Penumbra, Inc. Reports Second Quarter 2024 Financial Results
-
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 itsImmersive 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
Gross profit for the second quarter of 2024 was
Total operating expenses, including a
Loss from operations was
Updated Full Year 2024 Financial Outlook
The Company is updating its guidance range for 2024 total revenue to
-
$20 million reduction to our business inChina 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 inEurope ; -
$5 million in revenue from ourImmersive Healthcare business, due to our strategic move; and - Approximately
$20 million change to our guidance forU.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
1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. |
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 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
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
|
||||
Condensed Consolidated Balance Sheets |
||||
(unaudited) |
||||
(in thousands) |
||||
|
||||
|
|
|
|
|
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 |
|
|
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 |
|
|
|
|
|
|
||||||||
Condensed Consolidated Statements of Operations |
||||||||
(unaudited) |
||||||||
(in thousands, except share and per share amounts) |
||||||||
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
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 |
|
||||||||
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 |
|
Six Months Ended |
||||
|
|
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 |
|
||||||||
Reconciliation of GAAP Operating Expenses and GAAP (Loss) Income from Operations to Non-GAAP Operating Expenses and |
||||||||
(unaudited) |
||||||||
(in thousands) |
||||||||
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
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 |
|
||||||||||||||||
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
|
|
Three Months Ended
|
|
Six Months Ended |
|
Six Months Ended |
||||||||
|
|
Net (loss) |
|
Diluted |
|
Net |
|
Diluted |
|
Net (loss) |
|
Diluted |
|
Net |
|
Diluted |
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 |
3For the three and six months ended |
4For the purposes of calculating Non-GAAP diluted EPS for the three and six months ended |
|
||||||||
Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA and Adjusted EBITDA Margin1 |
||||||||
(unaudited) |
||||||||
(in thousands, except for percentages) |
||||||||
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||
|
|
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 |
|
||||||||||||||
Reconciliation of Revenue Growth by Geographic Regions to Constant Currency Revenue Growth1 |
||||||||||||||
(unaudited) |
||||||||||||||
(in thousands, except for percentages) |
||||||||||||||
|
||||||||||||||
|
|
Three Months Ended |
|
Reported Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2024 |
|
2023 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
|
|
$ 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 |
|
Reported Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2024 |
|
2023 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
|
|
$ 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 % |
|
||||||||||||||
Reconciliation of Revenue Change by Product Categories to Constant Currency Revenue Growth1 |
||||||||||||||
(unaudited) |
||||||||||||||
(in thousands, except for percentages) |
||||||||||||||
|
||||||||||||||
|
|
Three Months Ended |
|
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 |
|
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 % |
|
||||||||||||||
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 |
||||||
|
|
2024 |
|
2023 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
Thrombectomy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Reported Change |
|
FX Impact |
|
Constant Currency Change |
||||||
|
|
2024 |
|
2023 |
|
$ |
|
% |
|
$ |
|
$ |
|
% |
Thrombectomy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
510-995-2461
investors@penumbrainc.com
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