Penumbra Q1 2023 Earnings Report
Key Takeaways
Penumbra, Inc. reported financial results for the first quarter ended March 31, 2023, with total revenue increasing to $241.4 million, an 18.4% increase compared to the first quarter of 2022. The company reported a net income of $8.6 million, a significant improvement from the $0.1 million net income in the same period last year.
Total revenue increased by 18.4% to $241.4 million compared to Q1 2022.
Vascular product revenue grew by 16.3% to $142.8 million.
Neuro product revenue grew by 21.5% to $98.5 million.
Income from operations was $8.0 million, compared to a loss from operations of $4.0 million in Q1 2022.
Penumbra
Penumbra
Penumbra Revenue by Segment
Penumbra Revenue by Geographic Location
Forward Guidance
The Company is increasing its guidance for 2023 total revenue to be in the range of $1.04 billion to $1.06 billion, which represents 23% to 25% growth over 2022 revenue of $847.1 million.
Positive Outlook
- Increased guidance for 2023 total revenue.
- Revenue expected to be in the range of $1.04 billion to $1.06 billion.
- Represents 23% to 25% growth over 2022 revenue.
- Vascular business growth expected to be slightly above the total revenue growth range.
- Neuro business growth expected to be below the total revenue growth range.
Revenue & Expenses
Visualization of income flow from segment revenue to net income