 2,486,000 | -547,000 | ||||||||||||||||
amortization of debt issuance costs | 945,000 | 494,000 | 35,000 | 33,000 | 60,000 | 163,000 | 157,000 | 153,000 | 154,000 | 18,000 | 172,000 | 167,000 | 168,000 | 165,000 | 160,000 | 153,000 | 114,000 | 110,000 | 108,000 | 104,000 |
foreign currency remeasurement | -1,540,000 | 1,035,000 | -84,000 | -689,000 | -2,315,000 | 1,347,000 | ||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||
accounts receivable | -15,471,000 | -2,501,000 | -10,559,000 | -13,004,000 | -6,200,000 | -4,636,000 | -12,070,000 | -10,407,000 | -7,469,000 | -5,011,000 | -5,342,000 | -7,924,000 | -978,000 | -4,346,000 | 1,446,000 | -434,000 | -1,826,000 | -309,000 | -1,303,000 | -1,089,000 |
inventory | -10,391,000 | -4,935,000 | -7,926,000 | -7,757,000 | -5,339,000 | -8,150,000 | -6,132,000 | -10,090,000 | -4,091,000 | -2,306,000 | -2,368,000 | -3,308,000 | -718,000 | -5,373,000 | -7,158,000 | -3,807,000 | -2,728,000 | -936,000 | -1,277,000 | -1,883,000 |
prepaid expenses and other current assets | 2,677,000 | -6,107,000 | -1,883,000 | 1,896,000 | -171,000 | -841,000 | -3,374,000 | 600,000 | -144,000 | -583,000 | -1,248,000 | -135,000 | 635,000 | 84,000 | 368,000 | -1,588,000 | 302,000 | -246,000 | 555,000 | -1,396,000 |
other assets | -1,139,000 | -290,000 | -2,196,000 | -861,000 | -2,069,000 | -744,000 | -311,000 | -119,000 | -37,000 | 2,000 | 78,000 | 48,000 | -145,000 | -45,000 | -69,000 | -47,000 | 42,000 | -6,000 | 24,000 | -19,000 |
accounts payable | 1,686,000 | -5,565,000 | -743,000 | 4,734,000 | 1,836,000 | -1,051,000 | -3,751,000 | 4,911,000 | -298,000 | 898,000 | -512,000 | 1,782,000 | -616,000 | -494,000 | 260,000 | -542,000 | 388,000 | 171,000 | 344,000 | 369,000 |
accrued and other current liabilities | 21,628,000 | 5,276,000 | 12,680,000 | -6,661,000 | 7,564,000 | 435,000 | 12,993,000 | -9,051,000 | 8,626,000 | 4,904,000 | 4,308,000 | 3,799,000 | 1,176,000 | 2,882,000 | 1,814,000 | -1,855,000 | 4,170,000 | 2,321,000 | 857,000 | 991,000 |
lease liabilities | 4,701,000 | -933,000 | -896,000 | -846,000 | -821,000 | -643,000 | -232,000 | -68,000 | 774,000 | -383,000 | -280,000 | -298,000 | -270,000 | -257,000 | -163,000 | -74,000 | -261,000 | -253,000 | -259,000 | -237,000 |
long-term income tax liability | ||||||||||||||||||||
net cash from operating activities | 71,703,000 | 50,651,000 | 39,737,000 | 33,962,000 | 52,436,000 | 34,488,000 | 28,871,000 | 1,937,000 | 20,831,000 | 9,322,000 | 2,186,000 | -17,303,000 | -12,399,000 | -16,430,000 | -18,166,000 | -24,189,000 | -12,570,000 | -10,604,000 | -10,518,000 | -14,415,000 |
capital expenditures | -8,121,000 | -6,538,000 | -8,748,000 | -7,188,000 | -11,081,000 | -7,157,000 | -3,602,000 | -3,286,000 | -2,823,000 | -2,859,000 | -2,706,000 | -4,051,000 | -1,674,000 | -894,000 | -4,297,000 | -4,655,000 | -1,530,000 | -1,096,000 | -771,000 | -420,000 |
free cash flows | 63,582,000 | 44,113,000 | 30,989,000 | 26,774,000 | 41,355,000 | 27,331,000 | 25,269,000 | -1,349,000 | 18,008,000 | 6,463,000 | -520,000 | -21,354,000 | -14,073,000 | -17,324,000 | -22,463,000 | -28,844,000 | -14,100,000 | -11,700,000 | -11,289,000 | -14,835,000 |
cash flows from investing activities: | ||||||||||||||||||||
purchase of available-for-sale securities | -349,141,000 | -342,591,000 | -34,609,000 | -21,130,000 | -52,545,000 | -32,619,000 | -10,505,000 | -42,128,000 | -41,679,000 | -48,323,000 | -11,980,000 | -15,263,000 | -151,933,000 | 0 | 0 | -16,020,000 | -13,129,000 | -23,563,000 | ||
proceeds from maturities of available-for-sale securities | 115,000,000 | 43,250,000 | 54,000,000 | 34,500,000 | 28,350,000 | 34,500,000 | 19,923,000 | 18,000,000 | 21,400,000 | 46,400,000 | 41,900,000 | 46,400,000 | 0 | 13,000,000 | 34,000,000 | 25,000,000 | 31,450,000 | |||
