0001321732FALSE00013217322024-02-222024-02-22

__________________________________________________________________________________________________________________________

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

February 22, 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

_______________________________________________________________________________________________________________________________





_______________________________________________________________________________________________________________________________

Item 2.02.Results of Operations and Financial Condition.
 
On February 22, 2024, Penumbra, Inc. issued a press release announcing financial results for the fourth fiscal quarter and year ended December 31, 2023. 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 February 22, 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: February 22, 2024By:/s/ Maggie Yuen
  Maggie Yuen
  Chief Financial Officer




Exhibit 99.1
image1a17a.jpg
Penumbra, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results

ALAMEDA, Calif., Feb. 22, 2024 /PR Newswire/ -- Penumbra, Inc. (NYSE: PEN), a global healthcare company focused on innovative therapies, today reported financial results for the fourth quarter and full year ended December 31, 2023.

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 $284.7 million for the fourth quarter of 2023 compared to $221.2 million for the fourth quarter of 2022, an increase of 28.7%, or 27.9% in constant currency1. The United States represented 71.5% of total revenue and international represented 28.5% of total revenue for the fourth quarter of 2023. Revenue from the U.S. increased 29.6% while revenue from our international regions increased 26.4%, or 23.5% in constant currency1. We achieved record revenue from the sales of our global thrombectomy products which grew to $190.8 million for the fourth quarter of 2023, an increase of 42.4%, or 41.6% in constant currency1 over the same period a year ago, driven primarily by the sales of our U.S. thrombectomy products which increased by 46.4% over the same period a year ago. Revenue from the sales of our global embolization and access products grew to $93.9 million for the fourth quarter of 2023, an increase of 7.6%, or 6.7% in constant currency1 from the same period a year ago.

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

1

Gross profit for the fourth quarter of 2023 was $187.0 million, or 65.7% of total revenue compared to $138.4 million, or 62.6% of total revenue, for the fourth quarter of 2022. 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, were $152.0 million, or 53.4% of total revenue for the fourth quarter of 2023, and $133.6 million, or 60.4% of total revenue for the fourth quarter of 2022. Excluding the charge noted above for both periods, total non-GAAP operating expenses1 were $149.6 million, or 52.5% of total revenue for the fourth quarter of 2023, and $131.2 million, or 59.3% of total revenue for the fourth quarter of 2022.

Income from operations was $35.0 million for the fourth quarter of 2023 compared to income from operations of $4.8 million for the fourth quarter of 2022. Excluding the amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition of $2.4 million for both periods, non-GAAP income from operations1 was $37.4 million for the fourth quarter of 2023 compared to $7.2 million for the fourth quarter of 2022.

Full Year 2023 Financial Results
Total revenue increased to $1,058.5 million for the year ended December 31, 2023 compared to $847.1 million for the year ended December 31, 2022, an increase of 25.0%, or 24.7% in constant currency1. The United States represented 71.5% of total revenue and international represented 28.5% of total revenue for the year ended December 31, 2023. Revenue from the U.S. increased 28.0% while revenue from our international regions increased 18.0%, or 17.3% in constant currency1. Revenue from the sales of our global thrombectomy products grew to $677.3 million for the year ended December 31, 2023, an increase of 32.5%, or 32.3% in constant currency1 over the same period a year ago, driven primarily by sales of our U.S. vascular thrombectomy products which increased 45.2% over the same period a year ago. Revenue from the sales of our global embolization and access products grew to $381.2 million for the year ended December 31, 2023, an increase of 13.4%, or 13.2% in constant currency1 compared to the year ended December 31, 2022.

Gross profit for the year ended December 31, 2023 was $682.6 million, or 64.5% of total revenue, compared to $535.2 million, or 63.2% of total revenue, for the year ended December 31, 2022. 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 for the year ended December 31, 2023 were $609.1 million, or 57.5% of total revenue, which included a one-time $18.2 million expense associated with the acquisition of in-process research and development (“IPR&D”) and a $9.5 million amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition. This compares to total operating expenses of $529.1 million, or 62.5% of total revenue, for the year ended December 31, 2022, which included a $8.3 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 $581.4 million, or 54.9% of total revenue during the year ended December 31, 2023, and $520.8 million, or 61.5% of total revenue during the year ended December 31, 2022. R&D expenses were $84.4 million for the year ended December 31, 2023, compared to $79.4 million for the year ended December 31, 2022. SG&A expenses were $506.5 million for the year ended December 31, 2023, compared to $449.7 million for the year ended December 31, 2022.

