Penumbra, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
Penumbra (NYSE: PEN) reported its Q4 and full-year 2024 financial results. Q4 adjusted revenue reached $321.3 million, up 12.9% year-over-year, while full-year adjusted revenue was $1,200.4 million, increasing 13.4% from 2023. The U.S. market showed strong performance with 21.7% growth in Q4, while international revenues declined by 9.4%.
Q4 net income was $33.7 million with a 10.7% margin, and adjusted EBITDA reached $63.7 million with a 19.8% margin. For the full year 2024, net income was $14.0 million with adjusted EBITDA of $171.0 million.
Looking ahead to 2025, Penumbra projects revenue between $1,340.0-$1,360.0 million, representing 12-14% growth. The company expects U.S. thrombectomy franchise to grow 19-20%, with gross margin expansion of at least 100 basis points to over 67% and operating margin reaching 13-14% of revenue.
Penumbra (NYSE: PEN) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024. Nel Q4, il fatturato rettificato ha raggiunto i 321,3 milioni di dollari, con un aumento del 12,9% rispetto all'anno precedente, mentre il fatturato rettificato per l'intero anno è stato di 1.200,4 milioni di dollari, in crescita del 13,4% rispetto al 2023. Il mercato statunitense ha mostrato una forte performance con una crescita del 21,7% nel Q4, mentre i ricavi internazionali sono diminuiti del 9,4%.
Il reddito netto del Q4 è stato di 33,7 milioni di dollari con un margine del 10,7%, e l'EBITDA rettificato ha raggiunto i 63,7 milioni di dollari con un margine del 19,8%. Per l'intero anno 2024, il reddito netto è stato di 14,0 milioni di dollari con un EBITDA rettificato di 171,0 milioni di dollari.
Guardando al 2025, Penumbra prevede un fatturato compreso tra 1.340,0 e 1.360,0 milioni di dollari, che rappresenta una crescita del 12-14%. L'azienda si aspetta che il franchising della trombectomia negli Stati Uniti cresca del 19-20%, con un'espansione del margine lordo di almeno 100 punti base, superando il 67% e un margine operativo che raggiunge il 13-14% del fatturato.
Penumbra (NYSE: PEN) informó sus resultados financieros del cuarto trimestre y del año completo 2024. En el cuarto trimestre, los ingresos ajustados alcanzaron los 321,3 millones de dólares, un aumento del 12,9% en comparación con el año anterior, mientras que los ingresos ajustados del año completo fueron de 1.200,4 millones de dólares, aumentando un 13,4% desde 2023. El mercado estadounidense mostró un fuerte rendimiento con un crecimiento del 21,7% en el cuarto trimestre, mientras que los ingresos internacionales cayeron un 9,4%.
El ingreso neto del cuarto trimestre fue de 33,7 millones de dólares con un margen del 10,7%, y el EBITDA ajustado alcanzó los 63,7 millones de dólares con un margen del 19,8%. Para el año completo 2024, el ingreso neto fue de 14,0 millones de dólares con un EBITDA ajustado de 171,0 millones de dólares.
De cara a 2025, Penumbra proyecta ingresos entre 1.340,0 y 1.360,0 millones de dólares, representando un crecimiento del 12-14%. La empresa espera que la franquicia de trombectomía en EE. UU. crezca entre el 19-20%, con una expansión del margen bruto de al menos 100 puntos básicos a más del 67% y un margen operativo que alcance el 13-14% de los ingresos.
펜움브라 (NYSE: PEN)는 2024년 4분기 및 연간 재무 실적을 발표했습니다. 4분기 조정 수익은 3억 2,130만 달러에 달해 전년 대비 12.9% 증가했으며, 전체 연간 조정 수익은 12억 4백만 달러로 2023년 대비 13.4% 증가했습니다. 미국 시장은 4분기 동안 21.7%의 성장을 보이며 강력한 성과를 나타냈고, 국제 수익은 9.4% 감소했습니다.
4분기 순이익은 3,370만 달러로 10.7%의 마진을 기록했으며, 조정된 EBITDA는 6,370만 달러로 19.8%의 마진을 기록했습니다. 2024년 전체 연간 순이익은 1,400만 달러로 조정된 EBITDA는 1억 7,100만 달러에 달했습니다.
2025년을 바라보며, 펜움브라는 수익을 13억 4천만 달러에서 13억 6천만 달러로 예상하며, 이는 12-14%의 성장을 나타냅니다. 회사는 미국의 혈전 제거 프랜차이즈가 19-20% 성장할 것으로 예상하며, 총 마진이 최소 100 베이시스 포인트 이상 증가하여 67%를 초과하고 운영 마진이 수익의 13-14%에 이를 것으로 예상하고 있습니다.
