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Jun 30, 2024
Penumbra Q2 2024 Earnings Report
Reported revenue increase of 14.5% to $299.4 million, driven by U.S. thrombectomy growth, but experienced a loss from operations due to impairment charges related to Immersive Healthcare assets.
Key Takeaways
Penumbra, Inc. reported a 14.5% increase in revenue to $299.4 million for Q2 2024. The company experienced a loss from operations of $81.0 million, including $110.3 million in one-time non-cash impairment charges. Adjusted EBITDA was $46.3 million, with an adjusted EBITDA margin of 15.5%.
Total revenue increased by 14.5% to $299.4 million compared to Q2 2023.
U.S. thrombectomy revenue increased by 24.9% compared to Q2 2023.
Loss from operations was $81.0 million, including $110.3 million in impairment charges.
Adjusted EBITDA reached $46.3 million, with a margin of 15.5%.
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
The Company is updating its guidance range for 2024 total revenue to $1,180 million to $1,200 million and continues to expect non-GAAP gross margin expansion in the range of 100 to 150 basis points in 2024 compared to full year 2023.
Positive Outlook
- Non-GAAP gross margin expansion in the range of 100 to 150 basis points is expected in 2024 compared to full year 2023.
- Company expects non-GAAP operating margin expansion of 100-200 basis points in 2024.
- U.S. thrombectomy growth for full year 2024 is expected to be 23-25% year-over-year compared to 2023.
- Strategic move to reduce Immersive Healthcare expenses.
- Improvements in working capital.
Challenges Ahead
- Guidance range for 2024 total revenue is updated to $1,180 million to $1,200 million, a reduction of $60 million at the midpoint from its previous guidance range.
- A $20 million reduction to business in China due to a more challenging economic backdrop for medical devices in the near-term.
- A $15 million impact from European business primarily from a slight delay to the expected launch timing of FLASH and BOLT 7 CAVT products in Europe.
- A $5 million impact in revenue from Immersive Healthcare business, due to strategic move.
- Change to guidance for U.S. thrombectomy growth for full year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income