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Penumbra, Inc. Reports Third Quarter 2024 Financial Results

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Penumbra (NYSE: PEN) reported strong Q3 2024 financial results with total revenue of $301.0 million, up 11.1% year-over-year. U.S. thrombectomy revenue reached $162.1 million, increasing 21.2% compared to Q3 2023, driven by 32% growth in the VTE franchise. The company achieved net income of $29.5 million with a 9.8% margin and adjusted EBITDA of $56.7 million with an 18.8% margin. Gross profit was $200.3 million with a 66.5% margin. The company maintains its 2024 revenue guidance of $1,180-1,200 million and now expects U.S. thrombectomy growth of 24-25% year-over-year.

Penumbra (NYSE: PEN) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un fatturato totale di 301,0 milioni di dollari, in aumento dell'11,1% rispetto all'anno precedente. Il fatturato da trombectomia negli Stati Uniti ha raggiunto 162,1 milioni di dollari, con un incremento del 21,2% rispetto al terzo trimestre del 2023, sostenuto da una crescita del 32% nel segmento VTE. L'azienda ha registrato un utile netto di 29,5 milioni di dollari, con un margine del 9,8% e un EBITDA rettificato di 56,7 milioni di dollari con un margine del 18,8%. Il profitto lordo è stato di 200,3 milioni di dollari con un margine del 66,5%. L'azienda mantiene le previsioni di fatturato per il 2024 tra 1.180 e 1.200 milioni di dollari e ora prevede una crescita della trombectomia negli Stati Uniti del 24-25% rispetto all'anno precedente.

Penumbra (NYSE: PEN) reportó resultados financieros sólidos en el tercer trimestre de 2024, con un ingreso total de 301,0 millones de dólares, un aumento del 11,1% en comparación con el año anterior. Los ingresos por trombectomía en EE.UU. alcanzaron 162,1 millones de dólares, aumentando un 21,2% en comparación con el tercer trimestre de 2023, impulsados por un crecimiento del 32% en la franquicia VTE. La compañía logró un ingreso neto de 29,5 millones de dólares, con un margen del 9,8% y un EBITDA ajustado de 56,7 millones de dólares con un margen del 18,8%. La utilidad bruta fue de 200,3 millones de dólares con un margen del 66,5%. La empresa mantiene su guía de ingresos para 2024 de 1.180 a 1.200 millones de dólares y ahora espera un crecimiento de la trombectomía en EE.UU. del 24-25% en comparación con el año anterior.

페넘브라 (NYSE: PEN)는 2024년 3분기 강력한 재무 성과를 보고했으며, 총 수익은 3억 1천만 달러로 지난해 대비 11.1% 증가했습니다. 미국의 혈전제거 수익은 1억 6천 2백만 달러에 도달했으며, 이는 2023년 3분기 대비 21.2% 증가한 수치로, VTE 프랜차이즈의 32% 성장에 기인합니다. 회사는 2천 9백 5십만 달러의 순이익을 기록했으며, 이는 9.8%의 마진을 나타내고, 조정된 EBITDA는 5천 6백 7십만 달러로 18.8%의 마진을 기록했습니다. 총 이익은 2억 3백만 달러로, 66.5%의 마진을 보였습니다. 회사는 2024년 수익 목표를 11억 8천만 ~ 12억 달러로 유지하며, 지금은 미국에서의 혈전제거 성장률이 지난해 대비 24-25%에 이를 것으로 기대하고 있습니다.

Penumbra (NYSE: PEN) a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec un chiffre d'affaires total de 301,0 millions de dollars, en hausse de 11,1% par rapport à l'année précédente. Le chiffre d'affaires de thrombectomie aux États-Unis a atteint 162,1 millions de dollars, avec une augmentation de 21,2% par rapport au troisième trimestre 2023, soutenue par une croissance de 32% du segment VTE. L'entreprise a réalisé un bénéfice net de 29,5 millions de dollars, avec une marge de 9,8% et un EBITDA ajusté de 56,7 millions de dollars avec une marge de 18,8%. Le bénéfice brut s'élevait à 200,3 millions de dollars avec une marge de 66,5%. L'entreprise maintient ses prévisions de chiffre d'affaires pour 2024 entre 1 180 et 1 200 millions de dollars et s'attend désormais à une croissance de 24-25% de la thrombectomie aux États-Unis par rapport à l'année précédente.