Penumbra (NYSE: PEN) a annoncé ses résultats financiers pour le quatrième trimestre et l'année 2024. Au quatrième trimestre, le chiffre d'affaires ajusté a atteint 321,3 millions de dollars, en hausse de 12,9 % par rapport à l'année précédente, tandis que le chiffre d'affaires ajusté pour l'année complète était de 1 200,4 millions de dollars, en augmentation de 13,4 % par rapport à 2023. Le marché américain a montré une forte performance avec une croissance de 21,7 % au quatrième trimestre, tandis que les revenus internationaux ont diminué de 9,4 %.
Le bénéfice net du quatrième trimestre s'élevait à 33,7 millions de dollars avec une marge de 10,7 %, et l'EBITDA ajusté a atteint 63,7 millions de dollars avec une marge de 19,8 %. Pour l'année complète 2024, le bénéfice net était de 14,0 millions de dollars avec un EBITDA ajusté de 171,0 millions de dollars.
En regardant vers 2025, Penumbra prévoit un chiffre d'affaires compris entre 1 340,0 et 1 360,0 millions de dollars, représentant une croissance de 12 à 14 %. L'entreprise s'attend à ce que sa franchise de thrombectomie aux États-Unis croisse de 19 à 20 %, avec une expansion de la marge brute d'au moins 100 points de base à plus de 67 % et une marge opérationnelle atteignant 13 à 14 % du chiffre d'affaires.
Penumbra (NYSE: PEN) hat seine Finanzzahlen für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht. Im 4. Quartal betrugen die bereinigten Einnahmen 321,3 Millionen US-Dollar, was einem Anstieg von 12,9 % im Vergleich zum Vorjahr entspricht, während die bereinigten Einnahmen für das gesamte Jahr 1.200,4 Millionen US-Dollar betrugen, was einem Anstieg von 13,4 % gegenüber 2023 entspricht. Der US-Markt zeigte eine starke Leistung mit einem Wachstum von 21,7 % im 4. Quartal, während die internationalen Einnahmen um 9,4 % zurückgingen.
Der Nettogewinn im 4. Quartal betrug 33,7 Millionen US-Dollar mit einer Marge von 10,7 %, und das bereinigte EBITDA erreichte 63,7 Millionen US-Dollar mit einer Marge von 19,8 %. Für das gesamte Jahr 2024 betrug der Nettogewinn 14,0 Millionen US-Dollar bei einem bereinigten EBITDA von 171,0 Millionen US-Dollar.
Für 2025 rechnet Penumbra mit Einnahmen zwischen 1.340,0 und 1.360,0 Millionen US-Dollar, was einem Wachstum von 12-14 % entspricht. Das Unternehmen erwartet, dass das thrombektomie Franchise in den USA um 19-20 % wächst, mit einer Bruttomargensteigerung von mindestens 100 Basispunkten auf über 67 % und einer Betriebsmarge von 13-14 % des Umsatzes.
- Q4 adjusted revenue increased 12.9% YoY to $321.3 million
- U.S. market showed strong 21.7% growth in Q4
- Global thrombectomy products revenue grew 16.8% in Q4
- Q4 adjusted EBITDA margin improved to 19.8%
- Projected 12-14% revenue growth for 2025
- Expected gross margin expansion of 100+ basis points in 2025
- International revenue declined 9.4% in Q4
- Full-year net income margin was only 1.2%
- Global embolization and access products showed modest 5.0% growth in Q4
- $76.9 million impairment charge for Immersive Healthcare business
Insights
Penumbra's Q4 and FY2024 results reveal a compelling growth story, particularly in its core U.S. thrombectomy segment. The
The margin profile shows encouraging trends, with Q4 adjusted gross margin reaching
Regional performance presents a mixed picture. While U.S. operations continue to excel with
Looking ahead to 2025, the projected operating margin expansion to
Financial Highlights:
- Adjusted revenue1 of
$321.3 million $5.8 million 12.9% adjusted2 or13.0% in adjusted constant currency2 compared to the fourth quarter of 2023. - Adjusted revenue1 of
$1,200.4 million $5.8 million 13.4% in adjusted2 and adjusted constant currency2 compared to the full year 2023. - Revenue of
$315.5 million 10.8% in reported and constant currency2 compared to the fourth quarter of 2023. - Revenue of
$1,194.6 million 12.9% or12.8% in constant currency2 compared to the full year 2023. - Income from operations of
$42.8 million $48.6 million - Income from operations of
$9.3 million $106.6 million - Net income of
$33.7 million $63.7 million 10.7% and adjusted EBITDA margin2 of19.8% in the fourth quarter of 2024. - Net income of
$14.0 million $171.0 million 1.2% and adjusted EBITDA margin2 of14.2% for the full year 2024.
