ALAMEDA,
Calif., Nov. 2, 2023 /PRNewswire/
-- Penumbra, Inc. (NYSE: PEN), a global healthcare
company focused on innovative therapies, today reported financial
results for the third quarter ended September 30, 2023.
- Revenue of $270.9 million in
the third quarter of 2023, an increase of 26.8% or 25.9% in
constant currency1, compared to the third quarter of
2022.
- Revenue of $179.1 million from
sales of our thrombectomy products in the third quarter of 2023, an
increase of 38.0%, compared to the third quarter of 2022.
- Income from operations of $12.6
million and Non-GAAP income from operations1 of
$33.2 million in the third quarter of
2023.
- Net income of $9.2 million
and adjusted EBITDA1 of $51.5
million or adjusted EBITDA margin of 19.0% in the third
quarter of 2023.
- Cash and marketable investments increased $27.8 million in the third quarter of 2023
compared to the second quarter of 2023 driven by an increase in
profitability and improvements in working capital.
Third Quarter 2023 Financial Results
Total
revenue increased to $270.9 million for the third quarter of 2023
compared to $213.7 million for
the third quarter of 2022, an increase of 26.8%, or 25.9% on a
constant currency basis. The United
States represented 72% of total revenue and international
represented 28% of total revenue for the third quarter of 2023. We
achieved record revenue from the sales of our global thrombectomy
products which grew to $179.1 million
in the third quarter of 2023, an increase of 38.0% over the same
period a year ago and driven by the sales of our global vascular
and neuro thrombectomy products which increased by 56.9% and 10.3%,
respectively, in the third quarter of 2023. Revenue from our
embolization and other products grew to $91.9 million for the third quarter of 2023, an
increase of 9.5% over the same period a year ago.
Gross profit was $177.7 million, or 65.6% of total revenue
for the third quarter of 2023, compared to $135.3 million, or 63.3% of total revenue,
for the third 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 were $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. This compares to total operating expenses of
$129.9 million, or 60.8% of total
revenue, for the third quarter of 2022, which included a
$2.4 million amortization expense of
finite lived intangible assets acquired in connection with the
Sixense acquisition. Excluding these charges, total non-GAAP
operating expenses1 were $144.5
million, or 53.3% of total revenue, for the third quarter of
2023, and $127.5 million, or 59.7% of
total revenue, for the third quarter of 2022, respectively. R&D
expenses were $21.0 million for the
third quarter of 2023, compared to $21.3
million for the third quarter of 2022. SG&A expenses
were $125.9 million for the
third quarter of 2023, compared to $108.6 million for the third quarter of
2022.
Income from operations was $12.6 million for the third quarter of 2023,
compared to income from operations of $5.4 million for the third quarter of 2022.
Excluding 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,
non-GAAP income from operations1 was $33.2 million for the third quarter of 2023.
This compares to non-GAAP income from operations of
$7.8 million for the third
quarter of 2022.
1See
"Non-GAAP Financial Measures" for important information about our
use of non-GAAP measures.
|
Full Year 2023 Financial Outlook
For the fourth
quarter of 2023, we expect total company revenue growth to
accelerate to 28% to 31% year over year, which correlates to the
midpoint of our annual guidance range of $1.05 billion to $1.07
billion for full year 2023.
Webcast and Conference Call Information
Penumbra, Inc.
will host a conference call to discuss the third quarter 2023
financial results after market close on Thursday, November 2, 2023 at 4:30 PM Eastern Time. The conference call can be
accessed live over the phone by dialing (888) 330-2443 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. 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 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; and
- the excess tax benefits or tax deficiencies associated with
share-based compensation arrangements.