purchase of property and equipment | -8,121,000 | -6,538,000 | -8,748,000 | -7,188,000 | -11,081,000 | -7,157,000 | -3,602,000 | -3,286,000 | -2,823,000 | -2,859,000 | -2,706,000 | -4,051,000 | -1,674,000 | -894,000 | -4,297,000 | -4,655,000 | -1,530,000 | -1,096,000 | -771,000 | -420,000 |
business combination, net of cash acquired | 0 | 0 | ||||||||||||||||||
net cash from investing activities | -242,262,000 | -305,879,000 | -83,768,000 | 6,182,000 | -35,276,000 | -5,276,000 | 5,816,000 | -27,414,000 | -23,102,000 | -4,782,000 | 27,214,000 | 27,086,000 | -153,607,000 | 12,106,000 | 29,703,000 | 4,325,000 | 16,791,000 | 7,641,000 | -83,555,000 | -420,000 |
cash flows from financing activities: | ||||||||||||||||||||
payments of taxes withheld on net settled vesting of restricted stock units | -2,000 | -34,000 | -4,000 | -3,000 | -17,000 | 0 | 0 | -6,000 | 0 | 0 | -3,223,000 | -5,114,000 | -558,000 | -246,000 | ||||||
proceeds from debt financing | 0 | 0 | ||||||||||||||||||
proceeds from convertible debt | -354,000 | |||||||||||||||||||
purchase of capped calls related to convertible debt | ||||||||||||||||||||
payment of assumed warrant liability | 0 | 0 | ||||||||||||||||||
proceeds from stock option exercises | 192,000 | 459,000 | 403,000 | 320,000 | 890,000 | 781,000 | 500,000 | 391,000 | 500,000 | 691,000 | 1,085,000 | 773,000 | 1,731,000 | 993,000 | 480,000 | 1,113,000 | 1,183,000 | 706,000 | 148,000 | 169,000 |
proceeds from issuance of common stock under employee stock purchase plan | 0 | 3,138,000 | 0 | 3,092,000 | 0 | 2,352,000 | 0 | 2,135,000 | 0 | 1,696,000 | 0 | 1,141,000 | 0 | 953,000 | 0 | 842,000 | ||||
principal payment of debt | 0 | -25,000,000 | ||||||||||||||||||
net cash from financing activities | -164,000 | 612,997,000 | -95,841,000 | 83,409,000 | 9,596,000 | 383,000 | 500,000 | 2,520,000 | 500,000 | 2,387,000 | -2,138,000 | -3,200,000 | 1,173,000 | 1,284,000 | 83,648,000 | 3,930,000 | 96,372,000 | 491,000 | -2,067,000 | 113,256,000 |
effect of exchange rate changes on cash and cash equivalents | 1,100,000 | -773,000 | -322,000 | 792,000 | 1,602,000 | -1,229,000 | ||||||||||||||
net increase in cash, cash equivalents and restricted cash | -169,623,000 | 356,996,000 | -140,194,000 | 124,345,000 | 28,358,000 | 28,366,000 | 33,661,000 | -22,957,000 | -1,771,000 | 6,927,000 | 27,262,000 | 6,583,000 | -164,833,000 | -3,040,000 | 95,185,000 | -15,934,000 | -96,140,000 | 98,421,000 | ||
cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | 0 | 158,302,000 | 0 | 0 | 0 | 90,874,000 | 0 | 0 | 0 | 51,873,000 | 0 | 0 | 0 | 140,495,000 | 0 | 0 | 0 | 40,093,000 |
cash, cash equivalents and restricted cash equivalents at end of period | -169,623,000 | 356,996,000 | -140,194,000 | 282,647,000 | 28,358,000 | 28,366,000 | 33,661,000 | 67,917,000 | -1,771,000 | 6,927,000 | 27,262,000 | 58,456,000 | -164,833,000 | -3,040,000 | 95,185,000 | 124,561,000 | 100,593,000 | -2,472,000 | -96,140,000 | 138,514,000 |
supplemental disclosures of cash flow information: | ||||||||||||||||||||
interest paid | 127,000 | 369,000 | 962,000 | 424,000 | 349,000 | 150,000 | 148,000 | 144,000 | 146,000 | 148,000 | 148,000 | 144,000 | 146,000 | 147,000 | 148,000 | 108,000 | 114,000 | 144,000 | 144,000 | 132,000 |
income tax paid | 1,664,000 | 1,707,000 | 4,201,000 | 322,000 | 747,000 | 1,033,000 | 304,000 | 78,000 | 29,000 | 97,000 | 2,000 | 15,000 | 0 | 12,000 | 0 | 112,000 | 4,000 | 4,000 | ||
non-cash investing and financing activities: | ||||||||||||||||||||
right-of-use asset obtained in exchange for lease liability | 0 | 16,479,000 | 5,358,000 | 0 | 48,000 | 105,000 | 82,000 | 0 | 39,000 | 6,875,000 | 0 | 0 | 73,000 | |||||||