Fourth Quarter 2024 Financial Results
Adjusted total revenue1 increased to
Total revenue increased to
Gross profit, including the
Total operating expenses and total non-GAAP operating expenses2 were
Income from operations was
Full Year 2024 Financial Results
Adjusted total revenue1 increased to
Total revenue increased to
Gross profit, including the
Total operating expenses for the year ended December 31, 2024 were
Income from operations was
1Adjusted revenue excludes |
2See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. |
Full Year 2025 Financial Outlook
The Company projects total revenue for 2025 to be in the range of
Webcast and Conference Call Information
Penumbra, Inc. will host a conference call to discuss financial results for the fourth quarter and year ended December 31, 2024 after market close on Tuesday, February 18, 2025 at 4:30 PM Eastern Time. The conference call can be accessed live over the phone by dialing (888) 596-4144 (conference id: 5872954), or the webcast can be accessed on the "Events and Presentations" section under the "Investors" tab of the Company's website at: www.penumbrainc.com. The webcast will be available on the Company's website for at least two weeks following the completion of the call.
About Penumbra
Penumbra, Inc., the world's leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety and simplicity. By pioneering these innovations, we support healthcare providers, hospitals and clinics in more than 100 countries, working to improve patient outcomes and quality of life. For more information, visit www.penumbrainc.com and connect on Instagram, LinkedIn, and X.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
Constant currency and adjusted constant currency. The Company's constant currency revenue disclosures estimate the impact of changes in foreign currency rates on the translation of the Company's current period revenue as compared to the applicable comparable period in the prior year. This impact is derived by taking the current local currency revenue and translating it into
Adjusted Revenue. The adjustments to the GAAP financial measure reflect the exclusion of impact of the Italian government's payback provision pertaining to prior years. During the year ended December 31, 2024, the Company recorded a reduction in revenue of
Adjusted gross profit and adjusted gross margin. The adjustments to the GAAP financial measures reflect the exclusion of impact of the Italian government's payback provision pertaining to prior years.
Non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS. The adjustments to the GAAP financial measures reflect the exclusion of:
- the one-time expense associated with the acquisition of IPR&D in the third quarter of 2023;
- the effect of the amortization of finite lived intangible assets acquired in connection with the Sixense acquisition over their estimated useful lives;
- the excess tax benefits associated with share-based compensation arrangements;
- the release of the valuation allowance associated with Federal R&D tax credits and partial release of the valuation allowance associated with
California deferred tax assets; - non-recurring litigation related expenses;
- non-cash long-lived asset impairment related to the impairment of our Immersive Healthcare asset group;
- one-time expenses in connection with the wind down of the Immersive Healthcare business; and
- the Italian government's payback provision pertaining to prior years.
Adjusted EBITDA. The Company's adjusted EBITDA reflects the exclusion from GAAP net income of:
- non-cash operating charges such as stock-based compensation, depreciation and amortization, and impairment charges;
- non-operating items such as the one-time expense associated with the acquisition of IPR&D, interest income, interest expense, and provision for (benefit from) income taxes;
- non-recurring litigation related expenses;
- one-time expenses in connection with the wind down of the Immersive Healthcare business; and
- the Italian government's payback provision pertaining to prior years.
Full reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in the tables below.
Our management believes the non-GAAP financial measures disclosed in this press release are useful to investors in assessing the operating performance of our business and provide meaningful comparisons to prior periods and thus a more complete understanding of our business than could be obtained absent this disclosure. Specifically, we consider the change in constant currency revenue as a useful metric as it provides an alternative framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations. We consider adjusted revenue, adjusted gross profit and adjusted gross margin useful metrics to investors as they eliminate the impact of the Italian government's payback provision pertaining to prior years and allow a more direct comparison of our business performance between periods. We consider non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS useful metrics as they provide an alternative framework for assessing how our underlying business performed excluding the one-time expense associated with the acquisition of IPR&D in the third quarter of 2023, the amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition, the excess tax benefits associated with share-based compensation arrangements, the release of the valuation allowance associated with Federal R&D tax credits and partial release of the valuation allowance associated with
The non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP measures should not be considered in isolation or as alternatives to GAAP measures. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business.
Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2024, which we expect to file with the SEC on or before March 3, 2025. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.
