Penumbra, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results
Financial Highlights:
-
Revenue of
$284.7 million for the fourth quarter of 2023, an increase of 28.7% or 27.9% in constant currency1 compared to the fourth quarter of 2022. Revenue of$1,058.5 million for the full year 2023, an increase of 25.0% or 24.7% in constant currency1 compared to the full year 2022.
-
Revenue of
$190.8 million from sales of our thrombectomy products in the fourth quarter of 2023, an increase of 42.4%, compared to the fourth quarter of 2022. Full year revenue of$677.3 million from sales of our thrombectomy products, an increase of 32.5% compared to the full year 2022.
-
Income from operations of
$35.0 million and Non-GAAP income from operations1 of$37.4 million in the fourth quarter of 2023.
-
Income from operations of
$73.6 million and Non-GAAP income from operations1 of$101.3 million for the full year 2023.
-
Net income of
$54.2 million and adjusted EBITDA1 of$53.4 million or adjusted EBITDA margin of 18.8% in the fourth quarter of 2023. Net income of$91.0 million and adjusted EBITDA1 of$170.6 million or adjusted EBITDA margin of 16.1% for the full year 2023.
-
Cash and marketable investments increased
$40.3 million in the fourth quarter of 2023 compared to the third quarter of 2023 driven by an increase in profitability and improvements in working capital.
-
In 2024, Penumbra projects total revenue growth of 16% to 20%. The Company projects
U.S. thrombectomy growth of 27% to 30%. Gross margin expansion is expected to be 100 to 150 basis points, and non-GAAP operating margin expansion is expected to be 100 to 200 basis points, compared to full year 2023.
In the fourth quarter of 2023, the Company made changes to its product revenue categories to provide investors with more meaningful information to understand the performance of its business and strategic direction. The Company will now report its product revenues in the following categories: thrombectomy and embolization and access. The Company is also providing its neuro and vascular product revenues for the fourth quarter and full year 2023 for the last time.
As a one-time appendix to this press release, the Company has included its previously reported revenue for each quarter and year-to-date period of 2023 and 2022 reclassified into these new product categories, including supplemental geographic information.
Fourth Quarter 2023 Financial Results
Total revenue increased to
Gross profit for the fourth quarter of 2023 was
Total operating expenses, including a
Income from operations was
Full Year 2023 Financial Results
Total revenue increased to
Gross profit for the year ended
Total operating expenses for the year ended
Income from operations was
Full Year 2024 Financial Outlook
The Company projects total revenue for 2024 to be in the range of
_______________________________ |
Webcast and Conference Call Information
About Penumbra
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
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
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 or tax deficiencies associated with share-based compensation arrangements; and
- 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.
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 and depreciation and amortization; and
- 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.