Income from operations was $73.6 million for the year ended December 31, 2023 compared to income from operations of $6.1 million for the year ended December 31, 2022. Excluding the one-time expense associated with the acquired IPR&D of $18.2 million and the amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition of $9.5 million, non-GAAP income from operations1 was $101.3 million for the year ended December 31, 2023. This compares to non-GAAP income from operations1 of $14.4 million for the year ended December 31, 2022, excluding the amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition of $8.3 million.
Full Year 2024 Financial Outlook
The Company projects total revenue for 2024 to be in the range of $1,230.0 million to $1,270.0 million, representing year over year growth of 16% to 20% compared to 2023 revenue of $1,058.5 million. The Company also projects the U.S. thrombectomy franchise will grow 27% to 30% year-over-year, primarily driven by its Computer-Assisted Vacuum Thrombectomy (“CAVT”) products. The Company also expects gross margin expansion in the range of 100 to 150 basis points and total non-GAAP operating margin expansion in the range of 100 to 200 basis points in 2024 compared to full year 2023.

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

2

Webcast and Conference Call Information
Penumbra, Inc. will host a conference call to discuss financial results for the fourth quarter and year ended December 31, 2023 after market close on Thursday, February 22, 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: 4604622), 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. The Penumbra logo is a trademark of Penumbra, Inc. For more information, visit www.penumbrainc.com and connect on Twitter and LinkedIn.
1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.

3

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 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 Sixense acquisition, the excess tax benefits or tax deficiencies associated with share-based compensation arrangements, and the release of the valuation allowance release associated with Federal R&D tax credits and partial release of the valuation allowance associated with California deferred tax assets. 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 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.

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

4

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, which we expect to file with the SEC on or before February 29, 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.

5

Penumbra, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
December 31,
20232022
Assets
Current assets:
     Cash and cash equivalents$167,486 $69,858 
     Marketable investments121,701 118,172 
     Accounts receivable, net201,768 203,384 
     Inventories388,023 334,006 
     Prepaid expenses and other current assets36,424 30,279 
          Total current assets915,402 755,699 
Property and equipment, net72,691 65,015 
Operating lease right-of-use assets188,756 192,636 
Finance lease right-of-use assets31,092 33,323 
Intangible assets, net71,056 81,161 
Goodwill166,270 166,046 
Deferred taxes85,158 64,213 
Other non-current assets25,880 12,793 
          Total assets$1,556,305 $1,370,886 
Liabilities and Stockholders’ Equity
Current liabilities:
     Accounts payable$27,155 $26,679 
     Accrued liabilities110,555 106,300 
     Current operating lease liabilities11,203 10,033 
     Current finance lease liabilities2,231 1,920 
          Total current liabilities151,144 144,932 
Non-current operating lease liabilities197,229 198,955 
Non-current finance lease liabilities23,680 24,865 
Other non-current liabilities5,308 3,276 
          Total liabilities377,361 372,028 
Stockholders’ equity:
Preferred stock— — 
Common stock39 38 
Additional paid-in capital1,047,198 963,040 
Accumulated other comprehensive loss (3,151)(8,124)
Retained earnings134,858 43,904 
Total stockholders’ equity1,178,944 998,858 
Total liabilities and stockholders’ equity$1,556,305 $1,370,886 


6

Penumbra, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
Three Months Ended December 31,Year Ended December 31,
2023202220232022
Revenue$284,679 $221,216 $1,058,522 $847,133 
Cost of revenue97,687 82,789 375,879 311,926 
     Gross profit186,992 138,427 682,643 535,207 
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 operations35,029 4,833 73,551 6,082 
Interest and other income (expense), net3,129 2,295 6,099 (2,190)
Income before income taxes38,158 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 Penumbra, Inc.$54,218 $3,877 $90,954 $(2,002)
Net income (loss) attributable to Penumbra, Inc. per share:
Basic$1.40 $0.10 $2.37 $(0.05)
Diluted$1.38 $0.10 $2.32 $(0.05)
Weighted average shares outstanding:
Basic38,628,565 38,030,344 38,401,171 37,841,874 
Diluted39,291,044 38,896,940 39,216,564 37,841,874 