Penumbra, Inc. | ||||
Condensed Consolidated Balance Sheets | ||||
(unaudited) | ||||
(in thousands) | ||||
December 31, | ||||
2024 | 2023 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ 324,404 | $ 167,486 | ||
Marketable investments | 15,727 | 121,701 | ||
Accounts receivable, net | 167,668 | 201,768 | ||
Inventories | 406,737 | 388,023 | ||
Prepaid expenses and other current assets | 36,589 | 36,424 | ||
Total current assets | 951,125 | 915,402 | ||
Property and equipment, net | 62,641 | 72,691 | ||
Operating lease right-of-use assets | 177,787 | 188,756 | ||
Finance lease right-of-use assets | 28,018 | 31,092 | ||
Intangible assets, net | 6,513 | 71,056 | ||
Goodwill | 165,826 | 166,270 | ||
Deferred taxes | 100,332 | 85,158 | ||
Other non-current assets | 40,939 | 25,880 | ||
Total assets | $ 1,533,181 | $ 1,556,305 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 31,326 | $ 27,155 | ||
Accrued liabilities | 112,429 | 110,555 | ||
Current operating lease liabilities | 12,221 | 11,203 | ||
Current finance lease liabilities | 2,369 | 2,231 | ||
Total current liabilities | 158,345 | 151,144 | ||
Non-current operating lease liabilities | 187,068 | 197,229 | ||
Non-current finance lease liabilities | 21,731 | 23,680 | ||
Other non-current liabilities | 15,106 | 5,308 | ||
Total liabilities | 382,250 | 377,361 | ||
Stockholders' equity: | ||||
Preferred stock | — | — | ||
Common stock | 38 | 39 | ||
Additional paid-in capital | 1,096,732 | 1,047,198 | ||
Accumulated other comprehensive loss | (5,843) | (3,151) | ||
Retained earnings | 60,004 | 134,858 | ||
Total stockholders' equity | 1,150,931 | 1,178,944 | ||
Total liabilities and stockholders' equity | $ 1,533,181 | $ 1,556,305 | ||
Penumbra, Inc. | ||||||||
Condensed Consolidated Statements of Operations | ||||||||
(unaudited) | ||||||||
(in thousands, except share and per share amounts) | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Revenue | $ 315,518 | $ 284,679 | $ 1,194,615 | $ 1,058,522 | ||||
Cost of revenue | 104,797 | 97,687 | 439,620 | 375,879 | ||||
Gross profit | 210,721 | 186,992 | 754,995 | 682,643 | ||||
Operating expenses: | ||||||||
Research and development | 20,010 | 21,942 | 94,783 | 84,423 | ||||
Sales, general and administrative | 147,936 | 130,021 | 573,988 | 506,454 | ||||
Acquired in-process research and development | — | — | — | 18,215 | ||||
Impairment Charge | — | — | 76,945 | — | ||||
Total operating expenses | 167,946 | 151,963 | 745,716 | 609,092 | ||||
Income from operations | 42,775 | 35,029 | 9,279 | 73,551 | ||||
Interest and other income (expense), net | 1,564 | 3,129 | 11,590 | 6,099 | ||||
Income before income taxes | 44,339 | 38,158 | 20,869 | 79,650 | ||||
Provision for (benefit from) income taxes | 10,656 | (16,060) | 6,857 | (11,304) | ||||
Net income | $ 33,683 | $ 54,218 | $ 14,012 | $ 90,954 | ||||
Net income per share: | ||||||||
Basic | $ 0.88 | $ 1.40 | $ 0.36 | $ 2.37 | ||||
Diluted | $ 0.86 | $ 1.38 | $ 0.36 | $ 2.32 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 38,418,269 | 38,628,565 | 38,633,744 | 38,401,171 | ||||
Diluted | 39,037,644 | 39,291,044 | 39,268,037 | 39,216,564 | ||||
Penumbra, Inc. | ||||||||
Reconciliation of GAAP Revenue, GAAP Gross Profit and GAAP Gross Margin to Adjusted Revenue, Non-GAAP Gross Profit | ||||||||
(unaudited) | ||||||||
(in thousands, except for percentages) | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
GAAP revenue | $ 315,518 | $ 284,679 | $ 1,194,615 | $ 1,058,522 | ||||
Italian payback measure2 | 5,797 | — | 5,797 | — | ||||
Adjusted revenue2 | 321,315 | 284,679 | 1,200,412 | 1,058,522 | ||||
GAAP gross profit | 210,721 | 186,992 | 754,995 | 682,643 | ||||
GAAP gross profit includes the effect of the following item: | ||||||||
Italian payback measure2 | 5,797 | — | 5,797 | — | ||||
