ALAMEDA,
Calif., July 30, 2024 /PRNewswire/ -- Penumbra,
Inc. (NYSE: PEN), a global healthcare company focused on innovative
therapies, today reported financial results for the second quarter
ended June 30, 2024.
- Revenue of $299.4 million in
the second quarter of 2024, an increase of 14.5% or 14.7% in
constant currency1, compared to the second quarter of
2023.
- U.S. thrombectomy revenue of $153.7
million in the second quarter of 2024 increased 24.9%
compared to the second quarter of 2023.
- Loss from operations of $81.0
million, which includes $110.3
million of one-time non-cash impairment and inventory
write-down charges related to its Immersive Healthcare assets, and
non-GAAP income from operations1 of $31.7 million in the second quarter of 2024.
- Adjusted EBITDA1 of $46.3
million or adjusted EBITDA margin of 15.5% in the second
quarter of 2024.
- Cash and marketable investments increased $26.2 million in the second quarter of 2024
compared to the first quarter of 2024 driven by an increase in
non-GAAP profitability and improvements in working
capital.
Second Quarter 2024 Financial Results
Total
revenue increased to $299.4 million for the second quarter of
2024 compared to $261.5 million
for the second quarter of 2023, an increase of 14.5%, or 14.7% in
constant currency1. The United
States represented 72.9% of total revenue and international
represented 27.1% of total revenue for the second quarter of 2024.
Revenue from the U.S. increased 16.8% while revenue from our
international regions increased 8.7%, or 9.4% in constant
currency1. Revenue from sales of our global thrombectomy
products grew to $203.5 million
in the second quarter of 2024, an increase of 25.2%, or 25.4% in
constant currency1 over the same period a year ago,
driven primarily by the sales of our U.S. thrombectomy products
which increased by 24.9% over the same period a year ago. Revenue
from sales of our global embolization and access products declined
to $95.9 million for the second
quarter of 2024, a decrease of 3.1%, or 3.0% in constant
currency1 from the same period a year ago, driven
primarily by our international embolization and access products
which decreased by 10.8% from the same period a year ago.
Gross profit for the second quarter of 2024 was $162.8 million, or 54.4% of total revenue,
including a $33.4 million
inventory impairment charge to cost of revenue in connection with
an inventory write-down due to the impairment of assets related to
our immersive healthcare business. Excluding this charge, non-GAAP
gross profit1 was $196.2 million, or 65.5% of total revenue
for the second quarter of 2024, compared to GAAP and non-GAAP gross
profit of $166.9 million, or
63.8% of total revenue for the second 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 a $2.4 million amortization expense of finite lived
intangible assets acquired in connection with the Sixense
acquisition for both periods and a $76.9
million long-lived assets impairment charge associated with
the impairment of assets related to our immersive healthcare
business during the second quarter of 2024, were $243.8 million, or 81.4% of total revenue for the
second quarter of 2024, and $149.0
million, or 57.0% of total revenue for the second quarter of
2023. Excluding the charges noted above, total non-GAAP operating
expenses1 were $164.5
million, or 54.9% of total revenue, for the second quarter
of 2024, and $146.6 million, or 56.1%
of total revenue for the second quarter of 2023. R&D
expenses were $24.9 million for the
second quarter of 2024, compared to $21.5
million for the second quarter of 2023. SG&A expenses
were $141.9 million for the
second quarter of 2024, compared to $127.4 million for the second quarter of
2023.
Loss from operations was $81.0 million for the second quarter of
2024, compared to income from operations of $17.9 million for the second quarter of
2023. Excluding the amortization expense of finite lived intangible
assets acquired in connection with the Sixense acquisition of
$2.4 million for both periods and
$110.3 million in impairment charges
associated with the assets related to our immersive healthcare
business for the second quarter of 2024, non-GAAP income from
operations1 was $31.7 million for the second quarter of 2024
compared to non-GAAP income from operations of $20.3 million for the second quarter of
2023.
