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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.
Revenue by Segment
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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