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 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
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; 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
Condensed Consolidated Balance Sheets (unaudited) (in thousands) |
||||
|
||||
|
|
|
||
|
|
2023 |
|
2022 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ 167,486 |
|
$ 69,858 |
Marketable investments |
|
121,701 |
|
118,172 |
Accounts receivable, net |
|
201,768 |
|
203,384 |
Inventories |
|
388,023 |
|
334,006 |
Prepaid expenses and other current assets |
|
36,424 |
|
30,279 |
Total current assets |
|
915,402 |
|
755,699 |
Property and equipment, net |
|
72,691 |
|
65,015 |
Operating lease right-of-use assets |
|
188,756 |
|
192,636 |
Finance lease right-of-use assets |
|
31,092 |
|
33,323 |
Intangible assets, net |
|
71,056 |
|
81,161 |
|
|
166,270 |
|
166,046 |
Deferred taxes |
|
85,158 |
|
64,213 |
Other non-current assets |
|
25,880 |
|
12,793 |
Total assets |
|
$ 1,556,305 |
|
$ 1,370,886 |
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ 27,155 |
|
$ 26,679 |
Accrued liabilities |
|
110,555 |
|
106,300 |
Current operating lease liabilities |
|
11,203 |
|
10,033 |
Current finance lease liabilities |
|
2,231 |
|
1,920 |
Total current liabilities |
|
151,144 |
|
144,932 |
Non-current operating lease liabilities |
|
197,229 |
|
198,955 |
Non-current finance lease liabilities |
|
23,680 |
|
24,865 |
Other non-current liabilities |
|
5,308 |
|
3,276 |
Total liabilities |
|
377,361 |
|
372,028 |
Stockholders' equity: |
|
|
|
|
Preferred stock |
|
— |
|
— |
Common stock |
|
39 |
|
38 |
Additional paid-in capital |
|
1,047,198 |
|
963,040 |
Accumulated other comprehensive loss |
|
(3,151) |
|
(8,124) |
Retained earnings |
|
134,858 |
|
43,904 |
Total stockholders' equity |
|
1,178,944 |
|
998,858 |
Total liabilities and stockholders' equity |
|
$ 1,556,305 |
|
$ 1,370,886 |
Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts) |
||||||||
|
||||||||
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
|
$ 284,679 |
|
$ 221,216 |
|
$ 1,058,522 |
|
$ 847,133 |
Cost of revenue |
|
97,687 |
|
82,789 |
|
375,879 |
|
311,926 |
Gross profit |
|
186,992 |
|
138,427 |
|
682,643 |
|
535,207 |
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
21,942 |
|
17,964 |
|
84,423 |
|
79,407 |
Sales, general and administrative |
|
130,021 |
|
115,630 |
|
506,454 |
|
449,718 |
Acquired in-process research and development |
|
— |
|
— |
|
18,215 |
|
— |
Total operating expenses |
|
151,963 |
|
133,594 |
|
609,092 |
|
529,125 |
Income from operations |
|
35,029 |
|
4,833 |
|
73,551 |
|
6,082 |
Interest and other income (expense), net |
|
3,129 |
|
2,295 |
|
6,099 |
|
(2,190) |
Income before income taxes |
|
38,158 |
|
7,128 |
|
79,650 |
|
3,892 |
(Benefit from) provision for income taxes |
|
(16,060) |
|
3,251 |
|
(11,304) |
|
5,894 |
Consolidated net income (loss) |
|
$ 54,218 |
|
$ 3,877 |
|
$ 90,954 |
|
$ (2,002) |
Net income (loss) attributable to |
|
$ 54,218 |
|
$ 3,877 |
|
$ 90,954 |
|
$ (2,002) |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to |
|
|
|
|
|
|
|
|
Basic |
|
$ 1.40 |
|
$ 0.10 |
|
$ 2.37 |