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 and the excess
tax benefits or tax deficiencies associated with share-based
compensation arrangements. 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 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, 2022 filed with the SEC on
February 23, 2023. 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)
|
|
|
|
September 30,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
100,757
|
|
$
69,858
|
Marketable
investments
|
|
148,098
|
|
118,172
|
Accounts receivable,
net
|
|
206,615
|
|
203,384
|
Inventories
|
|
374,245
|
|
334,006
|
Prepaid expenses and other
current assets
|
|
38,761
|
|
30,279
|
Total current assets
|
|
868,476
|
|
755,699
|
Property and equipment,
net
|
|
65,632
|
|
65,015
|
Operating lease
right-of-use assets
|
|
184,520
|
|
192,636
|
Finance lease
right-of-use assets
|
|
31,364
|
|
33,323
|
Intangible assets,
net
|
|
73,452
|
|
81,161
|
Goodwill
|
|
165,954
|
|
166,046
|
Deferred
taxes
|
|
64,236
|
|
64,213
|
Other non-current
assets
|
|
14,743
|
|
12,793
|
Total assets
|
|
$
1,468,377
|
|
$
1,370,886
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
|
|
$
27,996
|
|
$
26,679
|
Accrued
liabilities
|
|
104,184
|
|
106,300
|
Current
operating lease liabilities
|
|
10,827
|
|
10,033
|
Current finance
lease liabilities
|
|
2,071
|
|
1,920
|
Total current liabilities
|
|
145,078
|
|
144,932
|
Non-current operating
lease liabilities
|
|
192,117
|
|
198,955
|
Non-current finance
lease liabilities
|
|
23,779
|
|
24,865
|
Other non-current
liabilities
|
|
3,265
|
|
3,276
|
Total liabilities
|
|
364,239
|
|
372,028
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
|
38
|
|
38
|
Additional paid-in
capital
|
|
1,030,700
|
|
963,040
|
Accumulated other
comprehensive loss
|
|
(7,240)
|
|
(8,124)
|
Retained
earnings
|
|
80,640
|
|
43,904
|
Total stockholders'
equity
|
|
1,104,138
|
|
998,858
|
Total liabilities and
stockholders' equity
|
|
$
1,468,377
|
|
$
1,370,886
|
|
|
|
|
|
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,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue
|
|
$
270,946
|
|
$
213,678
|
|
$
773,843
|
|
$
625,917
|
Cost of
revenue
|
|
93,228
|
|
78,351
|
|
278,192
|
|
229,137
|
Gross
profit
|
|
177,718
|
|
135,327
|
|
495,651
|
|
396,780
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
20,958
|
|
21,320
|
|
62,481
|
|
61,443
|
Sales, general and
administrative
|
|
125,920
|
|
108,573
|
|
376,433
|
|
334,088
|
Acquired in-process
research and development
|
|
18,215
|
|
—
|
|
18,215
|
|
—
|
Total operating
expenses
|
|
165,093
|
|
129,893
|
|
457,129
|
|
395,531
|
Income from
operations
|
|
12,625
|
|
5,434
|
|
38,522
|
|
1,249
|
Interest income
(expense), net
|
|
1,123
|
|
(43)
|
|
2,516
|
|
(162)
|
Other (expense) income,
net
|
|
(444)
|
|
(2,356)
|
|
454
|
|
(4,323)
|
Income (loss) before
income taxes
|
|
13,304
|
|
3,035
|
|
41,492
|
|
(3,236)
|
Provision for income
taxes
|
|
4,090
|
|
5,306
|
|
4,756
|
|
2,643
|
Net income
(loss)
|
|
$
9,214
|
|
$
(2,271)
|
|
$
36,736
|
|
$
(5,879)
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.24
|
|
$
(0.06)
|
|
$
0.96
|
|
$
(0.16)
|
Diluted
|
|
$
0.23
|
|
$
(0.06)
|
|
$
0.94
|
|
$
(0.16)
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
38,462,463
|
|
37,918,452
|
|
38,324,279
|
|
37,778,362
|
Diluted
|
|
39,219,966
|
|
37,918,452
|
|
39,183,635
|
|
37,778,362
|
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
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP operating
expenses
|
|
$
165,093
|
|
$
129,893
|
|
$
457,129
|
|
$
395,531
|
GAAP operating expenses
includes the effect of the following items:
|
|
|
|
|
|
|
|
|
Amortization of finite
lived intangible assets acquired
|
|
2,380
|
|
2,380
|
|
7,139
|
|
5,949
|
Acquired
IPR&D2
|
|
18,215
|
|
—
|
|
18,215
|
|
—
|
Non-GAAP operating
expenses
|
|
$
144,498
|
|
$
127,513
|
|
$
431,775
|
|
$
389,582
|
|
|
|
|
|
|
|
|
|
GAAP income from
operations
|
|
$
12,625
|
|
$
5,434
|
|
$
38,522
|
|
$
1,249
|
GAAP income from
operations includes the effect of the following items:
|
|
|
|
|
|
|
|
|
Amortization of finite
lived intangible assets acquired
|
|
2,380
|
|
2,380
|
|
7,139
|
|
5,949
|
Acquired
IPR&D2
|
|
18,215
|
|
—
|
|
18,215
|
|
—
|
Non-GAAP income from
operations
|
|
$
33,220
|
|
$
7,814
|
|
$
63,876
|
|
$
7,198
|
|
|
|
|
|
|
|
1See
"Non-GAAP Financial Measures" for important information about our
use of non-GAAP measures.