Penumbra (NYSE: PEN) hat im dritten Quartal 2024 solide Finanzergebnisse gemeldet, mit einem Gesamtumsatz von 301,0 Millionen Dollar, was einem Anstieg von 11,1% im Vergleich zum Vorjahr entspricht. Der Umsatz aus Thrombektomien in den USA erreichte 162,1 Millionen Dollar, was einem Anstieg von 21,2% im Vergleich zum dritten Quartal 2023 entspricht, angetrieben durch ein Wachstum von 32% im VTE-Segment. Das Unternehmen erzielte einen Nettoertrag von 29,5 Millionen Dollar mit einer Marge von 9,8% und ein bereinigtes EBITDA von 56,7 Millionen Dollar mit einer Marge von 18,8%. Der Bruttogewinn betrug 200,3 Millionen Dollar mit einer Marge von 66,5%. Das Unternehmen hält an seiner Umsatzprognose für 2024 von 1.180 bis 1.200 Millionen Dollar fest und erwartet nun ein Wachstum des Thrombektomiemarktes in den USA von 24-25% im Vergleich zum Vorjahr.

Positive
  • Revenue increased 11.1% YoY to $301.0 million
  • U.S. thrombectomy revenue grew 21.2% YoY
  • VTE franchise showed strong 32% growth
  • Gross margin improved to 66.5% from 65.6% YoY
  • Operating expenses decreased to 54.8% of revenue from 60.9% YoY
  • Net income reached $29.5 million with 9.8% margin
Negative
  • International revenue declined 1.9% YoY

Insights

The Q3 2024 results demonstrate solid performance with notable strengths in key areas. $301.0 million in revenue represents a healthy 11.1% growth, driven primarily by strong U.S. thrombectomy sales. The standout metric is the 32% growth in the U.S. VTE franchise compared to Q3 2023.

Profitability metrics show improvement, with gross margin expanding to 66.5% from 65.6% year-over-year. The $35.4 million operating income and 18.8% adjusted EBITDA margin reflect operational efficiency. The company's maintained guidance of $1,180-1,200 million for full-year revenue, with increased confidence in U.S. thrombectomy growth of 24-25%, suggests strong momentum.

The strategic decision to wind down the Immersive Healthcare business, while resulting in a $5.0 million one-time expense, demonstrates management's focus on core growth areas. The expected gross margin and operating margin expansion indicates continued operational leverage potential.

ALAMEDA, Calif., Oct. 30, 2024 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), the world's leading thrombectomy company, today reported financial results for the third quarter ended September 30, 2024.

  • Revenue of $301.0 million in the third quarter of 2024, an increase of 11.1% or 10.9% in constant currency1, compared to the third quarter of 2023.
  • U.S. thrombectomy revenue of $162.1 million in the third quarter of 2024 increased 21.2% and 5.4% compared to the third quarter of 2023 and second quarter of 2024, respectively, led by growth in our U.S. VTE franchise, which grew 32% compared to the third quarter of 2023.
  • Income from operations of $35.4 million and Non-GAAP income from operations1 of $40.3 million in the third quarter of 2024.
  • Net income of $29.5 million and adjusted EBITDA1 of $56.7 million or net income margin of 9.8% and adjusted EBITDA margin of 18.8% in the third quarter of 2024.

Third Quarter 2024 Financial Results
Total revenue increased to $301.0 million for the third quarter of 2024 compared to $270.9 million for the third quarter of 2023, an increase of 11.1%, or 10.9% in constant currency1. The United States represented 75.2% of total revenue and international represented 24.8% of total revenue for the third quarter of 2024. Revenue from the U.S. increased 16.2% while revenue from our international regions decreased 1.9%, or 2.5% in constant currency1. Revenue from sales of our global thrombectomy products grew to $204.1 million in the third quarter of 2024, an increase of 14.0%, or 13.8% in constant currency1 over the same period a year ago, driven primarily by the sales of our U.S. thrombectomy products which increased by 21.2% over the same period a year ago. Revenue from sales of our global embolization and access products grew to $96.9 million for the third quarter of 2024, an increase of 5.5%, or 5.2% in constant currency1 from the same period a year ago, driven primarily by our U.S. embolization and access products which increased by 5.3% from the same period a year ago.