7

Penumbra, Inc.
Reconciliation of GAAP Operating Expenses and GAAP Income from Operations to Non-GAAP Operating Expenses and Non-GAAP Income from Operations1
(unaudited)
(in thousands)
Three Months Ended December 31,Year Ended December 31,
2023202220232022
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 December 31, 2023 includes an additional $1.2 million relative to the prior year-to-date period, as the company reclassified the $20.8 million in-process research and development (“IPR&D”) asset acquired in connection with the Sixense acquisition to a finite-lived developed technology intangible asset upon the completion of the IPR&D project during the three months ended September 30, 2022.
3Represents a one-time $18.2 million expense associated with the acquisition of IPR&D during the three months ended September 30, 2023.


8

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
December 31, 2023		Three Months Ended
December 31, 2022		Year Ended
December 31, 2023		Year Ended
December 31, 2022
Net incomeDiluted EPSNet incomeDiluted EPSNet incomeDiluted EPSNet (loss) incomeDiluted EPS
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 following items:
Amortization of finite lived intangible assets acquired2
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 stock compensation awards(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 EPS39,291,04438,896,94039,216,56437,841,874
Non-GAAP diluted EPS6
39,291,04438,896,94039,216,56438,789,291
1See “Non-GAAP Financial Measures” for important information about our use of non-GAAP measures.
2Amortization expense for the year ended December 31, 2023 includes an additional $1.2 million relative to the prior year-to-date period, as the company reclassified the $20.8 million IPR&D asset acquired in connection with the Sixense acquisition to a finite-lived developed technology intangible asset upon the completion of the IPR&D project during the three months ended September 30, 2022.
3Represents a one-time $18.2 million expense associated with the acquisition of IPR&D during the three months ended September 30, 2023.
4For the three and twelve months ended December 31, 2023, management used a combined federal and state tax rate of 24.09% to compute the tax effect of non-GAAP measures. For the three and twelve months ended December 31, 2022, management used a combined federal and state tax rate of 23.44% to compute the tax effect of non-GAAP measures.
5The Company released a valuation allowance against its Federal R&D tax credits and partially released a valuation allowance against its California deferred tax assets, resulting in a tax benefit of $25.5 million during the three and twelve months ended December 31, 2023.
6For the purposes of calculating Non-GAAP diluted EPS for the year ended December 31, 2022, non-GAAP diluted weighted average shares outstanding of 38,789,291 was used, as the Company had non-GAAP net income during the period.


9

Penumbra, Inc.
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin1
(unaudited)
(in thousands, except for percentages)
Three Months Ended December 31,Year Ended December 31,
2023202220232022
GAAP net income (loss)$54,218 $3,877 $90,954 $(2,002)
Adjustments to GAAP net income (loss):
Depreciation and amortization expense7,039 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 expense10,791 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 margin18.8 %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 $18.2 million expense associated with the acquisition of IPR&D during the three months ended September 30, 2023.

10

Penumbra, Inc.
Reconciliation of Revenue Change by Geographic Regions to Constant Currency Revenue Growth1
(unaudited)
(in thousands, except for percentages)
Three Months Ended December 31,Reported ChangeFX ImpactConstant Currency Change
20232022$%$$%
United States$203,684 $157,132 $46,552 29.6 %$— $46,552 29.6 %
International80,995 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 December 31,Reported ChangeFX ImpactConstant Currency Change
20232022$%$$%
United States$757,151 $591,715 $165,436 28.0 %$— $165,436 28.0 %
International301,371 255,418 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 %


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 December 31,Reported ChangeFX ImpactConstant Currency Change
20232022$%$$%
Thrombectomy$190,780 $133,963 $56,817 42.4 %$(1,025)$55,792 41.6 %
Embolization and Access93,899 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 December 31,Reported ChangeFX ImpactConstant Currency Change
20232022$%$$%
Thrombectomy$677,343 $511,137 $166,206 32.5 %$(1,044)$165,162 32.3 %
Embolization and Access381,179 335,996 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 December 31, ChangeFX ImpactConstant Currency Change
20232022$%$$%
Thrombectomy
United States$141,891 $96,890 $45,001 46.4 %$— $45,001 46.4 %
International48,889 37,073 11,816 31.9 %(1,025)10,791 29.1 %
Total Thrombectomy190,780 133,963 56,817 42.4 %(1,025)55,792 41.6 %
Embolization and Access
United States61,793 60,242 1,551 2.6 %— 1,551 2.6 %
International32,106 27,011 5,095 18.9 %(805)4,290 15.9 %
Total Embolization and Access93,899 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 %