|
2This
represents a one-time $18.2 million expense associated with
the acquisition of IPR&D during the three and nine months ended
September 30, 2023.
|
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,
2023
|
|
Three Months
Ended
September 30,
2022
|
|
Nine Months
Ended
September 30, 2023
|
|
Nine Months
Ended
September 30, 2022
|
|
|
Net
income
|
|
Diluted
EPS
|
|
Net (loss)
income
|
|
Diluted
EPS
|
|
Net
income
|
|
Diluted
EPS
|
|
Net (loss)
income
|
|
Diluted
EPS
|
GAAP net income
(loss)
|
|
$ 9,214
|
|
$ 0.23
|
|
$
(2,271)
|
|
$ (0.06)
|
|
$
36,736
|
|
$ 0.94
|
|
$
(5,879)
|
|
$ (0.16)
|
GAAP net income (loss)
includes the effect of the following items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of finite
lived intangible assets acquired
|
|
2,380
|
|
0.07
|
|
2,380
|
|
0.06
|
|
7,139
|
|
0.18
|
|
5,949
|
|
0.16
|
Acquired
IPR&D2
|
|
18,215
|
|
0.46
|
|
—
|
|
—
|
|
18,215
|
|
0.46
|
|
—
|
|
—
|
Tax effect on the
non-GAAP adjustment above3
|
|
(558)
|
|
(0.01)
|
|
(554)
|
|
(0.01)
|
|
(1,673)
|
|
(0.04)
|
|
(1,386)
|
|
(0.04)
|
(Excess tax
benefits) tax deficiencies related to stock compensation
awards
|
|
(2,987)
|
|
(0.08)
|
|
722
|
|
0.02
|
|
(8,372)
|
|
(0.21)
|
|
1,666
|
|
0.05
|
Non-GAAP net
income
|
|
$
26,264
|
|
$ 0.67
|
|
$
277
|
|
$ 0.01
|
|
$
52,045
|
|
$ 1.33
|
|
$
350
|
|
$ 0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding used to compute:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted
EPS
|
|
39,219,966
|
|
37,918,452
|
|
39,183,635
|
|
37,778,362
|
Non-GAAP diluted
EPS4
|
|
39,219,966
|
|
38,762,786
|
|
39,183,635
|
|
38,743,727
|
|
|
|
|
|
|
|
1See
"Non-GAAP Financial Measures" for important information about our
use of non-GAAP measures.
|
2This
represents a one-time $18.2 million expense associated with
the acquisition of IPR&D during the three and nine months ended
September 30, 2023.
|
3For the
three and nine months ended September 30, 2023 and 2022, management
used a combined federal and state tax rate of 23.44% and 23.29%,
respectively, to compute the tax effect of non-GAAP adjustments.
There was no effect on the provision for (benefit from) income
taxes related to the acquired IPR&D.
|
4For the
purposes of calculating Non-GAAP diluted EPS for the three and nine
months ended September 30, 2022, non-GAAP diluted weighted average
shares outstanding of 38,762,786 and 38,743,727, respectively were
used, as the Company had non-GAAP net income in the
period.
|
Penumbra,
Inc.
