0001321732FALSE00013217322024-10-302024-10-30

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________________________________________________________

FORM 8-K 
_______________________________________________________________________________________________________________________________

CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

October 30, 2024
Date of Report (Date of earliest event reported) 
_______________________________________________________________________________________________________________________________

Penumbra, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________________________________________________________
Delaware001-3755705-0605598
(State or other jurisdiction of incorporation or organization)(Commission File No.)(I.R.S. employer identification number)
One Penumbra Place
Alameda, CA 94502
(Address of principal executive offices, including zip code)
 
(510) 748-3200
(Registrant’s telephone number, including area code) 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, Par value $0.001 per sharePENThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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Item 2.02.Results of Operations and Financial Condition.
 
On October 30, 2024, Penumbra, Inc. issued a press release announcing financial results for the third fiscal quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished on this Current Report on Form 8-K, including the attached exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description
 Press release of Penumbra, Inc. dated October 30, 2024.
104Cover Page Interactive Data File (formatted as Inline Extensible Business Reporting Language).



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 Penumbra, Inc.
   
Date: October 30, 2024By:/s/ Maggie Yuen
  Maggie Yuen
  Chief Financial Officer




Exhibit 99.1
image1.jpg
Penumbra, Inc. Reports Third Quarter 2024 Financial Results

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



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

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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.
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

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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.
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Penumbra, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
September 30, 2024December 31, 2023
Assets
Current assets:
     Cash and cash equivalents$280,476 $167,486 
     Marketable investments10,548 121,701 
     Accounts receivable, net 176,051 201,768 
     Inventories393,413 388,023 
     Prepaid expenses and other current assets31,265 36,424 
          Total current assets891,753 915,402 
Property and equipment, net59,919 72,691 
Operating lease right-of-use assets180,923 188,756 
Finance lease right-of-use assets28,888 31,092 
Intangible assets, net6,920 71,056 
Goodwill166,355 166,270 
Deferred taxes105,851 85,158 
Other non-current assets38,514 25,880 
         Total assets$1,479,123 $1,556,305 
Liabilities and Stockholders’ Equity
Current liabilities:
     Accounts payable$33,151 $27,155 
     Accrued liabilities105,550 110,555 
  Current operating lease liabilities12,068 11,203 
  Current finance lease liabilities2,416 2,231 
          Total current liabilities153,185 151,144 
Non-current operating lease liabilities189,960 197,229 
Non-current finance lease liabilities22,245 23,680 
Other non-current liabilities9,453 5,308 
          Total liabilities374,843 377,361 
Stockholders’ equity:
Common stock38 39 
Additional paid-in capital1,079,193 1,047,198 
Accumulated other comprehensive loss(963)(3,151)
Retained earnings26,012 134,858 
Total stockholders’ equity1,104,280 1,178,944 
Total liabilities and stockholders’ equity$1,479,123 $1,556,305 

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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,
2024202320242023
Revenue$301,039 $270,946 $879,097 $773,843 
Cost of revenue100,733 93,228 334,823 278,192 
Gross profit200,306 177,718 544,274 495,651 
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 operations35,364 12,625 (33,496)38,522 
Interest and other income, net4,414 679 10,026 2,970 
Income (loss) before income taxes39,778 13,304 (23,470)41,492 
Provision for (benefit from) income taxes10,251 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:
Basic38,610,805 38,462,463 38,706,809 38,324,279 
Diluted39,178,227 39,219,966 38,706,809 39,183,635 

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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,
2024202320242023
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.
6

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, 2024Nine Months Ended September 30, 2023
Net incomeDiluted EPSNet income Diluted EPSNet (loss) incomeDiluted EPSNet incomeDiluted 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 EPS39,178,22739,219,96638,706,80939,183,635
Non-GAAP diluted EPS6
39,178,22739,219,96639,334,13339,183,635
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.


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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,
2024202320242023
GAAP net income (loss)$29,527 $9,214 $(19,671)$36,736 
Adjustments to GAAP net (loss) income:
Depreciation and amortization expense4,148 6,933 19,314 20,218 
Interest income, net(3,129)(1,123)(9,333)(2,516)
Provision for (benefit from) income taxes10,251 4,090 (3,799)4,756 
Stock-based compensation expense10,940 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) margin9.8 %3.4 %(2.2)%4.7 %
Adjusted EBITDA margin18.8 %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 $18.2 million expense associated with the acquisition of IPR&D during the three and nine months ended September 30, 2023.
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Penumbra, Inc.
Reconciliation of Revenue Growth by Geographic Regions to Constant Currency Revenue Growth1
(unaudited)
(in thousands, except for percentages)
Three Months Ended September 30,Reported ChangeFX ImpactConstant Currency Change
20242023$%$$%
United States$226,326 $194,816 $31,510 16.2 %$— $31,510 16.2 %
International74,713 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 ChangeFX ImpactConstant Currency Change
20242023$%$$%
United States$654,150 $553,467 $100,683 18.2 %$— $100,683 18.2 %
International224,947 220,376 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 ImpactConstant Currency Change
 20242023$% $$%
Thrombectomy$204,141 $179,080 $25,061 14.0 %$(259)$24,802 13.8 %
Embolization and Access96,898 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 ImpactConstant Currency Change
 20242023$% $$%
Thrombectomy$595,346 $486,563 $108,783 22.4 %$(226)$108,557 22.3 %
Embolization and Access283,751 287,280 (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 ImpactConstant Currency Change
 20242023$% $$%
Thrombectomy
United States$162,051 $133,754 $28,297 21.2 %$— $28,297 21.2 %
International42,090 45,326 (3,236)(7.1)%(259)(3,495)(7.7)%
Total Thrombectomy204,141 179,080 25,061 14.0 %(259)24,802 13.8 %
Embolization and Access
United States64,275 61,062 3,213 5.3 %3,213 5.3 %
International32,623 30,804 1,819 5.9 %(228)1,591 5.2 %
Total Embolization and Access96,898 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 %

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Nine Months Ended September 30,Reported Change FX ImpactConstant Currency Change
 20242023$% $$%
Thrombectomy
United States$466,064 $367,994 $98,070 26.6 %$— $98,070 26.6 %
International129,282 118,569 10,713 9.0 %(226)10,487 8.8 %
Total Thrombectomy595,346 486,563 108,783 22.4 %(226)108,557 22.3 %
Embolization and Access
United States188,086 185,473 2,613 1.4 %2,613 1.4 %
International95,665 101,807 (6,142)(6.0)%(369)(6,511)(6.4)%
Total Embolization and Access283,751 287,280 (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
Source: Penumbra, Inc.
10
v3.24.3
Cover
Oct. 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 30, 2024
Entity Registrant Name Penumbra, Inc.
Entity Central Index Key 0001321732
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 001-37557
Entity Tax Identification Number 05-0605598
Entity Address, Address Line One One Penumbra Place
Entity Address, City or Town Alameda
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94502
City Area Code 510
Local Phone Number 748-3200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, Par value $0.001 per share
Trading Symbol PEN
Security Exchange Name NYSE
Entity Emerging Growth Company false
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