Adjusted gross profit | $ 216,518 | $ 186,992 | $ 760,792 | $ 682,643 | ||||
GAAP gross margin | 66.8 % | 65.7 % | 63.2 % | 64.5 % | ||||
Adjusted gross margin | 67.4 % | 65.7 % | 63.4 % | 64.5 % | ||||
1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. | ||||
2Represents the impact of the Italian government's payback provision pertaining to prior years during the three months ended December 31, 2024. | ||||
Penumbra, Inc. | ||||||||
Reconciliation of GAAP Operating Expenses and GAAP Income from Operations to Non-GAAP Operating Expenses and | ||||||||
(unaudited) | ||||||||
(in thousands) | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
GAAP operating expenses | $ 167,946 | $ 151,963 | $ 745,716 | $ 609,092 | ||||
GAAP operating expenses includes the effect of the following | ||||||||
Impairment charge2 | — | — | 76,945 | — | ||||
Wind down expenses3 | — | — | 4,971 | — | ||||
Non-recurring litigation related expenses | — | — | 4,823 | — | ||||
Amortization of finite lived intangible assets acquired | — | 2,380 | 4,759 | 9,519 | ||||
Acquired IPR&D5 | — | — | — | 18,215 | ||||
Non-GAAP operating expenses | $ 167,946 | $ 149,583 | $ 654,218 | $ 581,358 | ||||
GAAP income from operations | $ 42,775 | $ 35,029 | $ 9,279 | $ 73,551 | ||||
GAAP income from operations includes the effect of the | ||||||||
Impairment charge2 | — | — | 76,945 | — | ||||
Wind down expenses3 | — | — | 4,971 | — | ||||
Italian payback measures4 | 5,797 | — | 5,797 | — | ||||
Non-recurring litigation related expenses | — | — | 4,823 | — | ||||
Amortization of finite lived intangible assets acquired | — | 2,380 | 4,759 | 9,519 | ||||
Acquired IPR&D5 | — | — | — | 18,215 | ||||
Non-GAAP income from operations | $ 48,572 | $ 37,409 | $ 106,574 | $ 101,285 | ||||
1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. | ||||
2Represents charges associated with the impairment of the Immersive Healthcare asset group during the three months ended June 30, 2024. | ||||
3Represents one-time expenses that include severance and other costs related to the wind down of the Immersive Healthcare business during the three months ended September 30, 2024. | ||||
4Represents the impact of the Italian government's payback provision pertaining to prior years during the three months ended December 31, 2024. | ||||
5Represents a one-time | ||||
Penumbra, Inc. | ||||||||||||||||
Reconciliation of GAAP Net Income and GAAP Diluted EPS to Non-GAAP Net Income and Non-GAAP Diluted EPS1 | ||||||||||||||||
(unaudited) | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | |||||||||||||
Net | Diluted | Net | Diluted | Net | Diluted | Net | Diluted | |||||||||
GAAP net income | $ 33,683 | $ 0.86 | $ 54,218 | $ 1.38 | $ 14,012 | $ 0.36 | $ 90,954 | $ 2.32 | ||||||||
GAAP net income includes the effect of the | ||||||||||||||||
Italian payback measure2 | 5,797 | 0.15 | — | — | 5,797 | 0.15 | — | — | ||||||||
Impairment charge3 | — | — | — | — | 76,945 | 1.96 | — | — | ||||||||
Wind down expenses4 | — | — | — | — | 4,971 | 0.13 | — | — | ||||||||
Non-recurring litigation expenses | — | — | — | — | 4,823 | 0.12 | — | — | ||||||||
Amortization of finite lived intangible assets acquired | — | — | 2,380 | 0.06 | 4,759 | 0.12 | 9,519 | 0.25 | ||||||||
Acquired IPR&D5 | — | — | — | — | — | — | 18,215 | 0.46 | ||||||||
Tax effect on the non-GAAP adjustments above6 | (1,217) | (0.03) | (573) | (0.01) | (23,387) | (0.60) | (2,293) | (0.06) | ||||||||
Excess tax benefits related to stock compensation | (343) | (0.01) | (648) | (0.02) | (837) | (0.02) | (9,020) | (0.23) | ||||||||
Valuation allowance release7 | — | — | (25,493) | (0.65) | — | — | (25,493) | (0.65) | ||||||||
Non-GAAP net income | $ 37,920 | $ 0.97 | $ 29,884 | $ 0.76 | $ 87,083 | $ 2.22 | $ 81,882 | $ 2.09 | ||||||||