Updated Full Year 2024 Financial Outlook
The Company
is updating its guidance range for 2024 total revenue to
$1,180 million to $1,200 million, which is a reduction of
$60 million at the midpoint from its
previous guidance range of $1,230
million to $1,270 million. The
$60 million change in guidance comes
from 4 distinct components impacting our revenue in the second half
of the year:
- $20 million reduction to our
business in China due to a more
challenging economic backdrop for medical devices in the
near-term;
- $15 million from our European
business primarily from a slight delay to the expected launch
timing of FLASH and BOLT 7 CAVT products in Europe;
- $5 million in revenue from our
Immersive Healthcare business, due to our strategic move; and
- Approximately $20 million change
to our guidance for U.S. thrombectomy growth for full year 2024,
which is now expected to be 23-25% year-over-year compared to 2023.
This change aligns with our new guidance philosophy.
The Company continues to expect non-GAAP gross margin expansion
in the range of 100 to 150 basis points in 2024 compared to full
year 2023. The Company also continues to expect non-GAAP operating
margin expansion of 100-200 basis points in 2024, with the timing
of the reduction of Immersive Healthcare expenses being a primary
driver of where the Company will land relative to this range.
|
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 second quarter 2024
financial results after market close on Tuesday, July 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., headquartered in
Alameda, California, is a global
healthcare company focused on innovative therapies. Penumbra
designs, develops, manufactures and markets novel products and has
a broad portfolio that addresses challenging medical conditions in
markets with significant unmet need. Penumbra supports healthcare
providers, hospitals and clinics in more than 100 countries. For
more information, visit www.penumbrainc.com and connect
on Twitter and LinkedIn.
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 gross profit, non-GAAP gross margin, 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 gross profit and non-GAAP gross margin. The
adjustments to the GAAP financial measures reflect the exclusion of
non-cash inventory write-down charges related to the review of our
immersive healthcare asset group for impairment.
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 excess tax benefits associated with share-based
compensation arrangements;
- non-recurring litigation related expenses; and
- non-cash long-lived asset impairment and inventory write-down
charges related to the impairment of our immersive healthcare asset
group.
Adjusted EBITDA. The Company's adjusted EBITDA reflects
the exclusion from GAAP net (loss) income of:
- non-cash operating charges such as stock-based compensation,
depreciation and amortization, and impairment charges;
- non-operating items such as interest income, interest expense,
and (benefit from) provision for income taxes; and
- non-recurring litigation related expenses.
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 gross profit and non-GAAP gross margin useful
metrics to investors as they eliminate the impact of non-cash
inventory charges related to the impairment of our immersive
healthcare asset group 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 non-cash long-lived asset impairment and
inventory write-down charges related to the impairment of our
immersive healthcare asset group, 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, and 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. 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 interest
income, interest expense, and provision for (benefit from) income
taxes and non-recurring litigation related expenses.
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)
|
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
288,332
|
|
$
167,486
|
|
Marketable
investments
|
|
51,363
|
|
121,701
|