Gross profit for the third quarter of 2024 was $200.3 million, or 66.5% of total revenue compared to $177.7 million, or 65.6% of total revenue, for the third quarter of 2023. Gross margin is impacted by product mix, regional mix, and production initiatives to support demand and create future efficiencies. As such, with favorable product mix, improvement in productivity, and by leveraging our fixed costs on higher volume of new product sales during the year, our gross margin may be positively impacted in the future.

Total operating expenses, including $5.0 million of one-time expenses in connection with the wind down of the Immersive Healthcare business during the third quarter of 2024, were $164.9 million, or 54.8% of total revenue for the third quarter of 2024. This compares to total operating expenses of $165.1 million, or 60.9% of total revenue for the third quarter of 2023, which included a one-time $18.2 million expense associated with the acquisition of in-process research and development ("IPR&D") and a $2.4 million amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition. Excluding the charges noted above, total non-GAAP operating expenses1 were $160.0 million, or 53.1% of total revenue, for the third quarter of 2024, and $144.5 million, or 53.3% of total revenue for the third quarter of 2023. R&D expenses were $25.2 million for the third quarter of 2024, compared to $21.0 million for the third quarter of 2023. SG&A expenses were $139.7 million for the third quarter of 2024, compared to $125.9 million for the third quarter of 2023.

Income from operations was $35.4 million for the third quarter of 2024, compared to income from operations of $12.6 million for the third quarter of 2023. Excluding one-time expenses in connection with the wind down of the Immersive Healthcare business, non-GAAP income from operations1 was $40.3 million for the third quarter of 2024. This compares to non-GAAP income from operations of $33.2 million for the third quarter of 2023, which excludes the one-time expense associated with the acquired IPR&D and the amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition.

Full Year 2024 Financial Outlook
The Company reiterates guidance for total revenue for 2024 to be in the range of $1,180.0 million to $1,200.0 million. The Company now expects the U.S. thrombectomy franchise will grow 24% to 25% year-over-year, compared to 23% to 25% previously. Excluding the impact from the Immersive Healthcare impairments, the Company also continues to expect gross margin expansion in the range of 100 to 150 basis points and total non-GAAP operating margin expansion in the range of 100 to 200 basis points in 2024 compared to full year 2023.

1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.

Webcast and Conference Call Information
Penumbra, Inc. will host a conference call to discuss the third quarter 2024 financial results after market close on Wednesday, October 30, 2024 at 4:30 PM Eastern Time. The conference call can be accessed live over the phone by dialing (888) 596-4144 for domestic and international callers (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 U.S. generally accepted accounting principles ("GAAP"), the Company uses the following non-GAAP financial measures in this press release: a) constant currency, b) non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, and non-GAAP diluted earnings per share ("EPS") and c) adjusted EBITDA.

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 U.S. dollars based upon the foreign currency exchange rates used to translate the local currency revenue for the applicable comparable period in the prior year, rather than the actual exchange rates in effect during the current period. It does not include any other effect of changes in foreign currency rates on the Company's results or business.

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 effect of the amortization of finite lived intangible assets acquired in connection with the Sixense acquisition over their estimated useful lives;
  • the one-time expense associated with the acquisition of IPR&D in the third quarter of 2023;
  • the excess tax benefits associated with share-based compensation arrangements;
  • non-recurring litigation related expenses;
  • non-cash long-lived asset impairment related to the impairment of our Immersive Healthcare asset group; and
  • one-time expenses in connection with the wind down of the Immersive Healthcare business.

Adjusted EBITDA. The Company's adjusted EBITDA reflects the exclusion from GAAP net income (loss) 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; and
  • one-time expenses in connection with the wind down of the Immersive Healthcare business.

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 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 non-cash long-lived asset impairment related to the impairment of our Immersive Healthcare asset group, 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, expenses related to certain litigation matters that we have determined are not a normal or recurring part of our business, including settlement costs and legal fees, and one-time expenses in connection with the wind down of the Immersive Healthcare business. Further, we consider adjusted EBITDA a useful metric as it provides an alternative framework for assessing how our underlying business performed excluding 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, and one-time expenses in connection with the wind down of the Immersive Healthcare business.

