Penumbra Q2 2023 Earnings Report
Key Takeaways
Penumbra, Inc. reported a strong second quarter with a 25.5% increase in revenue, reaching $261.5 million. The company's income from operations turned positive, reaching $17.9 million, compared to a loss in the same quarter last year. They are also increasing their revenue guidance for the year.
Total revenue increased to $261.5 million, a 25.5% increase compared to Q2 2022.
Vascular product revenue grew to $152.7 million, a 23.6% increase.
Neuro product revenue grew to $108.8 million, a 28.3% increase.
Income from operations was $17.9 million, compared to a loss of $0.1 million in Q2 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 $1.05 billion to $1.07 billion, which represents 24% to 26% growth over 2022 revenue of $847.1 million. We continue to expect growth in our global vascular business to be slightly above this range and growth in our global neuro business to be below this range for the full year 2023.
Positive Outlook
- Total revenue is expected to be in the range of $1.05 billion to $1.07 billion.
- Revenue growth of 24% to 26% is expected over 2022 revenue.
- Global vascular business growth is expected to be slightly above the total revenue growth range.
- Gross margin may be positively impacted with favorable product mix.
- Gross margin may be positively impacted by leveraging our fixed costs on higher volume of new product sales during the year.
Challenges Ahead
- Global neuro business growth is expected to be below the total revenue growth range.
- Gross margin is impacted by product mix.
- Gross margin is impacted by regional mix.
- Gross margin is impacted by start-up costs associated with new product launches.
- Gross margin is impacted by macroeconomic factors such as inflation headwinds.
Revenue & Expenses
Visualization of income flow from segment revenue to net income