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Penumbra
🇺🇸 NYSE:PEN
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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%.

Total Revenue
$299M
Previous year: $261M
+14.5%
EPS
$0.64
Previous year: $0.43
+48.8%
Gross Margin
54.4%
Previous year: 63.8%
-14.7%
Gross Profit
$163M
Previous year: $167M
-2.4%
Cash and Equivalents
$288M
Previous year: $114M
+152.6%
Free Cash Flow
$18.1M
Previous year: $12.8M
+41.7%
Total Assets
$1.53B
Previous year: $1.43B
+7.1%

Penumbra

Penumbra

Penumbra 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.
  • 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

Company Overview

Full financial data and analysis

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