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, 2023 filed with the SEC on February 22, 2024. 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)




September 30, 2024


December 31, 2023

Assets





Current assets:





     Cash and cash equivalents


$                  280,476


$                  167,486

     Marketable investments


10,548


121,701

     Accounts receivable, net


176,051


201,768

     Inventories


393,413


388,023

     Prepaid expenses and other current assets


31,265


36,424

          Total current assets


891,753


915,402

Property and equipment, net


59,919


72,691

Operating lease right-of-use assets


180,923


188,756

Finance lease right-of-use assets


28,888


31,092

Intangible assets, net


6,920


71,056

Goodwill


166,355


166,270

Deferred taxes


105,851


85,158

Other non-current assets


38,514


25,880

         Total assets


$               1,479,123


$               1,556,305

Liabilities and Stockholders' Equity





Current liabilities:





     Accounts payable


$                    33,151


$                    27,155

     Accrued liabilities


105,550


110,555

  Current operating lease liabilities


12,068


11,203

  Current finance lease liabilities


2,416


2,231

          Total current liabilities


153,185


151,144

Non-current operating lease liabilities


189,960


197,229

Non-current finance lease liabilities


22,245


23,680

Other non-current liabilities


9,453


5,308

          Total liabilities


374,843


377,361

Stockholders' equity:





Common stock


38


39

Additional paid-in capital


1,079,193


1,047,198

Accumulated other comprehensive loss


(963)


(3,151)

Retained earnings


26,012


134,858

Total stockholders' equity


1,104,280


1,178,944

Total liabilities and stockholders' equity


$               1,479,123


$               1,556,305

 

Penumbra, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)




Three Months Ended September 30,


Nine Months Ended September 30,



2024


2023


2024


2023

Revenue


$            301,039


$            270,946


$            879,097


$            773,843

Cost of revenue


100,733


93,228


334,823


278,192

Gross profit


200,306


177,718


544,274


495,651

Operating expenses:









Research and development


25,205


20,958


74,773


62,481

Sales, general and administrative


139,737


125,920


426,052


376,433

Acquired in-process research and development



18,215



18,215

Impairment charge




76,945


Total operating expenses


164,942


165,093


577,770


457,129

Income (loss) from operations


35,364


12,625


(33,496)


38,522

Interest and other income, net


4,414


679


10,026


2,970

Income (loss) before income taxes


39,778


13,304


(23,470)


41,492

Provision for (benefit from) income taxes


10,251


4,090


(3,799)


4,756

Net income (loss)


$              29,527


$                9,214


$            (19,671)


$              36,736










Net income (loss) per share:









Basic


$                   0.76


$                   0.24


$                 (0.51)


$                   0.96

Diluted


$                   0.75


$                   0.23


$                 (0.51)


$                   0.94

Weighted average shares outstanding:









Basic


38,610,805


38,462,463


38,706,809


38,324,279

Diluted


39,178,227


39,219,966


38,706,809


39,183,635

 

Penumbra, Inc.
Reconciliation of GAAP Operating Expenses and GAAP Income (Loss) from Operations to Non-GAAP Operating Expenses and
Non-GAAP Income from Operations1
(unaudited)
(in thousands)




Three Months Ended September 30,


Nine Months Ended September 30,



2024


2023


2024


2023

GAAP operating expenses


$            164,942


$            165,093


$         577,770


$         457,129

GAAP operating expenses includes the effect of the following
items:









Impairment charge2




76,945


Non-recurring litigation related expenses




4,823


Amortization of finite lived intangible assets acquired



2,380


4,759


7,139

Wind down expenses3


4,971



4,971


Acquired IPR&D4



18,215



18,215

Non-GAAP operating expenses


$            159,971


$            144,498


$         486,272


$         431,775










GAAP income (loss) from operations


$              35,364


$              12,625


$          (33,496)


$           38,522

GAAP income (loss) from operations includes the effect of the
following items:









Impairment charge2




76,945


Non-recurring litigation related expenses




4,823


Amortization of finite lived intangible assets acquired



2,380


4,759


7,139

Wind down expenses3


4,971



4,971


Acquired IPR&D4



18,215



18,215

Non-GAAP income from operations


$              40,335


$              33,220


$           58,002


$           63,876

______________________

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 and nine months ended September 30, 2024.


4Represents a one-time $18.2 million expense associated with the acquisition of IPR&D during the three and nine months ended September 30, 2023.