|
Accounts receivable,
net
|
|
200,831
|
|
201,768
|
|
Inventories
|
|
373,799
|
|
388,023
|
|
Prepaid expenses and other
current assets
|
|
29,470
|
|
36,424
|
|
Total current assets
|
|
943,795
|
|
915,402
|
|
Property and equipment,
net
|
|
57,709
|
|
72,691
|
|
Operating lease
right-of-use assets
|
|
183,316
|
|
188,756
|
|
Finance lease
right-of-use assets
|
|
29,366
|
|
31,092
|
|
Intangible assets,
net
|
|
6,955
|
|
71,056
|
|
Goodwill
|
|
166,050
|
|
166,270
|
|
Deferred
taxes
|
|
108,852
|
|
85,158
|
|
Other non-current
assets
|
|
38,518
|
|
25,880
|
|
Total assets
|
|
$
1,534,561
|
|
$
1,556,305
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
32,822
|
|
$
27,155
|
|
Accrued
liabilities
|
|
104,071
|
|
110,555
|
|
Current
operating lease liabilities
|
|
11,776
|
|
11,203
|
|
Current
finance lease liabilities
|
|
2,325
|
|
2,231
|
|
Total current liabilities
|
|
150,994
|
|
151,144
|
|
Non-current operating
lease liabilities
|
|
192,216
|
|
197,229
|
|
Non-current finance
lease liabilities
|
|
22,501
|
|
23,680
|
|
Other non-current
liabilities
|
|
7,619
|
|
5,308
|
|
Total liabilities
|
|
373,330
|
|
377,361
|
|
Stockholders'
equity:
|
|
|
|
|
|
Common
stock
|
|
39
|
|
39
|
|
Additional paid-in
capital
|
|
1,080,580
|
|
1,047,198
|
|
Accumulated other
comprehensive loss
|
|
(5,048)
|
|
(3,151)
|
|
Retained
earnings
|
|
85,660
|
|
134,858
|
|
Total stockholders'
equity
|
|
1,161,231
|
|
1,178,944
|
|
Total liabilities and
stockholders' equity
|
|
$
1,534,561
|
|
$
1,556,305
|
|
|
|
|
|
|
Penumbra,
Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(unaudited)
|
|
(in thousands,
except share and per share amounts)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue
|
|
$
299,403
|
|
$
261,499
|
|
$
578,058
|
|
$
502,897
|
|
Cost of
revenue
|
|
136,574
|
|
94,638
|
|
234,090
|
|
184,964
|
|
Gross
profit
|
|
162,829
|
|
166,861
|
|
343,968
|
|
317,933
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
24,942
|
|
21,537
|
|
49,568
|
|
41,523
|
|
Sales, general and
administrative
|
|
141,903
|
|
127,435
|
|
286,315
|
|
250,513
|
|
Impairment
charge
|
|
76,945
|
|
—
|
|
76,945
|
|
—
|
|
Total operating
expenses
|
|
243,790
|
|
148,972
|
|
412,828
|
|
292,036
|
|
(Loss) income from
operations
|
|
(80,961)
|
|
17,889
|
|
(68,860)
|
|
25,897
|
|
Interest and other
income, net
|
|
3,087
|
|
1,647
|
|
5,612
|
|
2,291
|
|
(Loss) income before
income taxes
|
|
(77,874)
|
|
19,536
|
|
(63,248)
|
|
28,188
|
|
(Benefit from)
provision for income taxes
|
|
(17,674)
|
|
576
|
|
(14,050)
|
|
666
|
|
Net (loss)
income
|
|
$
(60,200)
|
|
$
18,960
|
|
$
(49,198)
|
|
$
27,522
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(1.55)
|
|
$
0.49
|
|
$
(1.27)
|
|
$
0.72
|
|
Diluted
|
|
$
(1.55)
|
|
$
0.48
|
|
$
(1.27)
|
|
$
0.70
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
38,793,341
|
|
38,320,999
|
|
38,755,337
|
|
38,254,042
|
|
Diluted
|
|
38,793,341
|
|
39,201,155
|
|
38,755,337
|
|
39,151,412
|
|
Penumbra,
Inc.
|
|
Reconciliation of
GAAP Gross Profit and GAAP Gross Margin to Non-GAAP Gross Profit
and Non-GAAP Gross Margin1
|
|
(unaudited)
|
|
(in thousands,
except for percentages)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
GAAP gross
profit
|
|
$
162,829
|
|
$
166,861
|
|
$ 343,968
|
|
$ 317,933
|
|
GAAP gross profit
includes the effect of the following item:
|
|
|
|
|
|
|
|
|
|
Inventory impairment
charge2
|
|
33,359
|
|
—
|
|
33,359
|
|
—
|
|
Non-GAAP gross
profit
|
|
$
196,188
|
|
$
166,861
|
|
$ 377,327
|
|
$ 317,933
|
|
GAAP gross
margin
|
|
54.4 %
|
|
63.8 %
|
|
59.5 %
|
|
63.2 %
|
|
Non-GAAP gross
margin
|
|
65.5 %
|
|
63.8 %
|
|
65.3 %
|
|
63.2 %
|
|
________________________
|
|
1See
"Non-GAAP Financial Measures" for important information about our
use of non-GAAP measures.
|
|
2Represents
a charge of $33.4 million to cost of revenue in connection with an
inventory write-down to net realizable value due to the immersive
healthcare asset group impairment during the three months ended
June 30, 2024.