|
$ (0.05) |
Diluted |
|
$ 1.38 |
|
$ 0.10 |
|
$ 2.32 |
|
$ (0.05) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
38,628,565 |
|
38,030,344 |
|
38,401,171 |
|
37,841,874 |
Diluted |
|
39,291,044 |
|
38,896,940 |
|
39,216,564 |
|
37,841,874 |
Reconciliation of GAAP Operating Expenses and GAAP Income from Operations to Non-GAAP Operating Expenses and Non-GAAP Income from Operations1 (unaudited) (in thousands) |
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Three Months Ended |
|
Year Ended |
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|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ 151,963 |
|
$ 133,594 |
|
$ 609,092 |
|
$ 529,125 |
GAAP operating expenses includes the effect of the following items: |
|
|
|
|
|
|
|
|
Amortization of finite lived intangible assets acquired2 |
|
2,380 |
|
2,380 |
|
9,519 |
|
8,329 |
Acquired IPR&D3 |
|
— |
|
— |
|
18,215 |
|
— |
Non-GAAP operating expenses |
|
$ 149,583 |
|
$ 131,214 |
|
$ 581,358 |
|
$ 520,796 |
|
|
|
|
|
|
|
|
|
GAAP income from operations |
|
$ 35,029 |
|
$ 4,833 |
|
$ 73,551 |
|
$ 6,082 |
GAAP income from operations includes the effect of the following items: |
|
|
|
|
|
|
|
|
Amortization of finite lived intangible assets acquired2 |
|
2,380 |
|
2,380 |
|
9,519 |
|
8,329 |
Acquired IPR&D3 |
|
— |
|
— |
|
18,215 |
|
— |
Non-GAAP income from operations |
|
$ 37,409 |
|
$ 7,213 |
|
$ 101,285 |
|
$ 14,411 |
_______________________________
1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. |
|
2Amortization expense for the year ended |
|
3Represents a one-time |
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) |
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Three Months Ended
|
|
Three Months Ended
|
|
Year Ended
|
|
Year Ended
|
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|
|
Net |
|
Diluted |
|
Net |
|
Diluted |
|
Net |
|
Diluted |
|
Net (loss) |
|
Diluted |
GAAP net income (loss) |
|
$ 54,218 |
|
$ 1.38 |
|
$ 3,877 |
|
$ 0.10 |
|
$ 90,954 |
|
$ 2.32 |
|
$ (2,002) |
|
$ (0.05) |
GAAP net income (loss) includes the effect of the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of finite lived intangible assets |
|
2,380 |
|
0.06 |
|
2,380 |
|
0.06 |
|
9,519 |
|
0.25 |
|
8,329 |
|
0.21 |
Acquired IPR&D3 |
|
— |
|
— |
|
— |
|
— |
|
18,215 |
|
0.46 |
|
— |
|
— |
Tax effect on the non-GAAP adjustments above4 |
|
(573) |
|
(0.01) |
|
(558) |
|
(0.01) |
|
(2,293) |
|
(0.06) |
|
(1,952) |
|
(0.05) |
(Excess tax benefits) tax deficiencies related to |
|
(648) |
|
(0.02) |
|
341 |
|
0.01 |
|
(9,020) |
|
(0.23) |
|
2,007 |
|
0.05 |
Valuation allowance release5 |
|
(25,493) |
|
(0.65) |
|
— |
|
— |
|
(25,493) |
|
(0.65) |
|
— |
|
— |
Non-GAAP net income |
|
$ 29,884 |
|
$ 0.76 |
|
$ 6,040 |
|
$ 0.16 |
|
$ 81,882 |
|
$ 2.09 |
|
$ 6,382 |
|
$ 0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted EPS |
|
|
|
$ 1.38 |
|
|
|
$ 0.10 |
|
|
|
$ 2.32 |
|
|
|
$ (0.05) |
Non-GAAP diluted EPS6 |
|
|
|
$ 0.76 |
|
|
|
$ 0.16 |
|
|
|
$ 2.09 |
|
|
|
$ 0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding used to compute: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted EPS |
|
39,291,044 |
|
38,896,940 |
|
39,216,564 |
|