Reconciliation of
GAAP Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA
Margin1
(unaudited)
(in
thousands)
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP net income
(loss)
|
|
$
9,214
|
|
$
(2,271)
|
|
$
36,736
|
|
$
(5,879)
|
Adjustments to GAAP net
income (loss):
|
|
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
|
6,933
|
|
6,225
|
|
20,218
|
|
17,880
|
Interest (income)
expense, net
|
|
(1,123)
|
|
43
|
|
(2,516)
|
|
162
|
Provision for income
taxes
|
|
4,090
|
|
5,306
|
|
4,756
|
|
2,643
|
Stock-based
compensation expense
|
|
14,136
|
|
9,702
|
|
39,725
|
|
27,381
|
Acquired
IPR&D2
|
|
18,215
|
|
—
|
|
18,215
|
|
—
|
Adjusted
EBITDA
|
|
$
51,465
|
|
$
19,005
|
|
$ 117,134
|
|
$
42,187
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ 270,946
|
|
$ 213,678
|
|
$ 773,843
|
|
$ 625,917
|
Adjusted
EBITDA
|
|
$
51,465
|
|
$
19,005
|
|
$ 117,134
|
|
$
42,187
|
Adjusted EBITDA
margin
|
|
19.0 %
|
|
8.9 %
|
|
15.1 %
|
|
6.7 %
|
|
|
|
|
|
|
|
1See
"Non-GAAP Financial Measures" for important information about our
use of non-GAAP measures.
|
2This
represents a one-time $18.2 million expense associated with
the acquisition of IPR&D during the three and nine months ended
September 30, 2023.
|
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
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2023
|
|
2022
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
United
States
|
|
$
194,816
|
|
$
148,819
|
|
$
45,997
|
|
30.9 %
|
|
$
—
|
|
$
45,997
|
|
30.9 %
|
International
|
|
76,130
|
|
64,859
|
|
11,271
|
|
17.4 %
|
|
(2,013)
|
|
9,258
|
|
14.3 %
|
Total
|
|
$
270,946
|
|
$
213,678
|
|
$
57,268
|
|
26.8 %
|
|
$
(2,013)
|
|
$
55,255
|
|
25.9 %
|
|
|
|
Nine Months Ended
September 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2023
|
|
2022
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
United
States
|
|
$
553,467
|
|
$
434,583
|
|
$
118,884
|
|
27.4 %
|
|
$
—
|
|
$
118,884
|
|
27.4 %
|
International
|
|
220,376
|
|
191,334
|
|
29,042
|
|
15.2 %
|
|
40
|
|
29,082
|
|
15.2 %
|
Total
|
|
$
773,843
|
|
$
625,917
|
|
$
147,926
|
|
23.6 %
|
|
$
40
|
|
$
147,966
|
|
23.6 %
|
Penumbra,
Inc.
Reconciliation of
Revenue Growth by Product Categories to Constant Currency Revenue
Growth1
(unaudited)
(in thousands,
except for percentages)
|
|
|
|
Three Months Ended
September 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2023
|
|
2022
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
Vascular
|
|
$
171,407
|
|
$
123,361
|
|
$
48,046
|
|
38.9 %
|
|
$
(500)
|
|
$
47,546
|
|
38.5 %
|
Neuro
|
|
99,539
|
|
90,317
|
|
9,222
|
|
10.2 %
|
|
(1,513)
|
|
7,709
|
|
8.5 %
|
Total
|
|
$
270,946
|
|
$
213,678
|
|
$
57,268
|
|
26.8 %
|
|
$
(2,013)
|
|
$
55,255
|
|
25.9 %
|
|
|
|
Nine Months Ended
September 30,
|
|
Reported
Change
|
|
FX
Impact
|
|
Constant Currency
Change
|
|
|
2023
|
|
2022
|
|
$
|
|
%
|
|
$
|
|
$
|
|
%
|
Vascular
|
|
$
466,940
|
|
$
369,712
|
|
$
97,228
|
|
26.3 %
|
|
$
458
|
|
$
97,686
|
|
26.4 %
|
Neuro
|
|
306,903
|
|
256,205
|
|
50,698
|
|
19.8 %
|
|
(418)
|
|
50,280
|
|
19.6 %
|
Total
|
|
$
773,843
|
|
$
625,917
|
|
$
147,926
|
|
23.6 %
|
|
$
40
|
|
$
147,966
|
|
23.6 %
|
|
|
|
|
|
|
|
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.