Revenue Analysis:
Total and Operating Revenue: Over the periods, SWAV has shown a consistent increase in Total Revenue, from $161.066 million in Q1 2023 to $218.805 million in Q1 2024. Operating Revenue depicted a similar growth trajectory.
Gross Profit Margins: Gross Profit also increased from $140 million in Q1 2023 to approximately $190.598 million in Q1 2024, indicating improved efficiency in generating revenue over the cost of goods sold.
Cost Management:
Cost of Revenue: There was an increase in the Cost of Revenue from $21.066 million in Q1 2023 to $28.207 million in Q1 2024.
Operating Expense: Operating Expense saw growth from about $100.186 million in Q1 2023 to $148.191 million in Q1 2024.
Total Expenses: Total Expenses rose significantly from $121.252 million in Q1 2023 to $176.398 million in Q1 2024, reflecting the escalation in costs parallel to revenue and operational expansion.
Profitability Analysis:
EBITDA: EBITDA grew from $43.081 million in Q1 2023 to $56.051 million in Q1 2024.
Operating Income: Operating Income increased from $39.814 million in Q1 2023 to $42.407 million in Q1 2024, showing improved operating efficiency.
Pretax Income: Pretax Income witnessed a slight decrease from $40.737 million in Q1 2023 to about $49.999 million in Q1 2024.
Net Income: Net Income metrics showed significant improvement; for example, Net Income from Continuing Operations increased from $39.125 million in Q1 2023 to $55.346 million in Q1 2024.
Cash Flow Indicators:
Reconciled Depreciation: Depreciation incrementally increased from $1.708 million in Q1 2023 to $3.109 million in Q1 2024, indicating capital asset additions.
Interest Expense: Interest Expense remained relatively stable around $2.943 million by Q1 2024.
Taxation:
Tax Rate: The effective tax rate has varied, from a low of 3.96% in Q1 2023 to a rate of 40% in Q1 2024, impacting the net income after taxes.
Tax Provision: There was a significant tax provision, reporting as a positive $11.155 million in Q4 2023 and a negative $5.347 million in Q1 2024.
Tax Effect of Unusual Items: There has been zero recorded for the Tax Effect of Unusual Items in all periods.
Shareholder Metrics:
Diluted and Basic EPS: Both Diluted and Basic EPS have increased, where Diluted EPS increased from 1.03 in Q1 2023 to 1.44 in Q1 2024, and Basic EPS from 1.07 to 1.48 in the same periods.
Average Shares: There has been a slight increase in both Diluted and Basic Average Shares, indicating issuance of new stock.
Net Income Available to Common Stockholders: Has significantly risen, consistent with the growth in Net Income.
Conclusion:
SWAV has demonstrated a strong upward trajectory in terms of revenue and profitability over the past fiscal periods, despite increased operational costs and variable tax rates. Continued monitoring of expense management and taxation is advisable to maintain profitability.