37,841,874 |
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Non-GAAP diluted EPS6 |
|
39,291,044 |
|
38,896,940 |
|
39,216,564 |
|
38,789,291 |
_______________________________ 1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. |
|
2Amortization expense for the year ended |
|
3Represents a one-time |
|
4For the three and twelve months ended |
|
5The Company released a valuation allowance against its Federal R&D tax credits and partially released a valuation allowance against its |
|
6For the purposes of calculating Non-GAAP diluted EPS for the year ended |
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin1 (unaudited) (in thousands, except for percentages) |
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|
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|
|
Three Months Ended |
|
Year Ended |
||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
GAAP net income (loss) |
|
$ 54,218 |
|
$ 3,877 |
|
$ 90,954 |
|
$ (2,002) |
Adjustments to GAAP net income (loss): |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
7,039 |
|
6,441 |
|
27,257 |
|
24,321 |
Interest income, net |
|
(2,570) |
|
(299) |
|
(5,086) |
|
(137) |
(Benefit from) provision for income taxes |
|
(16,060) |
|
3,251 |
|
(11,304) |
|
5,894 |
Stock-based compensation expense |
|
10,791 |
|
9,997 |
|
50,516 |
|
37,378 |
Acquired IPR&D2 |
|
— |
|
— |
|
18,215 |
|
— |
Adjusted EBITDA |
|
$ 53,418 |
|
$ 23,267 |
|
$ 170,552 |
|
$ 65,454 |
|
|
|
|
|
|
|
|
|
Revenue |
|
$ 284,679 |
|
$ 221,216 |
|
$ 1,058,522 |
|
$ 847,133 |
Adjusted EBITDA |
|
$ 53,418 |
|
$ 23,267 |
|
$ 170,552 |
|
$ 65,454 |
Adjusted EBITDA margin |
|
18.8 % |
|
10.5 % |
|
16.1 % |
|
7.7 % |
_______________________________ 1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. |
|
2Represents a one-time |
Reconciliation of Revenue Change by Geographic Regions to Constant Currency Revenue Growth1 (unaudited) (in thousands, except for percentages) |
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|
||||||||||||||
|
|
Three Months Ended |
|
Reported Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2023 |
|
2022 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
|
|
$ 203,684 |
|
$ 157,132 |
|
$ 46,552 |
|
29.6 % |
|
$ — |
|
$ 46,552 |
|
29.6 % |
International |
|
80,995 |
|
64,084 |
|
16,911 |
|
26.4 % |
|
(1,830) |
|
15,081 |
|
23.5 % |
Total |
|
$ 284,679 |
|
$ 221,216 |
|
$ 63,463 |
|
28.7 % |
|
$ (1,830) |
|
$ 61,633 |
|
27.9 % |
|
||||||||||||||
|
|
Year Ended |
|
Reported Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2023 |
|
2022 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
|
|
$ 757,151 |
|
$ 591,715 |
|
$ 165,436 |
|
28.0 % |
|
$ — |
|
$ 165,436 |
|
28.0 % |
International |
|
301,371 |
|
255,418 |
|
45,953 |
|
18.0 % |
|
(1,790) |
|
44,163 |
|
17.3 % |
Total |
|
$ 1,058,522 |
|
$ 847,133 |
|
$ 211,389 |
|
25.0 % |
|
$ (1,790) |
|
$ 209,599 |
|
24.7 % |
Reconciliation of Revenue Change by Product Categories and Geographic Regions to Constant Currency Revenue Growth1 (unaudited) (in thousands, except for percentages) |
||||||||||||||
|
||||||||||||||
|
|
Three Months Ended |
|
Reported Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2023 |