 

Penumbra, Inc.
Reconciliation of GAAP Net Income (Loss) and GAAP Diluted EPS to Non-GAAP Net Income and Non-GAAP Diluted EPS1
(unaudited)
(in thousands, except share and per share amounts)




Three Months Ended
September 30, 2024


Three Months Ended
September 30, 2023


Nine Months Ended
September 30, 2024


Nine Months Ended
September 30, 2023



Net
income


Diluted
EPS


Net
income


Diluted
EPS


Net (loss)
income


Diluted
EPS


Net
income


Diluted
EPS

GAAP net income (loss)


$    29,527


$       0.75


$      9,214


$       0.23


$  (19,671)


$      (0.51)


$    36,736


$       0.94

GAAP net income (loss) includes the effect of the
following items:

















Impairment charge2






76,945


1.96



Non-recurring litigation related expenses






4,823


0.12



Amortization of finite lived intangible assets
acquired




2,380


0.07


4,759


0.12


7,139


0.18

Wind down expenses3


4,971


0.13




4,971


0.13



Acquired IPR&D4




18,215


0.46




18,215


0.46

Tax effects on the non-GAAP adjustments above5


(1,198)


(0.03)


(558)


(0.01)


(22,051)


(0.56)


(1,673)


(0.04)

Excess tax benefits related to stock compensation
awards


(85)



(2,987)


(0.08)


(491)


(0.01)


(8,372)


(0.21)

Non-GAAP net income


$    33,215


$       0.85


$    26,264


$       0.67


$    49,285


$       1.25


$    52,045


$       1.33


















GAAP diluted EPS




$       0.75




$       0.23




$      (0.51)




$       0.94

Non-GAAP diluted EPS6




$       0.85




$       0.67




$       1.25




$       1.33


















Weighted average shares outstanding used to compute:
















GAAP diluted EPS


39,178,227


39,219,966


38,706,809


39,183,635

Non-GAAP diluted EPS6


39,178,227


39,219,966


39,334,133


39,183,635

______________________

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 and nine months ended September 30, 2024.


4Represents a one-time $18.2 million expense associated with the acquisition of IPR&D during the three and nine months ended September 30, 2023.


5For the three and nine months ended September 30, 2024 and 2023, management used a combined federal and state tax rate of 24.10% and 23.44%, respectively, to compute the tax effect of non-GAAP adjustments.


6For the purposes of calculating Non-GAAP diluted EPS for the nine months ended September 30, 2024, non-GAAP diluted weighted average shares outstanding of 39,334,133 was used, as the Company had non-GAAP net income in the period.

 

Penumbra, Inc.
Reconciliation of GAAP Net Income (Loss) and GAAP Net Income (Loss) Margin to Adjusted EBITDA and Adjusted EBITDA
Margin1
(unaudited)
(in thousands, except for percentages)




Three Months Ended September 30,


Nine Months Ended September 30,



2024


2023


2024


2023

GAAP net income (loss)


$         29,527


$           9,214


$       (19,671)


$         36,736

Adjustments to GAAP net (loss) income:









Depreciation and amortization expense


4,148


6,933


19,314


20,218

Interest income, net


(3,129)


(1,123)


(9,333)


(2,516)

Provision for (benefit from) income taxes


10,251


4,090


(3,799)


4,756

Stock-based compensation expense


10,940


14,136


34,069


39,725

Impairment charge2




76,945


Non-recurring litigation related expenses




4,823


Wind down expenses3


4,971



4,971


Acquired IPR&D4



18,215



18,215

Adjusted EBITDA


$         56,708


$         51,465


$       107,319


$       117,134










Revenue


$       301,039


$       270,946


$       879,097


$       773,843

Adjusted EBITDA


$         56,708


$         51,465


$       107,319


$       117,134

GAAP net income (loss) margin


9.8 %


3.4 %


(2.2) %


4.7 %

Adjusted EBITDA margin


18.8 %


19.0 %


12.2 %


15.1 %

______________________

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 and nine months ended September 30, 2024.


4Represents a one-time $18.2 million expense associated with the acquisition of IPR&D during the three and nine months ended September 30, 2023.

 

Penumbra, Inc.
Reconciliation of Revenue Growth by Geographic Regions to Constant Currency Revenue Growth1
(unaudited)
(in thousands, except for percentages)




Three Months Ended
September 30,


Reported Change


FX Impact


Constant Currency Change



2024


2023


$


%


$


$


%

United States


$        226,326


$        194,816


$         31,510


16.2 %


$                —


$         31,510


16.2 %

International


74,713


76,130


(1,417)


(1.9) %


(487)


(1,904)


(2.5) %

Total


$        301,039


$        270,946


$         30,093


11.1 %


$            (487)


