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.