|
|
Penumbra,
Inc.
|
|
Reconciliation of
GAAP Operating Expenses and GAAP (Loss) Income from Operations to
Non-GAAP Operating Expenses and
Non-GAAP Income from Operations1
|
|
(unaudited)
|
|
(in
thousands)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
GAAP operating
expenses
|
|
$
243,790
|
|
$
148,972
|
|
$
412,828
|
|
$
292,036
|
|
GAAP operating expenses
includes the effect of the following items:
|
|
|
|
|
|
|
|
|
|
Impairment
charge2
|
|
76,945
|
|
—
|
|
76,945
|
|
—
|
|
Non-recurring
litigation related expenses
|
|
—
|
|
—
|
|
4,823
|
|
—
|
|
Amortization of finite
lived intangible assets acquired
|
|
2,380
|
|
2,380
|
|
4,759
|
|
4,759
|
|
Non-GAAP operating
expenses
|
|
$
164,465
|
|
$
146,592
|
|
$
326,301
|
|
$
287,277
|
|
|
|
|
|
|
|
|
|
|
GAAP (loss) income from
operations
|
|
$
(80,961)
|
|
$
17,889
|
|
$
(68,860)
|
|
$
25,897
|
|
GAAP (loss) income from
operations includes the effect of the following items:
|
|
|
|
|
|
|
|
|
|
Impairment
charge2
|
|
110,304
|
|
—
|
|
110,304
|
|
—
|
|
Non-recurring
litigation related expenses
|
|
—
|
|
—
|
|
4,823
|
|
—
|
|
Amortization of finite
lived intangible assets acquired
|
|
2,380
|
|
2,380
|
|
4,759
|
|
4,759
|
|
Non-GAAP income from
operations
|
|
$
31,723
|
|
$
20,269
|
|
$
51,026
|
|
$
30,656
|
|
________________________
|
|
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.
|
|
Penumbra,
Inc.
|
|
Reconciliation of
GAAP Net (Loss) Income 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
June 30,
2024
|
|
Three Months
Ended
June 30,
2023
|
|
Six Months Ended
June 30, 2024
|
|
Six Months Ended
June 30, 2023
|
|
|
Net (loss)
income
|
|
Diluted
EPS
|
|
Net
income
|
|
Diluted
EPS
|
|
Net (loss)
income
|
|
Diluted
EPS
|
|
Net
income
|
|
Diluted
EPS
|
|
GAAP net (loss)
income
|
|
$
(60,200)
|
|
$ (1.55)
|
|
$
18,960
|
|
$ 0.48
|
|
$
(49,198)
|
|
$ (1.27)
|
|
$
27,522
|
|
$ 0.70
|
|
GAAP net (loss) income
includes the effect of the following items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment
charge2
|
|
110,304
|
|
2.82
|
|
—
|
|
—
|
|
110,304
|
|
2.82
|
|
—
|
|
—
|
|
Non-recurring
litigation related expenses
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,823
|
|
0.12
|
|
—
|
|
—
|
|
Amortization of finite
lived intangible assets acquired
|
|
2,380
|
|
0.06
|
|
2,380
|
|
0.06
|
|
4,759
|
|
0.12
|
|
4,759
|
|
0.13
|
|
Tax
effects on the non-GAAP adjustments above3
|
|
(27,157)
|
|
(0.69)
|
|
(558)
|
|
(0.01)
|
|
(28,893)
|
|
(0.73)
|
|
(1,116)
|
|
(0.03)
|
|
Excess tax benefits
related to stock compensation awards
|
|
(119)
|
|
—
|
|
(3,945)
|
|
(0.10)
|
|
(406)
|
|
(0.01)
|
|
(5,385)
|
|
(0.14)
|
|
Non-GAAP net
income
|
|
$
25,208
|
|
$ 0.64
|
|
$
16,837
|
|
$ 0.43
|
|
$
41,389
|
|
$ 1.05
|
|
$
25,780
|
|
$ 0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted
EPS
|
|
|
|
$ (1.55)
|
|
|
|
$ 0.48
|
|
|
|
$ (1.27)
|
|
|
|
$ 0.70
|
|
Non-GAAP diluted
EPS4
|
|
|
|
$ 0.64
|
|
|
|
$ 0.43
|
|
|
|
$ 1.05
|
|
|
|
$ 0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding used to compute:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted
EPS
|
|
38,793,341
|
|
39,201,155
|
|
38,755,337
|
|
39,151,412
|
|
Non-GAAP diluted
EPS4
|
|
39,379,142
|
|
39,201,155
|
|
39,398,553
|
|
39,151,412
|
|
________________________
|
|
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.