$         29,606


10.9 %




Nine Months Ended
September 30,


Reported Change


FX Impact


Constant Currency Change



2024


2023


$


%


$


$


%

United States


$        654,150


$        553,467


$       100,683


18.2 %


$                —


$       100,683


18.2 %

International


224,947


220,376


4,571


2.1 %


(595)


3,976


1.8 %

Total


$        879,097


$        773,843


$       105,254


13.6 %


$            (595)


$       104,659


13.5 %

 

Penumbra, Inc.
Reconciliation of Revenue Change by Product Categories to Constant Currency Revenue Growth1
(unaudited)
(in thousands, except for percentages)




Three Months Ended
September 30,


Reported Change


 FX Impact


Constant Currency Change



2024


2023


$


%


$


$


%

Thrombectomy


$        204,141


$        179,080


$         25,061


14.0 %


$            (259)


$         24,802


13.8 %

Embolization and Access


96,898


91,866


5,032


5.5 %


(228)


4,804


5.2 %

Total


$        301,039


$        270,946


$         30,093


11.1 %


$            (487)


$         29,606


10.9 %




Nine Months Ended
September 30,


Reported Change


 FX Impact


Constant Currency Change



2024


2023


$


%


$


$


%

Thrombectomy


$        595,346


$        486,563


$       108,783


22.4 %


$            (226)


$       108,557


22.3 %

Embolization and Access


283,751


287,280


(3,529)


(1.2) %


(369)


(3,898)


(1.4) %

Total


$        879,097


$        773,843


$       105,254


13.6 %


$            (595)


$       104,659


13.5 %

 

Penumbra, Inc.
Reconciliation of Revenue Change by Product Categories and Geographic Regions to Constant Currency Revenue Growth1
(unaudited)
(in thousands, except for percentages)




Three Months Ended
September 30,


Reported Change


 FX Impact


Constant Currency Change



2024


2023


$


%


$


$


%

Thrombectomy















United States


$        162,051


$        133,754


$         28,297


21.2 %


$                —


$         28,297


21.2 %

International


42,090


45,326


(3,236)


(7.1) %


(259)


(3,495)


(7.7) %

Total Thrombectomy


204,141


179,080


25,061


14.0 %


(259)


24,802


13.8 %

Embolization and Access















United States


64,275


61,062


3,213


5.3 %




3,213


5.3 %

International


32,623


30,804


1,819


5.9 %


(228)


1,591


5.2 %

Total Embolization and Access


96,898


91,866


5,032


5.5 %


(228)


4,804


5.2 %

Total


$        301,039


$        270,946


$         30,093


11.1 %


$            (487)


$         29,606


10.9 %












Nine Months Ended
September 30,


Reported Change


 FX Impact


Constant Currency Change



2024


2023


$


%


$


$


%

Thrombectomy















United States


$        466,064


$        367,994


$         98,070


26.6 %


$                —


$         98,070


26.6 %

International


129,282


118,569


10,713


9.0 %


(226)


10,487


8.8 %

Total Thrombectomy


595,346


486,563


108,783


22.4 %


(226)


108,557


22.3 %

Embolization and Access















United States


188,086


185,473


2,613


1.4 %




2,613


1.4 %

International


95,665


101,807


(6,142)


(6.0) %


(369)


(6,511)


(6.4) %

Total Embolization and Access


283,751


287,280


(3,529)


(1.2) %


(369)


(3,898)


(1.4) %

Total


$        879,097


$        773,843


$       105,254


13.6 %


$            (595)


$       104,659


13.5 %

______________________

1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.

Investor Relations
Penumbra, Inc.
510-995-2461
investors@penumbrainc.com

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SOURCE Penumbra, Inc.

FAQ

What was Penumbra's (PEN) revenue growth in Q3 2024?

Penumbra's revenue grew 11.1% year-over-year to $301.0 million in Q3 2024.

How much did Penumbra's (PEN) U.S. thrombectomy revenue grow in Q3 2024?

Penumbra's U.S. thrombectomy revenue grew 21.2% year-over-year in Q3 2024, reaching $162.1 million.

What is Penumbra's (PEN) revenue guidance for full-year 2024?

Penumbra maintains its 2024 revenue guidance of $1,180-1,200 million, with U.S. thrombectomy growth expected at 24-25% year-over-year.

What was Penumbra's (PEN) net income margin in Q3 2024?

Penumbra achieved a net income margin of 9.8% in Q3 2024, with net income of $29.5 million.

Penumbra, Inc.

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