GAAP diluted EPS | $ 0.86 | $ 1.38 | $ 0.36 | $ 2.32 | ||||||||||||
Non-GAAP diluted EPS | $ 0.97 | $ 0.76 | $ 2.22 | $ 2.09 | ||||||||||||
1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. | ||||
2Represents the impact of the Italian government's payback provision pertaining to prior years during the three months ended December 31, 2024. | ||||
3Represents charges associated with the impairment of the Immersive Healthcare asset group during the three months ended June 30, 2024. | ||||
4Represents one-time expenses that include severance and other costs related to the wind down of the Immersive Healthcare business during the three months ended September 30, 2024. | ||||
5Represents a one-time | ||||
6For the three and twelve months ended December 31, 2024, management used a combined federal and state tax rate of | ||||
7The Company released a valuation allowance against its Federal R&D tax credits and partially released a valuation allowance against its | ||||
Penumbra, Inc. | ||||||||
Reconciliation of GAAP Net Income and GAAP Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin1 | ||||||||
(unaudited) | ||||||||
(in thousands, except for percentages) | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
GAAP net income | $ 33,683 | $ 54,218 | $ 14,012 | $ 90,954 | ||||
Adjustments to GAAP net income: | ||||||||
Italian payback measure2 | 5,797 | — | 5,797 | — | ||||
Depreciation and amortization expense | 4,388 | 7,039 | 23,702 | 27,257 | ||||
Interest income, net | (2,939) | (2,570) | (12,272) | (5,086) | ||||
Provision for (benefit from) income taxes | 10,656 | (16,060) | 6,857 | (11,304) | ||||
Stock-based compensation expense | 12,095 | 10,791 | 46,164 | 50,516 | ||||
Impairment charge3 | — | — | 76,945 | — | ||||
Wind down expenses4 | — | — | 4,971 | — | ||||
Non-recurring litigation related expenses | — | — | 4,823 | — | ||||
Acquired IPR&D5 | — | — | — | 18,215 | ||||
Adjusted EBITDA | $ 63,680 | $ 53,418 | $ 170,999 | $ 170,552 | ||||
GAAP revenue | $ 315,518 | $ 284,679 | $ 1,194,615 | $ 1,058,522 | ||||
Adjusted revenue2 | $ 321,315 | 284,679 | $ 1,200,412 | $ 1,058,522 | ||||
Adjusted EBITDA | $ 63,680 | $ 53,418 | $ 170,999 | $ 170,552 | ||||
GAAP net income margin | 10.7 % | 19.0 % | 1.2 % | 8.6 % | ||||
Adjusted EBITDA margin | 19.8 % | 18.8 % | 14.2 % | 16.1 % | ||||
1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. | ||||
2Represents the impact of the Italian government's payback provision pertaining to prior years during the three months ended December 31, 2024. | ||||
3Represents charges associated with the impairment of the Immersive Healthcare asset group during the three months ended June 30, 2024. | ||||
4Represents one-time expenses that include severance and other costs related to the wind down of the Immersive Healthcare business during the three months ended September 30, 2024. | ||||
5Represents a one-time | ||||
Penumbra, Inc. | ||||||||||||||||||||
Reconciliation of Revenue and Adjusted Revenue Change by Geographic Regions to Adjusted Constant Currency and | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
(in thousands, except for percentages) | ||||||||||||||||||||
Three Months Ended December 31, | Reported | Adjusted (%) | Adjusted | Adjusted | ||||||||||||||||
2024 | 2023 | |||||||||||||||||||
Adjusted | Adjustment | Revenue | Adjusted | Adjustment | Revenue | |||||||||||||||
$ 247,917 | $ — | $ 247,917 | $ 203,684 | $ — | $ 203,684 | 21.7 % | — % | — % | 21.7 % | |||||||||||
International | 73,398 | (5,797) | 67,601 | 80,995 | — | 80,995 | (16.5) % | 7.1 % | 0.3 % | (9.1) % | ||||||||||
Total | $ 321,315 | $ (5,797) | $ 315,518 | $ 284,679 | $ — | $ 284,679 | 10.8 % | 2.1 % | 0.1 % | 13.0 % | ||||||||||
Three Months Ended December 31, | Reported Change | FX Impact | Constant Currency Change | |||||||||||