|
|
3For the
three and six months ended June 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.
|
|
4For the
purposes of calculating Non-GAAP diluted EPS for the three and six
months ended June 30, 2024, non-GAAP diluted weighted average
shares outstanding of 39,379,142 and 39,398,553, respectively
were used, as the Company had non-GAAP net income in the
period.
|
|
Penumbra,
Inc.
|
|
Reconciliation of
GAAP Net (Loss) Income to Adjusted EBITDA and Adjusted EBITDA
Margin1
|
|
(unaudited)
|
|
(in thousands,
except for percentages)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
GAAP net (loss)
income
|
|
$
(60,200)
|
|
$
18,960
|
|
$
(49,198)
|
|
$
27,522
|
|
Adjustments to GAAP net
(loss) income:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
|
7,647
|
|
6,710
|
|
15,166
|
|
13,285
|
|
Interest income,
net
|
|
(3,313)
|
|
(839)
|
|
(6,204)
|
|
(1,393)
|
|
(Benefit from)
provision for income taxes
|
|
(17,674)
|
|
576
|
|
(14,050)
|
|
666
|
|
Stock-based
compensation expense
|
|
9,560
|
|
12,823
|
|
23,129
|
|
25,589
|
|
Impairment
charge2
|
|
110,304
|
|
—
|
|
110,304
|
|
—
|
|
Non-recurring
litigation related expenses
|
|
—
|
|
—
|
|
4,823
|
|
—
|
|
Adjusted
EBITDA
|
|
$
46,324
|
|
$
38,230
|
|
$
83,970
|
|
$
65,669
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
299,403
|
|
$
261,499
|
|
$
578,058
|
|
$
502,897
|
|
Adjusted
EBITDA
|
|
$
46,324
|
|
$
38,230
|
|
$
83,970
|
|
$
65,669
|
|
Adjusted EBITDA
margin
|
|
15.5 %
|
|
14.6 %
|
|
14.5 %
|
|
13.1 %
|
|
________________________
|
|
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.
|
|
Penumbra,
Inc.
|
|
Reconciliation of
Revenue Growth by Geographic Regions to Constant Currency Revenue
Growth1
|
|
(unaudited)
|
|
(in thousands,
except for percentages)
|
|
|
|
Three Months Ended
June 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2024
|
|
2023
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
|
United
States
|
|
$
218,180
|
|
$
186,772
|
|
$
31,408
|
|
16.8 %
|
|
$
—
|
|
$
31,408
|
|
16.8 %
|
|
International
|
|
81,223
|
|
74,727
|
|
6,496
|
|
8.7 %
|
|
497
|
|
6,993
|
|
9.4 %
|
|
Total
|
|
$
299,403
|
|
$
261,499
|
|
$
37,904
|
|
14.5 %
|
|
$
497
|
|
$
38,401
|
|
14.7 %
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2024
|
|
2023
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
|
United
States
|
|
$
427,824
|
|
$
358,651
|
|
$
69,173
|
|
19.3 %
|
|
$
—
|
|
$
69,173
|
|
19.3 %
|
|
International
|
|
150,234
|
|
144,246
|
|
5,988
|
|
4.2 %
|
|
(141)
|
|
5,847
|
|
4.1 %
|
|
Total
|
|
$
578,058
|
|
$
502,897
|
|
$
75,161
|
|
14.9 %
|
|
$
(141)
|
|
$
75,020
|
|
14.9 %
|
|
Penumbra,
Inc.