11

Year Ended December 31, ChangeFX ImpactConstant Currency Change
20232022$%$$%
Thrombectomy
United States$509,886 $370,617 $139,269 37.6 %$— $139,269 37.6 %
International167,457 140,520 26,937 19.2 %(1,044)25,893 18.4 %
Total Thrombectomy677,343 511,137 166,206 32.5 %(1,044)165,162 32.3 %
Embolization and Access
United States247,265 221,098 26,167 11.8 %— 26,167 11.8 %
International133,914 114,898 19,016 16.6 %(746)18,270 15.9 %
Total Embolization and Access381,179 335,996 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 December 31,Reported ChangeFX ImpactConstant Currency Change
20232022$%$$%
Vascular$185,506 $129,676 $55,830 43.1 %$(513)$55,317 42.7 %
Neuro99,173 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 December 31,Reported ChangeFX ImpactConstant Currency Change
20232022$%$$%
Vascular$652,446 $499,389 $153,057 30.6 %$(45)$153,012 30.6 %
Neuro406,076 347,744 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.

Investor Relations
Penumbra, Inc.
510-995-2461
investors@penumbrainc.com
Source: Penumbra, Inc.


12

Penumbra, Inc.
Appendix
Reconciliation of Revenue by Product Categories for Thrombectomy and Embolization and Access Products
(in thousands)
Three Months Ended March 31, 2023Three Months Ended June 30, 2023Three Months Ended September 30, 2023Three Months Ended December 31, 2023
Thrombectomy
United States$111,189 $123,050 $133,755 $141,891 
International33,791 39,452 45,325 48,889 
Total Thrombectomy144,980 162,502 179,080 190,780 
Embolization and Access
United States60,690 63,722 61,061 61,793 
International35,728 35,275 30,805 32,106 
Total Embolization and Access96,418 98,997 91,866 93,899 
Total$241,398 $261,499 $270,946 $284,679 
Three Months Ended March 31, 2023Six Months Ended June 30, 2023Nine Months Ended September 30, 2023Year Ended
 December 31, 2023
Thrombectomy
United States$111,189 $234,239 $367,994 $509,886 
International33,791 73,243 118,569 167,457 
Total Thrombectomy144,980 307,482 486,563 677,343 
Embolization and Access
United States60,690 124,412 185,473 247,265 
International35,728 71,003 101,807 133,914 
Total Embolization and Access96,418 195,415 287,280 381,179 
Total $241,398 $502,897 $773,843 $1,058,522 
Three Months Ended March 31, 2022Three Months Ended June 30, 2022Three Months Ended September 30, 2022Three Months Ended December 31, 2022
Thrombectomy
United States$92,263 $87,329 $94,136 $96,890 
International31,026 36,802 35,619 37,073 
Total Thrombectomy123,289 124,131 129,755 133,963 
Embolization and Access
United States52,045 54,127 54,683 60,242 
International28,561 30,086 29,240 27,011 
Total Embolization and Access80,606 84,213 83,923 87,253 
Total$203,895 $208,344 $213,678 $221,216 
Three Months Ended March 31, 2022Six Months Ended June 30, 2022Nine Months Ended September 30, 2022Year Ended
 December 31, 2022
Thrombectomy
United States$92,263 $179,592 $273,728 $370,617 
International31,026 67,828 103,446 140,520 
Total Thrombectomy123,289 247,420 377,174 511,137 
Embolization and Access
United States52,045 106,172 160,855 221,098 
International28,561 58,647 87,888 114,898 
Total Embolization and Access80,606 164,819 248,743 335,996 
Total $203,895 $412,239 $625,917 $847,133 

13
v3.24.0.1
Cover
Feb. 22, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 22, 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
Penumbra (NYSE:PEN)
Historical Stock Chart
Von Mär 2024 bis Apr 2024 Click Here for more Penumbra Charts.
Penumbra (NYSE:PEN)
Historical Stock Chart
Von Apr 2023 bis Apr 2024 Click Here for more Penumbra Charts.