property and equipment purchases included in accounts payable and accrued liabilities | 1,072,000 | -2,117,000 | -1,384,000 | 6,162,000 | -512,000 | 1,162,000 | 1,900,000 | 3,159,000 | -587,000 | -103,000 | -491,000 | 3,104,000 | 2,215,000 | -268,000 | -3,535,000 | 4,036,000 | -152,000 | 111,000 | ||
equity method investment obtained in exchange for related party contract liability | 0 | 0 | 0 | 12,273,000 | ||||||||||||||||
loss on debt extinguishment | ||||||||||||||||||||
purchases of capped calls related to convertible debt | ||||||||||||||||||||
proceeds from debt financing, net of issuance costs | 80,000,000 | |||||||||||||||||||
proceeds from issuance of common stock in public offering, net of issuance costs paid | ||||||||||||||||||||
payment of deferred offering costs | ||||||||||||||||||||
principal payment of term loan | ||||||||||||||||||||
adjustments to reconcile net income to net cash provided (used) in operating activities: | ||||||||||||||||||||
accretion of discount on available-for-sale securities | -51,000 | 144,000 | 210,000 | 71,000 | 625,000 | 18,000 | 379,000 | 11,000 | 88,000 | 87,000 | 114,000 | -1,000 | -188,000 | |||||||
principal payments of term loan | 0 | 0 | -1,111,000 | |||||||||||||||||
share in net income of equity method investment | 47,000 | 421,000 | 342,000 | 0 | 5,523,000 | |||||||||||||||
amortization of right-of-use assets | 767,000 | 773,000 | 393,000 | 386,000 | 405,000 | 378,000 | 371,000 | 365,000 | 369,000 | 205,000 | 243,000 | 247,000 | 249,000 | |||||||
transfer of fixed assets to inventory | 44,000 | 59,000 | 50,000 | 104,000 | 116,000 | 216,000 | 23,000 | 134,000 | 40,000 | |||||||||||
change in fair value of warrant liability | 0 | 0 | 0 | 609,000 | ||||||||||||||||
proceeds from issuance of common stock upon initial public offering, net of issuance costs paid | 0 | -215,000 | -2,215,000 | 102,977,000 | ||||||||||||||||
proceeds from issuance of common stock in private placement | 0 | 0 | 0 | 10,000,000 | ||||||||||||||||
proceeds from term loans | ||||||||||||||||||||
proceeds from warrant exercises | 0 | 0 | 0 | 110,000 | ||||||||||||||||
common stock issued on conversion of convertible preferred stock | 0 | 0 | 0 | 152,806,000 | ||||||||||||||||
offering cost included in account payable and accrued liabilities | ||||||||||||||||||||
common stock warrants issued on conversion of preferred stock warrants and the reclassification of the warrant liability | 0 | 0 | 0 | 789,000 | ||||||||||||||||
payments of offering costs | 0 | 0 | -179,000 | |||||||||||||||||
proceed from issuance of common stock from public offering, net of issuance cost paid | -416,000 | |||||||||||||||||||
net proceeds from term loan | 0 | 0 | 3,265,000 | |||||||||||||||||
offering costs included in accounts payable and accrued liabilities | ||||||||||||||||||||
other liabilities | ||||||||||||||||||||
proceeds from issuance of convertible preferred stock, net of issuance costs | ||||||||||||||||||||
issuance of series a-1 convertible preferred stock on net exercise of warrants | ||||||||||||||||||||
deferred offering cost included in account payable and accrued liabilities | ||||||||||||||||||||
issuance of common stock warrants in connection with debt financing | ||||||||||||||||||||
common stock issued upon net exercise of warrants | 0 | 0 | 133,000 | |||||||||||||||||
deferred offering costs included in accounts payable and accrued liabilities | 2,215,000 | |||||||||||||||||||
issuance of common stock in public offering, net of issuance costs | ||||||||||||||||||||
net decrease in cash, cash equivalents and restricted cash | ||||||||||||||||||||
offering costs included in accrued liabilities | ||||||||||||||||||||
property and equipment purchases included in accounts payable | 93,000 |