|
2022 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
Thrombectomy |
|
$ 190,780 |
|
$ 133,963 |
|
$ 56,817 |
|
42.4 % |
|
$ (1,025) |
|
$ 55,792 |
|
41.6 % |
Embolization and Access |
|
93,899 |
|
87,253 |
|
6,646 |
|
7.6 % |
|
(805) |
|
5,841 |
|
6.7 % |
Total |
|
$ 284,679 |
|
$ 221,216 |
|
$ 63,463 |
|
28.7 % |
|
$ (1,830) |
|
$ 61,633 |
|
27.9 % |
|
|
|||||||||||||
|
|
Year Ended |
|
Reported Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2023 |
|
2022 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
Thrombectomy |
|
$ 677,343 |
|
$ 511,137 |
|
$ 166,206 |
|
32.5 % |
|
$ (1,044) |
|
$ 165,162 |
|
32.3 % |
Embolization and Access |
|
381,179 |
|
335,996 |
|
45,183 |
|
13.4 % |
|
(746) |
|
44,437 |
|
13.2 % |
Total |
|
$ 1,058,522 |
|
$ 847,133 |
|
$ 211,389 |
|
25.0 % |
|
$ (1,790) |
|
$ 209,599 |
|
24.7 % |
|
|
|||||||||||||
|
|
Three Months Ended |
|
Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2023 |
|
2022 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
Thrombectomy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 141,891 |
|
$ 96,890 |
|
$ 45,001 |
|
46.4 % |
|
$ — |
|
$ 45,001 |
|
46.4 % |
International |
|
48,889 |
|
37,073 |
|
11,816 |
|
31.9 % |
|
(1,025) |
|
10,791 |
|
29.1 % |
Total Thrombectomy |
|
190,780 |
|
133,963 |
|
56,817 |
|
42.4 % |
|
(1,025) |
|
55,792 |
|
41.6 % |
Embolization and Access |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,793 |
|
60,242 |
|
1,551 |
|
2.6 % |
|
— |
|
1,551 |
|
2.6 % |
International |
|
32,106 |
|
27,011 |
|
5,095 |
|
18.9 % |
|
(805) |
|
4,290 |
|
15.9 % |
Total Embolization and Access |
|
93,899 |
|
87,253 |
|
6,646 |
|
7.6 % |
|
(805) |
|
5,841 |
|
6.7 % |
Total |
|
$ 284,679 |
|
$ 221,216 |
|
$ 63,463 |
|
28.7 % |
|
$ (1,830) |
|
$ 61,633 |
|
27.9 % |
|
|
|||||||||||||
|
|
Year Ended |
|
Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2023 |
|
2022 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
Thrombectomy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 509,886 |
|
$ 370,617 |
|
$ 139,269 |
|
37.6 % |
|
$ — |
|
$ 139,269 |
|
37.6 % |
International |
|
167,457 |
|
140,520 |
|
26,937 |
|
19.2 % |
|
(1,044) |
|
25,893 |
|
18.4 % |
Total Thrombectomy |
|
677,343 |
|
511,137 |
|
166,206 |
|
32.5 % |
|
(1,044) |
|
165,162 |
|
32.3 % |
Embolization and Access |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
247,265 |
|
221,098 |
|
26,167 |
|
11.8 % |
|
— |
|
26,167 |
|
11.8 % |
International |
|
133,914 |
|
114,898 |
|
19,016 |
|
16.6 % |
|
(746) |
|
18,270 |
|
15.9 % |
Total Embolization and Access |
|
381,179 |
|
335,996 |
|
45,183 |
|
13.4 % |
|
(746) |
|
44,437 |
|
13.2 % |
Total |
|
$ 1,058,522 |
|
$ 847,133 |
|
$ 211,389 |
|
25.0 % |
|
$ (1,790) |
|
$ 209,599 |
|
24.7 % |
|
|
|||||||||||||
|
|
Three Months Ended |
|
Reported Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2023 |
|
2022 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
Vascular |
|
$ 185,506 |
|
$ 129,676 |
|
$ 55,830 |
|
43.1 % |
|
$ (513) |
|
$ 55,317 |
|
42.7 % |
Neuro |
|
99,173 |
|
91,540 |
|
7,633 |
|
8.3 % |
|
(1,317) |
|
6,316 |
|
6.9 % |
Total |
|
$ 284,679 |
|
$ 221,216 |
|
$ 63,463 |
|
28.7 % |
|
$ (1,830) |
