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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%.
Revenue by Segment
Revenue by Geographic Location
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.
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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