2024 | 2023 | $ | % | $ | $ | % | ||||||||
$ 247,917 | $ 203,684 | $ 44,233 | 21.7 % | $ — | $ 44,233 | 21.7 % | ||||||||
International | 67,601 | 80,995 | (13,394) | (16.5) % | (13) | (13,407) | (16.6) % | |||||||
Total | $ 315,518 | $ 284,679 | $ 30,839 | 10.8 % | $ (13) | $ 30,826 | 10.8 % | |||||||
Year Ended December 31, | Reported | Adjusted (%) | Adjusted | Adjusted | ||||||||||||||||
2024 | 2023 | |||||||||||||||||||
Adjusted | Adjustment | Revenue | Adjusted | Adjustment | Revenue | |||||||||||||||
$ 902,067 | $ — | $ 902,067 | $ 757,151 | $ — | $ 757,151 | 19.1 % | — % | — % | 19.1 % | |||||||||||
International | 298,345 | (5,797) | 292,548 | 301,371 | — | 301,371 | (2.9) % | 1.9 % | (0.1) % | (1.1) % | ||||||||||
Total | $ 1,200,412 | $ (5,797) | $ 1,194,615 | $ 1,058,522 | $ — | $ 1,058,522 | 12.9 % | 0.5 % | — % | 13.4 % | ||||||||||
Year Ended December 31, | Reported Change | FX Impact | Constant Currency Change | |||||||||||
2024 | 2023 | $ | % | $ | $ | % | ||||||||
$ 902,067 | $ 757,151 | $ 144,916 | 19.1 % | $ — | $ 144,916 | 19.1 % | ||||||||
International | 292,548 | 301,371 | (8,823) | (2.9) % | (518) | (9,341) | (3.1) % | |||||||
Total | $ 1,194,615 | $ 1,058,522 | $ 136,093 | 12.9 % | $ (518) | $ 135,575 | 12.8 % | |||||||
Penumbra, Inc. | ||||||||||||||||||||
Reconciliation of Revenue and Adjusted Revenue Change by Product Categories and Geographic Regions to Adjusted Constant | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
(in thousands, except for percentages) | ||||||||||||||||||||
Three Months Ended December 31, | Reported | Adjusted (%) | Adjusted | Adjusted | ||||||||||||||||
2024 | 2023 | |||||||||||||||||||
Adjusted | Adjustment | Revenue | Adjusted | Adjustment | Revenue | |||||||||||||||
Thrombectomy | $ 222,736 | $ (2,607) | $ 220,129 | $ 190,780 | $ — | $ 190,780 | 15.4 % | 1.4 % | 0.1 % | 16.9 % | ||||||||||
Embolization | 98,579 | (3,190) | 95,389 | 93,899 | — | 93,899 | 1.6 % | 3.4 % | 0.1 % | 5.1 % | ||||||||||
Total | $ 321,315 | $ (5,797) | $ 315,518 | $ 284,679 | $ — | $ 284,679 | 10.8 % | 2.1 % | 0.1 % | 13.0 % | ||||||||||
Three Months Ended December 31, | Reported Change | FX Impact | Constant Currency Change | |||||||||||
2024 | 2023 | $ | % | $ | $ | % | ||||||||
Thrombectomy | $ 220,129 | $ 190,780 | $ 29,349 | 15.4 % | $ 65 | $ 29,414 | 15.4 % | |||||||
Embolization | 95,389 | 93,899 | 1,490 | 1.6 % | (78) | 1,412 | 1.5 % | |||||||
Total | $ 315,518 | $ 284,679 | $ 30,839 | 10.8 % | $ (13) | $ 30,826 | 10.8 % | |||||||
Year Ended December 31, | Reported | Adjusted (%) | Adjusted | Adjusted | ||||||||||||||||
2024 | 2023 | |||||||||||||||||||
Adjusted | Adjustment | Revenue | Adjusted | Adjustment | Revenue | |||||||||||||||
Thrombectomy | $ 818,082 | $ (2,607) | $ 815,475 | $ 677,343 | $ — | $ 677,343 | 20.4 % | 0.4 % | — % | 20.8 % | ||||||||||
Embolization | 382,330 | (3,190) | 379,140 | 381,179 | — | 381,179 | (0.5) % | 0.8 % | (0.1) % | 0.2 % | ||||||||||
Total | $ 1,200,412 | $ (5,797) | $ 1,194,615 | $ 1,058,522 | $ — | $ 1,058,522 | 12.9 % | 0.5 % | — % | 13.4 % | ||||||||||
Year Ended December 31, | Reported Change | FX Impact | Constant Currency Change | |||||||||||
2024 | 2023 | $ | % | $ | $ | % | ||||||||
Thrombectomy | $ 815,475 | $ 677,343 | $ 138,132 | 20.4 % | $ (77) | $ 138,055 | 20.4 % | |||||||
Embolization | 379,140 | 381,179 | (2,039) | (0.5) % | (441) | (2,480) | (0.7) % | |||||||
Total | $ 1,194,615 | $ 1,058,522 | $ 136,093 | 12.9 % | $ (518) | $ 135,575 | 12.8 % | |||||||
Three Months Ended December 31, | Reported | Adjusted (%) | Adjusted | Adjusted | ||||||||||||||||
2024 | 2023 | |||||||||||||||||||
Adjusted | Adjustment | Revenue | Adjusted | Adjustment | Revenue | |||||||||||||||
Thrombectomy | ||||||||||||||||||||
United States | $ 180,647 | $ — | $ 180,647 | $ 141,891 | $ — | $ 141,891 | 27.3 % | — % | — % | 27.3 % | ||||||||||