|
$ 61,633 |
|
27.9 % |
|
||||||||||||||
|
|
Year Ended |
|
Reported Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2023 |
|
2022 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
Vascular |
|
$ 652,446 |
|
$ 499,389 |
|
$ 153,057 |
|
30.6 % |
|
$ (45) |
|
$ 153,012 |
|
30.6 % |
Neuro |
|
406,076 |
|
347,744 |
|
58,332 |
|
16.8 % |
|
(1,745) |
|
56,587 |
|
16.3 % |
Total |
|
$ 1,058,522 |
|
$ 847,133 |
|
$ 211,389 |
|
25.0 % |
|
$ (1,790) |
|
$ 209,599 |
|
24.7 % |
_______________________________ 1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. |
Appendix Reconciliation of Revenue by Product Categories for Thrombectomy and Embolization and Access Products (in thousands) |
||||||||
|
||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
Thrombectomy |
|
|
|
|
|
|
|
|
|
|
$ 111,189 |
|
$ 123,050 |
|
$ 133,755 |
|
$ 141,891 |
International |
|
33,791 |
|
39,452 |
|
45,325 |
|
48,889 |
Total Thrombectomy |
|
144,980 |
|
162,502 |
|
179,080 |
|
190,780 |
Embolization and Access |
|
|
|
|
|
|
|
|
|
|
60,690 |
|
63,722 |
|
61,061 |
|
61,793 |
International |
|
35,728 |
|
35,275 |
|
30,805 |
|
32,106 |
Total Embolization and Access |
|
96,418 |
|
98,997 |
|
91,866 |
|
93,899 |
Total |
|
$ 241,398 |
|
$ 261,499 |
|
$ 270,946 |
|
$ 284,679 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
Nine Months Ended |
|
Year Ended December 31, 2023 |
Thrombectomy |
|
|
|
|
|
|
|
|
|
|
$ 111,189 |
|
$ 234,239 |
|
$ 367,994 |
|
$ 509,886 |
International |
|
33,791 |
|
73,243 |
|
118,569 |
|
167,457 |
Total Thrombectomy |
|
144,980 |
|
307,482 |
|
486,563 |
|
677,343 |
Embolization and Access |
|
|
|
|
|
|
|
|
|
|
60,690 |
|
124,412 |
|
185,473 |
|
247,265 |
International |
|
35,728 |
|
71,003 |
|
101,807 |
|
133,914 |
Total Embolization and Access |
|
96,418 |
|
195,415 |
|
287,280 |
|
381,179 |
Total |
|
$ 241,398 |
|
$ 502,897 |
|
$ 773,843 |
|
$ 1,058,522 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
Thrombectomy |
|
|
|
|
|
|
|
|
|
|
$ 92,263 |
|
$ 87,329 |
|
$ 94,136 |
|
$ 96,890 |
International |
|
31,026 |
|
36,802 |
|
35,619 |
|
37,073 |
Total Thrombectomy |
|
123,289 |
|
124,131 |
|
129,755 |
|
133,963 |
Embolization and Access |
|
|
|
|
|
|
|
|
|
|
52,045 |
|
54,127 |
|
54,683 |
|
60,242 |
International |
|
28,561 |
|
30,086 |
|
29,240 |
|
27,011 |
Total Embolization and Access |
|
80,606 |
|
84,213 |
|
83,923 |
|
87,253 |
Total |
|
$ 203,895 |
|
$ 208,344 |
|
$ 213,678 |
|
$ 221,216 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
Nine Months Ended |
|
Year Ended December 31, 2022 |
Thrombectomy |
|
|
|
|
|
|
|
|
|
|
$ 92,263 |
|
$ 179,592 |
|
$ 273,728 |
|
$ 370,617 |
International |
|
31,026 |
|
67,828 |
|
103,446 |
|
140,520 |
Total Thrombectomy |
|
123,289 |
|
247,420 |
|
377,174 |
|
511,137 |
Embolization and Access |
|
|
|
|
|
|
|
|
|
|
52,045 |
|
106,172 |
|
160,855 |
|
221,098 |
International |
|
28,561 |
|
58,647 |
|
87,888 |
|
114,898 |
Total Embolization and Access |
|
80,606 |
|
164,819 |
|
248,743 |
|
335,996 |
Total |
|
$ 203,895 |
|
$ 412,239 |
|
$ 625,917 |
|
$ 847,133 |
Investor Relations
510-995-2461
investors@penumbrainc.com
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