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Mar 31, 2024
Penumbra Q1 2024 Earnings Report
Penumbra reported first quarter results with revenue increase and strong thrombectomy growth.
Key Takeaways
Penumbra, Inc. reported a 15.4% increase in revenue to $278.7 million for Q1 2024, driven by a 35.2% increase in U.S. thrombectomy revenue. The company's adjusted EBITDA was $37.6 million with a margin of 13.5%.
Revenue increased by 15.4% to $278.7 million in Q1 2024.
U.S. thrombectomy revenue grew by 35.2% in Q1 2024.
Non-GAAP income from operations was $19.3 million in Q1 2024.
Adjusted EBITDA reached $37.6 million with a 13.5% margin in Q1 2024.
Penumbra
Penumbra
Penumbra Revenue by Segment
Penumbra Revenue by Geographic Location
Revenue by Segment
Thrombectomy Revenue
CapyFin.comEmbolization and Access Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Penumbra reiterates its full year 2024 revenue guidance to be in the range of $1,230.0 million to $1,270.0 million, representing year over year growth of 16% to 20%. The company also continues to project the U.S. thrombectomy franchise will grow 27% to 30% year-over-year.
Positive Outlook
- Total revenue for 2024 expected to be between $1,230.0 million and $1,270.0 million.
- U.S. thrombectomy franchise projected to grow 27% to 30% year-over-year.
- Gross margin expansion expected in the range of 100 to 150 basis points in 2024.
- Total non-GAAP operating margin expansion projected in the range of 100 to 200 basis points in 2024.
- Strong growth trends in the first quarter reinforce total revenue and U.S. thrombectomy revenue guidance ranges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income