International | 42,089 | (2,607) | 39,482 | 48,889 | — | 48,889 | (19.2) % | 5.3 % | 0.4 % | (13.5) % | ||||||||||
Total Thrombectomy | 222,736 | (2,607) | 220,129 | 190,780 | — | 190,780 | 15.4 % | 1.4 % | 0.1 % | 16.9 % | ||||||||||
Embolization and Access | ||||||||||||||||||||
United States | 67,270 | — | 67,270 | 61,793 | — | 61,793 | 8.9 % | — % | — % | 8.9 % | ||||||||||
International | 31,309 | (3,190) | 28,119 | 32,106 | — | 32,106 | (12.4) % | 9.9 % | 0.2 % | (2.3) % | ||||||||||
Total Embolization | 98,579 | (3,190) | 95,389 | 93,899 | — | 93,899 | 1.6 % | 3.4 % | 0.1 % | 5.1 % | ||||||||||
Total | $ 321,315 | $ (5,797) | $ 315,518 | $ 284,679 | $ — | $ 284,679 | 10.8 % | 2.1 % | 0.1 % | 13.0 % | ||||||||||
Three Months Ended December 31, | Change | FX Impact | Constant Currency Change | |||||||||||
2024 | 2023 | $ | % | $ | $ | % | ||||||||
Thrombectomy | ||||||||||||||
United States | $ 180,647 | $ 141,891 | $ 38,756 | 27.3 % | $ — | $ 38,756 | 27.3 % | |||||||
International | 39,482 | 48,889 | (9,407) | (19.2) % | 65 | (9,342) | (19.1) % | |||||||
Total Thrombectomy | 220,129 | 190,780 | 29,349 | 15.4 % | 65 | 29,414 | 15.4 % | |||||||
Embolization and Access | ||||||||||||||
United States | 67,270 | 61,793 | 5,477 | 8.9 % | — | 5,477 | 8.9 % | |||||||
International | 28,119 | 32,106 | (3,987) | (12.4) % | (78) | (4,065) | (12.7) % | |||||||
Total Embolization and | 95,389 | 93,899 | 1,490 | 1.6 % | (78) | 1,412 | 1.5 % | |||||||
Total | $ 315,518 | $ 284,679 | $ 30,839 | 10.8 % | $ (13) | $ 30,826 | 10.8 % | |||||||
Year Ended December 31, | Reported | Adjusted (%) | Adjusted | Adjusted | ||||||||||||||||
2024 | 2023 | |||||||||||||||||||
Adjusted | Adjustment | Reported | Adjusted | Adjustment | Reported | |||||||||||||||
Thrombectomy | ||||||||||||||||||||
United States | $ 646,711 | $ — | $ 646,711 | $ 509,886 | $ — | $ 509,886 | 26.8 % | — % | — % | 26.8 % | ||||||||||
International | 171,371 | (2,607) | 168,764 | 167,457 | — | 167,457 | 0.8 % | 1.5 % | 0.1 % | 2.4 % | ||||||||||
Total Thrombectomy | 818,082 | (2,607) | 815,475 | 677,343 | — | 677,343 | 20.4 % | 0.4 % | — % | 20.8 % | ||||||||||
Embolization and Access | ||||||||||||||||||||
United States | 255,356 | — | 255,356 | 247,265 | — | 247,265 | 3.3 % | — % | — % | 3.3 % | ||||||||||
International | 126,974 | (3,190) | 123,784 | 133,914 | — | 133,914 | (7.6) % | 2.4 % | (0.2) % | (5.4) % | ||||||||||
Total Embolization | 382,330 | (3,190) | 379,140 | 381,179 | — | 381,179 | (0.5) % | 0.8 % | (0.1) % | 0.2 % | ||||||||||
Total | $ 1,200,412 | $ (5,797) | $ 1,194,615 | $ 1,058,522 | $ — | $ 1,058,522 | 12.9 % | 0.5 % | — % | 13.4 % | ||||||||||
Year Ended December 31, | Change | FX Impact | Constant Currency Change | |||||||||||
2024 | 2023 | $ | % | $ | $ | % | ||||||||
Thrombectomy | ||||||||||||||
United States | $ 646,711 | $ 509,886 | $ 136,825 | 26.8 % | $ — | $ 136,825 | 26.8 % | |||||||
International | 168,764 | 167,457 | 1,307 | 0.8 % | (77) | 1,230 | 0.7 % | |||||||
Total Thrombectomy | 815,475 | 677,343 | 138,132 | 20.4 % | (77) | 138,055 | 20.4 % | |||||||
Embolization and Access | ||||||||||||||
United States | 255,356 | 247,265 | 8,091 | 3.3 % | — | 8,091 | 3.3 % | |||||||
International | 123,784 | 133,914 | (10,130) | (7.6) % | (441) | (10,571) | (7.9) % | |||||||
Total Embolization and | 379,140 | 381,179 | (2,039) | (0.5) % | (441) | (2,480) | (0.7) % | |||||||
Total | $ 1,194,615 | $ 1,058,522 | $ 136,093 | 12.9 % | $ (518) | $ 135,575 | 12.8 % | |||||||
1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. | ||||
Investor Relations
Penumbra, Inc.
investors@penumbrainc.com
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SOURCE Penumbra, Inc.
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