|
|
Reconciliation of
Revenue Change by Product Categories to Constant Currency Revenue
Growth1
|
|
(unaudited)
|
|
(in thousands,
except for percentages)
|
|
|
|
Three Months Ended
June 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2024
|
|
2023
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
|
Thrombectomy
|
|
$
203,502
|
|
$
162,503
|
|
$
40,999
|
|
25.2 %
|
|
$
324
|
|
$
41,323
|
|
25.4 %
|
|
Embolization and
Access
|
|
95,901
|
|
98,996
|
|
(3,095)
|
|
(3.1) %
|
|
173
|
|
(2,922)
|
|
(3.0) %
|
|
Total
|
|
$
299,403
|
|
$
261,499
|
|
$
37,904
|
|
14.5 %
|
|
$
497
|
|
$
38,401
|
|
14.7 %
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2024
|
|
2023
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
|
Thrombectomy
|
|
$
391,205
|
|
$
307,483
|
|
$
83,722
|
|
27.2 %
|
|
$
13
|
|
$
83,735
|
|
27.2 %
|
|
Embolization and
Access
|
|
186,853
|
|
195,414
|
|
(8,561)
|
|
(4.4) %
|
|
(154)
|
|
(8,715)
|
|
(4.5) %
|
|
Total
|
|
$
578,058
|
|
$
502,897
|
|
$
75,161
|
|
14.9 %
|
|
$
(141)
|
|
$
75,020
|
|
14.9 %
|
|
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
June 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2024
|
|
2023
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
|
Thrombectomy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
$
153,728
|
|
$
123,051
|
|
$
30,677
|
|
24.9 %
|
|
$
—
|
|
$
30,677
|
|
24.9 %
|
|
International
|
|
49,774
|
|
39,452
|
|
10,322
|
|
26.2 %
|
|
324
|
|
10,646
|
|
27.0 %
|
|
Total
Thrombectomy
|
|
203,502
|
|
162,503
|
|
40,999
|
|
25.2 %
|
|
324
|
|
41,323
|
|
25.4 %
|
|
Embolization and
Access
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
64,452
|
|
63,721
|
|
731
|
|
1.1 %
|
|
|
|
731
|
|
1.1 %
|
|
International
|
|
31,449
|
|
35,275
|
|
(3,826)
|
|
(10.8) %
|
|
173
|
|
(3,653)
|
|
(10.4) %
|
|
Total Embolization and
Access
|
|
95,901
|
|
98,996
|
|
(3,095)
|
|
(3.1) %
|
|
173
|
|
(2,922)
|
|
(3.0) %
|
|
Total
|
|
$
299,403
|
|
$
261,499
|
|
$
37,904
|
|
14.5 %
|
|
$
497
|
|
$
38,401
|
|
14.7 %
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2024
|
|
2023
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
|
Thrombectomy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
$
304,013
|
|
$
234,240
|
|
$
69,773
|
|
29.8 %
|
|
$
—
|
|
$
69,773
|
|
29.8 %
|
|
International
|
|
87,192
|
|
73,243
|
|
13,949
|
|
19.0 %
|
|
13
|
|
13,962
|
|
19.1 %
|
|
Total
Thrombectomy
|
|
391,205
|
|
307,483
|
|
83,722
|
|
27.2 %
|
|
13
|
|
83,735
|
|
27.2 %
|
|
Embolization and
Access
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
|
123,811
|
|
124,411
|
|
(600)
|
|
(0.5) %
|
|
|
|
(600)
|
|
(0.5) %
|
|
International
|
|
63,042
|
|
71,003
|
|
(7,961)
|
|
(11.2) %
|
|
(154)
|
|
(8,115)
|
|
(11.4) %
|
|
Total Embolization and
Access
|
|
186,853
|
|
195,414
|
|
(8,561)
|
|
(4.4) %
|
|
(154)
|
|
(8,715)
|
|
(4.5) %
|
|
Total
|
|
$
578,058
|
|
$
502,897
|
|
$
75,161
|
|
14.9 %
|
|
$
(141)
|
|
$
75,020
|
|
14.9 %
|
|
_________________________
|
|
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.